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This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.

TORONTO — DREAM UNLIMITED CORP. (TSX:DRM) (“Dream” or the “Company”) today announced the closing of its previously-announced sale of Arapahoe Basin (“Arapahoe Basin” or the “Resort”), our ski area in Colorado, to Alterra Mountain Company (“Alterra”). Based on today’s exchange rate and internal estimates of taxes payable, management believes this results in after-tax profit of approximately $115 million after closing costs and adjustments.

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“Arapahoe Basin has been a great investment for Dream and one that we are very proud of,” said Michael Cooper, Chief Responsible Officer of Dream. “We have had the honour of taking care of this Resort over the last quarter century, with a constant commitment to the visitor experience. We are thrilled that Alterra recognizes and shares the same values and will continue to foster its unique and incredible culture. The closing of this transaction greatly improves our financial flexibility and allows us to significantly reduce our debt load while rewarding our shareholders through a special dividend for making the choice to continue to hold our stock.”

Dream acquired Arapahoe Basin in 1997, at a time when the Resort only had 490 skiable acres. Over the last 27 years, together with the Arapahoe Basin management team, Dream expanded the ski area to 1,428 acres, replaced all of the lifts and most of the buildings and opened the two highest elevation restaurants in North America, Il Rifugio and Steilhang Hut.

The management team, including Alan Henceroth, Chief Operating Officer of Arapahoe Basin, will continue to lead the ski area into the future and maintain the values and brand that we are so proud to have been a part of. Alterra, a world class ski resort operator with a proven track record of investing in its resorts while maintaining their distinctive cultures, is in a strong position to continue to grow the customer experience, increase the Resort’s offerings, and build on the culture of the ski area.

The proceeds will be partially directed at repaying over $100 million of debt and maintaining financial flexibility, while a portion will be returned to shareholders through a special dividend of $1.00 per Class A Subordinate Voting Share and Class B Common Share, payable on December 31, 2024 to shareholders of record on December 13, 2024.

The dividends are designated as eligible dividends for the purposes of section 89 of the Income Tax Act (Canada).

About Dream Unlimited Corp.
Dream is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $26 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land, residential and income generating assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information, please visit our website at www.dream.ca.

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Forward-Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plans”, or “continue”, or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, the timing of special dividend, expected use of proceeds from the sale of the Resort, anticipated repayments of debt, anticipated distributions to shareholders, our future strategic plans for our other assets, expected future debt levels and liquidity, our ability to maximize shareholder value, and the future operations, offerings, management team, customer experience and culture of the Resort. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These assumptions include, but are not limited to: our ability to satisfy closing conditions, including regulatory approvals; that inflation will remain in line with expectations; that general economic and business conditions remain in line with expectations, including unemployment levels and interest rates, positive net migration, oil and gas commodity prices; our business strategy, including geographic focus; anticipated sales volumes; and the performance of our underlying business segments. Risks and uncertainties include, but are not limited to, general and local economic and business conditions; inflation or stagflation; the risk of global medical pandemic, including resulting government measures; employment levels; risks associated with unexpected or ongoing geopolitical events, including disputes between nations, terrorism or other acts of violence, international sanctions and the disruption of movement of goods and services across jurisdictions; regulatory risks; mortgage and interest rates and regulations; environmental risks; consumer confidence; seasonality; adverse weather conditions; construction material shortages; adverse changes to purchasers financial conditions; reliance on key clients and personnel and competition. All forward-looking information in this press release speaks as of November 19, 2024. Dream does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by law. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ ( www.sedarplus.com).

View source version on businesswire.com: https://www.businesswire.com/news/home/20241118100958/en/

Contacts

For further information, please contact:

Dream Unlimited Corp.

Meaghan Peloso
Chief Financial Officer
(416) 365-6322
mpeloso@dream.ca

Kim Lefever
Director, Investor Relations
(416) 365-6339
klefever@dream.ca

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MEDELLIN, Colombia — Mineros S.A. (TSX:MSA, MINEROS:CB) (“Mineros” or the “Company”) today reported its financial and operating results for the three and nine months ended September 30, 2024. All dollar amounts – other than per share amounts – are expressed in thousands of US dollars unless otherwise stated. For further information, please see the Company’s unaudited condensed interim financial statements and management’s discussion and analysis posted on Mineros’ website https://mineros.com.co/en/investors/financial-reports and filed under its Mineros’ profile on www.sedarplus.com.

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Andrés Restrepo, President and Chief Executive Officer of Mineros, commented: “We are pleased with our results for the third quarter. From a financial perspective, high and rising gold prices provided us with a margin of just over $800 per ounce of gold sold which led to $28.5 million in net profit or $0.10 per share from the production and sale of 53,612 ounces of gold at an average price $2,477. From an operational perspective our Hemco operation is running smoothly and our partnership with artisanal miners under the Bonanza model continues to deliver good results aligned with our vision of bringing benefit to all stakeholders. While our Nechí Alluvial operation was behind guidance for annual production, we have identified and are implementing efficient measures to improve production. We are proud of the work we do in the El Bagre area and continue our efforts to effect positive change in the lives of locals through participation in formalizing some informal miners working alongside us. Cash Cost and all-in sustaining costs remain at or above the higher end of guidance for our operations. Accordingly, we have refined both our cost guidance and production guidance for 2024.”

HIGHLIGHTS FOR THE THREE AND NINE SEPTEMBER 30, 2024

• For the three months ended September 30, 2024:
  • Net profit of $28,507;
  • Earnings per share of $0.10;
  • Average realized price per ounce of gold sold¹ of $2,477;
  • Cost of sales of $86,234;
  • Cash Cost per ounce of gold sold from continuing operations¹ of $1,235;
  • All-in sustaining cost (“AISC”) per ounce of gold sold from continuing operations¹ of $1,481;
  • Net cash flows generated by operating activities of $53,751;
  • Net free cash flow¹ of $38,816; and
  • Dividends paid of $7,476.

• For the nine months ended September 30, 2024:
  • Net profit of $63,357;
  • Earnings per share of $0.21;
  • Average realized price per ounce of gold sold of $2,293;
  • Cost of sales of $258,903;
  • Cash Cost per ounce of gold sold from continuing operations of $1,239;
  • AISC per ounce of gold sold from continuing operations of $1,475;
  • Net free cash flow of $30,101;
  • Dividends paid of $20,188; and
  • Return on capital employed¹ (“ROCE”) of 37%.

• Guidance for consolidated annual gold production has been revised from 209,000 oz – 229,000 oz to 203,000 oz – 218,000 oz, primarily as a result of lower than expected production at the Nechi Alluvial property. Guidance for consolidated annual Cash Cost per ounce of gold sold has been revised from $1,180 – $1,270 to $1,250 – $1,330, and consolidated AISC per ounce of gold sold has been revised from $1,430 – $1,530 to $1,480 – $1,570. Cost guidance revisions primarily result from lower than expected production at the Nechi Alluvial Property, higher than expected gold prices, which increases the cost of artisanal production at the Hemco Property, and differences between actual and expected inflation and exchange rates. For details, including revised production and cost guidance on a per-property basis, see “Outlook” in this news release.

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Dividends declared

On March 26, 2024, the General Shareholders Assembly approved the distribution of the Company’s profits by way of: (i) an annual ordinary dividend of $0.075 per share, payable quarterly, in four equal installments of $0.01875, and (ii) an extraordinary dividend of $0.025 per share, payable quarterly, in four equal installments of $0.00625, representing a total annual distribution of $0.10 per share, or approximately $29,974 in total for the year, calculated based on the number of shares issued and subscribed as at March 31, 2024. This represents a payout increase of 42.8% compared with last year’s dividend.

The future Canadian record dates and Canadian/Colombian payment dates for the ordinary and extraordinary dividends are set out in the table directly below:

FINANCIAL AND OPERATING HIGHLIGHTS FOR THE THIRD QUARTER OF 2024

The following table summarizes quarterly financial highlights for the three and nine months ended September 30, 2024 and 2023.

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1. Average realized price per ounce of gold sold, average realized price per ounce of gold sold from continuing operations, average realized price per ounce of gold sold from discontinued operations, Adjusted EBITDA, Cash Cost per ounce of gold sold from continuing operations, AISC per ounce of gold sold from continuing operations, net free cash flow and Net Debt are non-IFRS financial measures, and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see Non-IFRS and Other Financial Measures in this news release.

Financial Highlights for the three months ended September 30, 2024

• Revenue increased by 39%: Revenue totaled $140,876 during the third quarter of 2024, compared with $101,371 in the third quarter of 2023, with sales of gold of $132,788 at an average realized price per ounce of gold sold from continuing operations of $2,477, during the third quarter of 2024 compared with sales of gold of $96,450 at an average realized price per ounce of gold sold from continuing operations of $1,921 in the same period in 2023. The increase in revenue in the third quarter of 2024 is mainly explained by a 29% increase in average realized price per ounce of gold sold from continuing operations, a 7% increase in ounces of gold sold, and a 74% increase in sales of silver of $2,353;

• Cost of sales increased by 14% to $86,234 during the third quarter of 2024, compared with $75,658 in the third quarter of 2023. This increase was primarily due to: (i) the higher price of gold increasing the costs to purchase ore from artisanal miners by $6,291; (ii) greater depreciation and amortization relating to our operations of $1,311; and (iii) higher operating expenses across the Company’s operations generally, driven by inflation which increased maintenance and materials cost of $372, and service and labour costs of $1,215 and $1,719 respectively;

• Gross Profit from continuing operations increased by 113% to $54,642 in the third quarter of 2024, compared with $25,713 in the third quarter of 2023, mainly due to higher revenue as noted above;

• Profit for the period from continuing operations up by 115%, to $28,507 or $0.10 per share during the third quarter of 2024 compared with $13,284 or $0.04 per share during the third quarter of 2023. The increase in profit is mainly explained by higher gold prices resulting in greater revenue and gross profit as explained above, partially offset by higher costs to purchase ore from artisanal miners. Profit for the period was also impacted by higher foreign exchange differences of $1,023;

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• Adjusted EBITDA up 88%: Adjusted EBITDA was $62,903 during the third quarter of 2024 compared with $33,379 during the third quarter of 2023, mainly explained by the higher revenue;

• Net cash flows generated by operating activities were up 1,143%, totaling $53,751 in the third quarter of 2024, compared with $4,324 in the third quarter of 2023, The Company’s net free cash flow was positive for the three months ended September 30, 2024 and totaled $38,816, up from $911 in the same period of 2023, due to the timing issues of the payment of income tax of $19,766 in Colombia, lower payments to suppliers for goods and services of $17,778, due to the sale of the Gualcamayo Property which resulted in lower payments to suppliers and employees, and social security agencies, among others;

• Dividends Paid up 43%: Dividends paid during the third quarter of 2024 were $7,476, compared with $5,241 in the same period of 2023, explained by the extraordinary dividend approved at the ordinary meeting of the General Shareholders’ Assembly in March 2024;

• Capital investments² up 21%: During the third quarter of 2024 capital investments of $17,578 were made into existing mines, and exploration & growth projects, compared with $14,542 in the third quarter of 2023; the increase is explained by the construction of a new tailings impoundment facility at the Hemco Property; and

• Cash Cost & AISC: Cash Cost per ounce of gold sold from continuing operations in the third quarter of 2024 was $1,235 and AISC per ounce of gold sold from continuing operations was $1,481, compared with Cash Cost per ounce of gold sold from continuing operations of $1,180 and AISC per ounce of gold sold from continuing operations of $1,407 for the third quarter of 2023. The 5% increase in Cash Cost per ounce of gold sold from continuing operations is mainly explained by the 14% increase in the cost of sales, due to higher gold prices, partially offset by the 7% increase in ounces of gold sold. The increase in AISC per ounce of gold sold from continuing operations is explained by the increase in the Cash Costs per ounce of gold sold from continuing operations, along with a 13% increase in sustaining capital expenditures.³

Financial Highlights for nine months ended September 30, 2024

• Revenue increased by 23%: revenue totaled $388,408 during the nine months ended September 30, 2024, compared with $316,863 in the nine months ended September 30, 2023, with sales of gold of $364,726 at an average realized price per ounce of gold sold from continuing operations of $2,293 in the nine months ended September 30, 2024, compared with sales of gold of $303,117 at an average realized price per ounce of gold sold from continuing operations of $1,922 in the nine months ended September 30, 2023;

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• Cost of sales increased by 18%, to $258,903 in the nine months ended September 30, 2024, compared with $219,225 in the nine months ended September 30, 2023; The increase in costs is primarily due to higher cost of purchasing artisanal material of $19,085 due to higher gold prices, higher labour costs of $5,537, higher services of $5,021 and higher taxes and royalties of $419;

• Gross Profit from continuing operations increased by 33%, amounting to $129,505 in the nine months ended September 30, 2024, compared with $97,638 in the nine months ended September 30, 2023; mainly due to a 23% increase in revenue, due to higher gold prices, which was partially offset by a 18% increase in cost of sales as explained above;

• Profit for the period from continuing operations was up by 22% to $63,357 or $0.21 per share during the nine months ended September 30, 2024 compared with $51,730 or $0.17 per share during the nine months ended September 30, 2023; the increase in profit is mainly explained by the increase in gross profit, partially offset by an increase in costs as mentioned earlier. Profit was negatively impacted by higher deferred taxes of $13,737 and higher current taxes of $7,436;

• Adjusted EBITDA up 29%: Adjusted EBITDA was $153,204 during the nine months ended September 30, 2024 compared with $118,782 during the nine months ended September 30, 2023 due to a 23% increase in revenue, offset by a 18% increase in cost of sales and a 14% increase in administrative expenses;

• Loss for the period from discontinued operations decreased by 100%, to $0 during the nine months ended September 30, 2024, compared with a loss of $56,281 during the nine months ended September 30, 2023, due to the sale of the Gualcamayo Property;

• ROCE was 37% as at September 30, 2024 compared with ROCE of 26% as at September 30, 2023; the increase is mainly explained by 30% higher Adjusted EBITDA for the last 12 months, along with a 3% decrease in average capital employed, mainly explained by lower gold inventories after the sale of the Gualcamayo Property, fewer exploration and evaluation projects and lower value attributable to property, plant and equipment;

• Net Debt was $(28,409) as at September 30, 2024, compared with $759 as at September 30, 2023; explained by 42% higher cash and cash equivalents, along with 17% lower loans and other borrowings;

• Dividends Paid up 32%: Dividends paid were $20,188 during the nine months ended September 30, 2024, compared with $15,291 in the same period of 2023, explained by an extraordinary annual dividend approved at the ordinary meeting of the General Shareholders’ Assembly in March 2024;

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• Net cash flows generated by operating activities were up 92% totaling $70,971 in the nine months ended September 30, 2024, compared with $36,976 in the same period of 2023. The Company’s net free cash flow was positive for the nine months ended September 30, 2024 and totaled $30,101, up from $12,441 in the same period of 2023, while the sale of the Gualcamayo Property resulted in lower receipts from the sale of goods, commissions and other revenue. In total, these decreases were more than offset by the reduction in payments to suppliers and employees, and social security agencies, among others, which totaled $30,835;

• Capital investments up 19% to $48,603: During the nine months ended September 30, 2024 capital investments of $48,603 were made into existing mines, and exploration and growth projects, compared with $40,963 in the nine months ended September 30, 2023. The increase is explained by the construction of a new tailings impoundment facility at the Hemco Property; and

• Cash Cost & AISC: Cash Cost per ounce of gold sold in the nine months ended September 30, 2024 was $1,239 and AISC per ounce of gold sold was $1,475, compared with Cash Cost per ounce of gold sold of $1,085 and AISC per ounce of gold sold of $1,292 for the same period in 2023. The 14% increase in Cash Cost per ounce of gold sold was mainly explained by 19% higher cost of sales, due to higher gold prices, the 11% devaluation of the US dollar against the Colombian peso and 1% more ounces of gold sold. The 14% increase in AISC per ounce of gold sold is explained by the increase in Cash Cost per ounce of gold sold and a 15% increase in sustaining capital expenditures.

Operational Highlights by Material Property

The following table sets forth the gold produced for the continuing and discontinued operations of the Company for the three and nine months periods ended September 30, with a discussion of the operational highlights for each of the three months ended September 30, 2024, following the table.

(All numbers in ounces unless otherwise noted)

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Operational Highlights for the three months ended September 30, 2024

• Gold production increased by 7%: Excluding the results of the discontinued operations at the Gualcamayo Property (disposed of in 2023), 53,612 ounces of gold were produced during the third quarter of 2024, compared with 50,196 ounces in the third quarter of 2023. The increase in production is mainly a result of 26% higher production at the Hemco Property offset by 15% lower production at the Nechí Alluvial Property.

• Exploration and Evaluation Expenditures: for the three months ended September 30, 2024, the Company incurred $2,724 in exploration and evaluation (“E&E”) expenditures, a decrease of 0.2% compared with the third quarter of 2023. Regional exploration in the Hemco Property was at similar levels in both periods. The following table summarizes E&E expenditures for the current and comparative periods. The very modest increase in exploration expenses is mainly due to regional exploration in the Hemco Property.

The following table summarizes E&E expenditures for the current and comparative periods.

1. Capitalized E&E expenditures are reflected in E&E projects in the consolidated statements of financial position.
2. Figures in the table reflect expenditures capitalized from continuing operations. E&E expenditures capitalized from discontinued operations are nil.
3. Expensed E&E expenditures are reported in the consolidated statement of profit or loss for the respective period under “Exploration expenses”.

GROWTH AND EXPLORATION PROJECT UPDATES

Near Mine Exploration, Hemco Property Expansion

Near mine exploration is focused on the current mining operations, the Panama Mine and the Pioneer Mine. Mineralization is related to an epithermal gold system associated with multiple quartz veins.

A total of 12,536 metres of diamond drilling in 46 holes was completed in the third quarter of 2024, achieving approximately 72% of the 2024 drilling plan. The objective of this campaign is to increase the Mineral Resources and Mineral Reserves at the Panama Mine and the Pioneer Mine. A total of 4,236 metres were drilled at the Panama Mine and 8,300 metres at the Pioneer Mine.

The Company is back on schedule with its original drilling plan, having compensated for previous delays through an intensified drilling effort at the La Reforma Target, a newly discovered vein at the Pioneer mine.

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Mineros is moving forward with the preparation of an initial Mineral Resource for the La Reforma target, expected in the fourth quarter of 2024, with publication scheduled for 2025.

Porvenir Project, Nicaragua: The Porvenir Project is a pre-development-stage project located 10.5 km southwest of the existing Hemco Property facilities. Mineralization consists of a volcanic hosted gold-zinc-silver deposit with epithermal quartz veins of intermediate sulphidation.

Mineros updated the mineral resource model by incorporating all drilling data collected from the 2023 drilling campaign. The completed model is under review by SLR Consulting (Canada) Ltd., with ongoing updates to the geometallurgical assumptions.

The updates to the geometallurgical assumptions together with the analysis of the 2023 metallurgical testwork is underway, and the Company expects to receive the results in order to update the geometallurgical model in the fourth quarter of 2024.

In light of commodity market conditions management is proceeding logically and methodically to upgrade mineral resources and mineral reserves, and refine potential approaches to development described in the prefeasibility study completed on the Porvenir Project in 2023, with a view to maximizing the value of the asset and the projected returns. Accordingly, the Company has delayed preparation of the pre-feasibility study optimization to 2025.

Luna Roja Deposit, Nicaragua: The Luna Roja Deposit is a skarn gold system, located 24 km southeast from the existing Hemco facilities. The Company is focusing on expanding the current Mineral Resources and identifying new targets surrounding the main deposit.

The Company has finalized the model, which has been reviewed by SLR Consulting (Canada) Ltd. Metallurgical testing samples were sent to the Hemco lab following the planned sample selection. The testing results are anticipated in the fourth quarter of 2024.

Mineros remains on track with completing the technical work and analysis necessary for an updated Mineral Resource estimate for the Luna Roja Deposit by the end of 2024, with plans for publication in 2025.

The Company plans to conduct fieldwork focused on geophysical anomalies starting in the fourth quarter of 2024.

Guillermina Target, Nicaragua: The Guillermina target is an epithermal gold-zinc-silver deposit, located 4 km west of the Pioneer deposit.

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Delays in mobilizing contractors to site were resolved late in the second quarter. A total of 25 holes comprising 4,407 metres of diamond drilling was completed in the third quarter of 2024 which, together with the 2,091 metres drilled in the second quarter, completes the 2024 plan of 6,500 metres of drilling.

Mineros is progressing as scheduled to prepare an initial Mineral Resource estimate for the Guillermina target in the fourth quarter of 2024, expected to be published in 2025.

OUTLOOK

The following section of this news release represents forward-looking information, and readers are cautioned that actual results may vary. We refer readers to the risks and assumptions contained in “Forward-Looking Statements” below.

Gold production guidance

The following table presents the Company’s original and revised gold production guidance for 2024 and actual production for the nine months ended September 30, 2024. The production guidance includes production from the Company’s Nechí Alluvial and Hemco Properties and from artisanal mining.

Our Nechí Alluvial Property is behind guidance for annual production, and likely will remain short of production guidance given modestly lower grades and fewer formalized dredges working alongside Company owned dredges. Notwithstanding our goal is to have formalized dredges working along side our own, this production has lower margins. Additionally, we experienced delays in receiving and commissioning a new dredge, delaying the timing for expanding our production capacity. Accordingly, we are revising our guidance lower for Nechí Alluvial. At our Hemco Property production is tracking within the guidance range provided for both the Pioneer Mine and Panama Mine. Accordingly, we are maintaining our guidance for the Hemco Property. Regarding our production from our artisanal mining partners we are narrowing our range of guidance as production is tracking towards the top end of guidance. Given this combination of operating results for the period ended September 30, 2024, the Company refines overall production guidance for 2024 while continuing to work at improving output at the Nechí Alluvial Property.

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Cost outlook

The following table outlines the Company’s Cash Cost per ounce of gold sold and AISC per ounce of gold sold for the nine months ended September 30, 2024, and original and revised cost guidance for 2024. The cost guidance includes the Company’s two Material Properties, with production from artisanal mining included in Nicaragua (Hemco).

Cash Cost per ounce of gold sold and AISC per ounce of gold sold outlooks were prepared assuming an average selling price of gold of $1,980/oz and inflation of 10% in Colombia and 6% in Nicaragua. Year-to-date the average realized price per ounce of gold sold has been $2,477, $497 per ounce higher than the average gold price assumed when preparing guidance. Cash Cost per ounce of gold sold has been trending at or above the high end of our annual guidance, largely due to: i) lower than anticipated production at the Nechí Alluvial Property, ii) the strength of the Colombian peso, iii) inflation, and iv) at our Hemco Property, the 25% higher average gold price has directly increased our costs by increasing the cost of material purchased from artisanal miners. Given our revised production guidance for the Nechí Alluvial Property, inflation expectations and the broad market view that gold prices may continue to rise, we have revised our guidance on cash cost per ounce of gold and AISC per ounce of gold sold at both our operations and on a consolidated basis.

CONFERENCE CALL AND WEBCAST DETAILS

The Company will host a conference call on Friday, November 15, 2024, at 10:00 am EST (10:00 AM Colombian Standard Time) to discuss the results. The conference call will be in Spanish with simultaneous translation in English.

A live webcast of the conference all will be available at:
https://app.webinar.net/39yeGDm18qo

The live webcast requires previous registration, and interested parties are advised to access the webcast approximately ten minutes prior to the start of the call. The webcast will be archived on the Company’s website at www.mineros.com.co for approximately 30 days following the call.

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ABOUT MINEROS S.A.

Mineros is a gold mining company headquartered in Medellin, Colombia. The Company has a diversified asset base, with relatively low cost mines in Colombia and Nicaragua and a pipeline of development and exploration projects throughout the region.

The board of directors and management of Mineros have extensive experience in mining, corporate development, finance and sustainability. Mineros has a long track record of maximizing shareholder value and delivering solid annual dividends. For almost 50 years Mineros has operated with a focus on safety and sustainability at all its operations.

Mineros’ common shares are listed on the Toronto Stock Exchange under the symbol “MSA”, and on the Colombia Stock Exchange under the symbol “MINEROS”.

QUALIFIED PERSON

The scientific and technical information contained in this news release has been reviewed and approved by Luis Fernando Ferreira de Oliveira, MAusIMM CP (Geo), Mineral Resources and Reserves Manager for Mineros S.A., who is a qualified person within the meaning of NI 43-101.

FORWARD-LOOKING STATEMENTS

This news release contains “forward looking information” within the meaning of applicable Canadian securities laws. Forward looking information includes statements that use forward looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward looking information includes, without limitation, statements with respect to the Company’s outlook for 2024; estimates for future mineral production and sales; the Company’s expectations, strategies and plans for the Material Properties; the Company’s planned exploration, development and production activities; statements regarding the projected exploration and development of the Company’s projects; adding or upgrading Mineral Resources and developing new mineral deposits; estimates of future capital and operating costs; the costs and timing of future exploration and development; estimates for future prices of gold and other minerals; expectations regarding the payment of dividends; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.

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Forward looking information is based upon estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this news release including, without limitation, assumptions about: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company’s properties and assets; future prices of gold and other metal prices; the timing and results of exploration and drilling programs, and technical and economic studies; the accuracy of any Mineral Reserve and Mineral Resource estimates; the geology of the Material Properties being as described in the applicable technical reports; production costs; the accuracy of budgeted exploration and development costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; inflation rates; availability of labour and equipment; positive relations with local groups, including artisanal mining cooperatives in Nicaragua, and the Company’s ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company’s current loan arrangements. While the Company considers these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward looking information. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

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For further information of these and other risk factors, please see the ‘”Risk Factors” section of the Company’s annual information form dated March 25, 2024, available on SEDAR+ at www.sedarplus.com.

The Company cautions that the foregoing lists of important assumptions and factors are not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward looking information contained herein. There can be no assurance that forward looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information.

Forward looking information contained herein is made as of the date of this news release and the Company disclaims any obligation to update or revise any forward looking information, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

NON-IFRS AND OTHER FINANCIAL MEASURES

The Company has included certain non-IFRS financial measures and non-IFRS ratios in this news release. Management believes that non-IFRS financial measures and non-IFRS ratios, when supplementing measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS financial measures and non-IFRS ratios do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a discussion of the use of non-IFRS financial measures and reconciliations thereof to the most directly comparable IFRS measures, see below.

EBIT, EBITDA and Adjusted EBITDA

The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use earnings before interest and tax (“EBIT”), earnings before interest, tax, depreciation and amortization (“EBITDA”), and adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”), which excludes certain non-operating income and expenses, such as financial income or expenses, hedging operations, exploration expenses, impairment of assets, foreign currency exchange differences, and other expenses (principally, donations, corporate projects and taxes incurred). The Company believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results because it is consistent with the indicators management uses internally to measure the Company’s performance and is an indicator of the performance of the Company’s mining operations.

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The following table sets out the calculation of EBIT, EBITDA and Adjusted EBITDA to Net profit for the three and nine months ended September 30, 2024, and 2023:

1. For additional information regarding taxes, see Note 12 of our unaudited condensed interim consolidated financial statements, for the three and nine months ended September 30, 2024 and 2023
2. Composition of Adjusted EBITDA was revised in the third quarter of 2023 to include loss for the year from discontinued operations.
3. The reconciliation above does not include adjustments for (impairment) reversal of assets, because there would be a nil adjustment for the three and nine months ended September 30, 2024 and 2023.

Cash Cost

The objective of Cash Cost is to provide stakeholders with a key indicator that reflects as close as possible the direct cost of producing and selling an ounce of gold.

The Company reports Cash Cost per ounce of gold sold which is calculated by deducting revenue from silver sales, depreciation and amortization, environmental rehabilitation provisions and including cash used for retirement obligations and environmental and rehabilitation and sales of electric energy. This total is divided by the number of gold ounces sold. Cash Cost includes mining, milling, mine site security, royalties, and mine site administration costs, and excludes non-cash operating expenses. Cash Cost per ounce of gold sold is a non-IFRS financial measure used to monitor the performance of our gold mining operations and their ability to generate profit, and is consistent with the guidance methodology set out by the World Gold Council.

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The following table provides a reconciliation of Cash Cost per ounce of gold sold on a by-product basis to cost of sales for the three and nine months ended September 30, 2024, and 2023:

1. Refers to cost of sales incurred in the Company’s “Others” segment. See Note 7 of our unaudited condensed interim financial statements for the three and nine months ended September 30, 2024 and 2023. The majority of this amount relates to the cost of sales of latex.
2. The composition of Cash Cost from continuing operations was revised in the fourth quarter of 2023 to adjust for asset retirement obligations and environmental rehabilitation provisions in connection with the sale of the Gualcamayo Property. It was further revised in the second quarter of 2024 to exclude sales of electric energy to better reflect the costs to produce an ounce of gold.

All-in Sustaining Costs

The objective of AISC is to provide stakeholders with a key indicator that reflects as close as possible the full cost of producing and selling an ounce of gold. AISC per ounce of gold sold is a non-IFRS ratio that is intended to provide investors with transparency regarding the total costs of producing one ounce of gold in the relevant period.

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The Company reports AISC per ounce of gold sold on a by-product basis. The methodology for calculating AISC per ounce of gold sold is set out below and is consistent with the guidance methodology set out by the World Gold Council. The World Gold Council definition of AISC seeks to extend the definition of total Cash Cost by deducting cost of sales of non-mining operations and adding administrative expenses, sustaining exploration, sustaining leases and leaseback and sustaining capital expenditures. Non-sustaining costs are primarily those related to new operations and major projects at existing operations that are expected to materially benefit the current operation. The determination of classification of sustaining versus non-sustaining requires judgment by management. AISC excludes current and deferred income tax payments, finance expenses and other expenses. Consequently, these measures are not representative of all the Company’s cash expenditures. In addition, the calculation of AISC does not include depreciation and amortization cost or expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company’s overall profitability. Other companies may quantify these measures differently because of different underlying principles and policies applied. Differences may also occur due to different definitions of sustaining versus non-sustaining.

The following table provides a reconciliation of AISC per ounce of gold sold to cost of sales for the three and nine months ended September 30, 2024, and 2023:

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1. Cost of sales of non-mining operations is the cost of sales excluding cost incurred by non-mining operations and the majority of this cost comprises cost of sales of latex.
2. Depreciation and amortization of administrative expenses is included in the administrative expenses line on the unaudited condensed interim consolidated financial statements and is mainly related to depreciation for corporate office spaces and local administrative buildings at the Hemco Property.
3. Represents most lease payments as reported in the unaudited condensed interim consolidated financial statements of cash flows and is made up of the principal of such cash payments, less non-sustaining lease payments. Lease payments for new development projects and capacity projects are classified as non-sustaining.
4. Sustaining exploration: Exploration expenses and exploration and evaluation projects as reported in the unaudited condensed interim consolidated financial statements, less non-sustaining exploration. Exploration expenditures are classified as either sustaining or non-sustaining based on a determination of the type and location of the exploration expenditure. Exploration expenditures within the footprint of operating mines are considered costs required to sustain current operations and so are included in sustaining costs. Exploration expenditures focused on new ore bodies near existing mines (i.e. brownfield), new exploration projects (i.e. greenfield) or for other generative exploration activity not linked to existing mining operations are classified as non- sustaining.
5. Sustaining capital expenditures: Represents the capital expenditures at existing operations including, periodic capitalized stripping and underground mine development costs, ongoing replacement of mine equipment and overhaul of existing equipment, and is calculated as total additions to property, plant and equipment (as reported on the consolidated statements of cash flows), less non-sustaining capital. Non-sustaining capital represents capital expenditures for major projects, including projects at existing operations that are expected to materially benefit the operation and provide a level of growth, as well as enhancement capital for significant infrastructure improvements at existing operations. Non-sustaining capital expenditures during the three and nine months ended September 30, 2024, are primarily related to major projects at the Hemco Property and the Nechí Alluvial Property. The sum of sustaining capital expenditures and non-sustaining capital expenditures is reported as the total of additions of property plant and equipment in the unaudited condensed interim financial statements

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Cash Cost and All-in Sustaining Costs by Operating Segment

The following tables provide a reconciliation of Cash Cost per ounce of gold sold and AISC per ounce of gold sold by operating segment1⁴ to cost of sales, for the three and nine months ended September 30, 2024, and 2023:

Three months ended September 30, 2024

Three months ended September 30, 2023

1. The Gualcamayo Property was sold as part of the disposition of MASA. Results in the table in the column titled Gualcamayo (Discontinued operation) reflect results from January 1, 2023 to September 21, 2023 and solely pertain to the discontinued operation.

Nine months ended September 30, 2024

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Nine months ended September 30, 2023

1. The Gualcamayo Property was sold as part of the disposition of MASA. Results in the table in the column titled Gualcamayo (Discontinued operation) reflect results from January 1, 2023 to September 21, 2023 and solely pertain to the discontinued operation.

Net Free Cash Flow

The Company uses the financial measure “net free cash flow”, which is a non-IFRS financial measure, to supplement information regarding cash flows generated by operating activities. The Company believes that in addition to IFRS financial measures, certain investors and analysts use this information to evaluate the Company’s performance with respect to its operating cash flow capacity to meet recurring outflows of cash.

Net free cash flow is calculated as cash flows generated by operating activities less non-discretionary sustaining capital expenditures and interest and dividends paid related to the relevant period. As the Gualcamayo Property was sold in September 2023, amounts related to the metrics shown in the following table have been calculated to reflect only the continuing operations of the Company.

The following table sets out the calculation of the Company’s net free cash flow to net cash flows generated by

operating activities for the three and nine months ended September 30, 2024, and 2023:

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1. Composition of net free cash flow has been revised to exclude net cash flows used in (generated from) discontinued operations.

Return on Capital Employed (“ROCE”)

The Company uses ROCE as a measure of long-term operating performance to measure how effectively management utilizes the capital it is provided. This non-IFRS ratio is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The calculation of ROCE, expressed as a percentage, is Adjusted EBIT (calculated in the manner set out in the table below) divided by the average of the opening and closing capital employed for the 12 months preceding the period end. Capital employed for a period is calculated as total assets at the beginning of that period less total current liabilities.

Net Debt

Net Debt is a non-IFRS financial measure that provides insight regarding the liquidity position of the Company. The calculation of net debt shown below is calculated as nominal undiscounted debt including leases, less cash and cash equivalents. The following sets out the calculation of Net Debt as at September 30, 2024 and 2023.

Average Realized Price

The Company uses “average realized price per ounce of gold sold” and “average realized price per ounce of silver sold”, which are non-IFRS financial measures. Average realized metal price represents the revenue from the sale of the underlying metal as per the statement of operations, adjusted to reflect the effect of trading at the holding company level (parent company) on the sales of gold purchased from subsidiaries. Average realized prices are calculated as the revenue related to gold and silver sales divided by the number of ounces of metal sold. The following table sets out the reconciliation of average realized metal prices to sales of gold and sales of silver for the three and nine months ended September 30, 2024 and 2023:

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¹ Average realized price per ounce of gold sold, Cash Cost per ounce of gold from continuing operations, AISC per ounce of gold sold from continuing operations, and net free cash flow are non-IFRS financial measures, and ROCE is a non-IFRS ratio, with no standardized meaning under IFRS, and therefore may not be comparable to similar measures presented by other issuers. For further information and detailed reconciliations to the most directly comparable IFRS measures, see “Non-IFRS and Other Financial Measures”.
²Capital investments refers to additions to exploration, property, plant and equipment, and intangibles (which includes asset retirement obligation amounts and leases) for the Nechí Alluvial Property, the Hemco Property, and the La Pepa Project segments. It excludes additions to property, plant and equipment, exploration or intangibles of Mineros and other segments. For additional information as additions to exploration, property, plant and equipment, and intangibles, see Note 7 of our unaudited condensed interim financial statements for the three months and nine months ended September 30, 2024.
³ For information regarding the composition of sustaining capital expenditures, see Non-IFRS and Other Financial Measures – All-In Sustaining Costs in this news release.
⁴ For additional information regarding segments (Material Properties), see Note 7 of our unaudited condensed interim financial statements for the three and nine months ended September 30, 2024, and 2023.

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Contacts

For further information, please contact:
Ann Wilkinson
Vice President, Investor Relations
+1 416-357-5511
relacion.inversionistas@mineros.com.co
Investor.relations@mineros.com.co

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TORONTO — Superior Plus Corp. (“Superior“) (TSX:SPB) is pleased to announce that the Toronto Stock Exchange (“TSX“) has accepted Superior’s notice of intention to commence a normal course issuer bid (“NCIB“) through the facilities of the Toronto Stock Exchange (“TSX“) and/or other alternative trading platforms in Canada.

The NCIB will commence on November 12, 2024 and will terminate on the earlier of November 11, 2025, the date on which Superior has purchased the maximum number of its common shares (“Common Shares“) permitted under the NCIB or the date on which Superior terminates the NCIB in accordance with its terms.

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The NCIB allows Superior to repurchase shares in line with its recently announced shift from dividends to share repurchases. Superior believes that, from time to time, the Common Shares trade in price ranges that do not fully reflect their value. In such circumstances, Superior believes that acquiring its Common Shares represents an attractive and desirable use of funds.

Under the NCIB, Superior may, over a 12-month period commencing on November 12, 2024, purchase in the normal course through the facilities of the TSX and/or Canadian alternative trading platforms, if eligible, up to 24,117,330 Common Shares, such amount representing 10% of the public float (as defined by the TSX) of the Common Shares as at October 31, 2024. Purchases under the NCIB will be subject to certain pricing limits set by the board of directors of Superior from time to time. Furthermore, subject to certain exemptions for block purchases, the maximum number of Common Shares that Superior may acquire on any one trading day is 256,792 Common Shares, such amount representing 25% of the average daily trading volume of the Common Shares of 1,027,170 for the six calendar months prior to the start of the NCIB. All Common Shares purchased by Superior under the NCIB will be cancelled.

Superior’s previous NCIB, in respect of which Superior sought and received approval from the TSX, authorized the purchase of up to 12,427,942 Common Shares and expires on November 9, 2024. As of the date hereof, no Common Shares were purchased by Superior under the previous NCIB.

Superior has engaged a broker to administer the NCIB. Superior will also enter into an automatic purchase plan (“APP“) with its broker in relation to the NCIB to facilitate purchases of Common Shares under the NCIB at times when Superior normally would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Pursuant to the APP, from time to time, when Superior is not in possession of material non-public information about itself or its securities, Superior may, but is not required to, direct its broker to make purchases of Common Shares under the NCIB during an ensuing trading blackout period. Such purchases will be based on trading parameters established by Superior prior to the trading blackout period in accordance with the rules of the TSX, applicable securities laws and the terms of the APP.

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About Superior Plus

Superior is a leading North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing approximately 770,000 customer locations in the U.S. and Canada. Through its primary businesses, propane distribution and CNG, RNG and hydrogen distribution, Superior safely delivers clean burning fuels to residential, commercial, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon intensive fuels, Superior is a leader in the energy transition and helping customers lower operating costs and improve environmental performance.

Forward-Looking Information

This news release contains certain forward-looking information and statements based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “may”, “will”, “expects”, and similar expressions.

In particular, this news release contains forward-looking statements and information relating to share repurchases under the NCIB, including potential repurchases to be made and the effects and benefits of the NCIB. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release regarding, among other things: prevailing and future market prices for the Common Shares, prevailing and future commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital; future cash flow and debt levels; and that all required regulatory approvals will be obtained in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to several known and unknown risks and uncertainties, including, but not limited to: general economic and market conditions in Canada, North America and elsewhere; market prices for the Common Shares being too high to realize the anticipated benefits of the NCIB; fluctuations in operating results; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading “Risk Factors” in Superior’s management’s discussion and analysis and annual information form for the year ended December 31, 2023, which can be found under Superior’s profile at www.sedarplus.ca.

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Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws.

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Contacts

Superior Plus Corp.
Website: www.superiorplus.com
E-mail: investor-relations@superiorplus.com
Toll-Free: 1-866-490-PLUS (7587)

Grier Colter, Chief Financial Officer
Tel: (416) 340-6015

Chris Lichtenheldt, Vice President, Investor Relations
Tel: (905) 285-4988

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All references in thousands of Canadian dollars, except per share amounts, unless otherwise indicated

ST. JOHN’S, Newfoundland — Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports third quarter 2024 revenue of $13.0 million compared to $15.2 million in Q3 2023. Attributable royalty revenue⁽¹⁾ of $16.6 million ($0.36 per share⁽¹⁾) compares to $21.8 million in Q2 2024 and to $17.8 million ($0.38 per share) reported in Q3 2023.

Brian Dalton, CEO commented, “Revenue in the current quarter reflects lower potash prices and seasonal mine maintenance activities, lower dividends from Labrador Iron Ore Royalty Corp. (“LIORC”) on forest fire related disruptions and slightly weaker pricing, and the closure of the Genesee Mine. This was partially offset by higher base metal prices and continuing ramp up of the renewable royalty portfolio. The potash market has returned to its long-term demand growth trendline following a period of price shocks and affordability challenges for farmers. There is continued growth in the renewables segment as new royalty projects commission and incremental investments are completed. In base and battery metals, Chapada (copper) is expected to deliver a strong finish to the year, Voisey’s Bay (nickel, copper, cobalt) is approaching completion of its underground conversion, Grota do Cirillo (lithium) has commenced its stage 2 expansion project and Tres Quebradas (lithium) nears construction completion. Several other pre-production royalty projects are seeing positive progress that indicate strong portfolio value growth potential. These include the commencement of early construction works at Curipamba (copper-gold), continuing resource expansion at the Sauva discovery (copper), resource expansion and development study progress at Silicon (gold), permitting and partnering activity advancement at Kami (DR quality iron ore) and further exploration success at Voisey’s Bay”.

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Operating Royalty Portfolio Performance

Quarterly Highlights

• On September 12, 2024 the Corporation announced that ARR (58% owned by the Corporation) had entered into a definitive arrangement agreement with an affiliate of Northampton Capital Partners, LLC (“Northampton”) whereby Northampton will, subject to customary closing conditions, acquire all of the issued and outstanding common shares of ARR other than those indirectly owned by Altius by way of a statutory plan of arrangement for cash consideration of $12.00 per share representing total consideration of approximately $162 million. The Corporation holds 17,937,339 common shares in ARR as of September 30, 2024. After the close of the transaction, which is expected in late November, the Corporation will continue to hold 17,937,339 shares or approximately 57% of the total shares outstanding, along with 3,093,835 share purchase warrants in ARR.

• On July 31, 2024 Adventus Mining Corporation (“Adventus”), owners of the El Domo Curipamba project, closed an all share transaction whereby Silvercorp Metals Inc. (“Silvercorp”) acquired the common shares of Adventus under a plan of arrangement. Under the terms of the arrangement, each former shareholder of Adventus, other than Silvercorp, received 0.1015 of one Silvercorp common share for each Adventus Share. Altius holds a 2% net smelter return (“NSR”) royalty on the project. On August 6, 2024 Silvercorp announced that Curipamba had received its final exploitation permit to enter construction and on August 21, 2024 announced the initiation of the construction process with a goal of first production in 2026. Average annual production in the first nine years (see Feasibility Study dated Dec 2021) is expected to be approximately 11,000 tonnes of copper and 26,000 ounces of gold, along with associated zinc, silver and lead.

• AngloGold Ashanti plc (“AGA”) continues to advance the discovery of a potential major new gold district centered around its Silicon Project near Beatty, Nevada. AGA recently provided an update for the “Expanded Silicon Project”, which includes both the Silicon and Merlin gold deposits, that was highlighted by the announcement of an initial Inferred Mineral Resource of 9.05 million ounces at the Merlin deposit (283.9 Mt at 0.99 g/t). Altius holds a 1.5% NSR royalty related to the project. Recently reported results from an ongoing delineation drilling program at Merlin included intercepts of 144.5m grading 10.53 g/t gold and 190.4m grading 5.12 g/t gold, all within oxide material. The Corporation continues to await a decision from an arbitration proceeding held in April of this year to determine the full extent of lands that are subject to its royalty.

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• Champion Iron Limited (“Champion”) commenced the environmental review and permitting process for the Kami project and expects this to run until early 2026. Efforts to secure a steel making partner for the project also continued to advance. High purity iron ore was added to the Canadian critical minerals list in June 2024 with this designation expected to open up more low cost financing opportunities and other benefits related to critical minerals infrastructure. Champion reported their most recent results dated October 20 2024 and reiterated their view that the long term demand for this type of high purity feed will continue to accelerate. Altius originated the Kami project and retains a 3% gross sales royalty interest.

Adjusted EBITDA⁽¹⁾ of $10.5 million ($0.23 per share⁽¹⁾) during Q3 2024 compares to $12.5 million ($0.26 per share) during Q3 2023 and follows the trend of revenue.

Q3 2024 adjusted operating cash flow⁽¹⁾ of $10.9 million ($0.23 per share⁽¹⁾) compares to $11.0 million ($0.23 per share) in Q3 2023. The timing of interest, corporate tax payments and refunds positively impacted adjusted operating cash flow during the current quarter.

Net earnings of $3.2 million ($0.06 per share) for Q3 2024 compares to net earnings of $3.5 million ($0.08 per share) in Q3 2023 reflecting lower revenues as well as lower amortization offset by marginally higher costs. Adjusted net earnings per share⁽¹⁾ of $0.05 for the current quarter is comparable to the third quarter of 2023. The main adjusting items are summarized in the below table.

Liquidity and Capital Allocation Summary

Cash and cash equivalents at September 30, 2024 were $109.6 million, compared to $130.4 million at the end of 2023. Cash, excluding $84.0 million held by ARR, was $25.6 million.

At September 30, 2024 the approximate market value of various public equity holdings included:

• $232 million for shares of ARR (including the in-the-money value of share purchase warrants)
• $120 million for shares of Labrador Iron Ore Royalty Corp.
• $28 million for the value of the indirectly held interest in the shares of Lithium Royalty Corporation
• $65 million for publicly traded shares held within the Project Generation equity portfolio, including $54.6 million in Orogen Royalties Inc.

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During the third quarter the Corporation made scheduled debt repayments of $2.0 million and paid cash dividends of $3.9 million and issued 12,389 shares under the dividend reinvestment plan. There were no shares repurchased and cancelled under the Corporation’s Normal Course Issuer Bid during the quarter. The Corporation renewed its Normal Course Issuer Bid (“NCIB”) during the third quarter, which commenced August 22, 2024 and will end no later than August 21, 2025.

At September 30, 2024 the Corporation carried a balance of $98.7 million under its term debt facilities and $9.0 million under its revolving credit facility. On August 30, 2024, the Corporation amended its credit facility to extend the term from August 2025 to August 2028 and replace the combination of its previously outstanding term and revolver debt. The total available credit of $225,000,000 and its principal repayments are consistent with its previous credit facility and the Corporation did not draw any additional amounts during the period. The amended credit facility consists of a $50,000,000 term credit facility, a US$36,000,000 term credit facility and a $125,000,000 revolving credit facility.

Dividend Declaration

The Corporation’s board of directors has declared a quarterly dividend of $0.09 per share. The current quarterly dividend is payable to all shareholders of record at the close of business on November 29, 2024. The dividend is expected to be paid on or about December 16, 2024.

This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States.

In order to be eligible to participate in respect of the December 16, 2024 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by November 22, 2024, five business days prior to record date. Stock market purchases made under the DRIP for the December 16, 2024 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled previously will continue to be enrolled unless they direct otherwise. For more information, please see Altius Minerals Corporation Dividend Reinvestment Plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. The declaration, timing and payment of future dividends will largely depend on the Corporation’s financial results as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated.

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Non GAAP Financial Measures

1. Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss). Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.

Third Quarter Financial Results Conference Call and Webcast Details

Date: November 08, 2024
Time: 9:00 AM ET
Toll Free Dial-In Number: +1-800-717-1738
International Dial-In Number: +1-289-514-5100
Conference Call Title and ID: Altius Minerals Q3 2024 Financial Results, ID 15582
Webcast Link: Q 3 2024 Financial Results

About Altius

Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 46,479,865 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices.

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Forward-looking information

This news release contains forward-looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management’s expectations. In certain cases, forward‐looking information may be identified by such terms as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “shall”, “will”, or “would”. Although Altius believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulations.

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Contacts

For further information, please contact:
Flora Wood
Email: Fwood@altiusminerals.com
Tel: 1.877.576.2209
Direct: +1(416)346.9020

Ben Lewis
Email: Blewis@altiusminerals.com
Tel: 1.877.576.2209

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TORONTO — dynaCERT Inc. (TSX: DYA) (OTC: DYFSF) (FRA: DMJ) (“dynaCERT” or the “Company”) is pleased to announce the appointment of Mr. Kevin Unrath as Chief Operating Officer of the Company.

As the new COO of dynaCERT and the future Managing Director of dynaCERT GmbH based in Germany, Mr. Unrath will assist the President with hands on supervision and senior responsibilities leading the enterprise’s further development and international global world-wide expansion with a view of growing the sales volume of the Company’s products and the Company’s new production initiatives.

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Mr. Kevin Unrath is a dedicated and results-driven executive with a track record and comprehensive experience in international leadership roles in the Automotive and the Off Highway industry as well as in Precision Machining.

Mr. Unrath brings to dynaCERT top management level expertise having managed numerous entities. Mr. Unrath also brings to dynaCERT his experience in successfully driving profitable growth, performance increases, sustainable technology road mapping and digital transformation. He is keen on leading and further propelling dynaCERT’s influence and positive impact in the hydrogen marketplace.

Mr. Unrath has impressive business experience. He worked for six years at Hatz Motorenfabrik GmbH & Co. KG and Hatz Components GmbH & Co. KG where he grew sales and specialized in Lead Generation, Market Study, Target Customer Definition, and Customer Journey Development. He also achieved numerous milestones in Corporate Development such as founding, setup and development of the Hatz Components GmbH and M&A Process.

He also worked eight years with MAN Truck & Bus in several functions such as Head of MAN Spare Parts Production Systems, Project-Lead and PMO. He gained deep knowledge in topics such as Restructuring of Worldwide Spare Parts “Management & Logistics Network”, setup of New Spare Parts Central Warehouse, Management & Restructuring of Logistics and Logistics Processes as well as Warehousing & Supply Chain Management

Mr. Unrath holds a Technical Master’s Degree Master of Science in Logistics, Infrastructure, Mobility from TU Hamburg-Harburg focusing on “Production and Logistics”, and a Business Administration degree from Technical University of Applied Sciences in Würzburg including pre-degree (Bachelor) studies at FH Ludwigshafen am Rhein where he majored in Marketing ASEAN with a focus on Japan.

Kevin Unrath, Chief Operating Officer of dynaCERT, stated, “I am looking forward to working at dynaCERT and expanding the HydraGEN™ Technology for retrofitting combustion engines worldwide. The market for this innovation is now ready and we will focus on further and accelerated growth worldwide. The core of my job as COO at dynaCERT will be to optimize the sales process to increase sales as well as to ensure that customer expectations are met and that the various models of HydraGEN™ units are available in a timely manner in continued quality and sufficient quantities. Particularly considering the European Union’s “Green Deal”, a sustained global interest for our devices can be expected because they are designed to help companies measure and improve their results for ESG reports.”

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Bernd Krueper, President & Director of dynaCERT, stated, “In the past few months, I have met several customers, investors and governmental authorities worldwide and explained to them our HydraGEN™ Technology and the diversity of our hardware and software product offerings. The fuel consumption savings and emissions reductions are convincing and impressive. Additionally, I will continue to foster the drive forward to meet the needs of application specific requirements of our customers. Considering the huge efforts necessary to reduce fuel saving of a typical automotive or Industrial engine that generally goes into achieving savings in the automotive industry, I am absolutely thrilled that dynaCERT has a product available today that is designed to achieve important fuel savings and reductions in carbon emissions. Our compact and easy to install HydraGEN™ models provide an outstanding solution for clients. I have worked in the past successfully with Kevin Unrath. I welcome him to dynaCERT and look forward to continuing our excellent teamwork now that we are both working together at dynaCERT. I look forward to working with Kevin Unrath and the outstanding team.”

Jim Payne, Chairman & CEO of dynaCERT, stated, “The dynaCERT Board of Directors is very pleased to welcome Kevin Unrath as Chief Operating Officer of the Company. As we welcome Kevin, I am delighted with the continued growth and expertise of our management team along with the expansion of our data centre as we move into the new era of carbon credits with our HydraGEN™ Technology. Bernd and Kevin bring a wealth of knowledge and experience in growing companies within the diesel engine industry worldwide, their history and network of people and companies they bring along with their proven track record is extremely timely as we continue to grow.”

Pursuant to its stock Option Plan and in accordance with regulatory requirements, the Company announces that it has issued 1,500,000 options to purchase its common shares in the authorized share structure of the Company, the exercise price of each such option being $0.25 per share for a period expiring November 1, 2029.

About dynaCERT Inc.

dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica™ Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment. Website: www.dynaCERT.com.

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READER ADVISORY

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

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Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.
On Behalf of the Board
Murray James Payne, CEO

View source version on businesswire.com: https://www.businesswire.com/news/home/20241104262780/en/

Contacts

For more information, please contact:

Jim Payne, Chairman & CEO
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com

Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com

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TORONTO — Flow Beverage Corp. (TSX:FLOW; OTCQX:FLWBF) (“Flow” or the “Company”) is pleased to announce the closing today of its previously announced private placement of a US$2 million secured convertible note (the “Note”) to BeatBox Beverages (“BeatBox”), Flow’s long-term co-packing partner of ready-to-drink alcohol beverages.

“The closing of this financing marks a significant step in our strategic partnership with BeatBox. BeatBox is a valued co-pack partner and the proceeds from the Note will help Flow add two lines at our Aurora production facility. Both Flow and BeatBox are scaling rapidly and we are very pleased to be deepening our relationship as both organizations pursue innovation and sustainability in the North American beverage industry,” said Nicholas Reichenbach, Founder and Chief Executive Officer of Flow.

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The Note matures on October 25, 2029, bears interest at the rate of 10% per annum, which interest is payable quarterly in arrears, and is secured against the assets of Flow. The principal amount of the Note is convertible at any time at BeatBox’s option into subordinate voting shares of Flow (the “Shares”) at a conversion price of $1.00 per share. Flow can force the conversion of the principal amount of the Note if, at any time during the period which is one year from issuance and ending on the maturity date, the volume weighted average price of the Shares on the Toronto Stock Exchange is greater than $1.50 per Share for any five consecutive trading days.

The Company will use the proceeds from the issuance of the Note to fund the leaseholds and equipment necessary to expand capacity at Flow’s Aurora production facility.

The Company amended terms of its manufacturing agreement with BeatBox (the “Agreement”) on August 1, 2024, with the term of the Agreement extending from five to six years and the minimum total revenue under the Agreement increasing from $115 million to $213 million. Due to the increased production capacity requirements under the Agreement, Flow will be adding two production lines at its Aurora production facility. This expansion is to satisfy the increased demand for co-manufacturing from BeatBox, in addition to other co-manufacturing agreements recently announced, and to accommodate anticipated growth in the Flow brand.

The Note and the Shares issuable upon any conversion thereof are subject to a statutory four-month and one-day hold period under applicable Canadian securities laws, expiring on February 26, 2025.

About Flow

Flow is one of the fastest-growing premium water companies in North America. Founded in 2014, Flow’s mission since day one has been to reduce environmental impacts by providing sustainably sourced natural mineral spring water in the most sustainable product formats. Today, the brand is B-Corp Certified with a best-in-class score of 126.5, offering a diversified line of health and wellness-oriented beverage products: original mineral spring water, award-winning organic flavours and sparkling mineral spring water in sizes ranging from 300-ml to 1-litre. All products contain naturally occurring electrolytes and essential minerals and support Flow’s overarching purpose to “bring wellness to the world through the positive power of water.” Flow beverage products are available at retailers in Canada and the United States, and online at flowhydration.com.

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For more information on Flow, please visit Flow’s investor relations site at: investors.flowhydration.com.

About BeatBox

BeatBox is the “Original Party Punch”, offering fun and nostalgic flavors in a sustainable and resealable package. With a deep passion for live music, its community of super fans, and creating fun, BeatBox has become the brand that’s bringing the party to the alcohol industry.

The journey began in 2012 in the live music capital of the world, Austin, TX, and the energy was contagious. So much so that BeatBox secured the largest investment in Shark Tank history from Mark Cuban, who “invested in BeatBox because at heart I’m a 25-year-old and saw that this is going to be a party phenomenon.”

BeatBox quickly built a team of beverage leaders helping to define a new category of “Party Punch.” BeatBox has an impressive roster of investors from the music and entertainment industry, including Mark Cuban, Rob Dyrdek, Party Favor, Louis The Child, Good Times Ahead, and many more.

BeatBox has become one of the fastest growing brands in the alcohol industry and the drink of choice for Millennial and Gen Z drinkers. Its passion for music, and connection to its consumers, has also made it the fastest growing and most engaged alcohol brand on social media. Like Mark said, “This is a company that sells fun, and if anyone ever asks what this brand is all about, tell them that BeatBox Brings the Party!”

For more information on BeatBox, please visit BeatBox’s website at: beatboxbeverages.com.

Forward-Looking Statements

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (“Forward-Looking Statements”). The Forward-Looking Statements contained in this press release relate to future events or Flow’s future plans, operations, strategy, performance or financial position and are based on Flow’s current expectations, estimates, projections, beliefs and assumptions. Such Forward-Looking Statements have been made by Flow in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such Forward‐Looking Statements are often, but not always, identified by the use of words such as “may”, “would”, “should”, “could”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “expect”, “believe”, “anticipate”, “estimate”, “will”, “potential”, “proposed” and other similar words and expressions.

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Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors, many of which are beyond Flow’s control, that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking

Statements are provided for the purposes of assisting the reader in understanding Flow and its business, operations, prospects, and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. Unless otherwise noted or the context otherwise indicates, the Forward-Looking Statements contained herein are provided as of the date hereof, and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason.

This press release should be read in conjunction with the management’s discussion and analysis and consolidated financial statements and notes thereto as at and for the three and nine months ended July 31, 2024. Additional information about Flow is available on the Company’s profile on SEDAR+ at www.sedar.com, including the Company’s Annual Information Form for the year ended October 31, 2023 dated January 29, 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031549002/en/

Contacts

Trent MacDonald, Chief Financial Officer
1-844-356-9426
investors@flowhydration.com

Investors:
Marc Charbin
investors@flowhydration.com

Media:
Natasha Koifman
nk@nkpr.net

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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO — Sherritt International Corporation (“Sherritt”, the “Corporation”) (TSX: S), a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt – metals deemed critical for the energy transition – today reported its financial results for the three and nine months ended September 30, 2024. All amounts are in Canadian dollars unless otherwise noted.

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Leon Binedell, President and CEO of Sherritt commented, “Our Metals division has achieved remarkable progress, with finished nickel production reaching its highest quarterly level in two years. We have successfully reduced our net direct cash costs to US$5.16 per pound, demonstrating a significant year-over-year improvement even with materially lower cobalt by-product prices. Our Power division has also excelled, recording the highest quarterly electricity production in nine years. Additionally, we completed work to bring another gas turbine online, enabling us to generate electricity from new gas wells, including a new well that began production in October. This will further increase production and allow us to realize higher distributions of dividends in Canada going forward.”

Mr. Binedell continued, “Despite this quarter’s lower nickel and cobalt prices, our available liquidity in Canada increased 27% to $71 million. We are beginning to realize savings from the cost reduction initiatives announced in the first half of the year and we made additional workforce reductions in the third quarter to lower our costs further. During the fourth quarter, we expect to receive another significant distribution from Power and the recommencement of dividends from the Cobalt Swap agreement. Looking ahead, phase two of our expansion at the Moa JV is advancing as planned, with commissioning and ramp-up scheduled for the first half of next year which will increase our mixed sulphide production to our refinery, displacing lower-margin third-party feed and maximizing our profitability.”

THIRD QUARTER 2024 SELECTED DEVELOPMENTS

• Sherritt’s share⁽¹⁾ of finished nickel and cobalt production at the Moa Joint Venture (“Moa JV”) was 4,333 tonnes and 454 tonnes, respectively.
• Sherritt’s share of finished nickel and cobalt sales was 3,538 tonnes and 421 tonnes, respectively. Sales volumes were below production, consistent with Q3 2023, primarily due to the third quarter typically being a seasonally softer quarter for sales due to summer shutdowns of steel mills and some customers deferring sales to the fourth quarter. In addition, the Canadian rail lock-out, which although resolved quickly, temporarily disrupted logistics deferring some sales which otherwise would have occurred during the quarter. Sherritt expects stronger demand from customers in the fourth quarter.
• Net direct cash cost (“NDCC”)⁽²⁾ was US$5.16/lb benefiting from a 19% year-over-year improvement in mining, processing and refining costs per pound of nickel sold (“MPR/lb”), the largest component of NDCC⁽²⁾.
• Electricity production was 230 GWh which was the highest quarterly electricity production in nine years and reflects Sherritt’s multiyear efforts to maximize value and increase dividends in Canada from its Power division by bringing new gas wells into production, improving equipment availability and increasing utilization rates.
• Electricity unit operating cost⁽²⁾ was $44.95/MWh reflecting timing of planned maintenance which was completed during the quarter, partly offset by higher sales volume.
• 2024 guidance for Metals and Power production volumes, NDCC⁽¹⁾, electricity unit operating costs⁽¹⁾ and spending on capital⁽¹⁾ remain unchanged.
• Sherritt continues to realize savings in line with its estimated $15.0 million in annual savings from the workforce reductions announced in the first half of 2024. During the quarter, Sherritt made further reductions to streamline its organizational structure which are expected to result in approximately $2.2 million of additional annualized savings.
• Net earnings from continuing operations were $1.8 million, or nil per share.
• Adjusted net loss from continuing operations⁽²⁾ was $11.5 million or $(0.03) per share, which primarily excludes a non-cash $11.5 million revaluation gain on the net receivable pursuant to the Cobalt Swap⁽³⁾ on updates to valuation assumptions.
• Adjusted EBITDA⁽²⁾ was $10.5 million.
• Available liquidity in Canada as at September 30, 2024 was $71.4 million supported by $35.9 million of proceeds from operating activities for Fort Site which included strong receipts on fertilizer sales and presales, $3.4 million on settlement of in-the-money nickel put options and $0.9 million of dividends from Energas. These receipts were partly offset primarily by $10.8 million used in Power to support planned maintenance activities and $5.4 million in payments on contractually obligated rehabilitation and closure costs related to legacy Oil and Gas assets in Spain.
• Phase two of the Moa JV expansion is continuing to advance with commissioning and ramp up expected in the first half of 2025. The Moa JV finalized and began utilizing its US$12.0 million of foreign currency financing from a Cuban bank to support international payments related to construction of the Sixth Leach Train, the primary component of phase two of the expansion project.
• Advanced engineering and process flowsheet development to enhance and derisk the flowsheet on the mixed hydroxide precipitate (“MHP”) processing project (“MHP Project”) which already yielded positive results for metal recoveries and impurity removals and continued external engagement with governments, potential customers and funding partners.

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DEVELOPMENTS SUBSEQUENT TO THE QUARTER

Subsequent to the quarter end:

• Received an additional $1.6 million in cash on settlement of nickel put options.
• Paid $9.4 million in interest on its Second Lien Notes.
• On October 18, 2024, Cuba experienced a nationwide power outage and following which the Moa nickel mine began operating at a reduced capacity of 50% to 60% with power sourced from the mine site’s own power generating capabilities. The Moa nickel mine and all Energas facilities returned to full operating capacity on October 27, 2024 with Energas playing an instrumental role in assisting to restore power to the Cuban national grid. Despite the power outage and adverse weather from a tropical storm that occurred shortly after, there was not a material impact to mixed sulphides production. Moreover, the Corporation’s refinery in Alberta strategically built-up feed inventory earlier in the year, ensuring reliable feed throughput for finished nickel production. As a result, Sherritt maintains its 2024 production and unit operating cost guidance ranges.

Q3 2024 FINANCIAL HIGHLIGHTS

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Cash and cash equivalents as at September 30, 2024 were $148.6 million, increasing from $132.3 million as at June 30, 2024.

As at September 30, 2024, total available liquidity in Canada, which is composed of cash and cash equivalents in Canada of $41.0 million and available credit facilities of $30.4 million was $71.4 million increasing from $55.9 million as at June 30, 2024. Available liquidity in Canada was supported by $35.9 million of proceeds from operating activities for Fort Site which included strong receipts on fertilizer sales and presales, $3.4 million on the settlement of in-the-money nickel put options and $0.9 million of dividends from Energas. These receipts were partly offset primarily by $10.8 million used in Power to support planned maintenance activities and $5.4 million in payment on contractually obligated rehabilitation and closure costs related to legacy Oil and Gas assets in Spain.

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For 2024, Sherritt continues to expect distributions under the Cobalt Swap agreement in the fourth quarter of the year. The Moa JV’s cash and cobalt distributions to the Corporation are determined based on available cash in excess of liquidity requirements. Determinants of liquidity include anticipated nickel and cobalt prices and sales volumes, planned spending on capital at the Moa JV including growth capital, working capital needs, expected financing and other expected liquidity requirements. Available cash is also impacted by changes in working capital primarily related to changes in inventory, and timing of receipts and payments, including receipts on nickel and cobalt sales subsequent to shipment.

In Sherritt’s second quarter results, the Corporation indicated approximately $50.0 million was expected to be received during the fourth quarter from the Cobalt Swap agreement (including both Sherritt’s share and GNC’s⁽²⁾ redirected share), which was based on the midpoint of the Moa JV’s 2024 guidance ranges for production volumes, unit operating costs⁽¹⁾ and spending on capital⁽¹⁾ as disclosed in the Outlook section of the MD&A, and the first half 2024 nickel and cobalt average reference prices of US$8.00/lb and US$13.50/lb, respectively.

With the third quarter average reference prices of both nickel and cobalt being below the first half 2024 average reference prices, management is focusing efforts to maximize cash flows from sales of available inventories and maximize the amount to be received in the fourth quarter under the Cobalt Swap up to the $50.0 million (including both Sherritt’s share and GNC’s redirected share) that was previously indicated. Refer to the risks related to Sherritt’s corporate structure in the Corporation’s 2023 Annual Information Form for further information on risks related to distributions from the Moa JV.

Given its strong operating performance during 2024, Energas generated sufficient liquidity to distribute to Sherritt dividends in Canada of $0.9 million and $6.0 million in the three and nine months ended September 30, 2024, respectively. Based on 2024 guidance estimates for production volumes, unit operating costs⁽¹⁾ and spending on capital⁽¹⁾ disclosed in the Outlook section of the MD&A, Sherritt continues to expect total dividends in Canada from Energas of approximately $10.0 million in 2024. Refer to the risks related to Sherritt’s corporate structure in the Corporation’s 2023 Annual Information Form for further information on risks related to dividends in Canada from Energas.

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During Q3 2024, the Moa JV finalized and began utilizing its US$12.0 million of foreign currency financing from a Cuban bank to support international payments related to construction of the Sixth Leach Train, the primary component of phase two of the expansion project.

As at September 30, 2024, the Corporation was in compliance with all its debt covenants.

Subsequent to the quarter end, Sherritt received an additional $1.6 million in cash on settlement of nickel put options and paid $9.4 million in interest on its Second Lien Notes. At the interest payment date, the Corporation was not required to make a mandatory redemption of Second Lien Notes as it did not have Excess Cash Flow as defined in the Second Lien Notes indenture agreement for the two-quarter period ended June 30, 2024.

REVIEW OF OPERATIONS

Metals