Author: Date

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – May 12, 2025) – Nuvau Minerals Inc. (TSXV: NMC) has just completed a key step on its journey to unlocking the gold potential of the Matagami Property in the Abitibi region of Québec. It has flown a detailed high resolution drone magnetic (“MAG”) survey over an area north of where a 2023 sonic drilling program discovered a significant gold grain anomaly . Hole PD-23-030s had more than 2,000 gold grains per 10 kg of material, supported by a near-contiguous sample with 295 gold grains.

The MAG survey included areas where two other gold anomalies have been previously identified in Québec’s SIGEOM/EXAMINE database (see Figure 1):

Daniel-1, which includes a gold value of 6.18 grams per tonne over 1 metre associated with massive sulphide from a diamond drill hole.

McIvor-SE, which is sourced from a grab sample in a volcanic shear zone, grading at 37.71 grams per tonne.

“These showings add to our thesis that the Matagami camp has the potential to produce gold,” said Peter Van Alphen, Nuvau’s President and CEO. “The data from this MAG survey will help us develop our eventual diamond drill program related to the gold grain anomaly we recently identified, which is scheduled to start in the second half of 2025. We have just begun to uncover the gold potential of this 1,300 square kilometre land package, where exploration to date has been limited to base metals even though it is in a region known for hosting gold mineralization, including the Detour Gold and Casa Berardi gold mines.”

The detailed high resolution drone MAG survey was flown over the area surrounding PD-23-030s, extending north and northeast of the anomaly (see Figure 1). The western limit of the survey is approximately 3 kilometres away from the Caber Complex and the Renaissance discovery, the undeveloped massive sulfide cluster with near-term production potential. This high resolution MAG survey will provide valuable geophysical data to support Nuvau’s continuing base metal exploration of the underexplored northern part of the property.

The MAG survey was flown along 25-metre spaced lines oriented at N020° for total line kilometers of 5,066 kilometres. The data was captured at low altitude, approximately 20 metres above ground and will provide a global image of the extended area. Overall, a total area of 128 square kilometres was covered.

The quality and resolution of the survey will enable interpretation of the contrasting geological units as well as structural interpretation, which is key to both the future exploration of region for both gold and base metals. Although this area was previously covered by a mosaic of lower resolution surveys, the data was of much lower definition than what current technology can deliver.

Figure 1 – High resolution Drone Mag survey outline on Matagami Camp property with detail MAG data (Source SIGEOM) and gold showing (Source EXAMINE, GM 60332 and GM 44892).

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Figure 2 – Matagami Property Location relative to the gold producers and explorers in the region. Results from adjacent property(ies) are not necessarily indicative of the mineralization on Nuvau’s property.

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Qualified Person and Quality Assurance
Gilles Roy, P. Geo. (Qc), Director of Exploration of Nuvau and a Qualified Person as defined by National Instrument 43-101, has verified the scientific and technical data disclosed in this news release, and otherwise reviewed and approved the scientific and technical information in this news release.

For further information, please contact:
Peter van Alphen
President and CEO
Telephone: 416-525-6063
Email: …

About Nuvau Minerals Inc.
Nuvau is a Canadian mining company focused on the Abitibi Region of mine-friendly Québec. Nuvau’s principal asset is the Matagami Property, which is host to existing processing infrastructure and multiple mineral deposits and is being acquired from Glencore.

Cautionary Statements
Readers are cautioned that geophysical surveys are not definitive; the results contained in this news release are still at an early stage of interpretation, with no guarantee of a mineral discovery.

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends” “expects” and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning drill results relating to the Matagami Property, the results of the PEA, the potential of the Matagami Property, the timing and commencement of any production, the restart of the Bracemac-McLeod Mine, the completion of the earn-in of the Matagami Property and the timing and completion of any technical studies, feasibility studies or economic analyses.

Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the Company, including expectations and assumptions concerning the Company and the Matagami Property. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements contained in this news release are made as of the date of this news release, and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, neither the Company nor Nuvau undertakes any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

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

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SOURCE: Nuvau Minerals Inc.

MENAFN12052025004218003983ID1109536864

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – May 8, 2025) – TriStar Gold Inc. (TSXV: TSG) (” TriStar ” or the “Company” ) is pleased to announce that it has entered into a letter agreement with Paradigm Capital Inc. (” Paradigm “) as lead agent and sole bookrunner, for and on behalf of a syndicate of agents (collectively, the ” Agents “), in connection with a proposed best efforts private placement financing (the ” Offering “) for total proceeds of up to $10 million, consisting of up to 62,500,000 units of the Company (the ” Units “) at a price of $0.16 per Unit. Each Unit will be comprised of one common share in the capital of the Company (a ” Unit Share “) and one-half of one common share purchase warrant of the Company (each whole warrant, a ” Warrant “). Each Warrant will be exercisable to acquire one additional common share in the capital of the Company (a ” Warrant Share “) for 24 months from the Closing Date (as defined below) at an exercise price of $0.25 per Warrant Share.

The Company will also grant the Agents an option (the ” Agents’ Option “) to sell up to that number of additional Units equal to 15% of the base Offering size, being 9,375,000 additional Units for additional gross proceeds of up to $1,500,000, exercisable, by notice in writing to the Company, at any time not less than 48 hours prior to the Closing Date.

The Agents will be paid by the Company on closing of the Offering a cash commission equal to 6% of the gross proceeds of the Offering, including on any exercise of the Agents’ Option.

The Agents will also receive on the Closing Date compensation options (the ” Compensation Options “) entitling the Agents to acquire that number of common shares equal to 6% of the number of Units issued pursuant to the Offering, including on any exercise of the Agents’ Option, at an exercise price of $0.16, exercisable for a period of 24 months following the Closing Date.

The net proceeds from the Offering will be used for exploration and development, and general working capital purposes.

The Offering will be conducted in all provinces and territories of Canada pursuant to private placement exemptions, in the United States pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended (the ” U.S. Securities Act “), and in such other jurisdictions as are agreed to by the Company and the Agents. The Offering is expected to close on or about May 29^th, 2025 (the ” Closing Date “) and will be subject to regulatory approvals and customary closing conditions, including the listing of the Unit Shares and Warrant Shares on the TSX Venture Exchange (” TSXV “). All securities issued pursuant to the Offering will have a hold period of four months and one day.

The securities have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor may there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About TriStar Gold Inc.

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 statements regarding the completion of the Offering. 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 the state of the equity financing markets in Canada and other jurisdictions; the receipt of regulatory approvals; 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.

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

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

SOURCE: TriStar Gold Inc.

MENAFN09052025004218003983ID1109527389

(MENAFN– Newsfile Corp)
Reno, Nevada–(Newsfile Corp. – May 8, 2025) – Western Exploration Inc. (TSXV: WEX) (OTCQX: WEXPF) (the “Company” or “Western Exploration”) is pleased to announce results from a positive Preliminary Economic Assessment (“PEA”) on its flagship Doby George resource at the Aura gold project located in Nevada’s prolific Elko county (“Doby George” or, the “Project”).

PEA Highlights:

Base Case After-tax NPV of US$70.7M and an IRR of 25.4% using a gold price of US$2,150 increasing to US$211.2 M with a 62.2% IRR utilizing a US$3,000/oz gold price (see upside metal price to base case metal price comparison in Table 1)

Total Life-of-Mine (“LOM”) after-tax net cash flow of US$271.2M over a five-year project life using US$3,000 gold price

Average annual operating cash flow of $112.1M and a less than 18-month payback period using US$3,000 gold price

LOM all-in Sustaining cost of US$1,197 per ounce at US$3,000 gold price and US$1,152 per ounce at the base case of gold price being US$2,150

LOM average grade of 1.01 g/t Au creating potential for significant profit margins

Estimated pre-production capital costs of US$115.2M excluding upfront Working Capital of US$12.4M which is credited back to the operation on year five

Watch the CEO news summary HERE

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Darcy Marud, President and CEO of Western Exploration, commented: “In 2022, Western Exploration outlined a plan to take the Doby George project to a PFS study. With the completion of the PEA we have achieved another milestone towards that goal. The PEA demonstrates Doby George to be a low-capex, potentially profitable development project with a rapid payback, all using conservative gold price expectations.”

Mr. Marud added “The focus of the current PEA was to demonstrate the viability of Doby George, while outlining a project scope that maximizes the return on investment for our stakeholders. We focused on maximizing value by preserving grade, bringing ounces forward, minimizing capital outlay and identifying future opportunities to further enhance the project. Those opportunities include an exploration plan looking to expand the resource at Doby George, the feasibility of oxide resources at Wood Gulch and improvements to recovery through additional test work.”

The PEA was completed by Kappes, Cassiday & Associates (“KCA”) as lead independent consultant, and supported by RESPEC Company LLC (“RESPEC”) on mineral resource estimation, mine planning and production scheduling, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).¹ The Company intends to file the technical report in respect of the PEA (the “Technical Report”) on SEDAR+ ( ) under Western Exploration’s issuer profile within 45 days of the date of this news release.

Figure 1: Location of the Doby George Resource, one of three key resources within our flagship Aura Project.

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Economic Sensitivities

Sensitivity of the project economics to gold prices is shown in Table 1, showing the base case gold price used for the PEA, as well as the upside case.

Table 1: Doby George 2025 PEA Economics

	Base Case	Upside Case
Gold Price (US$/oz)	2,150	3,000
Average Annual Operating Cash Flow(1) (US$)	63.3M	112.1M
Pre-Tax NCF(2) (US$)	132.4M	336.5M
Pre-Tax NPV5(3)	94.7M	265.9M
Pre-Tax IRR(4)	31.8%	75.7%
After-Tax NCF(2) (US$)	103.7M	271.2M
After-Tax NPV5(3) (US$)	70.7M	211.2M
After-Tax IRR(4)	25.4%	62.2%
Payback Period(5) (years)	2.7	1.4
Notes: (1) Averaged over full production years 1 to 4 (2) NCF means net cash flow (3) NPV5 refers to net present value at 5% discount rate (4) IRR means internal rate of return (5) Pre-production capital, excluding sustaining capital

Capital Costs

Capital costs for the Project are summarized in Table 2. Capital costs associated with the mining operation were estimated by RESPEC and based on contract mining. Pre-stripping costs were based on the mine production schedule in Table 4 below. Capital costs in processing, support and infrastructure include: three-stage crushing; heap leaching and gold recovery, along with support and infrastructure costs associated with laboratory, water & power distribution; and general site services were estimated by KCA. Reclamation and closure costs of US$10M were estimated by KCA not including an estimated salvage value of US$5.4M. Sustaining capital is estimated at US$10.5M and is largely related to heap leach expansion contemplated in Year 2.

Table 2: Project Capital Costs

	Pre Production	LOM Sustaining
	(US$M)	(US$M)
Mining	2.8	0.2
Pre Stripping	14.7	0
Processing, Support, and Infrastructure	78.5	10.3
Owners Costs	9.0	0
Indirect Costs	2.3	0
EPCM	7.9	0
Working Capital (1)	12.4	0
TOTAL(2)	127.6	10.5
Notes: (1) Working Capital is credited in Year 5 (2) Values are rounded and may not sum perfectly

Operating Costs

Operating costs for the Project are summarized in Table 3. Mining operating costs were estimated by RESPEC and based on estimated anticipated equipment hours and personnel requirements at a 25% markup for contractor rates. The off-road red-dye diesel fuel price in this estimate was assumed to be US$0.86/L. All other operating costs were estimated by KCA and based on first principles on certain components where possible, such as reagent and power consumption, along with benchmarking with similar operations for other components, such as labor, maintenance, and discretionary expenses.

Table 3: Project Operating Costs

	LOM Total (US$ M)	Per Tonne Processed (US$)
Mining	153.0	13.42
Processing	77.2	6.77
G&A	23.4	2.05
TOTAL	253.6	22.24

Mine Production Schedule

The PEA mine production schedule includes mining of leach material and waste from three pits, Daylight, Twilight and Westridge. Westridge is the largest pit and will be developed in 3 phases with production commencing in Year 1 and ramping up to full production in Year 3. Daylight and Twilight will be developed in Years 1 and 2, respectively. Leach material will be sent to a centralized crushing plant and then stacked on a leach pad. The waste material will be sent to designed waste rock storage facilities (WRSF) or used as partial backfill.

Pre-stripping at Daylight and Westridge is required to develop sufficient stockpiles to feed the crusher. The production schedule requires seven months of preproduction.

The process schedule was developed with full production from year 1 through year 4 to a full 2.7 million tonnes per year. Table 4 shows the mine production schedule.

Table 4: Mine Production Schedule*

Year	Tonnes Ore Mined (kT)	Waste Tonnes Moved (kT)	Gold Grade (g/t)	Gold Contained (koz)	Gold Recovered (koz)
-1	179	2,659	0.64	4
1	2,749	11,623	1.08	96	61
2	2,625	16,121	1.04	88	56
3	2,719	10,339	0.97	85	60
4	2,737	3,158	0.93	81	53
5	394	198	1.33	17	18
TOTAL	11,403	44,098	1.01	370	248
*May not sum due to rounding

Mining and Processing

The mineralized material will be mined by standard open-pit mining methods using a contractor-owned and operated mining fleet consisting of 92-tonne haul trucks and 17-m3 loading units. Mineralized material would be transported to the crushing circuit for processing then crushed material will be processed by conventional heap leaching methods. The nominal processing rate will be 2.7 million tonnes per annum or 7,500 tonnes per day. Three-stage crushing of the material to 12.7 mm, will be followed by conveyor stacking onto a multi-lift heap leach pad. Dilute sodium cyanide solution will be applied to the heap, with the pregnant gold bearing solution effluent from the heap being processed in a carbon adsorption-desorption recovery (ADR) plant. Gold will be produced in the form of doré bars from the on-site smelting process.

Table 5 below shows the key production parameters for the mine and processing units used in the generation of production and cash flow profiles.

Table 5: Mining and Processing Parameters

	LOM
Mining
Total Waste Tonnes Mined (Mt)	44.1
Total Processed Tonnes Mined (Mt)	11.4
Total Tonnes Mined (Mt)	55.5
Heap Leach Gold Recovery Percentages
Westridge Oxide	67%
Day Light Oxide	71%
Twilight Oxide	62%
Mixed	40%

Mineral Resource Estimation

The mineral resource estimate (“MRE”) relating to the PEA was prepared in accordance with NI 43-101 using the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by CIM Council. The effective date of the MRE, which has been prepared by RESPEC in accordance with NI 43-101, is January 27, 2025. The MRE is shown in Table 6 below.

Table 6: Doby George Mineral Resource Estimate at the Aura Project

2025 Doby George Mineral Resources (1)
	Cutoff Au (g/t)	Tonnes	Au (g/t)	Au (oz.)
Indicated	0.17	13,662,000	0.90	394,000
Inferred	0.17	3,270,000	0.68	71,000

Notes :

1. The effective date of Doby George’s MRE is January 27, 2025.
2. The project mineral resources comprise all model blocks at a cutoff grade of 0.17 g Au/tonne for all material within optimized pits.
3. The gold cut-off grade for Doby George Mineral Resources is based on a gold price of US$2,150/oz, an average gold recovery of 66%, and cost assumptions including: US$3.02/t cost for open-pit mining, US$6.52/t processing cost, US$1.89/t processed G&A cost, and US$5.00/oz Au refining cost. An average royalty of 3% has also been applied to cutoff grade determination.
4. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
5. There are no known factors related to metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing, or political issues which could materially affect the mineral resource estimates contained in this news release.
6. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.
7. Mineral resources are not mineral reserves and do not have demonstrated economic viability. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

The Doby George MRE includes the West Ridge, Daylight, and Twilight deposits. RESPEC modeled the mineral resource estimate for gold as follows:

Constraining gold mineral domains of low- and high-grade mineralization were modeled on 30 m-spaced vertical sections and transposed to long sections centered at 6 m mid-block locations. The Doby George geological model and other relevant geological data were used to guide the modeling of mineral domains.

A block model with 6 m by 6 m by 6 m blocks was coded with the gold domains using the 6 m-spaced long section interpretations.

Drill-hole assays were composited to 3 m length, honoring the mineralized gold domains.

Gold grades were interpolated into the block model using gold mineral domains to explicitly constrain grade estimations. RESPEC utilized Inverse Distance Cubed (ID³) and Quadrupled (ID⁴) interpolations for the estimation, achieving a localizing effect in the high-grade domain, and applied ID³ interpolation to the low-grade domain estimate. Individual domain grades were weight averaged to produce fully block-diluted reported mineral resources.

Technical Information and Qualified Persons

The PEA was completed by KCA of Reno, Nevada as lead independent consultant, and supported by RESPEC of Reno, Nevada on mineral resource estimation, mine planning and production scheduling, in accordance with NI 43-101.² The Company intends to file the Technical Report on SEDAR+ ( ) under Western Exploration’s issuer profile within 45 days of the date of this news release.

The PEA is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. The Company has not defined any mineral reserves for the Doby George resource at the Aura Project. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

For readers to fully understand the information in this news release, reference should be made to the full text of the Technical Report, once filed, including all assumptions, qualifications and limitations therein. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

The PEA has been prepared by independent representatives of KCA and RESPEC, each of whom is a “qualified person” (within the meaning of NI 43-101) (each, a “qualified person”) and independent of Western Exploration for purposes of Section 1.5 of NI 43-101. Each qualified person has reviewed and approved the scientific and technical disclosure in this news release in the respective sections of the PEA for which they are responsible. At the effective date of the PEA, each qualified person has certified that, to the best of their knowledge, information, and belief, the parts of the PEA for which they were responsible, contain all scientific and technical information required to be disclosed to make the PEA not misleading. The affiliation and areas of responsibility for each qualified person involved in preparing the PEA are provided below.

Travis Manning, P.E. of KCA – processing design and costs, metallurgy, recovery and cash flow

Mr. Michael S. Lindholm, C.P.G. of RESPEC – geology, data base and MRE

Kyle Murphy, P.E. of RESPEC – open pit design, mine planning, scheduling and costing

About Western Exploration

Western Exploration is focused on advancing the 100% owned Aura Project, located approximately 120 kilometers/75 miles north of the city of Elko, Nevada. The Aura Project includes three unique gold and silver deposits: Doby George, Gravel Creek, and Wood Gulch. Western Exploration is comprised of an experienced team of precious metals experts that aim to lead the company to becoming North America’s premiere gold and silver development company.

Additional information regarding Western Exploration can be found on Western Exploration’s corporate website ( ) on SEDAR+ ( ) under Western Exploration’s issuer profile.

For more information please contact:

Darcy Marud
Chief Executive Officer
Telephone: (775) 329-8119
Email: …

Nichole Cowles
Investor Relations
Telephone: 775-240-4172
Email: …

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated, and inferred mineral resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The mineral resource estimate disclosed in this news release may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” (CIM) incorporated by reference into NI 43-101. Under NI 43-101, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. On October 31, 2018, the SEC adopted new mining disclosure rules (” S-K 1300 “) that are more closely aligned with current industry and global regulatory practices and standards, including NI 43-101, although there are some differences in the two standards. Accordingly, information concerning mineral deposits contain in this release may not be comparable with information made public by U.S. companies that report in accordance with S-K 1300.

Cautionary Note Regarding Forward-Looking Information

This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of the applicable Canadian and United States securities legislation (collectively, “forward-looking statements”). These forward-looking statements, by their nature, require the Company to make certain assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “potential”, “feasibility”, “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 news release contains the forward-looking information pertaining to, among other things: the results of the PEA being achieved; a Technical Report being filed within 45 days (if at all) supporting the results of the PEA described in this news release; the significance of the results of the PEA; the ability of exploration activities, including drilling, to accurately predict mineralization; management’s expectations on the grade and extension of mineralization; the accuracy of results from prior exploration activities conducted at the Aura Project; the key assumptions, parameters and methods used to estimate the mineral resource estimate disclosed in this news release; the prospects, if any, of the Doby George, Wood Gulch and Gravel Creek mineral deposits; the potential profitability and/or viability of Doby George and the extent of the potential profitability of Doby George; the PEA production schedule; the capital and operating costs involved in the Project; the potential for expansion at Doby George; the feasibility of oxide resources at Wood Gulch; and improvements to recovery through additional test work. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; errors in management’s geological modelling; the ability of Western Exploration to complete further exploration activities, including drilling; the uncertain nature of exploration activities; property and royalty interests in respect of the Aura Project; the ability of the Company to obtain required approvals; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Western Exploration cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Western Exploration nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. Western Exploration does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

For additional information with respect to these and other factors and assumptions underlying the forward‐looking statements and forward-looking information made in this news release concerning Western Exploration, please refer to the continuous disclosure record of Western Exploration on SEDAR+ ( ) under Western Exploration’s issuer profile. The forward-looking statements set forth herein concerning Western Exploration reflect management’s expectations as at the date of this news release and are subject to change after such date. Western Exploration disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by law.

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

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

SOURCE: Western Exploration Inc.

MENAFN08052025004218003983ID1109524350

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – May 7, 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, is pleased to announce that it has purchased for cancellation an aggregate of 14,205,000 subordinate voting share purchase warrants (the ” Warrants “) for an aggregate of US$75,002 (the “Transaction”). The Warrants had an exercise price of C$0.12.

5,000,000 of the Warrants were to expire on March 26, 2026, 3,205,000 Warrants were to expire on November 11, 2026 and 6,000,000 Warrants were to expire on June 9, 2027. The Warrants were cancelled concurrently with the closing of the Transaction.

“In the last few weeks, we have capitalized on the volatility in our stock by repurchasing and cancelling a total of nearly 25 million outstanding warrants, between the repurchase we are announcing today and that announced on March 24, 2025. This is a unique opportunity to eliminate potential future dilution and enhance value for our shareholders,” remarked Antonin Scalia, CEO of Cathedra.

About Cathedra Bitcoin Inc.

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 held a minority interest. 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.

At time of publishing, the Company holds approximately 50.7 bitcoin worth approximately US$4.8 million and amounting to approximately 6 satoshis (or “sats”) per share.

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

Additionally, these forward-looking statements may be affected by risks and uncertainties in the business of Cathedra and general market conditions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Cathedra’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Cathedra believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: 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.

MENAFN07052025004218003983ID1109518634

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – May 7, 2025) – PTX Metals Inc. (TSXV: PTX) (OTCQB: PANXF) (FSE: 9PX) (” PTX ” or the ” Company “), a mineral exploration company focused on Cu-Ni-Au-PGE and Gold projects in Ontario, is pleased to release a refined 3D geological interpretation and the new Heli-GT Magnetic Survey (Mag Survey) results for the Central Target area of the W2 Cu-Ni-Au-PGE Project (W2 Project) located in the Ring of Fire, Ontario, Canada. PTX engaged an independent consulting firm to create a 3D geological model and in-house resource estimate using the recently flown high-resolution Mag Survey, along with an incremented compilation of drilling data at the W2 Property.

This enhanced model has outlined a direct correlation of mineralization with a gabbro lithology unit, for which geophysics methods have emphasized the continuous nature of the targeted domains. Initially modeled as discrete zones (CA1, CA2 and AP) in the Exploration Target released on September 4^th, 2024 (the Exploration Target), the new interpretation highlights the potential continuity of the mineralization as one or more Cu-Ni-Au-PG-bearing gabbro horizons that can be traced for approximately 8 km. These latest results produced a foundation for future exploration at the Central Target with objectives of improving and expanding the current resource estimates.

Additionally, as a corporate update, PTX is pleased to report that Cindy Davis, the company’s existing Corporate Controller, has been appointed to Chief Financial Officer (CFO) for a streamlined accounting and controller function.

Highlights of outcomes from recent work at the Central Target

New 3D geological interpretation:

Definition of an 8-km strike length folded stratigraphy-parallel horizon, and main host for mineralization.

Identified thrusting/fault imbrications responsible for thick mineralization intercepted at the CA1 showing; this geologic configuration is ideal for potential near surface bulk extraction.

Additional data compilation included 20 additional historical drill holes in the database, completing the consolidation of all historical and current drill holes for a total of 20,402m in 111 drill holes.

Updated 3D model formed the basis for an in-house, non-NI 43-101 compliant resource estimate which has further confirmed the Exploration Target, and will assist in providing context of ongoing exploration efforts.

High-resolution Mag Survey:

Improved definition of known magnetic anomalies.

Untested gabbro mag/conductivity high targets with potential for major expansion of the exploration target in the Central Target area.

Figure 1: Map view of interpretation for the Central Target Area of the W2 Property. Simplified geology and approximate location of fold axis (dashed blue), folded horizons A & B (dashed white & blue). Background is the reduced-to-pole total magnetic intensity (RTPTMI) derivative from the Mag Survey.

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

The Central Target

The Central Target is an area of approximately 8 x 4 km of the W2 Project, corresponding to about 10% of the size of the Project. Within this area, bulk tonnage Cu-Ni-Au-PGE mineralization is identified as disseminated sulfides with zones of semi to massive sulfides, hosted primarily within gabbroic to ultramafic intrusions. Mineralization is typically associated with geophysical anomalies as coincident magnetic and conductivity highs. The CA and AP zones of the Central Target have been the focus of exploration for the Project, for which the data led to a rapid increase of knowledge on the mineralization style and growth potential.

The new model interpretation

The new model has emphasized the continuous nature of the magnetic and conductivity anomalies, interpreting the separate CA1, CA2 and AP zones as part of a single laterally extensive Cu-Ni-Au-PGE bearing gabbro horizon which can be traced across the Central Target area for approximately 8 km. The irregular geometry of the gabbro reflects a complex history of faulting and polyphase folding.

In the CA Zones, the map pattern has been interpreted as shallow-plunging tight to isoclinal folding around a near-vertical west-northwest striking axis extending for approximately 3 km from CA1 to CA2 zones. The updated geological model suggests a component of thrusting on many of the faults; this may locally have caused imbrication and resultant thickening of mineralization as thrusting can cause panels of mineralized gabbro to be shifted and “stacked” on top of each other, leading to drilled intercepts of continuous mineralized gabbro over 220m in the historic holes LH01-06, see NI 43-101 technical report filed on Sedar in September 2024. Fault thickening may be a critical upgrading factor for mineralization at W2, producing broad localized domains of mineralization amenable to bulk extraction.

Figure 2: Cross section of the CA1 Target showing interpreted anticline and thrusting along the northern limb. Interpretation based on airborne geophysics and drill hole logging and assays. Base map includes RTPTMI derived from the 2025 HeliGT Mag Survey.

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

Complexity increases in the AP area, where shallow-plunging folds are refolded around a N-S fold axis; this pattern can be observed in the Mag Survey both locally in the Central Target area and at the property-scale. A second gabbro horizon with an interpreted extent of approximately 3 km hosts mineralization in the northwest part of the AP zone (Figure 1); this may represent a separate gabbro intrusion, or a complex fault/fold repetition of the main mineralized horizon. Additional work including drilling has been planned to continue to expand the system.

High-Resolution Mag Survey at Central Target:

PTX announced the completion of a new 3,191 line-km high-resolution Heli-GT aeromagnetic survey covering its W2 Project in January of 2025 (see press release January 22, 2025), which was completed by Scott Hogg & Associates (“SHA”). High-resolution geophysical data is critical at the Central Target since the known Cu-Ni-Au-PGE mineralization at the Property is associated with coincident Mag & Conductivity highs. The Mag Survey is also a key input for resolving geologic patterns as most the area is covered under glacial till.

Comparison of the old and new Mag Surveys in the Central Target area shows a subtle but critical improvement in the definition of key geologic features. Features which previously plotted as isolated blobs have now been defined as more continuous horizons (Figure 3); these linear targets have more potential for expansion along strike during exploration. In other cases, the updated Mag Survey traces fault offsets between isolated magnetic panels, emphasizing the continuous nature of the gabbro horizon which hosts mineralization (Figure 4). These details are critical for high-quality 3D modelling and effective drill targeting.

Figure 3: Comparison of old and new Mag Surveys in Central Area, north of the CA zones. Black dots represent interpreted conductivity anomalies. Isolated “high-mag blobs” circled on the left resolve into more continuous linear anomalies in the modern high-resolution survey. A cross-cutting dike is also visible in the Heli-GT survey.

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

Figure 4: Comparison of old and new Mag Surveys east of the AP zone; black circles represent conductivity anomalies. An updated fault interpretation is traced onto the new survey, which shows well-defined northwest trends bridging between the anomalies; these trends were very obscure on the old survey.

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

Potential to expand the Central Exploration Target

The updated 3D model stresses the continuous nature of the gabbro horizons, which hosts Polymetallic Cu-Ni-Au-PGE mineralization in the Central Target area with discontinuity largely a function of late fault offsets. Many of these fault blocks are untested or tested by single holes, despite coincident Mag/conductivity anomalies similar to those in densely drilled areas. Significant potential therefore exists to expand the Central Exploration Target by drilling in these relatively untested gabbro targets which can “link” between the existing showing areas. Examples would include the “CA_Inter” area between CA1 and CA2, the folded gabbro layers interpreted between CA2 and the AP Zones, and the gabbro west of AP (Figure 1).

Targeting and drill planning at the Central Target is under way based on the updated Mag Survey and 3D model. An initial 20-hole drill program has been designed, with a focus on expanding the Exploration Target, defining high-value parts of the mineral system (including areas of mineralization thickening/fault imbrication), and de-risking the project through verification of historic drilling with the goal of converting parts of the Exploration Target into compliant mineral resources.

Corporate Update:

The Company is also pleased to announce an update to the Chief Financial Officer as part of a transition planned in February 2025. Effective, May 1, 2025, the Company’s existing Corporate Controller, Cindy Davis, has taken on an expanded role as CFO and replaced Graham Warren.

The Company would like to thank Graham for his dedication and the financial guidance he provided as CFO for PTX Metals over the last four years, which has been an active growth period for the Company. We wish him well and further success with his other CFO roles and appreciate his assistance as a consultant in the short term. Cindy Davis, taking on the expanded role, with the assistance of Marrelli Support Services Inc., will allow for a streamlined accounting and controller function.

Cindy Davis Biography: Mrs. Cindy Davis possesses over 15 years of experience of providing accounting, financial reporting, regulatory compliance, and management advisory services to publicly listed companies, through Marrelli Support Services Inc. She also serves as the Chief Financial Officer for several publicly listed companies. Mrs. Davis is a Canadian Chartered Professional Accountant and holds a Bachelor of Science degree specializing in Accounting and Economics from the University of West Indies in Jamaica.

Qualified Person:

The technical information presented in this news release has been reviewed and approved by Thomas John Fingas, P. Geo., an independent qualified person to PTX Metals who is responsible for ensuring that the technical information provided in this news release is accurate and who acts as a “qualified person” (QP) as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About PTX Metals Inc.:

PTX is a mineral exploration company focused on high-quality strategic metals assets in northern Ontario, allowing exposure for shareholders to Copper, Gold, Nickel, and PGEs discovery. The Province of Ontario is renowned as a first-class mining jurisdiction for its abundance of mineral resources and safe jurisdiction.

Our corporate objective is to advance our assets and unveil the potential of two Flagship Projects, the W2 Cu-Ni-PGE located in the strategic Ring of Fire region, and the Shining Tree Gold Project neighbor to multi-million ounces gold deposits in the Timmins Gold Camp.

PTX’s portfolio of assets was strategically acquired for their geologically favorable attributes, and proximity to established mining companies.

PTX is based in Toronto, Canada, with a primary listing on the TSXV under the symbol PTX. The Company is also listed in Frankfurt under the symbol 9PX and on the OTCQB in the United States as PANXF.

For additional information on PTX, please visit the Company’s website at .

For further information, please contact:

Greg Ferron, President and Chief Executive Officer
Phone: +1 (416) 270-5042
Email: …

Forward-Looking Information

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information, including statements regarding the ability of the Company to satisfy the regulatory, stock exchange and commercial closing conditions of Private Placement, and the potential development of mineral resources and mineral reserves which may or may not occur. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and general economic and political conditions. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary approvals, including governmental and regulatory approvals, will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether because of new information, future events or otherwise, other than as required by applicable laws. For more information on the risks, uncertainties and assumptions that could cause our actual results to differ from current expectations, please refer to the Company’s public filings available under the Company’s profile at .

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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

SOURCE: PTX Metals Inc.

MENAFN07052025004218003983ID1109518663

(MENAFN– Newsfile Corp)
Vancouver, British Columbia–(Newsfile Corp. – May 6, 2025) – Metavista3D Inc. (TSXV: DDD) (FSE: E3T) (“Metavista3D” or the “Company”) , announces that, further to its press release of December 6, 2024, the Company has entered into a memorandum of understanding (the ” MOU “) with VIN International FZCO (” VIN “) to co-develop an automotive safety prototype and demonstration unit featuring 3D spatial camera systems. VIN is a member of the VIN Group, with subsidiaries in Dubai, the Kingdom of Saudi Arabia, and Bahrain. VIN is a leading provider of advanced safety and security technologies for luxury and heavy-duty vehicles. Its product portfolio includes road safety devices such as construction site safety solutions, fatigue monitoring systems, vehicle cameras, and collision avoidance systems.

As the automotive industry continues to evolve, this collaboration focuses on integrating 3D spatial camera systems to support advancements in vehicle safety and operational efficiency, which currently rely on 2D technology. The collaboration is expected to expand VIN Technology Systems’ product portfolio with tools designed to detect and address safety risks in real-time. The MOU reflects a mutual interest in exploring potential long-term partnership opportunities which brings together the technical capabilities of both companies to address evolving safety requirements in the Middle East market.

“Our collaboration with VIN Technology Systems reflects a shared focus on bringing technological solutions to the automotive, truck, and heavy vehicle sectors,” said Jeff Carlson, CEO of Metavista3D. “By combining our expertise in glasses-free 3D visualization with VIN Technology Systems’ extensive experience in vehicle safety, we aim to develop practical solutions that improve spatial awareness and enhance overall safety on the road.”

About VIN Technology Systems

VIN Technology Systems is a leader in providing breakthrough safety and security devices designed for luxury and heavy-duty vehicles. For more information, visit .

About Metavista3D

Metavista3D Inc., through its wholly owned subsidiary, psHolix AG, is engaged in the development of AI-driven, pseudo-holographic display technologies targeting applications in spatial content and immersive visualization. The Company holds a portfolio of over 20 patents and is positioning its technology to address emerging market opportunities in glasses-free 3D interfaces. For more information, visit .

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

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

ON BEHALF OF THE BOARD OF DIRECTORS

Jeff Carlson
CEO and Director
E: …
T: (647) 697-9199 or (702) 518-3220

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

Notice Regarding Forward-Looking Information:

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

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

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

SOURCE: Metavista3D, Inc.

MENAFN06052025004218003983ID1109512850

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

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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.

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