Author: Date

(MENAFN– Newsfile Corp)
Calgary, Alberta–(Newsfile Corp. – May 5, 2025) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex” or the “Company”) reports its operating and financial results for the three months ended March 31, 2025 (all amounts are in Canadian dollars unless otherwise noted).

“Baytex efficiently executed its exploration and development program and delivered first quarter results consistent with our full-year plan,” said Eric T. Greager, President and Chief Executive Officer. “In a challenging operating environment marked by macroeconomic uncertainty and a volatile commodity price, we are pleased to have delivered free cash flow and returns to shareholders. As these headwinds persist, we remain focused on disciplined capital allocation and managing factors within our control to ensure financial resilience.”

First Quarter 2025 Highlights

Reported cash flows from operating activities of $431 million ($0.56 per basic share).

Generated net income of $70 million ($0.09 per basic share).

Delivered adjusted funds flow⁽¹⁾ of $464 million ($0.60 per basic share).

Achieved production of 144,194 boe/d (84% oil and NGL), a 2% increase in production per basic share, compared to Q1/2024.

Generated free cash flow⁽²⁾ of $53 million ($0.07 per basic share) and returned $30 million to shareholders.

Repurchased 3.7 million common shares for $13 million, at an average price of $3.49 per share.

Paid a quarterly cash dividend of $17 million ($0.0225 per share) on April 1, 2025.

Executed a $405 million exploration and development program, which at its peak, had 13 rigs running.

Maintained balance sheet strength with a total debt⁽³⁾ to Bank EBITDA⁽³⁾ ratio of 1.0x.

2025 Outlook

Global crude oil markets remain under pressure due to broad economic uncertainty driven by concerns related to U.S. tariffs, global trade tensions, and OPEC’s recent decision to increase crude oil supply. The benchmark WTI price has recently been trading in the US$55 to US$60/bbl range, down from a peak of US$80/bbl in early January.

Against this global economic backdrop, we continue to prioritize free cash flow, while taking a disciplined approach to capital allocation and our balance sheet. Our 2025 exploration and development budget is set at $1.2 to $1.3 billion and supports annual production of 148,000 to 152,000 boe/d. In light of the current commodity price environment, we anticipate full-year capital expenditures and production to trend toward the low end of these ranges.

Given these adjustments to our 2025 plan, at US$60/bbl WTI for the balance of the year, we expect to generate approximately $200 million of free cash flow this year.

In this pricing environment, we benefit from our disciplined hedging program, which helps mitigate the volatility in revenue due to changes in commodity prices. For the balance of 2025, we have hedges on approximately 45% of our net crude oil exposure using two-way collars with an average floor price of US$60/bbl.

To further strengthen our balance sheet, in the near-term we intend to allocate 100% of our free cash flow to debt repayment after funding the quarterly dividend payment. We will continue to monitor market conditions and execute a prudent approach to shareholder returns, which has historically included a combination of share buybacks and quarterly dividend payments.

(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(2) Specified financial measure that does not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
(3) Ratio is calculated as total debt at March 31, 2025 divided by EBITDA for the twelve months ended March 31, 2025. Total debt and EBITDA are calculated in accordance with our amended credit facilities agreement which is available on SEDAR+ at .

			Three Months Ended
			March 31, 2025			December 31, 2024			March 31, 2024
FINANCIAL (thousands of Canadian dollars, except per common share amounts)
Petroleum and natural gas sales		$	999,130		$	1,017,017		$	984,192
Adjusted funds flow (1)			463,870			461,886			423,846
Per share – basic			0.60			0.59			0.52
Per share – diluted			0.60			0.59			0.52
Free cash flow (2)			52,529			254,838			(88)
Per share – basic			0.07			0.33			–
Per share – diluted			0.07			0.33			–
Cash flows from operating activities			431,317			468,865			383,773
Per share – basic			0.56			0.60			0.47
Per share – diluted			0.56			0.60			0.47
Net income (loss)			69,591			(38,477)			(14,043)
Per share – basic			0.09			(0.05)			(0.02)
Per share – diluted			0.09			(0.05)			(0.02)
Dividends declared			17,334			17,598			18,494
Per share			0.0225			0.0225			0.0225
Capital Expenditures
Exploration and development expenditures		$	405,097		$	198,177		$	412,551
Acquisitions and divestitures			(1,009)			(29,718)			35,378
Total oil and natural gas capital expenditures		$	$ 404,088		$	168,459		$	447,929
Net Debt
Credit facilities		$	$ 250,284		$	341,207		$	849,926
Long-term notes			1,977,044			1,980,619			1,637,155
Total debt (3)			2,227,328			2,321,826			2,487,081
Working capital deficiency (2)			162,922			95,346			152,760
Net debt (1)		$	2,390,250		$	2,417,172		$	2,639,841
Shares Outstanding – basic (thousands)
Weighted average			771,443			782,131			821,710
End of period			770,039			773,590			821,322
BENCHMARK PRICES
Crude oil
WTI (US$/bbl)		$	71.42		$	70.27		$	76.96
MEH oil (US$/bbl)			73.37			72.40			78.95
MEH oil differential to WTI (US$/bbl)			1.95			2.13			1.99
Edmonton par ($/bbl)			95.27			94.98			92.16
Edmonton par differential to WTI (US$/bbl)			(5.03)			(2.39)			(8.63)
WCS heavy oil ($/bbl)			84.33			80.77			77.73
WCS differential to WTI (US$/bbl)			(12.65)			(12.54)			(19.33)
Natural gas
NYMEX (US$/MMbtu)		$	3.65		$	2.79		$	2.24
AECO ($/Mcf)			2.02			1.46			2.05
CAD/USD average exchange rate			1.4350			1.3992			1.3488

Notes:

(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
(3) Calculated in accordance with our amended credit facilities agreement which is available on SEDAR+ at .

			Three Months Ended
			March 31, 2025			December 31, 2024			March 31, 2024
OPERATING
Daily Production
Light oil and condensate (bbl/d)			62,335			64,661			66,036
Heavy oil (bbl/d)			40,192			42,227			40,560
NGL (bbl/d)			19,046			21,208			19,299
Total liquids (bbl/d)			121,573			128,096			125,895
Natural gas (Mcf/d)			135,731			148,792			148,353
Oil equivalent (boe/d @ 6:1) (1)			144,194			152,894			150,620
Operating Netback (thousands of Canadian dollars)
Total sales, net of blending and other expense (2)		$	926,310		$	936,869		$	919,984
Royalties			(207,937)			(206,675)			(209,171)
Operating expense			(147,703)			(145,690)			(173,435)
Transportation expense			(30,512)			(33,110)			(29,835)
Operating netback (2)		$	540,158		$	551,394		$	507,543
General and administrative expense			(25,606)			(20,433)			(22,412)
Cash interest			(46,787)			(48,769)			(53,280)
Realized financial derivatives (loss) gain			(194)			(2,115)			5,488
Other (3)			(3,701)			(18,191)			(13,493)
Adjusted funds flow (4)		$	463,870		$	461,886		$	423,846
Operating Netback (per boe) (2)
Total sales, net of blending and other expense (2)		$	71.38		$	$ 66.60		$	67.12
Royalties (5)			(16.02)			(14.69)			(15.26)
Operating expense (5)			(11.38)			(10.36)			(12.65)
Transportation expense (5)			(2.35)			(2.35)			(2.18)
Operating netback (2)		$	41.63		$	39.20		$	37.03
General and administrative expense (5)			(1.97)			(1.45)			(1.64)
Cash interest (5)			(3.61)			(3.47)			(3.89)
Realized financial derivatives (loss) gain (5)			(0.01)			(0.15)			0.40
Other (3)(5)			(0.30)			(1.29)			(0.98)
Adjusted funds flow (4)		$	35.74		$	32.84		$	30.92

Notes:

(1) Barrel of oil equivalent (“boe”) amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. The use of boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.
(3) Other is comprised of realized foreign exchange gain or loss, other income or expense, current income tax expense or recovery and cash share-based compensation. Refer to the Q1/2025 MD&A for further information on these amounts.
(4) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(5) Calculated as royalties, operating expense, transportation expense, general and administrative expense, cash interest, realized financial derivatives gain or loss, or other, divided by barrels of oil equivalent production volume for the applicable period.

Q1/2025 Results

During the first quarter, we delivered operating and financial results consistent with our full-year plan despite periods of extremely cold temperatures across North America, which resulted in modest production disruptions across our operations.

We increased production per basic share by 2% in Q1/2025, compared to Q1/2024, with production averaging 144,194 boe/d (84% oil and NGL). As compared to Q1/2024, production during the first quarter was lower, in part, due to weather disruptions (approximately 2,000 boe/d) and our Kerrobert thermal disposition (approximately 2,000 boe/d). Exploration and development expenditures totaled $405 million, consistent with our full-year plan, and we brought 105 (95.9 net) wells onstream.

Adjusted funds flow⁽¹⁾ was $464 million or $0.60 per basic share and we generated net income of $70 million ($0.09 per basic share).

During the first quarter we generated free cash flow⁽²⁾ of $53 million ($0.07 per basic share) and returned $30 million to shareholders. We repurchased 3.7 million common shares for $13 million, at an average price of $3.49 per share, and paid a quarterly cash dividend of $17 million ($0.0225 per share).

Over the last seven quarters, we returned $580 million to shareholders. We repurchased 92.6 million common shares for $453 million, representing approximately 11% of our shares outstanding, at an average price of $4.89 per share, and paid total dividends of $127 million ($0.1575 per share).

As of March 31, 2025, our net debt⁽¹⁾ was $2.4 billion, a reduction of approximately 10% ($250 million) over the past twelve months. On a U.S. dollar basis, net debt decreased by approximately 15% (US$287 million). We maintain strong financial flexibility, supported by significant credit capacity and a long-term notes maturity schedule that positions us well throughout various commodity price cycles. Our credit facilities have total capacity of US$1.1 billion, mature on May 9, 2028, and are less than 20% drawn. These are not borrowing base facilities and do not require annual or semi-annual reviews. Additionally, our earliest note maturity (US$800 million) is not until April 30, 2030.

Strengthening our balance sheet remains a key priority. Our pace of debt repayment reflects free cash flow generation and the impact of CAD/USD exchange rate fluctuations, which affect the conversion of our U.S. dollar-denominated debt. A $0.05 CAD/USD change in the exchange rate impacts our net debt by approximately $70 million.

Operations

In the Eagle Ford, production averaged 81,814 boe/d (81% oil and NGL) in Q1/2025 and we brought onstream 15.6 net wells, including 12.4 net operated wells. Our development program was largely focused on the black oil to condensate windows of our acreage where we typically generate 30-day peak crude oil rates of 700 to 800 bbl/d (900 to 1,100 boe/d) per well with average lateral lengths of 9,000 to 9,500 feet. We expect to bring onstream 50 net wells in 2025 and are targeting a 7% improvement in operated drilling and completion costs per completed lateral foot compared to 2024.

In our Canadian light oil business, production averaged 16,685 boe/d (83% oil and NGL) in Q1/2025. In the Pembina Duvernay, two of three pads have been drilled (six wells), including our longest wells in the play at more than 24,000 feet total measured depth and 13,500 feet of lateral length. Completion operations commenced mid-April and we expect to onstream the wells during the second and third quarter. In the Viking, 42 net wells were brought onstream in Q1/2025. In 2025, we expect to bring onstream nine net wells in the Pembina Duvernay and 85 net wells in the Viking.

In our heavy oil business, production averaged 41,119 boe/d (96% oil and NGL) in Q1/2025. Peavine continued to deliver top well results with production averaging 17,714 boe/d (100% heavy oil) during the first quarter. We brought onstream 12 net Clearwater wells at Peavine, 4 net wells at Peace River and 12 net wells across the broader Mannville group in Lloydminster. In 2025, we expect to bring onstream 112 net heavy oil wells, including 33 net Clearwater wells at Peavine.

Quarterly Dividend

The Board of Directors has declared a quarterly cash dividend of $0.0225 per share, to be paid on July 2, 2025 to shareholders of record on June 13, 2025.

(1) Capital management measure. Refer to the Specified Financial Measures section in this press release for further information.
(2) Specified financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other entities. Refer to the Specified Financial Measures section in this press release for further information.

Additional Information

Our condensed consolidated interim unaudited financial statements for the three months ended March 31, 2025 and the related Management’s Discussion and Analysis of the operating and financial results can be accessed on our website at and will be available shortly through SEDAR+ at and EDGAR at .

Conference Call Tomorrow 9:00 a.m. MT (11:00 a.m. ET)

Baytex will host a conference call tomorrow, May 6, 2025, starting at 9:00am MT (11:00am ET). To participate, please dial toll free in North America 1-833-821-2925 or international 1-647-846-2449. Alternatively, to listen to the conference call online, please enter in your web browser. To register, visit our website at Text> /> An archived recording of the conference call will be available shortly after the event by accessing the webcast link above. The conference call will also be archived on the Baytex website at .

Advisory Regarding Forward-Looking Statements

In the interest of providing Baytex’s shareholders and potential investors with information regarding Baytex, including management’s assessment of Baytex’s future plans and operations, certain statements in this press release are “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). In some cases, forward-looking statements can be identified by terminology such as “believe”, “continue”, “estimate”, “expect”, “forecast”, “intend”, “may”, “objective”, “ongoing”, “outlook”, “potential”, “project”, “plan”, “should”, “target”, “would”, “will” or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement.

Specifically, this press release contains forward-looking statements relating to but not limited to: we are focused on disciplined capital allocation and managing factors within our control; we are committed to prioritizing free cash flow, and a disciplined approach to capital allocation and our balance sheet; for 2025: our guidance for exploration and development expenditures and production and our expectation that capital expenditures and production will trend toward the low end of these guidance ranges; the amount of free cash flow we expect to generate; our expected allocation of free cash flow as between the balance sheet and shareholder returns (including dividends and share buybacks); the expected impact of changes to the CAD/US exchange rate on our debt; and our expected wells on-stream by asset. In addition, information and statements relating to reserves are deemed to be forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, that the reserves described exist in quantities predicted or estimated, and that they can be profitably produced in the future.

These forward-looking statements are based on certain key assumptions regarding, among other things: oil and natural gas prices and differentials between light, medium and heavy crude oil prices; well production rates and reserve volumes; success obtained in drilling new wells; our ability to add production and reserves through our exploration and development activities; capital expenditure levels; operating costs; our ability to borrow under our credit agreements; the receipt, in a timely manner, of regulatory and other required approvals for our operating activities; the availability and cost of labour and other industry services; interest and foreign exchange rates; the continuance of existing and, in certain circumstances, proposed tax and royalty regimes; our ability to develop our crude oil and natural gas properties in the manner currently contemplated; our ability to market oil and natural gas successfully; that we will have sufficient financial resources in the future to provide shareholder returns; and current industry conditions, laws and regulations continuing in effect (or, where changes are proposed, such changes being adopted as anticipated). Readers are cautioned that such assumptions, although considered reasonable by Baytex at the time of preparation, may prove to be incorrect.

Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: the risk of an extended period of low oil and natural gas prices (including as a result of tariffs); risks associated with our ability to develop our properties and add reserves; that we may not achieve the expected benefits of acquisitions and we may sell assets below their carrying value; the availability and cost of capital or borrowing; restrictions or costs imposed by climate change initiatives and the physical risks of climate change; the impact of an energy transition on demand for petroleum productions; availability and cost of gathering, processing and pipeline systems; retaining or replacing our leadership and key personnel; changes in income tax or other laws or government incentive programs; risks associated with large projects; risks associated with higher a higher concentration of activity and tighter drilling spacing; costs to develop and operate our properties; risks associated with achieving our total debt target, production guidance, exploration and development expenditures guidance; the amount of free cash flow we expect to generate; risk that the board of directors determines to allocate capital other than as set forth herein; current or future controls, legislation or regulations; restrictions on or access to water or other fluids; public perception and its influence on the regulatory regime; new regulations on hydraulic fracturing; regulations regarding the disposal of fluids; risks associated with our hedging activities; variations in interest rates and foreign exchange rates; uncertainties associated with estimating oil and natural gas reserves; our inability to fully insure against all risks; risks associated with a third-party operating our Eagle Ford properties; additional risks associated with our thermal heavy crude oil projects; our ability to compete with other organizations in the oil and gas industry; risk that we do not achieve our GHG emissions intensity reduction target; risks associated with our use of information technology systems; adverse results of litigation; that our Credit Facilities may not provide sufficient liquidity or may not be renewed; failure to comply with the covenants in our debt agreements; risks associated with expansion into new activities; the impact of Indigenous claims; risks of counterparty default; impact of geopolitical risk and conflicts, loss of foreign private issuer status; conflicts of interest between the Company and its directors and officers; variability of share buybacks and dividends; risks associated with the ownership of our securities, including changes in market-based factors; risks for United States and other non-resident shareholders, including the ability to enforce civil remedies, differing practices for reporting reserves and production, additional taxation applicable to non-residents and foreign exchange risk; and other factors, many of which are beyond our control. Readers are cautioned that the foregoing list of risk factors is not exhaustive. New risk factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

The future acquisition of our common shares pursuant to a share buyback (including through its Normal Course Issuer Bid), if any, and the level thereof is uncertain. Any decision to pay dividends on the Common Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) or acquire Common Shares pursuant to a share buyback will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation, the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions (including covenants contained in the agreements governing any indebtedness that the Company has incurred or may incur in the future, including the terms of the Credit Facilities) and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance of the number of Common Shares that the Company will acquire pursuant to a share buyback, if any, in the future. Further, the payment of dividends to shareholders is not assured or guaranteed and dividends may be reduced or suspended entirely.

These and additional risk factors are discussed in our Annual Information Form, Annual Report on Form 40-F and Management’s Discussion and Analysis for the year ended December 31, 2024 filed with Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission and in our other public filings. The above summary of assumptions and risks related to forward-looking statements has been provided in order to provide shareholders and potential investors with a more complete perspective on Baytex’s current and future operations and such information may not be appropriate for other purposes.

This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to, our 2025 guidance for development expenditures; our expected 2025 free cash flow; and our intentions regarding the allocating our annual free cash flow; all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook, whether as a result of new information, future events or otherwise. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

All amounts in this press release are stated in Canadian dollars unless otherwise specified.

Specified Financial Measures

In this press release, we refer to certain financial measures (such as total sales, net of blending and other expense, operating netback, free cash flow, and working capital deficiency) which do not have any standardized meaning prescribed by IFRS. While these measures are commonly used in the oil and gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. This press release also contains the terms “adjusted funds flow” and “net debt” which are considered capital management measures. We believe that inclusion of these specified financial measures provides useful information to financial statement users when evaluating the financial results of Baytex.

Non-GAAP Financial Measures

Total sales, net of blending and other expense

Total sales, net of blending and other expense represents the revenues realized from produced volumes during a period. Total sales, net of blending and other expense is comprised of total petroleum and natural gas sales adjusted for blending and other expense. We believe including the blending and other expense associated with purchased volumes is useful when analyzing our realized pricing for produced volumes against benchmark commodity prices.

Operating netback

Operating netback and operating netback after financial derivatives are used to assess our operating performance and our ability to generate cash margin on a unit of production basis. Operating netback is comprised of petroleum and natural gas sales less blending expense, royalties, operating expense and transportation expense.

The following table reconciles total sales, net of blending and other expense and operating netback to petroleum and natural gas sales.

			Three Months Ended
($ thousands)			March 31, 2025			December 31, 2024			March 31, 2024
Petroleum and natural gas sales		$	999,130		$	1,017,017		$	984,192
Blending and other expense			(72,820)			(80,148)			(64,208)
Total sales, net of blending and other expense		$	926,310		$	936,869		$	919,984
Royalties			(207,937)			(206,675)			(209,171)
Operating expense			(147,703)			(145,690)			(173,435)
Transportation expense			(30,512)			(33,110)			(29,835)
Operating netback		$	540,158		$	551,394		$	507,543
Realized financial derivatives (loss) gain (1)			(194)			(2,115)			5,488
Operating netback after realized financial derivatives		$	539,964		$	549,279		$	513,031

(1) Realized financial derivatives gain or loss is a component of financial derivatives gain or loss. See the Financial Instruments and Risk Management note in the consolidated financial statements for the three months ended March 31, 2025 and the consolidated financial statements for the year ended December 31, 2024 for further information.

Free cash flow

We use free cash flow to evaluate our financial performance and to assess the cash available for debt repayment, common share repurchases, dividends and acquisition opportunities. Free cash flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital, additions to oil and gas properties, payments on lease obligations, and transaction costs.

Free cash flow is reconciled to cash flows from operating activities in the following table.

			Three Months Ended
($ thousands)			March 31, 2025			December 31, 2024			March 31, 2024
Cash flows from operating activities		$	431,317		$	468,865		$	383,773
Change in non-cash working capital			29,034			(13,428)			32,023
Additions to oil and gas properties			(405,097)			(198,177)			(412,551)
Payments on lease obligations			(2,725)			(2,422)			(4,872)
Transaction costs			–			–			1,539
Free cash flow		$	52,529		$	254,838		$	(88)

Working capital deficiency

Working capital deficiency is calculated as cash, trade receivables, prepaids and other assets net of trade payables, dividends payable, other long-term liabilities and share-based compensation liability. Working capital deficiency is used by management to measure the Company’s liquidity. At March 31, 2025, the Company had $1.3 billion of available credit facility capacity to cover any working capital deficiencies.

The following table summarizes the calculation of working capital deficiency.

			As at
($ thousands)			March 31, 2025			December 31, 2024			March 31, 2024
Cash		$	(5,966)		$	(16,610)		$	(29,140)
Trade receivables			(391,905)			(387,266)			(423,119)
Prepaids and other assets			(72,045)			(76,468)			(77,901)
Trade payables			582,053			512,473			626,137
Share-based compensation liability			12,602			24,732			18,667
Dividends payable			17,334			17,598			18,494
Other long-term liabilities			20,849			20,887			19,622
Working capital deficiency		$	162,922		$	95,346		$	152,760

Non-GAAP Financial Ratios

Total sales, net of blending and other expense per boe

Total sales, net of blending and other per boe is used to compare our realized pricing to applicable benchmark prices and is calculated as total sales, net of blending and other expense divided by barrels of oil equivalent production volume for the applicable period.

Operating netback per boe

Operating netback per boe is equal to operating netback (a non-GAAP financial measure) divided by barrels of oil equivalent sales volume for the applicable period and is used to assess our operating performance on a unit of production basis.

Capital Management Measures

Net debt

We use net debt to monitor our current financial position and to evaluate existing sources of liquidity. We also use net debt projections to estimate future liquidity and whether additional sources of capital are required to fund ongoing operations. Net debt is comprised of our credit facilities and long-term notes outstanding adjusted for unamortized debt issuance costs, trade payables, share-based compensation liability, dividends payable, other long-term liabilities, cash, trade receivables, and prepaids and other assets.

The following table summarizes our calculation of net debt.

			As at
($ thousands)			March 31, 2025			December 31, 2024			March 31, 2024
Credit facilities		$	234,683		$	324,346		$	835,363
Unamortized debt issuance costs – Credit facilities (1)			15,601			16,861			14,563
Long-term notes			1,930,809			1,932,890			1,602,417
Unamortized debt issuance costs – Long-term notes (1)			46,235			47,729			34,738
Trade payables			582,053			512,473			626,137
Share-based compensation liability			12,602			24,732			18,667
Dividends payable			17,334			17,598			18,494
Other long-term liabilities			20,849			20,887			19,622
Cash			(5,966)			(16,610)			(29,140)
Trade receivables			(391,905)			(387,266)			(423,119)
Prepaids and other assets			(72,045)			(76,468)			(77,901)
Net debt		$	2,390,250		$	2,417,172		$	2,639,841

(1) Unamortized debt issuance costs were obtained from the Long-term Notes and Credit Facilities notes within the consolidated financial statements for the respective period end.

Adjusted funds flow

Adjusted funds flow is used to monitor operating performance and our ability to generate funds for exploration and development expenditures and settlement of abandonment obligations. Adjusted funds flow is comprised of cash flows from operating activities adjusted for changes in non-cash working capital, asset retirement obligations settled, and transaction costs during the applicable period.

Adjusted funds flow is reconciled to amounts disclosed in the primary financial statements in the following table.

			Three Months Ended
($ thousands)			March 31, 2025			December 31, 2024			March 31, 2024
Cash flow from operating activities		$	431,317		$	468,865		$	383,773
Change in non-cash working capital			29,034			(13,428)			32,023
Asset retirement obligations settled			3,519			6,449			6,511
Transaction costs			–			–			1,539
Adjusted funds flow		$	463,870		$	461,886		$	423,846

Advisory Regarding Oil and Gas Information

Where applicable, oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. BOEs may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

References herein to average 30-day peak production rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production for us or the assets for which such rates are provided. A pressure transient analysis or well-test interpretation has not been carried out in respect of all wells. Accordingly, we caution that the test results should be considered to be preliminary.

Throughout this press release, “oil and NGL” refers to heavy crude oil, bitumen, light and medium crude oil, tight oil, condensate and natural gas liquids (“NGL”) product types as defined by NI 51-101. The following table shows Baytex’s disaggregated production volumes for the three months ended March 31, 2025 and 2024. The NI 51-101 product types are included as follows: “Heavy Crude Oil” – heavy crude oil and bitumen, “Light and Medium Crude Oil” – light and medium crude oil, tight oil and condensate, “NGL” – natural gas liquids and “Natural Gas” – shale gas and conventional natural gas.

	Three Months Ended March 31, 2025				Three Months Ended March 31, 2024
	Heavy Crude Oil (bbl/d)	Light and Medium Crude Oil (bbl/d)	NGL (bbl/d)	Natural Gas (Mcf/d)	Oil Equivalent (boe/d)				Heavy Crude Oil (bbl/d)	Light and Medium Crude Oil (bbl/d)	NGL (bbl/d)	Natural Gas (Mcf/d)		Oil Equivalent (boe/d)
Canada – Heavy
Peace River	10,212	11	18	9,622	11,845				9,481	9	48	10,088		11,219
Lloydminster	11,349	13	–	1,190	11,560				13,156	12	–	1,431		13,407
Peavine	17,714	–	–	–	17,714				17,599	–	–	–		17,599
Canada – Light
Viking	111	8,959	153	10,318	10,943				–	9,181	190	11,068		11,215
Duvernay	–	2,404	2,221	6,704	5,742				–	1,803	1,757	5,456		4,469
Remaining Properties	806	388	731	15,909	4,576				324	488	636	16,337		4,171
United States
Eagle Ford	–	50,560	15,923	91,988	81,814				–	54,543	16,668	103,973		88,540
Total	40,192	62,335	19,046	135,731	144,194				40,560	66,036	19,299	148,353		150,620

Baytex Energy Corp.

Baytex Energy Corp. is an energy company with headquarters based in Calgary, Alberta and offices in Houston, Texas. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.

For further information about Baytex, please visit our website at or contact:

Brian Ector, Senior Vice President, Capital Markets & Investor Relations

Toll Free Number: 1-800-524-5521
Email: rel=”nofollow” href=”…”>…

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

SOURCE: Baytex Energy Corp.

MENAFN06052025004218003983ID1109511412

(MENAFN– Newsfile Corp)

After-tax NPV 5% of US$1,353 million at approx. spot of US$3,200 gold price

After-tax NPV 5% of US$603 million at US$2,200 base-case gold price

A compelling after-tax IRR of 72% at US$3,200 gold and 40% at US$2,200 base case gold price

AISC of US$1,111/oz

After-tax payback period of 2 years

The Company has received a positive legal opinion on status of the Castelo de Sonhos Permit, which remains valid and in good standing

Scottsdale, Arizona–(Newsfile Corp. – May 5, 2025) – TriStar Gold Inc. (TSXV: TSG) (OTCQB: TSGZF) (“TriStar” or the “Company), is pleased to announce a prefeasibility study (“Study”) update for the Company’s Castelo de Sonhos gold project in southern Pará State, Brazil by GE21 Consultoria Mineral Ltda (“GE21”) of Belo Horizonte, Brazil. There was no change to the mineral resources or reserves, the focus of the update study was the cost estimate since the release of the previous PFS, as well as to incorporate changes to the gold price and exchange rates.

Nick Appleyard, TriStar’s President and CEO, stated: “The updated Study is a key step in our advancement of Castelo de Sonhos, demonstrating gold price leverage and robust economics at a time of record high gold prices and a scarcity of permitted development assets.”

Mr. Appleyard continued, “Tristar’s Castelo de Sonhos can fill a gap in the gold development space, with the potential to create value for all stakeholders. We look forward to advancing this project to a construction decision.”

The results of the Study now replace the 2021 prefeasibility study (“PFS”), originally announced in the Company’s press release dated October 5, 2021. The Study has incorporated a new cost estimate for the planned development of Castelo de Sonhos compared with the 2021 original.

Table 1 below presents a side-by-side comparison of the key metrics of the latest Study and 2021 PFS.

Castelo de Sonhos Metric	2025 PFS Study Update	2021 Prefeasibility
Initial Capital (US$ million)	$296	$261
Base-Case Gold Price (US$/oz)	$2,200	$1,550
AISC (US$/oz)	$1,111	$900
Exchange Rate (1 US$: BRL)	5.75	5.0
After-Tax NPV 5% (US$ million)	$603	$321
Base Case After-Tax IRR (%)	40%	28%

Table 1. Key Metrics Comparison.

The Prefeasibility Study Update
The prefeasibility study update of economic parameters was conducted by GE21 Consultoria Mineral Ltda (“GE21”) of Belo Horizonte, Brazil, who are independent of TriStar.

Key parameters of the Study include:

Review and update all project operating costs.

Review and update all project capital costs.

Economic analyses were carried out based on the resources and reserves that are still considered current.

Update economics with a base case long-term gold price of US$2,200/oz and a foreign exchange rate of US$1 = BRL5.75. The economics include the effect of the project royalties, including NSR royalties totaling 3.5% and Brazilian federal gross royalty of 1.5%.

Project Description
The Castelo de Sonhos operation will include an open pit gold mine and processing facilities with a nominal milling rate of 10,000 tpd (3.6Mtpa). Power will be supplied by a 26 km, 138 kV transmission line from a substation adjacent to Highway 163 near the town of Castelo de Sonhos. At closure, all buildings will be removed, disturbed lands rehabilitated, and the property returned to otherwise functional use according to future approved reclamation plans and accepted practices at the time of closure. The Study incorporates all costs associated with undertaking these measures and is reflected in the project economics.

Mining will be based on conventional open pit methods (drill-blast-load-haul), which are suited to the Project location, orebody and local site conditions.

The process flowsheet remains unchanged with whole-ore agitation leaching as the preferred process flowsheet for project development. The plant will be designed to treat 10,000 tpd through crushing, grinding, hybrid cyanidation and carbon in leach, carbon acid wash, pressure stripping, and thermal regeneration. Electrowinning sludge will be dried and smelted to produce doré bars for shipment to third party refiners. Based on the test work conducted this flowsheet is anticipated to result in a metallurgical recovery of 98% of the gold delivered to the plant.

Figure 1. Castelo de Sonhos Project Prefeasibility Proposed Layout.
To view an enhanced version of this graphic, please visit:

Economic Results
The results of the Study are shown below in Table 2. A base case gold price of US$2,200 has been used and a fixed exchange ratio of BRL5.75 (5.75 Brazilian Reals) to US$1.

Parameter	Unit	Pre-tax	Post-tax
Cash flow	US$ millions	1,123	934
IRR	%	46	40
NPV 5%	US$ millions	736	603
NPV 10%	US$ millions	491	393
Cash Cost	US$/oz	1,080
AISC	US$/oz	1,111
Initial Capital	US$ millions	296
Life of mine production	Moz gold	1.33
Average annual production	oz gold	121,000
Payback period (Mine life)	Years	2.0

Table 2. Summary of Economic Results of the Study.

Notes: Estimated All In Sustaining Costs per ounce of gold produced is a Non-GAAP measure that is equal the total of site mining costs, site and corporate G&A costs, royalties and production taxes, realized gains/losses on hedging transactions, community and permitting costs relating to current operations, refining costs, site based non-cash remuneration, inventory write-downs, stripping costs, byproduct credits, reclamation costs, and sustaining costs related to exploration and studies, capital exploration, capitalized stripping and underground mine development, and capital expenditures, divided by the estimated total ounces of gold produced during the life of the mine.

Economic Sensitivities

The figures and tables below show the sensitivity of after-tax NPV and IRR to changes in the US dollar gold price.

Figure 2. Sensitivity of after-tax NPV10% (Millions) to gold price, base case highlighted in blue.
To view an enhanced version of this graphic, please visit:

Figure 3. Sensitivity of after-tax IRR% to gold price, base case highlighted in blue.

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

Capital Cost Estimate

The Study outlines an initial capital cost estimate of US$296 million, including a 20% contingency.

Table 3 below summarizes the initial capital cost estimate for the Project.

DESCRIPTION	US$ MILLIONS
Mine		37.3
Power transmission line		10.8
Plant		187.2
Tailings storage facility		11.2
Contingency (20%)		49.3
Total		295.8

Table 3. Summary of major components of initial capital estimate.

Operating Costs

Operating costs by phase for the LOM are provided in Table 4 below.

Parameter	Unit
Process rate	t/day	10,000
Average head grade	g/t	1.1
Phase 1 head grade	g/t	1.3
Phase 2 head grade	g/t	0.8
Gold Recovery	%	98
Mine operating cost (owner operator)	US$/t moved	2.01
Process operating cost	US$/t processed	11.10
G&A	US$/ processed	1.70
LOM strip ratio	Waste t : process t	9 : 1

Table 4. Life of mine summary of operating parameters and costs.

Mineral Resource Estimate
This mineral resource estimate remains unchanged as per the Company press release dated Oct 5, 2021 “TriStar Gold Announces Positive PFS with 1.4 Moz Gold Reserves and pre-tax 33% IRR and $400 million NPV.”

Results are shown in Table 5 below.

Region	Classification	Tonnage (Mt)	Grade (g/t Au)	Metal Content (Moz Au)
Esperança South	Indicated	29.0	1.3	1.2
Inferred	10.0	1.2	0.4
Esperança East	Indicated	5.0	0.8	0.1
Inferred	12.8	0.7	0.3
Esperança Center	Indicated	19.1	0.7	0.4
Inferred	3.3	0.9	0.1
Project Total	Indicated	53.1	1.0	1.8
Inferred	26.0	0.9	0.7

Table 5. Mineral resource estimate1 for the Castelo de Sonhos gold project (with an effective date of October 4, 2021) above a reporting cutoff grade of 0.26 g/t Au.
¹Project totals may appear not to sum correctly since all numbers have been rounded to reflect the precision of Inferred and Indicated mineral resource estimates.
²These are mineral resources and not reserves and as such do not have demonstrated economic viability.
³The metal content estimates reflect gold in situ, and do not include factors such as external dilution, mining losses and process recovery losses.
⁴TriStar is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these mineral resource estimates.

Mineral Reserve Estimate
The Mineral Reserves, which also remain unchanged, for Castelo de Sonhos are a subset of the Indicated Mineral Resources as shown in Table 5 above. Probable Mineral Reserves are modified from Indicated Mineral Resources and are summarized in Table 6. Inferred Mineral Resources are set to waste. This mineral reserve estimate remains unchanged as per the Company press release dated Oct 5, 2021 “TriStar Gold Announces Positive PFS with 1.4 Moz Gold Reserves and pre-tax 33% IRR and $400 million NPV.”

Region	Classification	Tonnage (Mt)	Grade (g/t Au)	Metal Content (Moz Au)
Esperança South	Probable	24.2	1.28	0.99
Esperança East	Probable	3.1	0.82	0.08
Esperança Center	Probable	11.4	0.78	0.29
Project Total	Probable	38.7	1.1	1.4

Table 6. The Mineral Reserve estimates were prepared by Guilherme Gomides Ferreira, P.Eng., a GE21, and have an effective date of October 4, 2021.
Mineral Reserves are reported using the 2014 CIM Definition Standards and are estimated in accordance with the 2019 CIM Best Practices Guidelines. Mineral Reserves are based on the PFS LOM plan.
Mineral Reserves are mined tonnes and grade; and includes consideration for modifying factors such as loss and dilution.
Mineral Reserves are reported at a cut-off of 0.26 g/t gold.
Numbers have been rounded as required by reporting guidelines. There are no other known factors or issues that materially affect the Mineral Reserve estimate other than which is disclosed above, and normal risks faced by mining projects in the jurisdiction in terms of environmental, permitting, taxation, socio-economic, marketing, and political factors and additional risk factors as listed in the “Cautionary Note Regarding Forward-Looking Information” section below.

Legal Opinion on Requests Related to Castelo de Sonhos
TriStar is also pleased to provide the results of an independent legal opinion on the civil inquiry started by a Federal Public Prosecutor (MPF) to government regulators to investigate the potential impacts of the Company’s Castelo de Sonhos gold project on Indigenous lands; please see TriStar press release from October 1, 2024 for details. The Company also notes that the permit remains valid and in good standing, according to SEMAS, the main regulatory permitting authority in Para State.

TriStar’s independent legal advice suggests that the Company has demonstrated that the Castelo de Sonhos project does not have the potential to interfere with Indigenous lands named in the Prosecutor’s case. The legal opinion also notes that it does not see the preparation of an Indigenous Component Study and/or the completion of a Free, Prior, and Informed Consultation as justified; both items were recommended by the MPF.

Legal counsel also noted that the EIA for Castelo de Sonhos is complete, robust and adequate. The opinion highlights the solid technical and legal defenses presented by TriStar following the MPF’s recommendation. The Lawyers also note the non-binding nature of the MPF recommendations and the non-acceptance by SEMAS, TriStar’s principal regulator, of these recommendations. SEMAS as well as environmental authority SEMMA have provided responses criticizing the MPF’s position. Based on the legal opinion, evidence does not support the concerns raised by the MPF as there is no impact, direct or indirect, not even holistic or cosmological, on the ways of life and customs of the indigenous peoples.

Qualified Person

Porfirio Cabaleiro Rodriguez (FAIG #3708), Director of GE21, is the Qualified Person, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, for the Preliminary Feasibility Study presented in this press release, is independent of the Company and has approved the technical disclosure in this press release.

About TriStar

TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company’s current flagship property is the Castelo de Sonhos gold project in Pará State, Brazil. TriStar has completed a pre-feasibility study and is now working to advance the project towards a feasibility study while evaluating optimization options. The Company’s shares trade on the TSX Venture Exchange under the symbol TSG and on the OTCQB under the symbol TSGZF . Further information is available at .

On behalf of the board of directors of the Company:

Nick Appleyard
President and CEO

For further information, please contact:

TriStar Gold Inc.
Nick Appleyard
President and CEO
480-794-1244
…

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the “safe harbour” provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects” or “it is expected”, or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements in this press release include all estimates from the Study such as the cash flow, IRR, NPVs, cash cost, AISC, initial capital, life of mine production, average annual production and payback period time. Such forward-looking statements are based upon the Company’s reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company’s plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company’s projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or 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 laws.

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

SOURCE: TriStar Gold Inc.

MENAFN05052025004218003983ID1109508215

(MENAFN– Newsfile Corp)
CALGARY, ALBERTA–(Newsfile Corp. – May 1, 2025) – Tenaz Energy Corp. (“Tenaz”, “Our”, or “We”) (TSX: TNZ) is pleased to announce that it has completed the acquisition of 100% of the shares of NAM Offshore B.V. (“NOBV”) from Nederlandse Aardolie Maatschappij B.V. (“NAM”), a joint venture between Shell PLC and ExxonMobil Corporation, and assumed operatorship of NOBV (the “Acquisition”). Concurrent with closing of the Acquisition, NOBV has been renamed Tenaz Energy Netherlands B.V. (“TEN”).

Cash at Close

As a result of free cash flow and other purchase price adjustments from the effective date of January 1, 2024 until May 1, 2025, Tenaz received approximately €15 million cash at closing. Based on preliminary estimates, net working capital of our TEN subsidiary at close is approximately neutral, excluding any future contingent earn-out obligations.

Updated 2025 Corporate Guidance

Production from the acquired assets is in line with our forecast at the time we announced the Acquisition.

The acquired assets produced approximately 11,000 boe/d⁽¹⁾ (99% natural gas) for the first four months of 2025.

Production for full-year 2025 (including both the four-month pre-closing and eight-month post-closing periods) is forecasted to be approximately 10,000 boe/d.

We will conduct the bulk of our annual maintenance and turnaround activity during May and June, reducing Q2 production to below year-to-date and annual average rates. As a result of this scheduled downtime, production for the eight-month period from the closing date to the end of 2025 is estimated to be approximately 9,500 boe/d.

Production for the eight-month period following closing will be included in our 2025 results. On a twelve-month annual average basis, we expect the TEN contribution to be between 6,100 and 6,400 boe/d.

We plan to invest $55 to $61 million in the acquired assets for the remainder of 2025, with production benefits beginning primarily in 2026. Approximately 75% of the capital expenditures⁽²⁾ for the acquired assets will fund drilling and workover activities, with the remainder for facilities projects and maintenance capital . Our revised capital program is expected to be self-funded within both our Netherlands and Canada business units.

Updated 2025 capital expenditure and production guidance is as follows:

	Previous 2025 Guidance	Revised 2025 Guidance
2025 average production volumes (boe/d)(1)	2,900 to 3,100	9,000 to 9,500
Capital expenditures(2) ($MM)	$31.7 to $35.7	$86.7 to $96.7
Drilling and development ($MM)	$30.0 to $34.0	$85.0 to $95.0
Exploration and evaluation ($MM)	$1.7	$1.7
(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.

About Tenaz Energy Corp.

Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the second largest operator of natural gas assets in the Dutch sector of the North Sea and also operates a crude oil and natural gas development project at Leduc-Woodbend in Alberta. Additional information regarding Tenaz is available on SEDAR+ and 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 “capital expenditures”. 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 International Financial Reporting Standards (“IFRS”) 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.

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 exploration and evaluation asset expenditures and property, plant and equipment expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities.

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; activities and budget for 2025, and our anticipated operational and financial performance; anticipated timing of drilling activities; expected well performance; forecasted average production volumes and capital expenditures for 2025; and the company’s strategy.

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 the company’s oil and gas properties in a manner consistent with its 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; certain commodity price, interest rate, 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 and obligations and commitments. 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 or other regulatory matters; changes in development plans of the company or by third party operators of the company’s properties, increased debt levels or debt service requirements; inaccurate estimation of the company’s oil and gas reserve or resource volumes; 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 or otherwise, 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

/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/

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

SOURCE: Tenaz Energy Corp.

MENAFN01052025004218003983ID1109494404

(MENAFN– Newsfile Corp)
Calgary, Alberta–(Newsfile Corp. – April 30, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (” Obsidian Energy “, the ” Company “, ” we “, ” us ” or ” our “) expects to release our first quarter 2025 financial and operational results (the ” Release “) before North American markets open on Wednesday, May 7, 2025. In addition, the first quarter management’s discussion and analysis and the unaudited consolidated financial statements will be available on our website at , and under our SEDAR+ profile at and EDGAR profile at on or about the same date.

ANNUAL AND SPECIAL MEETING

The Company’s Annual and Special Meeting (the ” Meeting “) is scheduled for Wednesday, May 7, 2025, at 1:00 p.m. MT (3:00 p.m. ET) at the offices of Obsidian Energy, Suite 200, 207 – 9 Avenue SW, Calgary, Alberta. Access to the Meeting will, subject to Company’s by-laws, be limited to essential personnel, registered shareholders and proxyholders entitled to attend and vote at the Meeting as well as invited guests. Additional information about the Meeting can be found on our website .

In association with the Meeting, our President and CEO, Stephen Loukas and other members of management will host a webcast presentation after the formal portion of the meeting at 2:00 p.m. MT (4:00 pm ET) (the ” Presentation “).

The Presentation will be broadcast live on the Internet and may be accessed either through our website or directly at the webcast portal . Those who wish to listen to the Presentation should connect at least five to 10 minutes prior to the scheduled start time through the following numbers:
Canada/U.S.: 1-844-763-8274 (toll-free)
International: 1-647-484-8814

A question-and-answer session will be held following the Presentation. If you wish to submit a question to the Company, participants can do so ahead of time after registering on the webcast portal on the Intranet or by emailing questions to … . An updated corporate presentation and the Presentation will be available following the webcast on our website .

ADDITIONAL READER ADVISORIES

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements or information (collectively ” forward-looking statements “) within the meaning of the safe harbour provisions of applicable securities legislation. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the expected date for the Release, Presentation and corporate presentation.

The forward-looking statements and information are based on certain key expectations and assumptions made by Obsidian Energy. Although Obsidian Energy believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Obsidian Energy can give no assurance that they will prove to be correct. By its nature, such forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations in commodity prices, changes in industry regulations and political landscape both domestically and abroad, and financial market volatility. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such forward-looking statements and information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on such forward-looking statements and information. Obsidian Energy gives no assurance that any of the events anticipated will transpire or occur, or, if any of them do, what benefits Obsidian Energy will derive from them. The forward-looking statements and information contained in this news release are expressly qualified by this cautionary statement. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein. Readers should also carefully consider the matters discussed that could affect Obsidian Energy, or its operations or financial results in Obsidian Energy’s Annual Information Form (see “Risk Factors” and “Forward-Looking Statements” therein) for the year ended December 31, 2024, which is available on the SEDAR+ website ( ), EDGAR website ( ) or Obsidian Energy’s website .

Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American exchange in the United States under the symbol “OBE”.

CONTACT

OBSIDIAN ENERGY
Suite 200, 207 – 9th Avenue SW, Calgary, Alberta T2P 1K3
Phone: 403-777-2500
Toll Free: 1-866-693-2707
Website: ;

Investor Relations:
Toll Free: 1-888-770-2633
E-mail: …

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SOURCE: Obsidian Energy Ltd.

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(MENAFN– Newsfile Corp)
Highlights:

Irinke Extension Gold Prospects, a potential extension of K92’s Arakompa gold system, is a new cluster of four priority gold exploration targets revealed within a broad 4 km by 4 km area by advanced lithogeochemistry;

Arakompa-like geochemical signature of the Irinke Prospect now confirmed ;

Sampling underway across prospects, with assay results expected in May/June timeframe to help refine growing target pipeline; and

Newly purchased diamond drill rig scheduled to arrive in-country mid-June, with year-round drilling to begin soon after.

Vancouver, British Columbia–(Newsfile Corp. – April 30, 2025) – South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (” SPMC ” or the ” Company “) is pleased to announce new exploration work programs are underway at the Anga Project, following surface geochemistry targeting results confirming the Irinke Prospect’s priority nature and identifying several new gold prospects extensional to Irinke. Surface sampling will assist with prioritized drill targeting.

Cathy Fitzgerald, President and Chief Geologist of the Company, stated, “As the Company awaits delivery of its brand-new drill rig, we are accelerating exploration across our highly prospective Kainantu Gold District projects. In particular, the new study of all surface samples collected to date at the Anga Project has revealed further exciting targets near our Irinke Prospect, where mineralization of the same nature as K92’s Arakompa system returned rock samples up to 3.68 g/t Au. We will be very active sampling across this broad area of gold-mineralization.”

ALS Geoanalytics Advanced Technology Targeting Results

The Company engaged ALS Geoanalytics to complete a geochemical study of all soil, stream sediment and rock samples (including historic data) to provide a deeper understanding of geochemical indicators for discovery at the Anga Project. This work has confirmed the K92 Mining Arakompa-like geochemical signature of the Irinke target, providing vectors to further mineralized areas as well as identifying new prospects warranting on-the-ground follow up now underway.

Figure 1: Regional Location Map of SPMC Projects Relative to K92 Mining Projects

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Irinke Prospect

The Irinke Prospect is located only 1,500 m east of K92 Mining’s processing plant and is approximately three km along strike from the Arakompa discovery. Previous work by the Company has identified gold in soil anomalism along with rock chips, from early-stage reconnaissance up to 3.68 g/t Au (see news release dated November 13, 2024 ). The Irinke Prospect is hosted in metasediments intruded by diorite, making it a comparable setting to K92 Mining’s operations. Analyses of the geophysics indicates alteration and major structures are also similar. The results of this work provide additional confidence that the surface anomalism at Irinke is linked to a significant target (refer to Figure 2, target areas A, B, & C in the Irinke prospect region). Upcoming surface work will include closely spaced soil sampling and structural mapping.

Figure 2: Target Areas at Irinke and Extensions on the Anga Project

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Binano North (Irinke Extension to NE)

The Binano North Prospect is located approximately 1 km east of Irinke. Both metasediments and series of intrusive dykes are mapped in this area and there are strong indicators of hydrothermal activity. Previous work has been reconnaissance rock sampling with modest anomalous rock chips of up to 0.8 g/t Au . The pathfinder elements through this area (Bi-Sb-Te-Ag-Mo-Cu-Zn-Pb) are strong.

A review of aerial imagery indicated several disturbed areas which may be artisanal or alluvial gold workings, to be determined pending on-ground investigation. This target area incorporates three targets covering an area of 2.5 km by 1 km , from which the Company has collected approximately 250 grid soil samples at 50×50 m spacing to advance this large system to potentially drill ready Upcoming surface work will include closely-spaced soil sampling, and structural mapping (refer to Figure 2, target areas H, G & M).

Golkona and Golkona South (Irinke Extensions East)

The Golkona Prospect is located approximately 4 km east of Irinke. The area includes a large altered intrusive complex anomalous in gold in soils (>10 ppb Au, up to 70 ppb Au ) over an area approximately 750 x 750 m (refer to Figure 2). The prospect area is located on a major NE-SW structure that can be linked through geophysical and topography analyses through to the Maniape vein system owned by K92 Mining. The work by ALS Geoanalytics indicates the Golkona area is near a mineral system with structural indicators to the south and a strong association to Cu-Mo pathfinder elements (refer to Figure 2).

The Golkona South area consists of a strong magnetic anomaly coincident with an apparent conductivity anomaly (referred to as the N1 anomaly in news release dated June 9, 2022 ), identified in the 2021 MobileMT survey. This area has been largely unsampled. Anomalous stream sediment sample results and alluvial gold in this area has not been followed up since sampling was initially completed in 2022. With the results of analysis at Golkona indicating that mineral indicators point southward, the Company is embarking on a ridge and spur soil sampling and rock chip sampling program in this region.

Other Targets

A number of other targets have been identified that warrant upcoming surface work which will include closely spaced soil sampling and structural mapping. These include:

North Ridge Target (L) – has Au soil results up to 90 ppb and rock results up to 0.85 g/t Au . Prior to infill sampling, the area is going to have reconnaissance to check several unsampled outcrops.

East Skarn Target (P) – An area of very high gold in soils ( up to 330 ppb Au and 270pb Au ) in an area mapped as metamorphosed carbonates. The geology and geochemical data suggest a possible gold-rich skarn target. Further reconnaissance work with mapping and rock sampling is planned in the short-term.

About the Anga Project

The Anga Gold-Copper Project comprises 461 km2 of 100%-owned exploration licenses in the highly gold-copper mineralized Kainantu Gold District. The project is located immediately northeast of, and adjacent to, K92’s Kainantu Gold Mine Project (see Figure 3), and its southwestern project boundary is only 3 km from where K92 is currently drilling on the Arakompa lode-gold vein system, where multiple wide and high-grade gold zones have been intercepted. Access to the Anga Project is via the Ramu-Markham highway to the northeast.

About South Pacific Metals Corp .

South Pacific Metals Corp. is an emerging gold-copper exploration company operating across Papua New Guinea’s proven gold and copper production corridors. With an expansive 3,100 km2 land package and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Osena, Anga, Kili Teke, and May River.

Immediately flanking K92’s active drilling and gold producing operations to the northeast and southwest, SPMC’s Osena and Anga Projects are located within the high-grade Kainantu Gold District – each having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that present within K92’s tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).

Quality Assurance and Quality Control

Rock Sampling

Rock samples are selected and collected by a Company geologist in the field. Samples were sent to the ITS (PNG) Ltd (Intertek) Laboratory in Port Moresby. Gold assays were conducted using 30 g charge Fire Assay with Atomic Absorption Spectra finish (Intertek Code FA25/OES), with a detection limit of 0.01ppm. Samples >1 ppm (1 g/t) Au were re-assayed as a check with no significant difference noted.

Multi-element assays were determined using 4-acid digestion with Induced Coupled Optical Emission (ICPOS) (Intertek code 4A/OE33). Certified reference material, duplicates and blanks were inserted into the rock sample to monitor laboratory performance, with no significant variations from expected results.

Soil Sampling

Soil sampling involves sieving a c-horizon soil to a 2 mm in the field. Soil samples were sent to the ITS (PNG) Ltd. (Intertek) Laboratory in Port Moresby for assay. Assaying for gold and other elements is determined by aqua regia digestion with a mass-spectrometry finish (Intertek code AR01/MS). Certified Reference Material, duplicates and blanks are inserted in the soil sample to monitor laboratory performance, with no significant variations from expected results.

Stream Sediment sampling

Stream sediment sampling involves collecting and sieving a sediment from a naturally occurring trap site (no pan-concentrates reported in this release) from selected streams. Samples were sent to the ITS (PNG) Ltd. (Intertek) Laboratory in Port Moresby. Gold assays were conducted using 30 g charge Fire Assay with Atomic Absorption Spectra finish (Intertek Code FA25/OES), with a detection limit of 0.01ppm. Samples >1 ppm (1 g/t) Au were re-assayed as a check with no significant difference noted.

Qualified Person

The scientific and technical information disclosed in this release has been compiled by Company geologists and reviewed and approved by Darren Holden, Ph.D., FAusIMM, a “Qualified Person” as defined under the Canadian Institute of Mining National Instrument 43-101, 2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.

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(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – April 27, 2025) – Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) (the ” Company ” or ” Cathedra “), a bitcoin company that develops and operates digital infrastructure assets with the goal of maximizing its per-share bitcoin holdings, announces that it intends to file restated financial statements, CEO and CFO certifications, and management discussion and analysis for the three and nine-month period ended September 30, 2024 (the ” 2024 Q3 Filings “), which shall amend and restate the 2024 Q3 Filings. The Company currently anticipates being able to file the restated 2024 Q3 Filings on or around April 30, 2025.

In the course of preparation of the Company’s financial statements for the year ended December 31, 2024, and related management discussion and analysis (the ” Annual Filings “), the Company discovered certain errors in the historical financial statements of Kungsleden, Inc. (” Kungsleden “) for the twelve months ended December 31, 2023, and December 31, 2022, the three-month period ended March 31, 2024, and the three and six-month period ended June 30, 2024 (collectively, the ” Kungsleden Historical Financial Statements “). The Company acquired Kungsleden pursuant to a business combination transaction which closed on July 23, 2024 (the ” Business Combination “). The Kungsleden Historical Financial Statements were prepared and finalized prior to the closing of the Business Combination.

Due to the errors in accounting treatment of certain items in the Kungsleden Historical Financial Statements and the Company’s reliance thereon, the Company’s financial statements for the three and nine-month period ended September 30, 2024 also contained certain misstatements, which the Company intends to correct in the refiling:

(i) the Company and its auditors have determined that the Company’s North Dakota data center joint venture, in which the Company owns a minority interest and which the Company has agreed to sell, as disclosed in the Company’s press release dated March 4, 2025, was deemed to be controlled by the Company as of and for the year ended December 31, 2024, and therefore should have been consolidated into the Company’s financial statements in the 2024 Q3 Filings;

(ii) the Company and its auditors applied different judgments in accounting estimates pertaining to lease arrangements in the Kungsleden Historical Financial Statements, which in turn affected the Company’s financial statement balances in the 2024 Q3 Filings; and

(iii) the Company and its auditors have identified misstatements of certain opening balances in the Kungsleden Historical Financial Statements, which in turn affected the Company’s financial statement balances in the 2024 Q3 Filings.

These discoveries have necessitated a broader scope of audit procedures which are currently underway and warrant the amendment and refiling of the 2024 Q3 Filings. Shareholders and users of the Company’s financial statements should note that the restatement is not a result of any change to its operations, business or financial operating performance for the restated period. The Company does not expect that the restatement will result in any changes to the Company’s cash balance as of September 30, 2024, nor to the Company’s net change in cash flows for the nine months ended September 30, 2024. Management has revised the accounting treatment in its Annual Filings, which will be reflective of the corrective disclosure with respect to the restated 2024 Q3 Filings. Due to the error in the 2024 Q3 Filings, the 2024 Q3 Filings and accompanying earnings news release issued on November 28, 2024, should no longer be relied on.

About Cathedra Bitcoin Inc.

At time of publishing, the Company holds approximately 52.7 bitcoin worth approximately US$5 million and amounting to approximately 6 satoshis (or “sats”) per share.

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 and recently developed and sold a 60-megawatt data center in North Dakota, a joint venture in which Cathedra was 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.

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 statements and information regarding the timing for the filings of the 2024 Q3 Filings, statements with respect to: the satisfactory completion and the filing of the 2024 Q3 Filings, the potential that additional restatements of the financial statements will be required, and the impact on the Company’s reputation and customer relations are forward looking information. Additional 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, including assumptions regarding the Company’s ability to work effectively with its auditors and regulators, the timelines required to resolve the identified issues, and the ability to comply with applicable regulatory requirements. However, forward-looking information is subject to numerous risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated. 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 reliance of the Company on its auditors and management with respect to the Annual Filings and restated Q3 2024 Filings, the Company’s ability to address and avoid delays or additional findings during the restatement process; risks associated with regulatory reviews and investigations, including potential enforcement actions or penalties; the potential impact on investor confidence, market perception, and the Company’s reputation, and broader economic and industry conditions affecting the Company’s operations and financial performance, 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.

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(MENAFN– Newsfile Corp)
Vancouver, British Columbia–(Newsfile Corp. – April 25, 2025) – Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) (“Pacific Ridge” or the “Company”) is in discussions with several different investor groups to fund a follow up drill program at the Company’s 100% owned RDP copper-gold project (“RDP”). To accommodate the potential investor groups, Pacific Ridge has requested and received a 30-day extension to close the second tranche of the Company’s previously announced financing (see news releases dated February 18 and March 28).

RDP is located in B.C.’s Golden Horseshoe at the southern end of the Toodoggone District, approximately 85km south of Amarc Resources Ltd. (“Amarc”) recent AuRORA discovery (see Figure 1), which returned 108 m of 2.59% copper equivalent (“CuEq”) (0.82% copper, 3.09 g/t gold, and 8.99 g/t silver), within 162 m of 1.90% CuEq (0.63% copper, 2.19 g/t gold, and 6.95 g/t silver) in drill hole JP-24-074 (see Amarc’s news release dated January 17, 2025). Pacific Ridge intercepted 107.2 m of 1.39% CuEq* (0.63% copper, 1.10 g/t gold, and 2.91 g/t silver) within 497.2 m of 0.66% CuEq* (0.37% copper, 0.40 g/t gold, and 1.60 g/t silver) at RDP in 2022 (see news release dated October 25, 2022). Targeting the porphyry source will be the focus of the 2025 RDP drill program.

Figure 1

Location of RDP

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

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Pacific Ridge

Pacific Ridge is one of B.C.’s leading copper exploration companies. The Company’s flagship asset is its 100% owned Kliyul copper-gold project, located in the prolific Quesnel terrane close to existing infrastructure. In addition to Kliyul, Pacific Ridge’s project portfolio includes the RDP copper-gold project, the Chuchi copper-gold project, the Onjo copper-gold project, and the Redton copper-gold project, all located in B.C. Pacific Ridge would like to acknowledge that its B.C. projects are located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian Band, Nak’azdli Whut’en, Takla Nation, and Tsay Keh Dene Nation.

On behalf of the Board of Directors,

“Blaine Monaghan”

Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.

Investor Relations:
Tel: (604) 687-4951
Email: …
Website:
LinkedIn:
Twitter:

*CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x AuR/CuR x $Au x 0.032151) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Cu x 22.0462).
Commodity prices: $Cu = US$3.25/lb, $Au = US$1,800/oz., and Ag = US$20.00/oz.
There has been no metallurgical testing on RDP mineralization.
The Company estimates copper recoveries (CuR) of 84%, gold recoveries (AuR) of 70%, and silver recoveries (AgR) of 65% based on average recoveries from Kemess Underground, Mount Milligan, and Red Chris.
Factors: 22.0462 = Cu% to lbs per tonne, 0.032151 = Au g/t to troy oz per tonne, and 0.032151 = Ag g/t to troy oz per tonne.

The technical information contained within this News Release has been prepared under the supervision of, and reviewed and approved by. Danette Schwab, P.Geo., Vice President Exploration of the Company, and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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: This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, are forward-looking statements. Forward looking statements in this news release include plans to drill RDP and closing the second tranche of the financing. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions; that at least one of the options will be exercised; that Pacific Ridge and other parties will be able to satisfy stock exchange and other regulatory requirements in a timely manner; that TSXV approval will be granted in a timely manner subject only to standard conditions; that all conditions precedent to the Agreements will be satisfied in a timely manner; the availability of financing for Pacific Ridge’s proposed programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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

SOURCE: Pacific Ridge Exploration Ltd.

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