Author: Date

(MENAFN– Newsfile Corp)
Dieppe, New Brunswick–(Newsfile Corp. – March 19, 2025) – Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to share the assay results from the next two holes drilled in its recent 10 hole diamond drilling program (1,167.5 metres) at the El Pilar Gold & Silver Project in Sonora Mexico. Colibri holds 49% interest of the El Pilar along side its partner Tocvan Ventures, which holds a 51% ownership in this advanced stage exploration project. Tocvan is the operator of the El Pilar.

“We are very happy with the assay results from hole JES-25-105. The hole is highlighted by 36.3 metres of 1.6 g/t gold (starting at surface and is contained within a longer intercept of 66 metres at 1.0 g/t gold). These are extremely favorable grades to encounter when looking for an open pitable gold deposit in Sonora and confirms the site as a source of moderate grade material for the planned 50,000 tonne test mine/bulk sample . We look forward to releasing the results from the remaining 6 holes of this program in due course as the data is received.” commented, Colibri President & CEO Ian McGavney.

Figure 1: Planview of Main Zone Area – today’s results highlighted in red. Intervals reported are drilled lengths, the Company will update on estimated true thickness once all new drill data has been processed.

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Figure 2. 3D North to South Long-Section of the drilled Main Zone area. Drill results announced today are in red.

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Tocvan – News Release – March 19 ^th , 2025

Highlights:

Main Zone Infill Provides Upgrade to Historic Drilling

1.6 g/t Au over 36.3 meters from surface within 66 meters of 1.0 g/t Au (Hole JES-25-105)

including 15.2 g/t Au over 1.2 meters, from 35.1 meters depth

and 5.8 g/t Au over 3.0 meters, from 9.0 meters depth

Mineralization from surface to 97.4 meters averaging 0.7 g/t Au

Results Pending for Six Additional Holes

Calgary, Alberta – March 19, 2025 – Tocvan Ventures Corp. (CSE: TOC) (OTCQB: TCVNF) (WKN: TV3/A2PE64) (the ” Company “), is pleased to announce results the latest core drilling at the Gran Pilar Gold Silver Project in mine-friendly Sonora, Mexico. Ten core drillholes totalling 1,167.5 meters were completed earlier this year within the majority owned (51%) Main Zone held in partnership with Colibri Resource Corp. Today’s results are highlighted by 1.6 g/t Au over 36.3 meters from surface, including 15.2 g/t Au over 1.2 and 5.8 g/t Au over 3.0 meters, starting from 9.0 meters vertical depth (JES-25-105). Mineralization correlates with at surface mineralization and lies within a broader anomalous zone drilled that averages 0.7 g/t Au over 97.4 meters . The result from JES-25-105, is a notable improvement from local historic drilling that returned 76.6 meters of 0.5 g/t Au (hole J-7) and 83.8m of 0.5 g/t Au (hole JESP-10), both drilled vertical from surface. To the southeast 100 meters, core hole JES-25-106 returned anomalous mineralization from surface to 122.2 meters depth with the most significant interval returning 3.45 meters of 0.4 g/t Au. Mineralization is known to weaken through this zone. More testing is required to determine the orientation of higher-grade zones known to occur in the area. Results for four core drillholes have now been released, results are pending for the remaining six holes.

“Infill drilling through the Main Zone is identifying precisely where we can source moderate to high-grade ore during pilot and full-scale mining.” commented, CEO Brodie Sutherland. “Positioned directly below surface trenching, we have a high degree of confidence in the extension of significant mineralization at Pilar. We are excited to evaluate the results for the remaining core holes as they will provide insight towards future development along parallel trends across the property. All information will be fed into our planned maiden resource estimate that will look to outline the resource potential across the Main Zone, an important milestone leading towards unlocking the full property potential.”

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)
JES-25-105	0.00	97.35	97.35	0.65	3.60
including	0.00	66.00	66.00	0.95	4.93
including	0.00	36.30	36.30	1.59	8.08
including	9.00	12.00	3.00	5.75	5.60
and	35.1	36.3	1.20	15.35	4.30
JES-25-106	0.00	122.20	122.20	0.03	0.98
including	112.60	122.20	9.60	0.15	0.64

Table 1. Summary of Drill Results in today’s release. Intervals reported are drilled lengths, the Company will update on estimated true thickness once all new drill data has been processed.

Photo 1. Close up of high-grade gold sample (JES-25-105, 1.2 meters of 15.4 g/t Au and 4 g/t Ag, from 35.1m depth vertically from surface).

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Sample ID	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)
675107	0.00	2.55	2.55	2.09	18.7
675108	2.55	5.60	3.05	1.29	11.5
675109	5.60	9.00	3.40	0.29	24.3
675110	9.00	10.30	1.30	8.00	7.0
675111	10.30	11.20	0.90	1.75	5.7
675112	11.20	12.00	0.80	6.61	3.2
675113	12.00	13.85	1.85	0.95	2.6
675114	13.85	15.75	1.90	2.34	5.7
675115	15.75	16.90	1.15	1.03	18.4
675116	16.90	18.05	1.15	0.10	14.9
675117	18.05	20.80	2.75	0.19	1.6
675118	20.80	22.85	2.05	0.10	1.2
675119	22.85	23.50	0.65	2.34	3.7
675120	23.50	26.25	2.75	0.05	0.7
675121	26.25	27.45	1.20	0.15	1.9
675123	27.45	29.00	1.55	0.22	3.8
675124	29.00	30.45	1.45	0.23	2.2
675125	30.45	32.50	2.05	0.22	6.7
675126	32.50	33.40	0.90	0.08	10.0
675127	33.40	35.10	1.70	0.26	4.0
675128	35.10	36.30	1.20	15.35	4.3

Table 2. Summary of Results from JES-25-105 from surface to 36.3m downhole.

Hole ID	Easting	Northing	Elevation (m)	Depth (m)	Azimuth	Dip
JES-25-105	617423	3144555	407.70	125.50	0	-90
JES-25-106	617469	3144471	430.85	149.60	055	-80

Table 3. Summary of drill collar locations and orientations. Coordinates are in UTM NAD 27, Zone 12N

Pilar Drill Highlights:

2024 RC Drilling Highlights include ( all lengths are drilled thicknesses ):

42.7m @ 1.0 g/t Au, including 3.1m @ 10.9 g/t Au

56.4m @ 1.0 g/t Au, including 3.1m @ 14.7 g/t Au

16.8m @ 0.8 g/t Au and 19 g/t Ag

2022 Phase III Diamond Drilling Highlights include ( all lengths are drilled thicknesses ):

116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag

108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag

63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag

2021 Phase II RC Drilling Highlights include ( all lengths are drilled thicknesses ):

39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au

47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag

29m @ 0.7 g/t Au

35.1m @ 0.7 g/t Au

2020 Phase I RC Drilling Highlights include ( all lengths are drilled thicknesses ):

94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;

24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

15,000m of Historic Core & RC drilling. Highlights include:

61.0m @ 0.8 g/t Au

21.0m @ 38.3 g/t Au and 38 g/t Ag

13.0m @ 9.6 g/t Au

9.0m @ 10.2 g/t Au and 46 g/t Ag

Pilar Bulk Sample Summary:

62% Recovery of Gold Achieved Over 46-day Leaching Period

Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag

Bulk Sample Only Included Coarse Fraction of Material (+3/4″ to +1/8″)

Fine Fraction (-1/8″) Indicates Rapid Recovery with Agitated Leach

Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time

Additional Metallurgical Studies:

Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned

95 to 99% Recovery of Gold

73 to 97% Recovery of Silver

Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter depth.

Based on management’s strong belief in the project’s potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023, news release for more details).

Quality Assurance / Quality Control

Rock and Drill samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person (” QP “) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, 2) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico’s second largest major producer of gold on four sides, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project.

For more information about all Company projects please visit: .

Contact:

Ian McGavney, President, CEO and Director
Tel: (506) 383-4274
…

Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward- looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit

SOURCE: Colibri Resource Corporation

MENAFN19032025004218003983ID1109332181

(MENAFN– Newsfile Corp)
Vancouver, British Columbia–(Newsfile Corp. – March 18, 2025) – Metavista3D Inc. (TSXV :DDD) (FSE: E3T) (“Metavista3D” or the “Company”) announced the company’s CEO, and CTO are set to unveil its pioneering technology through a series of exclusive events across Germany and Switzerland. Renowned for its innovative strides in 3D technology, Metavista3D invites industry leaders, innovators, and tech enthusiasts to witness firsthand the potential of its advanced developments.

Presenting a Vision of the Future

At these strategic Meet & Greet events, Dr. Rolf-Dieter Naske, the mind behind Metavista3D’s groundbreaking technology, will join forces with the company’s CEO, Jeffrey Carlson. Together, they will introduce this patented technology, which stands out for its unprecedented capability to transform visual experiences across various sectors. As noted by The Silicon Review, Metavista3D’s commitment to innovation has earned the company a place among the “Best Tech Companies to Watch 2025.”

“Metavista3D is more than just a technological venture; it’s a bridge to the future,” said Jeff Carlson. “Our dedication to excellence and innovation assures us a leading position in redefining 3D technology for industries worldwide.”

An Invitation to Discover

Kicking off in Hamburg on March 31 and concluding in Zürich on April 4, Metavista3D offers attendees the opportunity to engage directly with their visionary team. Each event will run from 10:00 to 14:00, providing ample time for in-depth insights, discussions, and networking over a luncheon break.

Attendees will gain a comprehensive overview of Metavista3D’s cutting-edge projects. The events also illuminate the company’s strategic edge in cost-efficient production, guided by an experienced management team and backed by a significant cash treasury.

Although space is limited, those interested in attending can apply via link, Showcase Application with a company representative following up with further details within 24 hours. This five-city tour marks a pivotal moment for Metavista3D as it seeks to fortify its presence and showcase its commitment to elevating technological standards.

For those keen on exploring innovation in 3D technology, these events offer an unparalleled glimpse into the future Metavista3D is charting in the tech landscape.

About Metavista3D

Metavista3D Inc., through its wholly owned subsidiary, psHolix AG, is at the forefront of developing AI-driven, pseudo-holographic display technologies designed to transform how we interact with spatial content. With over 20 patents and a commitment to innovation, Metavista3D is shaping the future of immersive, glasses-free 3D experiences. For more information, visit and

Metavista3D’s shares are publicly traded and listed in Canada on the TSX-Venture Exchange under the ticker symbol DDD, and on the German Stock Exchange in Frankfurt and others under the ticker symbol E3T.

Metavista3D’s ISIN number is CA59142H1073 and German WKN number is A3EG0D.

ON BEHALF OF THE BOARD OF DIRECTORS

Jeff Carlson
CEO and Director
E: …
T: (647) 697-9199

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Information:

This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.

The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

To view the source version of this press release, please visit

SOURCE: Metavista3D, Inc.

MENAFN18032025004218003983ID1109330104

(MENAFN– PR Newswire)
The Amalgamation constituted the subsequent Acquisition transaction contemplated by Agnico Eagle’s board-supported take-over bid to acquire O3 Mining. Under the Amalgamation, shareholders of O3 Mining, other than Agnico Eagle, will receive $1.67 in cash per Common Share (the ” Consideration “).

It is expected that the Common Shares will be delisted from the TSX Venture Exchange on or around March 20, 2025 and O3 mining will file an application to cease to be a reporting issuer under Canadian securities laws.

Additional Information and How to Receive the Consideration

Additional information concerning the Amalgamation is contained in the notice of special meeting and management information circular of O3 Mining (the ” Circular “) dated February 13, 2025. The Circular is available under O3 Mining’s issuer profile on SEDAR+ at .

In order to receive the Consideration (less applicable withholdings), each registered shareholder must properly complete and duly execute the letter of transmittal enclosed with the Circular and deliver such letter of transmittal, together with all other necessary documents and instruments to Odyssey Trust Company, in its capacity as depositary for the Amalgamation, at the address specified in the letter of transmittal and otherwise in accordance with the instructions contained in the letter of transmittal. Non-registered shareholders whose Common Shares are registered in the name of an investment advisor, broker, bank, trust company, custodian, nominee or other intermediary must contact such intermediary for instructions and assistance in exchanging their Common Shares for the Consideration.

If you have any questions or require assistance, please contact Laurel Hill Advisory Group, by phone at 1-877-452-7187 or by e-mail at [email protected] .

Information for Warrantholders

Any warrants to acquire Common Shares (the ” Warrants “) that remain outstanding may be exercised prior to the expiry time thereof in accordance with the terms of the Warrant Indenture governing the Warrants, as amended, and will receive on exercise, in lieu of Common Shares, $1.67 in cash. The Warrant Indenture has been amended by a supplemental indenture to give effect to the foregoing. In connection such amendment, the exercise form to be used by holders of outstanding Warrants has been amended and replaced with an amended exercise form attached as Appendix E to the Circular. For additional information, please contact [email protected] or call (416) 947-1212.

About Agnico Eagle Mines Limited

Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada, Australia, Finland and Mexico, with a pipeline of high-quality exploration and development projects. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading sustainability practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation that is based on current expectations, estimates, projections, and interpretations about future events as at the date of this news release. Forward-looking information and statements are based on estimates of management by Agnico Eagle and O3 Mining, at the time they were made, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the timing for the delisting of O3 Mining from the TSX Venture Exchange and for O3 Mining to cease to be a reporting issuer; and the receipt of $1.67 in cash on the exercise of Warrants. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, expectations relating to the timing for the delisting of the Common Shares and O3 Mining (or its successor) filing an application to cease to be a reporting issuer under applicable securities laws; and expectations concerning the outstanding Warrants. Agnico Eagle and O3 Mining caution that the foregoing list of material factors and assumptions is not exhaustive. Although the forward-looking information contained in this news release is based upon what Agnico Eagle and O3 Mining believe, or believed at the time, to be reasonable expectations and assumptions, there is no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither O3 Mining, nor Agnico Eagle nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Agnico Eagle and O3 Mining do not undertake, and assume no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable law. These statements speak only as of the date of this news release. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Agnico Eagle or any of its affiliates or O3 Mining.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Agnico Eagle Mines Limited

MENAFN18032025003732001241ID1109328851

(MENAFN– Newsfile Corp)
Arlington, Virginia–(Newsfile Corp. – March 14, 2025) – Edge Total Intelligence Inc. (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5i) (“edgeTI”), a leader in real-time digital operations software that enables AI-driven Digital Twins, today announces that Jim Barrett, CEO will present at the 37th Annual ROTH conference held March 16-18^, 2025 at Dana Point in California.

To view an enhanced version of this graphic, please visit:

Billed as the Annual Conference for Growth Companies, this year’s event will consist of 1-on-1 / small group meetings, analyst-selected fireside chats, industry keynotes and panels with executive management attending from approximately 450 private and public companies in a variety of growth sectors including: Business Services, Consumer, Healthcare, Industrial Growth, Insurance, Resources, Sustainability and Technology, Media & Entertainment.

Jim’s attendance follows two key announcements; 1) the closing of a $4,999,490 CAD non-brokered LIFE private placement announced January 21^st, 2025 which announced a financial advisory agreement with Roth Canada, Inc. dated January 10, 2025 and 2) this week’s announcement of B. Riley Securities (“B. Riley”) and Clear Street (“Clear Street”) as co-financial advisors and Sichenzia Ross Ference Carmel LLP (“SRFC”) as U.S. securities counsel to assist the Company in exploring the process of listing its shares onto the NASDAQ stock exchange.

“Based on recent news and progress, I am looking forward to meeting with ROTH and the many growth companies that could improve their corporate intelligence or or go-to-market capability with our digital twin platform, edgeCore,” remarked. Jim Barrett, CEO of Edge Total Intelligence.

About ROTH

ROTH is a relationship-driven investment bank focused on serving growth companies and their investors. Their full service platform provides capital raising, high impact equity research, macroeconomics, sales and trading, technical insights, derivatives strategies, M&A advisory, and corporate access. Headquartered in Newport Beach, California, ROTH is a privately-held, employee owned organization and maintains offices throughout the U.S. For more information, please visit .

About Edge Total Intelligence Inc:

edgeTI helps customers sustain situational awareness and accelerate action with its real-time digital operations software, edgeCoreTM that unites multiple software applications and data sources into one immersive experience called a Digital Twin. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid journeys via the platform’s low-code development capability and composable operations. With edgeCore, customers can improve their margins and agility by rapidly transforming siloed systems and data across continuously evolving situations in business, technology, and cross-domain operations – helping them achieve the impossible.

Website:
LinkedIn:
YouTube:
Twitter:

For further information contact:

Nick Brigman
Phone: 888-771-3343
Email: …

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information and Statements

Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the edgeTI, including but not limited to, changes in U.S. Federal Budget, business, economic and capital market conditions.

Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the edgeTI will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, the impact of viruses and diseases on the edgeTI’s ability to operate, competition and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the edgeTI disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

To view the source version of this press release, please visit

SOURCE: Edge Total Intelligence Inc.

MENAFN14032025004218003983ID1109316268

(MENAFN– Newsfile Corp)
CALGARY, ALBERTA–(Newsfile Corp. – March 12, 2025) – Tenaz energy Corp. (“Tenaz”, “We”, “Our”, “Us” or the “Company”) (TSX: TNZ) is pleased to announce financial and operating results for the fourth quarter and year ended December 31, 2024.

The related audited consolidated financial statements, as well as Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2024 and Annual Information Form (“AIF”) as of December 31, 2024, are available on SEDAR+ at and on Tenaz’s website at .

HIGHLIGHTS

Fourth Quarter and Year-End 2024 Results

Production volumes averaged 2,814 boe/d⁽¹⁾ in Q4 2024, up 11% from Q3 2024, reflecting contributions from two new Ellerslie wells at Leduc-Woodbend (“LWB”). One of the wells was brought on production in mid-September and the second in mid-November. Current gross rate from the two wells is approximately 360 boe/d (83% oil).

Production volumes averaged 2,688 boe/d for full year 2024, a 10% increase from full-year 2023 levels. Production was higher due to continued organic growth at LWB in Canada.

Funds flow from operations⁽²⁾ (“FFO”) for the fourth quarter was $8.3 million ($0.30/share⁽²⁾), 147% higher than Q3 2024 due to higher production and an adjustment to prior-period tax returns, partially offset by higher operating expenses in the Netherlands. FFO for full-year 2024 was $24.5 million ($0.90/share), 15% lower than in 2023 driven by lower natural gas prices, higher operating expenses in the Netherlands, and higher transaction costs.

Net loss for full-year 2024 was $7.7 million ($0.28/share), as compared to net income of $26.5 million ($0.97/share) in 2023. The decrease in net income was primarily driven by increased transaction costs and transition activities for the acquisition of NAM Offshore B.V. (“NOBV”) and a $22.8 million gain on acquisition recorded in 2023.

We ended 2024 with positive adjusted working capital⁽²⁾ (current assets less current liabilities and long-term debt) of $10.0 million, a decrease from $49.3 million in 2023 due primarily to the payment of a $34.0 million deposit for the acquisition of NOBV. As of year-end 2024, we hold $180.2 million of cash and restricted cash.

During 2024, we deployed $1.2 million for our Normal Course Issuer Bid (“NCIB”) program, repurchasing and retiring 0.3 million shares at an average price of $3.73/share. In February 2025, we renewed our NCIB and obtained approval to purchase up to 2.5 million additional shares. Since the beginning of the NCIB program in Q3 2022, we have retired 2.1 million common shares (7.4% of basic common shares) at an average cost of $2.98/share.

During 2024, Tenaz delivered a total shareholder return of 257%, placing TNZ at the top of the 57 oil and gas companies listed on the TSX and in the top one-third of one percent of TSX-listed issuers in all sectors.

Corporate Updates

On July 18, 2024, we announced the execution of a definitive agreement to purchase NOBV. On August 5, the Netherlands Authority for Consumers and Markets completed its review of the transaction and cleared it to proceed as planned. We are now conducting transition activities with a target of closing and assuming operatorship by mid-2025 or earlier. Free cash flow occurring between the effective date of January 1, 2024 and the closing date will be reflected as a reduction of the purchase price.

On November 14, 2024, we closed a $140 million private placement offering (the “Offering”) of Senior Unsecured Notes due 2029 (the “Notes”). The Notes are non-callable for the first two-and-one-half years, bear interest at 12% per annum, and were priced at par. This long-term debt financing provides significant liquidity to pursue our international M&A strategy, as well as funding the closing of the NOBV acquisition.

Year-End 2024 Reserves ⁽³⁾

Proved Developed Producing (“PDP”) reserves increased 3.5%, including a 5.3% increase in Canada through organic activities, reflecting a corporate reserve replacement ratio of 113%. PDP reserves at year-end totaled 3.8 million boe.

Total Proved (“1P”) reserves increased 10%, reflecting a reserve replacement ratio of 192%. 1P reserves at year-end totaled 10.1 million boe.

Total Proved plus Probable (“2P”) reserves increased 14%, reflecting a reserve replacement ratio of 306%. 2P reserves at year-end totaled 16.6 million boe.

PDP Finding and Developing (“F&D”)⁴ costs (including future development capital (“FDC”)) were $14.21/boe, resulting in a 2.0 organic recycle ratio based on our 2024 operating netback⁽²⁾ of $28.96/boe. F&D costs (including FDC) were $17.74 and $14.49 at the 1P and 2P levels, generating organic recycle ratios of 1.6 and 2.0, respectively.

PDP Finding, Developing and Acquisition (“FD&A”)⁴ costs, were $14.66/boe (including FDC), resulting in a 2.0 recycle ratio. FD&A costs (including FDC) were $17.61 and $14.15 at the 1P and 2P levels, generating recycle ratios of 1.6 and 2.1, respectively.

Reserve life indices were 3.7 years, 9.9 years, and 16.2 years, respectively, for PDP, 1P and 2P reserves, based on our Q4 2024 production rate.

Year-end 2024 NOBV Reserves ⁽³⁾

NOBV’s 2P reserves, as at December 31, 2024, increased to 55.7 million boe (99% TTF⁽⁵⁾ gas), reflecting 155% replacement during 2024 from the July 2024 report and resulting in a 14% increase in after-tax NPV10⁽⁶⁾ to €0.62 billion ($0.97 billion⁽⁷⁾).

Capital Activity and Outlook

Capital expenditures during 2024 were approximately $18.2 million (including costs for Carbon Capture & Storage (“CCS”) evaluation in the Netherlands), 4% below the low end of the guidance range set on November 7, 2024 and 29% below the low end of the original guidance range set on December 21, 2023.

The 2024 Canadian development program included drilling two gross (1.75 net) Ellerslie wells. This capital program reflected a change in the Canadian drilling plans from the initial four gross (3.5 net) well Rex program to the two gross well Ellerslie program. The redirection of the Canadian drilling program was effected to further improve capital efficiencies while still achieving 10% annual corporate production growth. The undrilled Rex wells remain in our project inventory with strong economics at current oil prices.

The change in our capital program from the originally-planned Rex wells to Ellerslie wells on newly-acquired lands delayed the start of our drilling program. As a result, production in 2024 was 0.4% below the bottom end of our 2,700 to 2,900 boe/d guidance range. We did not reduce our production guidance range when we reduced our capital investment guidance.

In 2025, we plan drilling and development capital expenditures of $30.0 to $34.0 million, consisting of a three gross (2.3 net) well drilling program in the Glauconitic and Ellerslie formations at LWB in Canada, using unstimulated horizontal wells. In our non-operated Netherlands assets, capital investment will be directed toward minor production-adding activities on existing wells, facility maintenance, and a development well in the L10/L11a license. In addition, Tenaz plans to invest $1.7 million in exploration and evaluation expenditures relating to continuing Front End Engineering Design (FEED) activities for the potential L10 Carbon Capture and Storage (“CCS”) project in the Netherlands.

Excluding NOBV, our annual consolidated production guidance for 2025 is 2,900 to 3,100 boe/d⁽¹⁾, approximately 12% higher than 2024. Tenaz will update its 2025 guidance reflecting additional investment and production from NOBV after closing, which is projected to occur at mid-year 2025 or earlier.

⁽¹⁾ The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to“Barrels of Oil Equivalent” section included in the“Advisories” section of this press release.
⁽²⁾ This is a non-GAAP and other financial measure. Refer to“Non-GAAP and Other Financial Measures” included in the“Advisories” section of this press release.
⁽³⁾ Reserves evaluated by McDaniel & Associates Consultants Ltd. in a report effective December 31, 2024 dated March 12, 2025 (“McDaniel Report”). Refer to“Reserves”.
⁽⁴⁾“FD&A Cost”, “F&D Cost”,“Reserves Replacement Ratio” and “Recycle Ratio” do not have standardized meanings and therefore may not be comparable with the calculation of similar measures for other entities. See “Information Regarding Disclosure on Oil and Gas Reserves and Operational Information” in this press release.
⁽⁵⁾ TTF is the price for natural gas in the Netherlands.
⁽⁶⁾ NPV10 is the net present value discounted at 10 percent.
⁽⁷⁾ Translated from Euro to Canadian dollars at a 1.5645 exchange rate.

FINANCIAL AND OPERATIONAL SUMMARY

		Three months ended			Year Ended
		Dec 31			Sept 30			Dec 31			Dec 31			Dec 31
($000 CAD, except per share and per boe amounts)		2024			2024			2023			2024			2023
FINANCIAL
Petroleum and natural gas sales		16,285			14,822			21,261			63,000			64,852
Cash flow from operating activities		23			11,923			8,927			6,244			15,176
Funds flow from operations(1)		8,299			3,360			13,401			24,524			28,862
Per share – basic(2)		0.30			0.12			0.50			0.90			1.05
Per share – diluted(2)		0.26			0.11			0.45			0.79			0.99
Net income (loss)		(6,037	)		(2,454	)		3,515			(7,713	)		26,547
Per share – basic		(0.22	)		(0.09	)		0.13			(0.28	)		0.97
Per share – diluted(2)		(0.22	)		(0.09	)		0.12			(0.28	)		0.91
Capital expenditures(1)		4,962			6,946			2,967			18,225			24,855
Adjusted working capital (net debt)(1)		9,953			8,999			49,338			9,953			49,338
Common shares outstanding (000)
End of period – basic		27,610			27,426			26,793			27,610			26,793
Weighted average for the period – basic		27,542			27,360			26,963			27,105			27,429
Weighted average for the period – diluted		32,279			31,368			29,970			31,067			29,053
OPERATING
Average daily production
Heavy crude oil (bbls/d)		1,097			794			1,342			988			917
Natural gas liquids (bbls/d)		78			54			75			68			64
Natural gas (Mcf/d)		9,836			10,119			10,310			9,792			8,749
Total (boe/d)		2,814			2,535			3,135			2,688			2,439
Netbacks ($/boe)
Petroleum and natural gas sales		62.90			63.57			73.71			64.04			72.85
Royalties		(5.00	)		(4.45	)		(5.89	)		(5.36	)		(5.46	)
Transportation expenses		(2.99	)		(1.97	)		(3.50	)		(2.84	)		(3.56	)
Operating expenses		(33.38	)		(33.89	)		(19.36	)		(32.26	)		(25.23	)
Midstream income(1)		4.24			7.13			4.86			5.38			4.90
Operating netback(1)		25.77			30.39			49.82			28.96			43.50
BENCHMARK COMMODITY PRICES
WTI crude oil (US$/bbl)(3)		70.28			75.20			78.33			75.73			77.62
WCS (CAD$/bbl)		81.32			85.02			76.86			83.91			80.90
AECO daily spot (CAD$/Mcf) (4)		1.48			0.71			2.30			1.39			2.64
TTF (CAD$/Mcf) (5)		19.00			15.66			18.52			15.06			17.72

(1) This is a non-GAAP and other financial measure. Refer to “Non-GAAP and Other Financial Measures” in the section “Advisories”.
(2) Per share metrics calculated using the weighted average common shares for the applicable period.
(3) WTI represents posting price of West Texas Intermediate (“WTI”) crude oil.
(4) AECO is the natural gas price index for Alberta.
(5) TTF is the price for natural gas in the Netherlands.

PRESIDENT’S MESSAGE

We achieved several important milestones over the last year and continue to execute our corporate strategy at Tenaz. One of the most important steps was the signing of a definitive agreement to acquire NOBV from Nederlandse Aardolie Maatschappij B.V. (“NAM”).

Since the announcement of the NOBV acquisition, we have been engaged in transition activities prior to assuming operatorship. We continue to target a mid-year or earlier closing date. The transition activities include partial replacement of the IT environment, onboarding over 200 new colleagues, and integrating new and existing supplier and contractor relationships. We are very much looking forward to working with our new team. The NOBV staff is highly engaged in a successful transition that includes setting up an optimal go-forward organization prepared for future growth. We are focused on the planning for stepped-up workover and facility projects, and in the longer term, drilling the development and exploration locations identified on the NOBV assets. The Dutch offshore offers many opportunities to deliver safe, secure and low-emission energy for Europe in this time of supply uncertainty.

We have included an updated NOBV acquisition reserve report along with this annual announcement of results. As is customary for a year-end report, the updated NOBV report rolls forward the start date of the reserve assessment to December 31, 2024, one year after the effective date of the NOBV acquisition. The updated report recognized two projects not included in the report released at the time we announced the NOBV acquisition: a tie-in of a discovered but unproduced field using an existing idle well and one new development drilling location. These additions and other factors resulted in an increase in 2P reserves from 53.6 (as at January 1, 2024) to 55.7 million boe (as at December 31, 2024). Both reserve volumes are comprised of 99% TTF gas, with the remainder being condensate. After tax NPV10 increased from $803 million to $967 million compared to the July 1, 2024 report.

Overall, the projects outlined in the reserve report are both technically and economically more attractive than initially anticipated at the time of the NOBV acquisition announcement. A significant number of potential development projects are not included in the updated reserve report, and may be recognized in future reserve and resource reports. Following the full integration of the NOBV technical team post-closing, we are confident that additional projects across all reserve categories will be matured over time. Notably, we will leverage the significantly under-utilized infrastructure in the NOBV asset base, allowing for production growth without requiring substantial infrastructure investment.

With respect to commodity price conditions, the market for TTF gas continues to be volatile as it balances the availability of supply and seasonal demand requirements. Gas storage in Europe has experienced significant withdrawals this winter. Despite average winter temperatures trending at slightly warmer than normal, a series of cold spells caused demand spikes, and storage is expected to end the season at multi-year lows.

The primary source of supply into Europe has switched from pipeline imports to LNG, with the United States being the dominate supplier into the continent. Refilling storage this summer will require Europe to remain competitive in the LNG market, and gas prices will need to remain above coal-to-gas switching levels or else additional natural gas will need to be imported. European buyers hold less long-term supply contracts compared to Asian market participants, which makes Europe more reliant on spot market purchases of cargos. When global demand in all LNG markets is strong, spot market purchases require higher-priced competitive bids to secure supply. Looking forward, more supply is being built with European destinations in mind, so the price of European gas may normalize over time as certainty of sufficient supply becomes more visible.

Aside from NOBV, our current asset portfolio continues to provide investment opportunity and value to shareholders. In Canada, we acquired the Watelet Gas Plant and associated leasehold in Q2 2024 from a private seller. Although the primary purpose of the acquisition was to own and operate the gas plant, the acquired leasehold contained a number of open hole multi-lateral drilling opportunities that our team identified and was able to quickly work up into drillable locations. Our initial capital investment plan for 2024 emphasized our traditional Rex drilling at LWB, but the new lands offered the chance to switch to a lower capital intensity program using the unstimulated multi-lateral wells in the Ellerslie formation. The switch delayed the start of the drilling program and resulted in moderately lower 2024 production than we originally planned, while improving capital efficiency.

During the second half of 2024, we drilled two unstimulated multi-lateral horizontal wells in the Ellerslie formation of the Mannville group on the newly-acquired leasehold. The first well was completed in September 2024, with technical specifications and initial production results reported in our Q3 update. This well produces at a stable 35% water cut, and averaged gross production of 344 boe/d (92% oil) in Q4 2024. The second well was drilled with four horizontal laterals at a true vertical depth of 1,479 meters, a total measured depth of 5,246 meters, and an open hole length in the Ellerslie reservoir of 2,677 meters. This well was on production for 52 days in Q4 2024 at an average gross rate of 106 boe/d (69% oil) with a stable water cut of approximately 80%. Current rate from the two wells is approximately 360 boe/d (83% oil). Oil gravity is 26 °API. Tenaz has an 87.5% working interest in these two Ellerslie A pool wells.

We will continue development of the Ellerslie A Pool in 2025 with another multilateral well to be drilled to the east of the first well that we drilled in late 2024. Our other planned drilling for 2025 includes two unstimulated horizontal wells targeting the Glauconitic Sand. The first well is a three-leg multi-lateral within the Glauconite D Pool and the second is a single lateral well in the Glauconite A Pool. Our 2025 Canadian drilling program is designed to preserve optionality for further investment, while delivering continued organic production growth at high capital efficiency. Our multi-year inventory of Rex horizontal locations continues to have strong prospective economics. Our year-end 2024 reserve report reflects our robust Canadian operations, with a 2P reserve replacement ratio of 306% and a 2P organic recycle ratio of 2.0.

In our non-operated Netherlands asset, Eni Energy Netherlands B.V. has planned a development well in the L10/L11a license area (“L10 Malachite”) targeting a stranded discovered natural gas pool between two existing fields. The Malachite well is targeted to be drilled in the second half of 2025.

During Q4 2024, we enhanced Tenaz’ financial capabilities with a $140 million Offering of Senior Unsecured Notes due 2029, placed with institutional investors. The Notes replaced a $90 million delayed draw term loan entered into in July 2024 with National Bank of Canada to support the acquisition of NOBV.

We are honoured that Tenaz shares returned 257% in 2024. This total shareholder return placed Tenaz at the top of the 57 oil and gas companies listed on the TSX and in the top percentile of TSX-listed issues in all sectors. Looking forward, we see significant value in Tenaz’ assets. Accordingly, on February 11, 2025, we announced the renewal of our NCIB which will re-purchase a modest number of shares in the near term, and provide flexibility to increase the level of purchases in the future.

Finally, we continue to pursue acquisition projects within what we believe to be a robust transaction pipeline. Our goal is to maintain the same high standards in expanding our asset base as we have in our transactions to date. Our Board of Directors and employees remain aligned with shareholders, and we will continue our efforts to deliver value in 2025 and subsequent years.

/s/ Anthony Marino

President and Chief Executive Officer
March 12, 2025

RESERVES

The McDaniel Report was prepared in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). Additional reserves information as required under NI 51-101 is included in Tenaz’s Annual Information Form for the year ended December 31, 2024 (“AIF”) available on SEDAR+ at and on Tenaz’s website at .

The following tables are a summary of Tenaz’s crude oil, natural gas liquids (“NGLs”) and natural gas reserves, as evaluated by McDaniel in the McDaniel Report. Under NI 51-101 Tenaz is required to report its reserves and net present value estimates using forecast pricing and costs. The forecast prices reflected in the net present values are based on an average of the price decks of three independent engineering firms, GLJ Ltd., Sproule Associates Limited and McDaniel & Associates Consultants Ltd. (the “Consultant Average Price Forecast”) at January 1, 2025 (see the Company’s AIF). It should not be assumed that the estimates of future net revenues presented in the tables below represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery and reserve estimates of our crude oil, NGLs and natural gas reserves provided herein are estimates only and there is no assurance the estimated reserves will be recovered. It is important to note that the recovery and reserves estimates provided herein are estimates only. Actual reserves may be greater or less than the estimates. Reserves information may not add up due to rounding. The McDaniel Report includes abandonment, decommissioning and reclamation obligations (“ADR”) for properties and associated wells, pipelines, facilities, and surface leases with attributed reserves, as provided for under NI 51-101. All ADR is included in decommissioning liability described in management’s discussion and analysis.

Summary of Gross Reserves as at December 31, 2024

		Company Gross Reserves (1)(2)
		Light Crude Oil & Medium Crude Oil			Heavy Crude Oil			Conventional Natural Gas			Natural Gas Liquids			Oil Equivalent
Reserve Category		(Mbbl)			(Mbbl)			(MMcf)			(Mbbl)			(Mboe) (4)
Proved
Proved Developed Producing		310			917			14,615			153			3,815
Proved Developed Non-Producing		10			–			5			–			11
Proved Undeveloped		252			2,909			17,903			192			6,337
Total Proved		572			3,826			32,523			345			10,163
Total Probable		478			2,686			18,765			195			6,486
Total Proved plus Probable (3)		1,050			6,512			51,288			540			16,649

(1) Gross reserves are Company working interest reserves before royalty deductions.
(2) Based on the January 1, 2025 Consultant Average Price Forecast.
(3) Numbers may not add due to rounding.
(4) Barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. See “Information Regarding Disclosure on Oil and Gas Reserves and Operational Information” in this press release.

Reconciliation of Reserves for 2024

		Company Gross Reserves (1)(2)
		Light Crude Oil & Medium Crude Oil			Heavy Crude Oil			Conventional Natural Gas			Natural Gas Liquids			Oil Equivalent
		(Mbbl)			(Mbbl)			(MMcf)			(Mbbl)			(Mboe) (7)
Total Proved
December 31, 2023		105			4,056			28,570			331			9,253
Economic Factors		5			(9	)		(508	)		(4	)		(93	)
Extensions and improved recovery(3)		414			–			310			7			473
Technical Revisions(4)		(48	)		140			3,678			8			712
Acquisitions		96			–			265			29			169
Discoveries(5)		–			–			3,792			–			632
Production		–			(361	)		(3,584	)		(25	)		(984	)
December 31, 2024 (6)		572			3,826			32,523			345			10,163
Total Proved plus Probable
December 31, 2023		126			6,626			44,100			518			14,621
Economic Factors		1			(16	)		(244	)		(3	)		(59	)
Extensions and improved recovery(3)		846			–			618			14			963
Technical Revisions(4)		(42	)		217			3,286			(3	)		720
Acquisitions		119			47			342			38			260
Discoveries(5)		–			–			6,770			–			1,128
Production		–			(361	)		(3,584	)		(25	)		(984	)
December 31, 2024 (6)		1,050			6,512			51,288			540			16,649

(1) Gross reserves are Company working interest reserves before royalty deductions.
(2) Based on the January 1, 2025 Consultant Average Price Forecast.
(3) Extensions and Improved Recovery includes all new Ellerslie wells booked during the year at Leduc-Woodbend
(4) Technical revisions were realized in all reserve categories. The revisions were driven by performance deviations from earlier estimates.
(5) Discoveries are related to the additional Malachite well in Netherlands, which moved from Contingent Resources to 2P Reserves.
(6) Numbers may not add due to rounding.
(7) Barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. See “Information Regarding Disclosure on Oil and Gas Reserves and Operational Information” in this press release.

Summary of Net Present Values of Future Net Revenue as at December 31, 2024

Benchmark crude oil and NGL prices used are adjusted for quality of crude oil or NGL produced, and for transportation costs. The calculated after-tax net present values (“NPVs”) are based on the Consultant Average Price Forecast at January 1, 2025. The NPVs include ADR but do not include a provision for interest, debt service charges and general and administrative expenses. It should not be assumed that the NPV estimate represents the fair market value of the reserves.

		After Tax Net Present Value Discounted at (1)(2)
		0%			5%			10%			15%			20%
Reserve Category		($M)			($M)			($M)			($M)			($M)
Proved
Proved Developed Producing		5,826			34,081			44,606			48,113			48,576
Proved Developed Non-Producing		153			144			135			125			116
Proved Undeveloped		121,019			92,865			72,571			57,809			46,844
Total Proved		126,997			127,090			117,311			106,048			95,537
Total Probable		162,104			117,108			88,346			69,223			55,940
Total Proved plus Probable (3)		289,101			244,198			205,657			175,270			151,477

(1) Based on the January 1, 2025 Consultant Average Price Forecast.
(2) Includes abandonment and reclamation costs as defined in NI 51-101.
(3) Numbers may not add due to rounding.

Finding and Development Costs and Recycle Ratios

FDC reflects the future capital costs, as provided by the Company and included in the McDaniel Report, to bring Tenaz’s proved and probable developed and undeveloped reserves on production. Changes in forecasted FDC occur annually as a result of development activities, acquisition and disposition activities, changes in capital cost estimates based on improvements in well design and performance, and changes in service costs.

Tenaz has incurred the following F&D⁽⁵⁾ and FD&A⁽⁵⁾ costs including FDC.

	2024
	PDP		1P		2P
F&D and FD&A Costs per boe (1)(2)(3)(5)
F&D Costs per boe (including FDC)	$	14.21		$	17.74		$	14.49
FD&A Costs per boe (including FDC)	$	14.66		$	17.61		$	14.15
Recycle Ratio (x) (2)(4)(5)
F&D (including FDC)		2.0			1.6			2.0
FD&A (including FDC)		2.0			1.6			2.0

(1) Barrels of oil equivalent may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. See “Information Regarding Disclosure on Oil and Gas Reserves and Operational Information” in this press release.
(2) The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development capital generally will not reflect total finding and development costs related to reserve additions for that year.
(3) The calculation of F&D and FD&A costs includes the change in FDC required to bring proved and probable undeveloped and developed reserves into production. The F&D or FD&A number is calculated by dividing the identified capital expenditures by applicable reserve additions including extensions, infills, revisions, acquisitions and disposals, and economic factors, after changes in FDC costs.
(4) Recycle Ratio is calculated by dividing operating netback (a non-GAAP measure) by the cost of adding reserves (“F&D Cost”).
(5) “FD&A Cost”, “F&D Cost”, and “Recycle Ratio” do not have standardized meanings and therefore may not be comparable with the calculation of similar measures for other entities. See “Information Regarding Disclosure on Oil and Gas Reserves and Operational Information” in this press release.

NOBV Reserves Volumes and Net Present Value

McDaniel has completed an independent evaluation of the reserves associated with the NOBV assets and have assigned 55.7 million boe (99% natural gas) of Total Proved + Probable (“2P”) reserves with an effective date of December 31, 2024 (report dated March 12, 2025). McDaniel’s Total Proved (“1P”) and 2P reserves evaluation respectively include 2.1 and 4.6 net development wells with risked production profiles, and no exploration wells. McDaniel’s evaluation projects that the existing upstream assets will have a remaining economic production life of 28 years.

McDaniel’s evaluation of 2P reserves and after-tax net present value discounted at 10 percent (“NPV10”) of the 2P reserves using January 1, 2025 Consultant Average Price Forecast⁽¹⁾, after taking into account estimated decommissioning costs, are shown in the table below. The after-tax NPV10 includes decommissioning costs associated with the acquired assets, which are estimated to have a NPV10 of approximately €142 million ($222 million⁽²⁾).

Reserve Category	Volume (MMboe)	Future Development Costs (€MM)	After-Tax NPV10 (€MM)
PDP	28.4	€ 3.9	€ 294.1
1P	37.3	€ 102.4	€ 414.9
2P	55.7	€ 214.6	€ 618.1

(1) Consultant Average Pricing effective January 1, 2025 assumed TTF gas pricing of €41.50/MWh for 2025, €35.99/MWh for 2026, and €35.24/MWh for 2027.
(2) Translated from Euro to CAD at a 1.5645 exchange rate.

CONTINGENT RESOURCES AND PROSPECTIVE RESOURCES

The Resources Report was prepared by McDaniel, the Company’s independent qualified reserves evaluator, in accordance with the COGE Handbook and NI 51 101. The Resources Report has an effective date of December 31, 2024 and a preparation date of March 12, 2025 Tenaz has commissioned our independent reserve evaluator to conduct an assessment of the resources for NOBV and expects to provide details of this report later in 2025.

Contingent and prospective resources evaluated in the Resource Report are located offshore in the Dutch North Sea in the Netherlands. Contingent resources reflect the undeveloped Rembrandt and Vermeer oil discoveries on the non-operated license F17a Deep Block and three undeveloped natural gas discoveries on the non-operated licenses, L10/L11a Block and K12 Block. Prospective resources reflect 21 exploration prospects on the non-operated licenses. Prospective volumes do not reflect any scaling factor for chance of development. As a non-operator interest holder the Company is unable to guarantee that any resource projects will be pursued.

The Resources Report summarizes estimates of crude oil and natural gas contingent resources and prospective resources of the Company and the net present values of best estimate contingent (2C) resources using forecast prices and costs.

An estimate of risked net present value of future net revenue of contingent resources is preliminary in nature and is provided to assist the reader in reaching an opinion on the merit and likelihood of the Company proceeding with the required investment. It includes contingent resources that are considered too uncertain with respect to the chance of development and chance of discovery to be classified as reserves. There is uncertainty that the risked net present value of future net revenue will be realized.

Information relating to resources contains forward-looking statements. See “Note Regarding Forward-Looking Statements”.

The tables below summarize the volumes and economic values in the Resources Report.

Netherlands Prospective Resources

Summary of Prospective Resources Estimates – Company Gross Values
(Forecast Prices and Costs)

								Company Gross Values (1)(2)
								Prospective Resources – Unrisked (3)(7)
Prospect		Type			Working Interest			Low (P90) (10) (Mboe)			P50 (10) (Mboe)			Mean (10) (Mboe)			High (P10) (10) (Mboe)			Risked Mean Resources (4) (Mboe)
F17a Block(9)		Crude Oil			5.00 %			373			675			752			1,232			227
L10 Block		Natural Gas			21.43 %			2,405			4,724			5,401			9,248			2,756
L11a Block		Natural Gas			21.43 %			1,309			2,334			2,563			4,120			1,384
N7b Block		Natural Gas			17.86 %			1,849			3,335			3,680			5,903			1,092
Total (5)(6)(7)(8)								5,936			11,069			12,395			20,504			5,459

(1) Gross values are Company working interest resources.
(2) Based on the January 1, 2025 Consultant Average Price Forecast.
(3) There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be economically viable or technically feasible to produce any portion of the resources.
(4) Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are extremely difficult to quantify, the chance of development is uncertain and must be used with caution. The chance of development was estimated to be 60% for crude oil and 75% for natural gas.
Chance of Discovery for the prospects in each block is as follows:
F17a Block (Natural Gas) CK2 (50%)
L10 Block (Natural Gas) Limonite (72%), Topaz (64%), Sapphire (64%), L10-21 (72%)
L11a Block (Natural Gas) Fresnel (72%), Obsidian (72%), L11-2 (2%)
N7b Block (Natural Gas) Snapper (65%), Sole (57%), Crab East (49%), Crab West (49%), Crab East Upper Sloch (29%), Crab West Upper Sloch (29%)
(5) Total based on the arithmetic aggregation of the prospects. Numbers may not add due to rounding.
(6) The unrisked total is not representative of the portfolio unrisked total and is provided to give an indication of the resources range assuming all the prospects are successful.
(7) Volumes listed are full life volumes, prior to any cutoffs due to economics.
(8) Based on a Mcf to boe conversion of 6 to 1. A boe conversion of 6 to 1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
(9) Crude oil prospects with expected quality consistent with prior discoveries.
(10) Refer to “Information Regarding Disclosure on Crude Oil and Natural Gas Resources” section included in the “Advisories” section of this press release.

Netherlands Contingent Resources

Summary of Contingent Resources Estimates – Company Gross Values
(Forecast Prices and Costs)

Company Gross Values (1)(2)

Contingent Resources – Unrisked (3)(4)(6)

Risked

Resources

Crude Oil

Working

1C (10)

2C (10)

3C (10)

Chance of

2C

Property

Interest

(Mbbl)

(Mbbl)

(Mbbl)

Development

(Mbbl)

Vermeer(6)

5.00 %

323

982

1,902

60 %

589

Rembrandt(6)

5.00 %

1,026

1,482

1,986

60 %

889

L11-07

21.43 %

–

–

–

– %

–

L10-19

21.43 %

–

–

–

– %

–

K12-G

12.32 %

–

–

–

– %

–

Total Crude Oil (7)

1,349

2,464

3,888

1,478

					Company Gross Values (1)(2)
					Contingent Resources – Unrisked (3)(4)(5)						Risked
																	Resources
Natural Gas		Working			1C (9)			2C (9)			3C (9)			Chance of			2C
Property		Interest			(MMcf)			(MMcf)			(MMcf)			Development			(MMcf)
Vermeer		5.00 %			–			–			–			– %			–
Rembrandt		5.00 %			–			–			–			– %			–
L11-07		21.43 %			3,433			4,905			6,635			75 %			3,679
L10-19		21.43 %			3,070			6,239			11,635			75 %			4,680
K12-G		12.32 %			1,232			2,464			3,696			75 %			1,848
Total Natural Gas (7)					7,734			13,608			21,966						10,206

					Company Gross Values (1)(2)
					Contingent Resources – Unrisked (3)(4)()						Risked
																	Resources
		Working			1C (9)			2C (9)			3C (9)			Chance of			2C
Total Oil Equivalent (8)		Interest			(Mboe)			(Mboe)			(Mboe)			Development			(Mboe)
Vermeer		5.00 %			323			982			1,902			60 %			589
Rembrandt		5.00 %			1,026			1,482			1,986			60 %			889
L11-07		21.43 %			572			817			1,106			75 %			613
L10-19		21.43 %			512			1,040			1,939			75 %			780
K12-G		12.32 %			205			411			616			75 %			308
Total Oil Equivalent (7)					2,638			4,732			7,549						3,180

(1) Gross values are Company working interest resources.
(2) Based on the January 1, 2025 Consultant Average Price Forecast.
(3) There is no certainty that it will be commercially viable to produce any portion of the resources.
(4) Company gross contingent resources are based on the working interest share of the property gross resources.
(5) These are economic contingent resources and are sub-classified in terms of maturity as development on hold.
(6) Vermeer crude oil is 30^o API and Rembrandt crude oil is 23^o API.
(7) Numbers may not add due to rounding.
(8) Based on a Mcf to boe conversion of 6 to 1. A BOE conversion of 6 to 1 is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
(9) Denotes Contingent – Low estimate (“1C”), Contingent – Best estimate (“2C”) and Contingent – High estimate (“3C”).
(10) Refer to “Information Regarding Disclosure of Crude Oil and Natural Gas Resources” included in the section “Advisories”.

Netherlands Summary of Company Share of Net Present Values as at December 31, 2024

		Unrisked Net Present Value Discounted at (1)(2)
		0%			5%			8%			10%			15%
Best Estimate Contingent (2C) Resources Total (3)(4)		($000)			($000)			($000)			($000)			($000)
Before Tax Net Present Values
L11-07 & L10-19 natural gas		84,069			61,118			50,504			44,457			32,197
Vermeer & Rembrandt crude oil(5)		194,441			110,198			79,769			64,493			37,609
Best Estimate Contingent Resources Total		278,510			171,315			130,273			108,950			69,806
After Tax Net Present Values
Best Estimate Contingent Resources Total		182,273			105,477			76,256			61,128			33,493

(1) Based on the January 1, 2025 Consultant Average Price Forecast.
(2) Numbers may not add due to rounding.
(3) There is no certainty that it will be commercially viable to produce any portion of the resources.
(4) Vermeer crude oil is 30^o API and Rembrandt crude oil is 23^o API.
(5) These are unrisked values that do not take into account the chance of development, which is defined as the probability of a project being commercially viable. Quantifying the chance of development requires consideration of both economic contingencies and other contingencies such as legal, regulatory, market access, political, social license, internal and external approvals and commitment to project finance and development timing. As many of these factors are extremely difficult to quantify, the chance of development is uncertain and must be used with caution. The chance of development was estimated to be 60% for crude oil and 75% for natural gas.

		Risked Net Present Value Discounted at
		0%			5%			8%			10%			15%
Best Estimate Contingent (2C) Resources Total		($000)			($000)			($000)			($000)			($000)
Before Tax Net Present Values
L11-07 & L10-19 natural gas		63,052			45,839			37,878			33,343			24,148
Vermeer & Rembrandt crude oil		116,665			66,119			47,861			38,696			22,565
Best Estimate Contingent Resources Total		179,716			111,957			85,739			72,039			46,713
After Tax Net Present Values
Best Estimate Contingent Resources Total		119,290			64,941			44,637			34,297			16,070

About Tenaz Energy Corp.

Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz has domestic operations in Canada along with offshore natural gas and midstream assets in the Netherlands. Tenaz produces crude oil and natural gas from a number of formations within the Mannville Group at Leduc-Woodbend in central Alberta. The Netherlands natural gas assets are located in the Dutch sector of the North Sea. Additional information regarding Tenaz is available on SEDAR+ and its website at . Tenaz’s Common Shares are listed for trading on the Toronto Stock Exchange under the symbol“TNZ”.

ADVISORIES

Non‐GAAP and Other Financial Measures

This press release contains references to measures used in the oil and natural gas industry such as“funds flow from operations”,“funds flow from operations per share”,“funds flow from operations per boe”,“capital expenditures”,“free cash flow”,“midstream income”,“adjusted working capital (net debt)”, and“operating netback”. The data presented in this press release 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 Accounting Standards as issued by the International Accounting Standards Board and sometimes referred to in this press release as Generally Accepted Accounting Principles (“GAAP”). These reported non-GAAP measures and their underlying calculations are not necessarily comparable or calculated in an identical manner to a similarly titled measure of other companies where similar terminology is used. Where these measures are used, they should be given careful consideration by the reader.

Funds flow from operations

Tenaz considers funds flow from operations to be a key measure of performance as it demonstrates the Company’s ability to generate the necessary funds for sustaining capital, future growth through capital investment, and settling liabilities. Funds flow from operations is calculated as cash flow from operating activities plus midstream income and before changes in non-cash operating working capital and decommissioning liabilities settled. Funds flow from operations is not intended to represent cash flows from operating activities calculated in accordance with GAAP. A summary of the reconciliation of cash flow from operating activities to funds flow from operations, is set forth below:

($000)		Q4 2024			Q3 2024			Q4 2023			2024			2023
Cash flow from operating activities		23			11,923			8,927			6,244			15,176
Change in non-cash operating working capital		6,114			(10,469	)		(3,113	)		7,641			274
Decommissioning liabilities settled		1,065			243			6,187			5,350			9,048
Midstream income		1,097			1,663			1,400			5,289			4,364
Funds flow from operations		8,299			3,360			13,401			24,524			28,862

Funds flow from operations per share is calculated using basic and diluted weighted average number of shares outstanding in the period.

Funds flow from operations per boe is calculated as funds flow from operations divided by total production sold in the period.

Capital Expenditures

Tenaz considers capital expenditures to be a useful measure of the Company’s investment in its existing asset base calculated as the sum of drilling and development costs and exploration and evaluation costs. Exploration and evaluation asset additions (being exploration and evaluation costs) and property, plant and equipment additions (being drilling and development costs) are taken from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities. The reconciliation to financial statement measures is set forth below.

($000)		Q4 2024			Q3 2024			Q4 2023			2024			2023
Exploration and evaluation expenditures		501			462			357			1,948			1,519
Property, plant and equipment expenditures		4,461			6,484			2,610			16,277			23,336
Capital expenditures		4,962			6,946			2,967			18,225			24,855

Free Cash Flow (“FCF”)

Tenaz considers free cash flow to be a key measure of performance as it demonstrates the Company’s excess funds generated after capital expenditures for potential shareholder returns, acquisitions, or growth in available liquidity. FCF is a non-GAAP financial measure and is comprised of funds flow from operations less capital expenditures. A summary of the reconciliation of the measure, is set forth below:

($000)		Q4 2024			Q3 2024			Q4 2023			2024			2023
Funds flow from operations		8,299			3,360			13,401			24,524			28,862
Less: Capital expenditures		(4,962	)		(6,946	)		(2,967	)		(18,225	)		(24,855	)
Free cash flow		3,337			(3,586	)		10,434			6,299			4,007

Midstream Income

Tenaz considers midstream income an integral part of determining operating netback. Operating netback assists management and investors with evaluating operating performance. Tenaz’s midstream income consists of the equity-accounted income from its associate, Noordgastransport B.V.(“NGT”) prior to the amortization of the fair value increment recognized on NGT at the time of the acquisition. Under GAAP, investments in associates are accounted for using the equity method of accounting. Income from associate is Tenaz’s share of the investee’s net income.

($000)		Q4 2024			Q3 2024			Q4 2023			2024			2023
Income from associate		917			1,418			543			4,383			3,507
Plus: Amortization of fair value increment of NGT		180			245			857			906			857
Midstream income		1,097			1,663			1,400			5,289			4,364

Adjusted working capital (net debt)

Management views adjusted working capital (net debt) as a key industry benchmark and measure to assess the Company’s financial position and liquidity. Adjusted working capital (net debt) is calculated as current assets less current liabilities, excluding the fair value of derivative instruments. Tenaz’s adjusted working capital (net debt) as at December 31, 2024 and 2023 is summarized as follows:

($000)		December 31, 2024			December 31, 2023
Current assets		188,537			92,488
Current liabilities		(40,304	)		(43,988	)
Net current assets		148,233			48,500
Fair value of derivative instruments		(5	)		838
Long-term debt		(138,275	)		–
Adjusted working capital (net debt)		9,953			49,338

Operating Netback

Tenaz calculates operating netback on a dollar and per boe basis, as petroleum and natural gas sales less royalties, operating costs and transportation costs, plus midstream income (as described above). Operating netback is a key industry benchmark and a measure of performance for Tenaz that provides investors with information that is commonly used by other crude oil and natural gas producers. The measurement on a per boe basis assists management and investors with evaluating operating performance on a comparable basis with other issuers.

Information Regarding Disclosure of Oil and Gas Reserves and Operational Information

All amounts in this press release are stated in Canadian dollars unless otherwise specified. Tenaz’s crude oil, natural gas liquids, and natural gas reserves statement for the year ended December 31, 2024, is contained within the Company’s AIF. The AIF is available on SEDAR+ at and on the Company’s website at . The recovery and reserve estimates are estimates only and there is no guarantee that the estimated reserves will be recovered.

This press release contains metrics commonly used in the oil and natural gas industry, such as “reserve life indices”, “recycle ratio”, “finding and development (F&D) costs”, “finding, development and acquisition (FD&A) costs”, and “operating netback”. Each of these metrics is determined by Tenaz as set forth in this press release. These terms do not have standardized meanings or standardized methods of calculation and therefore may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Such metrics have been included to provide readers with additional information to evaluate the Company’s performance, however such metrics should not be unduly relied upon for investment or other purposes. Management uses these metrics for its own performance measurements and to provide readers with measures to compare Tenaz’s performance over time. Such measures are not reliable indicators of the Company’s future performance and future performance may not compare to the performance in previous periods. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.

Both F&D and FD&A costs take into account reserves revisions during the year on a per boe basis. The aggregate of the costs incurred in the financial year and changes during that year in estimated FDC may not reflect total F&D costs related to reserves additions for that year.

Information Regarding Disclosure of Crude Oil and Natural Gas Resources

The resources estimates in this press release are derived from the Resources Report. The following provides the definitions of the various resource categories used in this press release as set out in the COGE Handbook. “Contingent resource” and “prospective resource” are not, and should not be confused with, petroleum and natural gas reserves.

Contingent resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.

The primary contingencies which currently prevent the classification of the contingent resource as reserves include but are not limited to: preparation of firm development plans, including determination of the specific scope and timing of the project; project sanction; access to capital markets; stakeholder and regulatory approvals; access to required services and field development infrastructure; crude oil and natural gas prices internationally in jurisdictions in which Tenaz operates; demonstration of economic viability; future drilling program and testing results; further reservoir delineation and studies; facility design work; corporate commitment; limitations to development based on adverse topography or other surface restrictions; and the uncertainty regarding marketing and transportation of petroleum from development areas.

Prospective resources are defined in the COGE Handbook as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have two risk components, the chance of discovery and the chance of development. There is no certainty that the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the prospective resources. Application of any geological and economic chance factor does not equate prospective resources to contingent resources or reserves.

Low estimate prospective resource is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best estimate prospective resource is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High estimate prospective resource is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Mean estimate prospective resource is the arithmetic average from the probabilistic assessment.

Although the Company has identified prospective resources, there are numerous uncertainties inherent in estimating oil and gas resources, including many factors beyond the Company’s control and no assurance can be given that the indicated level of resources or recovery of hydrocarbons will be realized. In general, estimates of recoverable resources are based upon a number of factors and assumptions made as of the date on which the resource estimates were determined, such as geological and engineering estimates which have inherent uncertainties and the assumed effects of regulation by governmental agencies and estimates of future commodity prices and operating costs, all of which may vary considerably from actual results. There are several significant negative factors relating to the prospective resource estimate which include (i) structural events that are well defined seismically and are low risk, however, reservoir quality, seal, hydrocarbon migration and associated hydrocarbon column estimates are more at risk than the former, (ii) well costs are very high due to the exploratory nature of the initial group of wells, (iii) due to limited infrastructure proximate to the prospects, gas discoveries may be stranded for some time until infrastructure is in place, which may take some time due to the remoteness of the prospects and costs associated with same, and (iv) other factors which are not within the control of the Company.

There is no certainty that any portion of the prospective resources will be discovered. There is no certainty that it will be commercially viable to produce any portion of the contingent resources or prospective resources or that Tenaz will produce any portion of the volumes currently classified as contingent resources or prospective resources. All contingent resources and prospective resources evaluated by McDaniel were deemed economic at the effective date of December 31, 2024. The estimates of contingent resources and prospective resources involve implied assessment, based on certain estimates and assumptions, that the resources described exist in the quantities predicted or estimated and that the resources can be profitably produced in the future.

The risked net present value of the future net revenue from the contingent resources and prospective resources does not represent the fair market value. Actual contingent resources and prospective resources (and any volumes that may be reclassified as reserves) and future production therefrom may be greater than or less than the estimates provided herein.

The resource estimates are estimates only and there is no guarantee that the estimated resources will be recovered.

Barrels of Oil Equivalent

The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. The boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Forward‐looking Information and Statements

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “budget”, “forecast”, “guidance”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “believe”, “plans”, “potential”, “intends”, “strategy” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to: Tenaz’s capital plans and budget; matters relating to NOBV including expectations for our base business and our financial position before and after closing of the NOBV acquisition ; our anticipated operational and financial performance; uses of the Offering proceeds; location inventory; commodity price conditions; forecasted annual average production volumes; capital expenditures; our NCIB; the ability to grow our assets domestically and internationally; statements relating to a potential CCS project; estimates of reserves and resources, and net present values; and our corporate strategy (including available opportunities).

The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of the Company including, without limitation: the continued performance of oil and gas properties in a manner consistent with past experiences; that the Company will continue to conduct its operations in a manner consistent with past operations; expectations regarding future development; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; expectations regarding future acquisition opportunities; the accuracy of the estimates of the Company’s reserves volumes, or contingent resources or prospective resources; certain commodity price, interest rate, tariffs, inflation and other cost assumptions; the continued availability of oilfield services; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of the Company’s products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates, tariffs, or other regulatory matters; changes in development plans of the Company or by third party operators of the Company’s interests, increased debt levels or debt service requirements; inaccurate estimation of the Company’s oil and gas reserve volumes, or contingent resources or prospective resources; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time to time in the Company’s public documents.

The forward-looking information and statements contained in this press release speak only as of the date of this press release, and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.

For further information, contact:

Tenaz Energy Corp.

…

Anthony Marino
President and Chief Executive Officer
Direct: 587 330 1983

Bradley Bennett
Chief Financial Officer
Direct: 587 330 1714

To view the source version of this press release, please visit

SOURCE: Tenaz Energy Corp.

MENAFN13032025004218003983ID1109309249

(MENAFN– Newsfile Corp)
Dieppe, New Brunswick–(Newsfile Corp. – March 11, 2025) – Colibri Resource Corporation (TSXV: CBI) (“Colibri” or the “Company”) is pleased to share the assay results from the first two holes drilled in its recent 10 hole diamond drilling program (1,167.5 metres) at the El Pilar Gold & Silver Project in Sonora Mexico. Colibri holds 49% interest of the El Pilar along side its partner Tocvan Ventures, which holds a 51% ownership in this advanced stage exploration project. Tocvan is the operator of the El Pilar.

“We are very pleased with the results from these first two drill holes. The near surface nature of this additional higher-grade mineralization only strengthens our belief that the El Pilar could become a profitable near-term gold and silver production asset for Colibri. The work programs planned for Pilar this year, which includes an up to 50,000 tonne bulk sample/test mine and a maiden resource estimate, should further demonstrate this theory. We look forward to releasing the results from the additional 8 holes of this program in due course as data is received from the operator.” commented, Colibri President & CEO Ian McGavney.

Figure 1: Planview of Main Zone Area – today’s results highlighted in red. Intervals reported are drilled lengths, the Company will update on estimated true thickness once all new drill data has been processed.

To view an enhanced version of this graphic, please visit:

Photo 1: High-grade core from hole JES-25-104 (1.6m of 60.6 g/t Au + 13 g/t Ag – from 87.8m). Local faulting and associated intense hematite and silica alteration have replaced the original andesite. This style of mineralization has been recorded across the Main Zone at surface and in drill core.

To view an enhanced version of this graphic, please visit:

Tocvan – News Release – March 11 ^th , 2025

Highlights:

Highest Gold Grade Result Since Prospect Discovery in 1996

10.3 g/t Au Over 9.7m, including 1.6m of 60.6 g/t Au (Hole JES-25-104)

Only surpassed by Historic Drill Hole S-10, 16.5 meters of 53 g/t Au (1996 Discovery) *

Anomalous Mineralization from 14.1 to 97.6 meters averaging 1.3 g/t Au

Next to Trench Opened in 2023 for Bulk Sample Material

Surface Channels Averaged, 1.9 g/t Au and 9 g/t Ag over 14m (TR-2023-03)

Northwestern Hole JES-25-103, returns 3.7 meters of 0.4 g/t Au, 39 g/t Ag and 2.6% Cu

Anomalous Mineralization from 19.7 to 54.4 meters averaging 0.1 g/t Au, 8 g/t Ag and 0.54% Cu

Tocvan Ventures Corp. (CSE: TOC) (OTCQB: TCVNF) (WKN: TV3/A2PE64) (the ” Company “), is pleased to announce results from the first two core holes recently drilled at the Gran Pilar Gold Silver Project in mine-friendly Sonora, Mexico. Ten core drillholes totalling 1,167.5 meters were completed earlier this year within the majority owned (51%) Main Zone held in partnership with Colibri Resource Corp. Results are highlighted by 10.3 g/t Au over 9.7m, including 60.6 g/t Au over 1.6 meters starting at 87.8 meters vertical depth (JES-25-104). The high-grade mineralization correlates with at surface mineralization and lies within a broader anomalous zone drilled that averages 1.3 g/t Au over 83.5 meters from 14.1 meters below surface . In 2023, a trench exposed material adjacent to the drill hole that averaged 1.9 g/t Au and 9 g/t Ag over 14m . Material from the trench was used in the 2023 Bulk Sample completed by Tocvan. JES-25-104 is also on the same section as RC hole, JES-20-36 ( 24.4m of 2.5 g/t Au and 73 g/t Ag, including 1.5 m of 33.4 g/t Au and 1,090 g/t Ag ) and later core hole JES-22-58 ( 21.7m of 0.9 g/t Au, including 4.0m of 4.2 g/t Au ). The highest-grade mineralization intersected is related to a fault structure known to host high grade gold and silver. The result is the highest gold value recorded since initial discovery drilling was completed in 1996 by Lundin controlled company, Santa Catalina Mining Corp., where historic hole S-10 returned 53 g/t Au over 16.5 meters (*as reported July 30, 1996 by Santa Catalina Ming Corp.). Further to the northwest, 145 meters, core hole JES-25-103, returned anomalous gold, silver and copper averaging 0.1 g/t Au, 8 g/t Ag and 0.54% Cu over 34.7 meters starting from 19.7 meters downhole. A higher grade zone averages 3.7 meters of 0.4 g/t Au, 39 g/t Ag and 2.6% Cu . Elevated copper values are consistent with results recorded in the North Hill area and seen in trench exposures that may be related to granitoid intrusive rocks first recorded in recent RC drilling further north.

“These near-surface high-grade results showcase the rapid development potential of Pilar.” commented, CEO Brodie Sutherland. “Core drilling has again yielded some of the best results ever from the property. Results are in line with our initial observations of key styles of significant mineralization. The very high-grade interval in JES-25-104 coincides with a fault and adjacent intense, texture destructive hematite and silica alteration. Understanding these high-grade structures is essential for upgrading resource potential and identifying areas of focus for initial mining. Further to the north, hole JES-25-103 has yielded some of the best results to date on the northwestern edge of the Main Zone where surface mapping has outlined key controlling structures with elevated copper and silver. We look forward to sharing the remaining drill results as they become available.”

Hole ID	From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)	Cu (%)
JES-25-103	19.70	29.30	9.60	0.15	11.64	0.90
and	50.70	54.40	3.70	0.40	38.80	2.56
within	19.70	54.40	34.70	0.09	7.73	0.54
JES-25-104	87.83	97.55	9.72	10.31	4.85	NSV
Including	87.83	89.45	1.62	60.6	13.30	NSV
and	23.25	54.00	30.75	0.14	1.21	NSV
within	14.10	97.55	83.45	1.27	1.24	NSV

Table 1: Summary of Drill Results in this release

Hole ID	Easting	Northing	Elevation (m)	Depth (m)	Azimuth	Dip
JES-25-103	617328	3144754	388.55	80.50	055	-70
JES-25-104	617414	3144638	399.75	103.60	–	-90

Table 2. Summary of drill collar locations and orientations. Coordinates are in UTM NAD 27, Zone 12N

Pilar Drill Highlights:

2024 RC Drilling Highlights include ( all lengths are drilled thicknesses ):

42.7m @ 1.0 g/t Au, including 3.1m @ 10.9 g/t Au

56.4m @ 1.0 g/t Au, including 3.1m @ 14.7 g/t Au

16.8m @ 0.8 g/t Au and 19 g/t Ag

2022 Phase III Diamond Drilling Highlights include ( all lengths are drilled thicknesses ):

116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag

108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag

63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag

2021 Phase II RC Drilling Highlights include ( all lengths are drilled thicknesses ):

2020 Phase I RC Drilling Highlights include ( all lengths are drilled thicknesses ):

94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;

41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;

24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag

15,000m of Historic Core & RC drilling. Highlights include:

61.0m @ 0.8 g/t Au

21.0m @ 38.3 g/t Au and 38 g/t Ag

13.0m @ 9.6 g/t Au

9.0m @ 10.2 g/t Au and 46 g/t Ag

Pilar Bulk Sample Summary:

62% Recovery of Gold Achieved Over 46-day Leaching Period

Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag

Bulk Sample Only Included Coarse Fraction of Material (+3/4″ to +1/8″)

Fine Fraction (-1/8″) Indicates Rapid Recovery with Agitated Leach

Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time

Additional Metallurgical Studies:

Based on management’s strong belief in the project’s potential, the Company is outlining a permitting and operations strategy for a pilot facility at Pilar. The facility would underpin a robust test mine scenario with aims to process up to 50,000 tonnes of material. Timelines and budget are being prepared with the aim of moving forward with the development early in 2025. With gold prices hitting all-time highs, the Company believes the onsite test mine will provide key economic parameters and showcase the mineral potential of the area. In 2023, the Company completed an offsite bulk sample that produced important data showcasing the potential to recover both gold and silver through a variety of methods including heap leach, gravity and agitated leach (see August 22, 2023, news release for more details).

Quality Assurance / Quality Control

Rock and Drill samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company’s robust quality assurance / quality control protocol.

Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person (” QP “) as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.

ABOUT COLIBRI RESOURCE CORPORATION:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, 2) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico’s second largest major producer of gold on four sides, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project.

For more information about all Company projects please visit: .

Contact:

Ian McGavney, President, CEO and Director
Tel: (506) 383-4274
…

Forward-Looking Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain “forward-looking statements”. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management’s expectations. Forward- looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company’s mineral properties, and the Company’s financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on the Company’s forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

To view the source version of this press release, please visit

SOURCE: Colibri Resource Corporation

MENAFN11032025004218003983ID1109300896

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – March 10, 2025) – Royal Road Minerals Limited (TSXV: RYR) (” Royal Road ” or the ” Company “) reports geochemical results from its 2000 meter reverse circulation scout drilling program at the Alouana project in Morocco. The Alouana project is subject to an Option Agreement (the “Agreement”; see Press Release, October 17, 2023) between Royal Road Arabia Limited (” RRA”; a Saudi Arabian joint-venture company owned on a 50-50% basis by Royal Road and MIDU Company Limited) and Izughar Resources S.A.R.L ( “Izughar” ), the Moroccan company holding title to the Alouana licenses. The terms of the Agreement require that upon completion of a minimum 2000 meters of drilling and receipt of all geochemical results, RRA has the one-time option to pay to Izughar the amount of US$750,000 (the “Option Payment “) in exchange for 90% of Izughar (see Press Release, October 17, 2023).

The Company has completed 22 reverse circulation drill holes for a total of 2036 meters at Alouana (see Figure 1). Drilling intersected predominantly steeply dipping vein-breccia-hosted copper-bismuth-tungsten (± gold, silver and zinc) mineralization with best intersections in copper equivalent¹ returning:

RC24AL003 RC24AL004 RC24AL006 RC24AL007 RC24AL019

From 3 to 17 meters From 12 to 17 meters From 0 to 8 meters From 0 to 17 meters From 43 to 53 meters

14 meters at 0.9% copper equiv . 5 meters at 0.7% copper equiv . 8 meters at 1.2% copper equiv . 17 meters at 1.0% copper equiv . 10 meters at 1.0% copper equiv .

(Not true width and the company does not have sufficient information to determine the true widths of the drill hole intersections: Table 1)

To view an enhanced version of this graphic, please visit:

The principal aim of this drilling program was to test for the continuity of shallow-dipping (shear and cleavage parallel) mineralization at depth (see press release, October 23, 2024). A significant thickness of this style of mineralization, combined with the (conjugate northeast and northwest trending) steep-dipping vein-breccia controlled mineralization, would possibly provide a bulk volume significant enough for an open-pit type mining scenario along the Alouana ridge top. Shallow-dipping mineralization did not continue at depth, or significantly away from the immediate vicinity of steeper-dipping vein-breccia style mineralization and the grade and continuity of mineralization intersected within the vein-breccia bodies is not deemed significant enough to support a standalone underground operation. Additionally, gold results returned from sulphide mineralization were low (maximum 0.6 grams per tonne over a meter; RC24AL019 and RC24AL021) and the highest gold intersection in oxide material was 2.2 grams per tonne over a meter (RC24AL022). Highest individual one meter downhole sample results for other metals were, silver 98.3ppm, copper 3.6%, zinc 3.1%, bismuth 0.5% and tungsten 0.6%.

It is management’s view that this drilling program has sufficiently tested the immediate potential for economic resources at Alouana and that results are not encouraging enough to support further work. RRA has notified Izughar that it does not intend to pay the Option Payment and that it has withdrawn from the Agreement.

“We had well-guided clear objectives for this drilling program and once all requisite permits were received, the program was completed in an efficient, safe and cost-effective manner ” said Tim Coughlin, Royal Road’s President and CEO “Alouana is an intrusion-related copper-polymetallic system and these systems, particularly where a shallow-dipping control to mineralization is evident, remain a priority target for Royal Road.”

TABLE 1: NOTABLE DRILL RESULTS ALOUANA
										GOLD	SILVER	COPPER	ZINC	BISMUTH	TUNGSTEN
HOLE ID	E	N	Z(m)	DIP	AZIM	DEPTH	FROM	TO	LENGTH (m)*	(g/t)	(g/t)	%	%	%	%
RC24AL003	487369	3758398	1553	-60	90	17	3.0	17.0	14	0.4	8.0	0.2	0.3	0.1
RC24AL004	487371	3758400	1553	-60	80	91	12.0	17.0	5		9.1	0.2	0.2	0.1	0.1
RC24AL006	487538	3758502	1622	-60	360	100	0.0	8.0	8	0.4	6.6	0.1	0.5	0.1	0.2
RC24AL007	487506	3758484	1612	-60	360	97	0.0	17.0	17	0.2	10.0	0.5	0.7
RC24AL018	488505	3758274	1695	-55	250	88	32	34	2		17.7	1.9
RC24AL019	488540	3758256	1690	-50	250	79	43	53	10	0.1	1.5	0.7			0.1
*NOT TRUE WIDTH

About Royal Road Minerals:

Royal Road Minerals is a mineral exploration and development company with its head office and technical-operations center located in Jersey, Channel Islands. The Company is listed on the TSX Venture Exchange under the ticker RYR and on the Frankfurt Stock Exchange under the ticker RLU. The Company’s mission is to apply expert skills and innovative technologies to the process of discovering and developing copper and gold deposits of a scale large enough to benefit future generations and modern enough to ensure minimum impact on the environment and no net loss of biodiversity. The Company currently explores in the Kingdoms of Saudi Arabia and Morocco. More information can be found on the Company’s website .

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The information in this news release was compiled, reviewed and verified by Dr. Tim Coughlin, BSc (Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of Royal Road Minerals Ltd and a qualified person as defined by National Instrument 43-101

Cautionary statement:

This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”) describing the Company’s future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company’s business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, the Alliance, the intention to form a joint venture, enter into a related agreement and establish Newco and, more generally, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words “plans”, “prospective”, “expect”, “intend”, “intends to” and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company’s exploration plans.

Quality Assurance and Quality Control:

Sample preparation and analyses are conducted according to standard industry procedures at certified laboratories. Percussion-chip samples were sampled on 1m downhole intervals and passed through a 75-25% drill-rig mounted splitter. The 75% sample was placed in rows and analyzed for guidance on-site using a Vanta pXRF tool. The 25% sample was split 50-50% to produce analytical and retention samples of between 1 to 3kg. Samples for analysis were bagged in the field and sent to ALS Seville for analysis of gold by fire assay with an ICP-AES finish (method Au-ICP22) and multielements by four acid digest ICP-MS (method ME-MS61). QAQC materials included CRMs, blanks and duplicates inserted into sample batches on a ration of 1:14.

The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Company’s business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company’s filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

Contact
Royal Road Minerals Limited
…
+44 1534 887166

¹ Copper equivalent calculation assumes 90% recoveries and the following prices: Gold – $2910/ounce, Silver – $33/ounce, Copper $4.80/lb, Zinc $1.30/lb, Bismuth $8.00/lb & Tungsten $9.00/lb

To view the source version of this press release, please visit

SOURCE: Royal Road Minerals Limited

MENAFN10032025004218003983ID1109296900

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – March 4, 2025) – (Block Height: 886,250) – Cathedra bitcoinInc. (TSXV: CBIT) (OTCQB: CBTTF) (” Cathedra ” or the ” Company “), a Bitcoin company that develops and operates digital infrastructure assets with the goal of maximizing its per-share bitcoin holdings, is pleased to announce that the shareholders of Tirpitz technology Holdco LLC (” Tirpitz ” or the ” JV “), a joint venture that owns and operates a 60-megawatt bitcoin mining data center in North Dakota (the ” North Dakota Facility “), have entered into a binding agreement to sell 100% of the membership units in the JV to a third-party bitcoin miner for total cash consideration of approximately US$21.0 million (the ” Transaction “). Through a wholly owned subsidiary, Cathedra holds a 25% membership interest in the JV which will be sold in the Transaction. The agreement was entered into on December 18, 2024, and was contingent upon the completion of several performance milestones which were recently achieved.

Kungsleden, Inc., (” Kungsleden “) began development of the North Dakota Facility in Q1 2024, and completed construction of the full 60-megawatt data center in Q4 2024, after the business combination between Kungsleden and Cathedra had been consummated. Cathedra expects to realize an internal rate of return in excess of 60% on its equity contribution to the JV. The Transaction is expected to close in the coming weeks, subject to closing conditions and required regulatory approvals.

“The sale of the North Dakota Facility demonstrates our ability to generate attractive returns for our shareholders through our low-cost construction capabilities, whether by developing to sell or operating these assets ourselves,” remarked Drew Armstrong, President and Chief Operating Officer of Cathedra.

The Company intends to use the proceeds from the Transaction, net of any payables associated with the North Dakota Facility, to develop new data centers, acquire additional bitcoin for its long-term balance sheet reserves, and increase its cash holdings.

At time of publication, the Company holds approximately 50.5 bitcoin worth approximately US$4.6 million and amounting to approximately 6 satoshis (or “sats”) per share.

About Cathedra Bitcoin

Cathedra Bitcoin Inc. develops and operates digital infrastructure assets across North America with the goal of maximizing its per-share bitcoin holdings. The Company hosts bitcoin mining clients across its portfolio of three data centers (30 megawatts total) in Tennessee and Kentucky, as well as a 60-megawatt data center in North Dakota, a joint venture in which Cathedra is a 25% partner. Cathedra also operates a fleet of proprietary bitcoin mining machines at its own and third-party data centers, producing approximately 400 PH/s of hash rate. Cathedra is headquartered in Vancouver and its shares trade on the TSX Venture Exchange under the symbol CBIT and in the OTC market under the symbol CBTTF.

For more information about Cathedra, visit cathedra or follow Company news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin .

Media and Investor Relations Inquiries

Please contact:

Antonin Scalia
Chief Executive Officer
+1 (604) 259-0607
…

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, including the potential sale of the North Dakota Facility, the proceeds thereof and the use of such proceeds, are forward-looking information. Forward-looking information contained in this news release includes but is not limited to the goal of maximizing its per-share bitcoin holdings. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made. The Company has also assumed that no significant events occur outside of its normal course of business.

Additionally, these forward-looking statements may be affected by risks and uncertainties in the business of Cathedra and general market conditions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Cathedra’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Cathedra believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: the inability to complete the sale of the North Dakota Facility on the terms as announced or at all; the inability to apply the proceeds of the sale of the North Dakota Facility to develop new data centers on an economic basis or to acquire additional bitcoin as a profitable holding; changes in the Company’s relationships, including with regulatory bodies, employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation and the costs associated with compliance; unanticipated costs; changes in market conditions impacting the average revenue per MWh; the risks and uncertainties associated with foreign markets; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. Additionally, the forward-looking statements contained herein may be affected by risks and uncertainties in the business of Cathedra and general market conditions. For further information concerning these risks and uncertainties and other risks and uncertainties, please see the Company’s filings under the Company’s SEDAR+ profile on , including but not limited to the Company’s management information circular dated June 18, 2024 and the Company’s most recent interim and annual management discussion and analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended and such changes could be material, including factors that are currently unknown to or deemed immaterial by the Company. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit

SOURCE: Cathedra Bitcoin Inc.

MENAFN04032025004218003983ID1109274699