Author: GlobeNewswire

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TORONTO, Nov. 13, 2024 (GLOBE NEWSWIRE) — “Dundee is pleased to announce a strong and transformative quarter, marked by broad positive performance in our core investment portfolio and key initiatives that further align our capital structure with our long-term growth objectives.” said Jonathan Goodman, President and Chief Executive Officer of Dundee Corporation. “During the quarter, we sold 11 million shares of our position in G Mining Ventures Corp. for proceeds of $95.9 million, which was partially used to redeem both classes of our preferred shares and substantially pay down our outstanding loan balance. The redemption of the preferred shares is a significant milestone, enhancing our financial flexibility and positioning the company for continued, sustainable growth for the long-term. In addition, we backstopped an $8.0 million rights offering for Maritime Resources Corp. to support the company’s strategic plan to substantially derisk the restart of the Hammerdown Mine and, in the process, increased our ownership interest in the company to 43% on an undiluted basis.   Furthermore, we have continued to make progress on divesting our non-core assets with the sale of our flow-through funds. This will further streamline our operations and, importantly, allow us to place even greater focus on executing our core strategy.”

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“Our success in the current quarter underscores the strength of our core strategy, driven by strong investment performance amidst record gold prices and continued progress on cost reduction efforts. We foresee numerous opportunities on the horizon, as the market, in our opinion, continues to undervalue companies engaged in the discovery and development of high-quality precious metals, as well as base metals and strategic resources. We see a compelling value proposition in the disconnect between metals prices and mining stocks. Given the opportunity set we are seeing, while we have more ideas than capital, we remain very focused on our core asset base. We are committed to long-term investments in high-quality projects, acting as advisors and partners to our investee companies to maximize asset value and achieve their full potential.”

Mr. Goodman concluded: “The entire team at Dundee continues to work diligently to implement and execute our strategy across all fronts. I am encouraged by our ability to sustain and grow our momentum in 2024 as we look forward to the opportunities ahead of us. Our team remains committed to growing the core business, and positioning Dundee to deliver long-term, sustainable value for our stakeholders, shareholders and partners. I would like to thank the entire team for their hard work in navigating a time of continued evolution.”

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SOLID THIRD QUARTER AND FIRST NINE MONTHS OF 2024 RESULTS

• In August 2024, the Corporation sold 11,000,000 shares of G Mining Ventures Corp. (“GMIN”) for net proceeds to the Corporation of $95.9 million. The Corporation continues to hold 2,919,921 shares of GMIN.
• Upon the sale of GMIN, the Corporation partially repaid $14.0 million of its outstanding loan with Earlston Investments Corp.

• In September 2024, the Corporation paid an aggregate of $46.7 million to exercise its option to redeem all its outstanding Preference Shares Series 2 and Preference Shares Series 3 at a price of $25.00 per share and pay the final associated dividends, saving the Corporation approximately over $4.0 million per annum in dividend and associated tax payments.
• In September 2024, Dundee backstopped an $8.0 million rights offering for Maritime Resources Corp. (“Maritime”) and made purchases pursuant to private agreements to acquire approximately 253.0 million common shares of the company and increase our undiluted ownership interest to 43%. The Corporation earned 33.2 million compensation warrants for backstopping the rights offering.
• Reported net income from portfolio investments for the third quarter of 2024 of $10.1 million (2023 – loss of $24.7 million). The key drivers of performance during the quarter included a $5.8 million market appreciation in the Corporation’s investment in Ausgold Limited (“Ausgold”), a $4.9 million investment gain in Saturn Metals Limited (“Saturn”) and a $4.6 million investment gain in Greenheart Gold Inc. (“Greenheart”).    For the nine months ended September 30, 2024, the Corporation reported net income from portfolio investments of $68.0 million (2023 – loss of $22.2 million). The top performer of 2024 was the $53.6 million fair value gain in Reunion Gold Corporation.
• On October 7, 2024, the Corporation announced the completion of the sale of 8,000 shares of TauRx to a private investor at a price of US$125.00 per share for proceeds of US$1.0 million (Cdn$1.4 million).
• Reported consolidated general and administrative expenses for the third quarter of $4.3 million (2023 – $4.6 million). Excluding share-based compensation of $0.8 million (2023 – $0.5 million), consolidated general and administrative expenses declined 16% year-over-year. For the nine months ended September 30, 2024, the Corporation reported consolidated general and administrative expenses of $12.5 million (2023 – $13.6 million).
• Reported net earnings attributable to owners of the Corporation for the third quarter of 2024 of $7.3 million (2023 – loss of $26.5 million), or earnings of $0.07 per share (2023 – a loss of $0.31 per share). For the nine months ended September 30, 2024, the Corporation reported net earnings attributable to owners of the Corporation of $67.3 million (2023 – loss of $36.0 million), or earnings of $0.73 per share (2023 – a loss of $0.43 per share).

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SEGMENTED FINANCIAL RESULTS

Mining Investments

In the third quarter of 2024, the Corporation reported net earnings before taxes from the mining investments segment of $10.4 million (2023 – loss of $23.3 million). Performance from the mining portfolio investments generated income of $9.0 million (2023 – loss of $25.6 million), which is included in net earnings or loss from this segment. Notable performers during the quarter include gains of $5.8 million in Ausgold, $4.9 million in Saturn and $4.6 million in Greenheart, respectively, offset by a $9.8 million loss in GMIN. The share of income from equity accounted mining investments during the third quarter of 2024 was $0.7 million (2023 – $3,000).

During the first nine months of 2024, the Corporation reported net earnings before taxes from the mining investments segment of $65.8 million (2023 – loss of $22.4 million). Performance from the mining investments portfolio contributed $65.1 million (2023 – loss of $22.7 million) to net earnings or loss before taxes in this segment. The key driver of performance during this period was a $53.6 million market appreciation in the Corporation’s investment in Reunion Gold Corporation. The share of loss from equity accounting mining investments during the first nine months 2024 was $0.1 million (2023 – $1.9 million).

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Corporate and others

The Corporation reported pre-tax losses from the corporate and others segment, including non-core subsidiaries, of $2.0 million (2023 – $3.5 million) during the three months ended September 30, 2024. During the first nine months of 2024, the corporate and others segment reported pre-tax earnings of $6.0 million (2023 – loss of $11.7 million).

The fair value of non-mining portfolio investments in the corporate and others segment increased by $1.2 million (2023 – $0.9 million) during the third quarter of the current year. The fair value of portfolio investments in this segment increased by $2.8 million (2023 – $0.5 million) during the first nine months of 2024.

In the third quarter, the segment’s non-mining equity accounted investments reported pre-tax earnings of $0.7 million (2023 – loss of $0.6 million). During the same period, the segment’s subsidiaries reported pre-tax losses of $0.4 million (2023 – $1.1 million). During the first nine months of 2024, the segment’s non-mining equity accounted investments and subsidiaries reported pre-tax losses of $0.4 million (2023 – $2.1 million) and $1.2 million (2023 – $3.1 million), respectively.

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Mining Services

During the three months ended September 30, 2024, the mining services segment, comprised of the Corporation’s 78%-owned subsidiary, Dundee Sustainable Technologies Inc. (“Dundee Technologies”), reported a pre-tax loss of $0.8 million (2023 – $0.6 million). During the first nine months of 2024, Dundee Technologies incurred a pre-tax loss of $3.4 million (2023 – $3.1 million).

SHAREHOLDERS’ EQUITY ON A PER SHARE BASIS

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*  Shareholders’ Equity on a per share basis is calculated as total shareholders’ equity per the financial statements, less the carrying amount of Preference shares, series 2 and series 3, and divided by the total number of Class A and Class B shares issued and outstanding.

The Corporation’s unaudited interim consolidated financial statements as at and for three and nine months ended September 30, 2024 and 2023, along with the accompanying management’s discussion and analysis, have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedarplus.ca or the Corporation’s website at www.dundeecorporation.com.

ABOUT DUNDEE CORPORATION:

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is an active investor focused on delivering long-term, sustainable value as a trusted partner in the mining sector with more than 30 years of experience making accretive mining investments.

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FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Investor and Media Relations
T: (416) 864-3584
E: ir@dundeecorporation.com

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Baltic Power, Hai Long and Oneida projects continue to make construction progress

TORONTO, Nov. 13, 2024 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) reported today financial results for the three and nine months ended September 30, 2024. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated.

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“Northland’s third quarter results were negatively impacted by the Gemini cable outage and lower offshore wind production but on a full year basis Northland continues to remain on track to achieve our full year guidance, given the strong performance in the first half of the year,” said John Brace, Northland’s Interim President and CEO. “We continue to make progress on our three construction projects in Taiwan, Poland and Canada. Following the regrettable safety incident in August, construction of the Hai Long onshore substation is progressing according to its recovery plans. We also have a number of exciting development opportunities in core markets across our development pipeline.”

Third Quarter Highlights

Financial results for the three months ended September 30, 2024 were lower compared to the same quarter of 2023, primarily due to lower production at offshore wind facilities and lower revenue from the Spanish portfolio. This decrease was partially offset by the contribution from the New York onshore wind projects that achieved commercial operations in October 2023 and higher revenue from EBSA due to growth in asset base and rate escalations.

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Financial Results

• Sales decreased to $491 million from $513 million in 2023.
• Gross Profit decreased to $444 million from $458 million in 2023.
• Net
  Loss was $191 million compared to net income of $43 million in 2023.
• Adjusted EBITDA (a non-IFRS measure) decreased to $228 million from $267 million in 2023.
• Adjusted Free Cash Flow per share (a non-IFRS measure) decreased to $0.08 from $0.25 in 2023.
• Free Cash Flow per share (a non-IFRS measure) decreased to $0.00 from $0.14 in 2023.

The following table presents key IFRS and non-IFRS financial measures and operational results. Sales, gross profit, operating income and net income, as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland’s non-IFRS financial measures include only Northland’s proportionate ownership interest.

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Third Quarter Results Summary

Offshore wind facilities

Electricity production for the three months ended September 30, 2024 decreased by 10% or 81GWh compared to the same quarter of 2023. This was primarily due to export cable damage at Gemini, and higher unpaid curtailments related to negative prices and grid outages, partially offset by higher wind resource at German offshore wind facilities.

Sales of $213 million for the three months ended September 30, 2024 decreased 8% or $18 million, compared to the same quarter of 2023, primarily due to the lower production by $26 million, partially offset by a $7 million P&I factor adjustment and various other items.

Adjusted EBITDA of $108 million for the three months ended September 30, 2024 decreased 15% or $19 million compared to the same quarter of 2023, due to the same factors as noted above.

An important indicator for performance of offshore wind facilities is the current and historical average power production of the facility. The following table summarizes actual electricity production and the historical average, high and low, for the quarter of each offshore facility:

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In June 2024, one of Gemini’s export cables was damaged and taken out of service. On September 4, 2024, the cable was successfully repaired and energized, bringing Gemini back to full operations safely and without incident. During the repair, Gemini’s production continued via the second export cable. This was determined to be an isolated event and is expected to have a minimal impact on the Adjusted EBITDA and Adjusted Free Cash Flow for the full year, respectively, net of insurance proceeds, which are anticipated to be received by the end of the year.

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Onshore renewable facilities

Electricity production was 20% or 86GWh higher than the same quarter of 2023, primarily due to the contribution from the New York onshore wind projects that achieved commercial operations in October 2023, and higher wind resource at the Canadian and Spanish onshore renewable facilities, partially offset by lower solar resource at the Spanish onshore renewable facilities.

Sales of $116 million were 1% or $2 million lower than the same quarter of 2023, primarily due to lower revenue from the Spanish facilities and Canadian onshore facilities, partially offset by the contribution from the New York onshore wind projects. Please refer to the MD&A for a further breakdown of Spanish portfolio revenue by component.

Adjusted EBITDA of $82 million was 8% or $7 million lower than the same quarter of 2023, primarily due to operating cost from New York onshore wind projects, in addition to the same factors as above.

Natural gas facilities

Electricity production of 944GWh for the three months ended September 30, 2024 was largely in line with the same quarter of 2023.

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Sales of $74 million for the three months ended September 30, 2024 decreased 8% or $6 million as compared to the same quarter of 2023, primarily due to lower natural gas prices resulting in lower energy rates.

Adjusted EBITDA of $40 million for the three months ended September 30, 2024 was largely in line with the same quarter of 2023.

Utility

Sales of $85 million for the three months ended September 30, 2024 increased 9% or $7 million compared to the same quarter of 2023, primarily due to the growth in asset base and rate escalations.

Adjusted EBITDA of $35 million for the three months ended September 30, 2024 increased 18% or $5 million compared to the same quarter of 2023, primarily due to the same factors as above.

Consolidated statement of income (loss)

General and administrative (“G&A”) costs of $30 million in the third quarter increased $8 million compared to the same quarter of 2023, primarily due to increased personnel costs relating to one-time management changes and restructuring of operating and corporate functions.

Development costs of $18 million decreased $16 million compared to the same quarter of 2023, primarily due to focused spending on development activities and timing of the expenditures.

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Finance costs of $108 million increased 22% or $20 million compared to the same quarter of 2023, primarily due to the contribution from New York onshore wind projects, partially offset by scheduled repayments on facility-level loans.

Fair value loss on financial instruments was $100 million, primarily due to net movement in the fair value of derivatives related to interest rate and foreign exchange contracts.

Foreign exchange gain of $9 million in the third quarter was primarily due to unrealized gain from fluctuations in the closing foreign exchange rates.

Other income was $19 million lower than the same quarter of 2023, primarily due to gains associated with the partial sell-down of development assets in 2023.

Net loss of $191 million in the third quarter of 2024 compared to net income of $43 million in the same quarter of 2023, was primarily as a result of the factors described above.

Adjusted EBITDA

The following table reconciles net income (loss) to Adjusted EBITDA:

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Adjusted EBITDA of $228 million for the three months ended September 30, 2024 decreased 15% or $40 million compared to the same quarter of 2023. The significant factors decreasing Adjusted EBITDA include:

• $19 million in gains from partial sell-down of development assets in 2023;
• $19 million decrease in operating results at the offshore wind facilities, primarily due to export cable damage at Gemini, and higher unpaid curtailments related to negative prices and grid outages at German offshore wind facilities, as described above; and
• $9 million decrease in the contribution from the Spanish renewables portfolio, as described above.

The factor partially offsetting the decrease in the Adjusted EBITDA was:

• $8 million increase due to contribution of New York Wind onshore facilities and higher operating results at EBSA, as described above.

Adjusted Free Cash Flow and Free Cash Flow

The following table reconciles cash flow from operations to Adjusted Free Cash Flow and Free Cash Flow:

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Adjusted Free Cash Flow of $19 million for the three months ended September 30, 2024 was 70% or $44 million lower than the same quarter of 2023.

The significant factors decreasing Adjusted Free Cash Flow were:

• $49 million decrease in Adjusted EBITDA (gross of growth expenditures) primarily due to the factors described above; and
• $7 million decrease from foreign exchange and interest rate hedges, and other settlements.

The factor partially offsetting the decrease in Adjusted Free Cash Flow was:

• $12 million decrease in scheduled debt repayments on facility-level loans, mainly at the Spanish portfolio.

Free Cash Flow, which is reduced by growth expenditures, totaled $1 million for the three months ended September 30, 2024, and was $35 million lower than the same quarter of 2023, due to the same factors as Adjusted Free Cash Flow.

The following table reconciles Adjusted EBITDA to Adjusted Free Cash Flow:

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Significant Events and Updates

Renewables Growth:

• Construction Update on Hai Long, Baltic Power and Oneida – The Hai Long project continued to make progress. Offshore construction at the project is advancing, with the completion of installation of both offshore substation foundation jackets, the first offshore substation topside, and two of three export cables. As planned, the project completed the installation of pin piles and turbine jacket foundations at approximately half of the turbine locations, which are ready for turbine installation in 2025, further de-risking the project. The fabrication of turbine components continues, including completion of the first sets of towers, generators and nacelles. On August 20, 2024, an incident occurred at the onshore substation due to a leak of carbon dioxide from the fire suppression system, which resulted in three fatalities. The project team is cooperating with local authorities to investigate the incident and ensure the safety of personnel and the surrounding community. The onshore substation construction work was initially suspended but is now progressing according to its recovery plans. First power is expected in the second half of 2025 with full commercial operations expected to commence in 2026/2027, according to schedule. Overall project cost is aligned with original expectations.

  The Baltic Power project continues to make progress on fabrication of onshore and offshore substations, foundations, export cables, multiple turbine components and inter-array cables. This quarter marked the fabrication completion of the first sets of monopile foundations and transition pieces, which are ready to be delivered to the project. Construction of the onshore substation and the operations and management building are progressing. Major in-water construction activity is expected to start in early 2025. Full commercial operations are expected to commence in the latter half of 2026, according to schedule. Overall project cost is aligned with original expectations.

  The Oneida project continues to make progress with its construction activities. The high-voltage transformers have arrived at site, and all cabling and grid interconnection works are being finalized. Commissioning activities have commenced. Full commercial operations are expected to commence in 2025, according to schedule. Overall project cost is aligned with original expectations.

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• Other Growth Activity – Northland continues to make progress on its development activities in its core markets. For example, Northland signed a 15-year bilateral offtake agreement for 100% of the battery energy storage capacity from the Jurassic BESS project in Alberta with members of the Alberta Schools Commodities Purchasing Consortium. This is the first offtake agreement of its kind in Canada for a battery storage project and is a key milestone in the advancement of Northland’s Alberta portfolio.
• Increase in Corporate Credit Facility – During the quarter, Northland increased the size of its corporate revolving credit facility from $1.0 billion to $1.25 billion to continue to enhance available liquidity and support future growth opportunities in its core markets. Northland currently has available liquidity of $1.1 billion.
• Corporate credit rating re-affirmed – Credit rating agencies Standard & Poor and Fitch Ratings re-affirmed Northland’s corporate credit rating in 2024 at BBB (Stable).

2024 Financial Outlook

Northland’s outlook is underpinned by its commitment to operational excellence, prudent growth in key global markets and focus on the Company’s three major renewable construction programs, ensuring their successful execution.

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To prepare for further growth, the Company also continues to be active in pursuing various development opportunities in its core markets.

As of November 13, 2024, management’s 2024 financial outlook remains within the guidance range. This outlook reflects Northland’s commitment to strong operational performance, with key financial projections for 2024 including expected Adjusted EBITDA in the range of $1.2 billion to $1.3 billion and Adjusted Free Cash Flow per share to be in the range of $1.30 to $1.50. Furthermore, projected Free Cash Flow per share for 2024 is expected to be in the range of $1.10 to $1.30, reflecting the Company’s commitment to prudent financial management.

It is important to note that while Northland is confident in its outlook, it remains subject to the Forward-Looking Statements set forth herein as well as the Risk Factors outlined in Northland’s most recent Annual Information Form dated February 21, 2024 (“2023 AIF”).

Third-Quarter Earnings Conference Call

Northland will hold an earnings conference call on November 14, 2024, to discuss its third quarter 2024 results. The call will be hosted by Northland’s Senior Management, who will discuss the Company’s financial results and developments as well as answering questions from analysts.

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Conference call details are as follows:

Thursday, November 14, 2024, 10:00 a.m. ET

Participants wishing to join the call and ask questions must register using the following URL below:

https://register.vevent.com/register/BI0cb4142cbd444fed88c4f0efe921cb3d

For all other attendees, the call will be broadcast live on the internet, in listen-only mode and can be accessed using the following link:

Webcast URL: https://edge.media-server.com/mmc/p/p7kuvn2d

For those unable to attend the live call, an audio recording will be available on northlandpower.com on Friday, November 15, 2024.

Northland’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2024, and related Management’s Discussion and Analysis can be found on SEDAR+ at www.sedarplus.ca under Northland’s profile and on northlandpower.com.

ABOUT NORTHLAND POWER

Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix including onshore renewables, natural gas energy, as well as supplying energy through a regulated utility.

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Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in approximately 3.2GW (net 2.8GW) of operating capacity. The Company also has a significant inventory of projects in construction and in various stages of development encompassing approximately 12GW of potential capacity.

Publicly traded since 1997, Northland’s common shares, Series 1 and Series 2 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A and NPI.PR.B, respectively.

NON-IFRS FINANCIAL MEASURES

This press release includes references to the Company’s adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted Free Cash Flow, Free Cash Flow and applicable payout ratios and per share amounts, which are measures not prescribed by International Financial Reporting Standards (“IFRS”), and therefore do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. Non-IFRS financial measures are presented at Northland’s share of underlying operations. These measures should not be considered alternatives to net income (loss), cash flow from operating activities or other measures of financial performance calculated in accordance with IFRS. Rather, these measures are provided to complement IFRS measures in the analysis of Northland’s results of operations from management’s perspective. Management believes that Northland’s non-IFRS financial measures and applicable payout ratio and per share amounts are widely accepted and understood financial indicators used by investors and securities analysts to assess the performance of a company, including its ability to generate cash through operations.

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FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that are provided for the purpose of presenting information about management’s current expectations and plans. Readers are cautioned that such statements may not be appropriate for other purposes. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, the events anticipated by the forward-looking statements may or may not transpire or occur. Forward-looking statements include statements that are not historical facts and are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects,” “anticipates,” “plans,” “predicts,” “believes,” “estimates,” “intends,” “targets,” “projects,” “forecasts” or negative versions thereof and other similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” These statements may include, without limitation, statements regarding future Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow, including respective per share amounts, dividend payments and dividend payout ratios, the timing for and attainment of the Hai Long and Baltic Power offshore wind and Oneida energy storage projects and other renewables growth activity, and the anticipated contributions therefrom to Adjusted EBITDA, Adjusted Free Cash Flow and Free Cash Flow, the anticipated timing and attainment of insurance proceeds relating to the damage of one of Gemini’s export cables, the expected generating capacity of certain projects, guidance, anticipated dates of full commercial operations, forecasts as to overall project costs, the completion of construction, acquisitions, dispositions, whether partial or full, investments or financings and the timing thereof, the timing for and attainment of financial close and commercial operations for each project, the potential for future production from project pipelines, cost and output of development projects, the all-in interest cost for debt financing, the impact of currency and interest rate hedges, litigation claims, anticipated results from the optimization of the Thorold Co-Generation facility and the timing related thereto, future funding requirements, and the future operations, business, financial condition, financial results, priorities, ongoing objectives, strategies and the outlook of
Northland, its subsidiaries and joint ventures.
These statements are based upon certain material factors or assumptions that were applied in developing the forward-looking statements, including the design specifications of development projects, the provisions of contracts to which Northland or a subsidiary is a party, management’s current plans and its perception of historical trends, current conditions and expected future developments, the ability to obtain necessary approvals, satisfy any closing conditions, satisfy any project finance lender conditions to closing sell-downs or obtain adequate financing regarding contemplated construction, acquisitions, dispositions, investments or financings, as well as other factors, estimates and assumptions that are believed to be appropriate in the circumstances. Although these forward-looking statements are based upon management’s current reasonable expectations and assumptions, they are subject to numerous risks and uncertainties.
Some of the factors that could cause results or events to differ from current expectations
include, but are not limited to, risks associated with further regulatory and policy changes in Spain which could impair current guidance and expected returns, risks associated with merchant pool pricing and revenues, risks associated with sales contracts, the emergence of widespread health emergencies or pandemics, Northland’s reliance on the performance of its offshore wind facilities at Gemini, Nordsee One and Deutsche Bucht for over 50% of its Adjusted EBITDA, counterparty and joint venture risks, contractual operating performance, variability of sales from generating facilities powered by intermittent renewable resources, wind and solar resource risk, unplanned maintenance risk, offshore wind concentration, natural gas and power market risks, commodity price risks, operational risks, recovery of utility operating costs, Northland’s ability to resolve issues/delays with the relevant regulatory and/or government authorities, permitting, construction risks, project development risks, integration and acquisition risks, procurement and supply chain risks, financing risks, disposition and joint-venture risks, competition risks, interest rate and refinancing risks, liquidity risk, inflation risks, commodity availability and cost risk, construction material cost risks, impacts of regional or global conflicts, credit rating risk, currency fluctuation risk, variability of cash flow and potential impact on dividends, taxation, natural events, environmental risks, climate change, health and worker safety risks, market compliance risk, government regulations and policy risks, utility rate regulation risks, international activities, cybersecurity, data protection and reliance on information technology, labour relations, labour shortage risk, management transition risk, geopolitical risk in and around the regions Northland operates in, large project risk, reputational risk, insurance risk, risks relating to co-ownership, bribery and corruption risk, terrorism and security, litigation risk and legal contingencies, and the other factors described in the “Risks Factors” section of Northland’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2023, which can be found at
www.sedarplus.ca under Northland’s profile and on Northland’s website at northlandpower.com. Northland has attempted to identify important factors that could cause actual results to materially differ from current expectations; however, there may be other factors that cause actual results to differ materially from such expectations. Northland’s actual results could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and Northland cautions you not to place undue reliance upon any such forward-looking statements.

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The forward-looking statements contained in this release are, unless otherwise indicated, stated as of the date hereof and are based on assumptions that were considered reasonable as of the date hereof. Other than as specifically required by law, Northland undertakes no obligation to update any forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.

Certain forward-looking information in this release and the MD&A may also constitute a “financial outlook” within the meaning of applicable securities laws. Financial outlook involves statements about Northland’s prospective financial performance, financial position or cash flows and is based on and subject to the assumptions about future economic conditions and courses of action and the risk factors described above in respect of forward-looking information generally, as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this release and the MD&A. Such assumptions are based on management’s assessment of the relevant information currently available and any financial outlook included in this release and the MD&A is provided for the purpose of helping readers understand Northland’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The actual results of Northland’s operations will likely vary from the amounts set forth in any financial outlook and such variances may be material.

For further information, please contact:

Dario Neimarlija, Vice President, FP&A and Investor Relations
647-288-1019
investorrelations@northlandpower.com
northlandpower.com

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Amounts in US$ unless otherwise noted

• Generates record quarterly net revenue of $280 million; an increase of 12% year-over-year led by double-digit growth across all revenues categories
• Delivers adjusted EPS of $0.29 and adjusted free cash flow per share of $0.36
• Raises common dividend by 8% from CAD$0.48 to CAD$0.52 per share annually and announces intention to renew Normal Course issuer Bid (“NCIB”)
• Completes acquisition of Autofleet, accelerating digital strategy
• Guides to net revenue growth of 6.5 to 8.5%, positive operating leverage, and high single- to low double-digit growth in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share in 2025

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TORONTO, Nov. 13, 2024 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced strong financial and operating results for the three months ended September 30, 2024.

The following table presents Element’s selected financial results.

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1. Q3 2023, Q2 2024, and Q3 2024 included $3 million, $2 million and $2 million, respectively, in strategic project costs. Q3 2024 included $7 million in acquisition-related costs, including severance,  in connection with the completion of the Autofleet transaction.
2. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP  under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

“We produced robust revenue growth alongside strong operational performance this quarter. As a result of our sustained commercial momentum and recurring revenue model, we delivered double-digit top-line growth year-over-year while expanding our operating margins,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “In light of our strong performance and positive outlook, we are raising our dividend to CAD$0.52 per share and renewing our NCIB program, aligning growth opportunities with our commitment to returning capital to shareholders.”

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Dottori-Attanasio continued, “Looking ahead to 2025, we anticipate continued revenue and earnings growth driven by organic growth opportunities across all of our geographies. We plan to  scale our business more quickly through digitization and automation, while also expanding beyond our core offerings. The addition of Autofleet will enhance our position in the evolving mobility and vehicle connectivity landscape.”

Net revenue growth

Element grew Q3 2024 net revenue 12% over Q3 2023 on a year-over-year basis to $280 million due to robust growth across all revenue categories. Net revenue increased $5 million or 2% from Q2 2024 on a quarter-over-quarter basis led largely by higher services and syndication revenue. 

Service revenue

Element’s largely unlevered services revenue is the key pillar of its capital-light business model, which also improves the Company’s return on equity profile.

Q3 2024 services revenue grew 12% year-over-year to $147 million driven primarily by higher origination volumes, and higher penetration and utilization rates of our service offerings from new and existing clients. Higher growth in Mexico also contributed to the year-over-year increase.

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Q3 2024 services revenue grew 5% quarter-over-quarter driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients, mainly maintenance and accident services. Partly offsetting this increase was moderately lower services revenue in both Mexico and ANZ and adverse foreign exchange impacts.

Net financing revenue

Q3 2024 net financing revenue grew $11 million or 11% from Q3 2023 largely due to higher net earning assets associated with higher originations in the U.S and Canada. Higher year-over-year gains on sale (“GOS”), largely in ANZ, also contributed to the increase.  These increases were partly offset by higher interest expense associated with the redemption of our preferred shares.

Q3 2024 net financing revenue decreased $6 million or 5% from a record Q2 2024 largely due to lower average net earning assets and higher interest expense associated with the redemption of the preferred shares on June 30, 2024. Partly offsetting this decrease was higher GOS quarter-over-quarter, as higher GOS in ANZ outpaced the lower GOS in Mexico. The higher volume of vehicles for sale in ANZ more than offset a decrease in used vehicle pricing.

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Syndication volume

The Company syndicated a record $1 billion of assets in Q3 2024 – $246 million or 32% more volume than Q3 last year associated with higher originations and the Company’s ongoing focus on its capital lighter model driving higher volumes again this quarter.

Q3 2024 syndication volumes increased 5% from a strong Q2 2024. A higher yield quarter-over-quarter largely reflects the Company’s syndication mix and a more attractive interest rate environment. Overall, client demand remains robust.

Q3 2024 syndication revenue grew $4 million or 29% year-over-year and $5 million or 38% quarter-over-quarter largely due to record volumes this quarter. 

Adjusted operating income and adjusted operating margins

AOI was $161 million this quarter, an increase of $21 million or 15% year-over-year — resulting in adjusted EPS of $0.29 in Q3 2024, which is a 3 cent increase year-over-year. Q3 2024 adjusted operating margin was 57.7%, representing margin expansion of 120 basis points year-over-year. This expansion is driven by positive operating leverage (i.e. net revenue growth outpacing growth in adjusted operating expenses) of 3%. Adjusted operating margin expanded 200 basis points quarter-over-quarter.

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Originations

Element originated $1.7 billion of assets in Q3 2024 (excluding Armada), which is a $159 million or 10% increase year-over-year and a $260 million or 13% decrease quarter-over-quarter largely as a result of seasonal factors. Q3 has historically lower volumes as a result of OEM plant retooling for next model year changeover in the U.S. and Canada occurring this quarter.

The table below sets out the geographic distribution of originations (excluding Armada) for the three-month periods indicated.

Adjusted free cash flow per share and returns to shareholders

On an adjusted basis, Element generated $0.36 of adjusted free cash flow (“FCF”) per share in Q3 2024 – 4 cents more year-over-year driven by growth in net revenues and higher originations, while investing approximately $18 million in total capital investments this quarter.

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On November 13, 2024, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the fourth quarter of 2024, representing an 8% increase to its common dividend (from CAD$0.48 to CAD$0.52 per share annually). The dividend will be payable on January 15, 2025 to shareholders of record as at the close of business on December 31, 2024. The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada). This increase underscores the confidence that the Board has in the sustainability of Element’s cash flow generation, financial resilience, and favourable outlook.

Element’s common dividend represents approximately 27% of the Company’s last twelve months’ (at September 30, 2024) FCF per share, within the Company’s 25% to 35% target payout range. Element expects its common dividend to continue to grow annually, consistent with FCF per share growth.

Element returned $36 million and $112 million of cash to common shareholders through dividends and buybacks of common shares in Q3 2024 and the first nine months of 2024, respectively.

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In furtherance of the Company’s return of capital plan, Element intends to renew its normal course issuer bid (the “2024 NCIB”) for its common shares. If accepted by the TSX, the Company would be permitted under the 2024 NCIB to purchase for cancellation, through the facilities of the TSX or such other permitted means, up to 10% of the public float (calculated in accordance with TSX rules) of Element’s issued and outstanding common shares during the 12 months following such TSX acceptance at prevailing market prices (or as otherwise permitted). The actual number of the Company’s common shares, if any, that may be purchased under the 2024 NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the 2024 NCIB (including any automatic share purchase plan adopted in connection therewith).

Under the terms of the Company’s current normal course issuer bid (the “2023 NCIB”), Element has approval from the TSX to purchase up to 38,852,159 common shares during the period from November 15, 2023, to November 14, 2024. There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to either the 2023 NCIB or the 2024 NCIB.  If the 2024 NCIB renewal is accepted by the TSX, any subsequent renewals of the 2024 NCIB will be at the Company’s discretion and subject to further TSX approval..

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During the first nine months of 2024, the Company purchased 455,300 common shares for cancellation pursuant to the 2023 NCIB, for an aggregate amount of approximately $7 million at a volume weighted average price of CAD$21.95 per Common Share.

Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

Strategic initiatives update

As previously disclosed, the Company is optimizing its business by centralizing accountability for its U.S. and Canadian leasing operations and establishing a strategic sourcing presence in Asia. The Company continues to expect these initiatives to generate between $30 – $45 million of run-rate net revenue, and between $22 – $37 million of run-rate adjusted operating income (“AOI”), by full-year 2028.

Both initiatives are fully operational. The expected payback period from the Company’s investments remains unchanged at less than 2.5 years. 

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Completion of Autofleet Acquisition

On October 1, 2024, the Company completed the previously announced acquisition of Autofleet, Solutions Ltd. (“Autofleet”), an innovator in fleet and mobility solutions,  for a purchase price of $110 million plus standard working capital adjustments. Autofleet has a robust and highly scalable fleet optimization technology platform alongside optimized mobility solutions tailored for the fleet industry.

This transaction marks an important milestone for our clients and our business, unlocking new growth and value creation potential. By accelerating digitization and automation initiatives, the Company aims to deliver innovative and efficient fleet and mobility solutions tailored to its clients’ needs. The addition of Autofleet will enhance the Company’s position in the evolving mobility and vehicle connectivity landscape.

As a wholly owned subsidiary of the Company, Autofleet’s financial results will be consolidated with those of Element beginning in the fourth quarter of 2024.  In connection with this acquisition, Element issued 1.3 million common shares from Treasury, which represented 25% of the total consideration paid. This acquisition does not affect the Company’s previously issued full-year 2024 guidance. Q3 2024 included $7 million in acquisition-related costs in connection with the completion of this transaction.

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Guidance

Full-year 2024 Guidance

Element continues to expect to deliver full-year 2024 results near or at the high end of its previously provided guidance ranges on most metrics, with the exception of originations. The following table highlights our revised full-year 2024 guidance compared to full-year 2023 results.

Certain implied year-over-year growth amounts shown in this table may not calculate exactly due to rounding.

Full-year 2025 Initial Guidance

The Company expects to see continued growth in its client base, driven by the ongoing transition to self-managed fleets and robust demand for its services and solutions. This positive momentum underpins its target of achieving net revenue growth between 6.5% and 8.5% for the full year 2025, alongside high single-digit to low double-digit increases in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share. Element is committed to generating positive operating leverage in managing the business, which will underpin further operating margin expansion.

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The Company’s initial guidance for 2025 incorporates the effects of several anticipated revenue headwinds, including the depreciation of the Mexican Peso, higher interest expenses due to increased local Peso funding in 2025, and financing the redemption of the preferred shares. In addition, the scheduled reduction in bonus depreciation is likely to impact syndication yields. The Company also anticipates that its 2025 effective tax rate will average between 24.5% to 26.5%.

Element’s full-year 2024 and 2025 guidance exclude strategic projects and acquisition-related costs and also prior to any material changes in foreign exchange. We intend to provide specific target ranges for our 2025 guidance alongside the release of our full-year 2024 financial results in February 2025.

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Capital structure

Redemption of all outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E

On September 30, 2024 (the “Share Redemption Date”), the Company redeemed all of its 5,321,900 issued and outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E (the “Series E Shares”) at a price of CAD$25.00 per Series E Share for an aggregate amount of approximately $95 million, together with all accrued and unpaid dividends up to but excluding the Share Redemption Date, less any tax required to be deducted and withheld by the Company.

As of September 30, 2024, the Series E Shares were delisted from and no longer trade on the Toronto Stock Exchange (“TSX”).

Following the redemption of its Series E preferred shares, the Company no longer has any preferred shares outstanding. When combined with the redemption of its convertible debentures on June 26, 2024, these strategic moves significantly simplify the Company’s capital structure.

As at September 30, 2024, total Common Shares issued and outstanding were 403.6 million.

Conference call and webcast

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A conference call to discuss these results will be held on Thursday, November 14, 2024 at 8:00 a.m. Eastern Time.

The conference call and webcast can be accessed as follows:

A taped recording of the conference call may be accessed through December 14, 2024 by dialing 1-855-669-9658 (Canada Toll Free), 1-877-344-7529 (U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 8023973.

IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at September 30, 2024 and September 30, 2023, the results of operations, comprehensive income and cash flows for the three-month periods-ended September 30, 2024 and September 30, 2023.

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Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

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Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

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The following table summarizes key statement of financial position amounts for the periods presented.

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Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

Adjusted operating expenses

Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

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Adjusted operating income or Pre-tax adjusted operating income

Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

The following tables reconciles income before taxes to adjusted operating income.

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Adjusted operating margin

Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

After-tax adjusted operating income

After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

Adjusted net income

Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

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After-tax adjusted operating income attributable to common shareholders

After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

About Element Fleet Management

Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of world-class clients – corporations, governments, and not-for-profits – across North America, Australia, and New Zealand. Element’s services address every aspect of clients’ fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating EVs and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce fleet operating costs and improve productivity and performance. For more information, visit elementfleet.com/investor-relations.

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This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios;  and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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ROUYN-NORANDA, Quebec, Nov. 13, 2024 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges
and GLBXF – OTCQX International in the US) is pleased to inform shareholders that we have initiated our planned 17-hole, infill drill program on our 100% owned Ironwood Gold Deposit located in Cadillac Township, Quebec. The Ironwood deposit is located in close proximity of the gold localizing Cadillac Break and Globex’s historical Wood and Central Cadillac gold mines both of which have excellent exploration drill potential.

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The Ironwood deposit is currently an inferred resource of 243,200 tonnes grading 17.26 g/t Au and 2.61 g/t Ag. (see Technical Report for The Mineral Resource Estimate, Ironwood Project, Cadillac Township, Quebec, (NTS 32D01), by Reno Pressacco, M.Sc. (A)., P.Geo., February 2008 for the Pandora-Wood Joint Venture).

The aim of the drill program is to confirm and upgrade the current Ironwood inferred resource and possibly test for an extension of the zone. The 17-hole drill program will be undertaken with two drills and is expected to total approximately 3000 m. Once drilling, logging and assaying are completed, further metallurgical testing will be undertaken to better define various methods of recovery of the gold and silver. The ore zone is within a sulphidized iron formation with arsenopyrite, pyrrhotite and pyrite contents of 12.2%, 8.6% and 6.4% respectively. Precious metals occur as a gold/silver alloy freely within arsenopyrite and to a lesser degree within pyrite. Several metallurgical tests have been undertaken including cyanidation of a bulk sulphide concentrate with a gold recovery of 97% and cyanidation of the bulk concentrate produced a gold recovery factor of 93%. Flotation of a high-grade concentrate with low arsenic content produced a gold recovery of 86%. These tests were preliminary in nature and a more exhaustive test work program is planned using mineralized core from the current drill program to determine, based upon a number of available custom milling and smelting avenues, more comprehensive overall recovery factors.

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Globex is initiating this drill program to upgrade the resource as a first step toward possible production at Ironwood. The deposit is small but hi-grade and is located near infrastructure such as an all-season highway, power, skilled labour and several gold mills. Despite the grade and location, there are many risks involved in trying to bring this project to production. They include, permitting under Quebec Mining Act, metallurgical processing and recoveries yet to be detailed, the arsenical nature of the ore, public acceptability that will need to be established through the BAP system, completion of environmental and other studies, choosing the best mining method and negotiating various terms, considering ore sorting of waste material by magnetics, colour sorting or other methods, establishing a relationship with a local mill if we proceed in this way, to treat the ore and dispose of the tailings in an environmentally sound manner, negotiating pricing for the sale of the concentrate, precious metal prices, financing, just to name a few. Another way forward yet to be considered is DSO (Direct Smelting Ore), shipping the ore as mined, crushed, screened and/or sized to a convenient size distribution for a client’s processing offshore. This would eliminate the need for milling. In other words, there is still a lot of work to do.

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Despite our optimism there is no guarantee that the project will be put into production by Globex and if it does how long it will take to achieve the required permitting, establish onsite infrastructure, etc.

The Quebec Government currently has proposed a series of changes to the Quebec Mining Act, which will directly affect proposed mining projects and exploration. Globex will need to study the potential effect of these law changes upon its efforts to work out a mining and processing plan including potentially disposal of the arsenic bearing tailings.

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”.  These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”).  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom.  A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.

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– Revenue of $45 million, up 8% Q/Q and up 30% Y/Y –
– Gross mining margin of 38%, compared to 51% in Q2 2024 and 44% in Q3 2023 –
– Current hashrate of 11.9 EH/s, up from 10.4 EH/s in Q2 2024 –
– Current efficiency of 21 w/TH, a 16% improvement from June 30, 2024 –
– Synthetic HODL increased to 802 at October 31, 2024 from 208 long-dated BTC call options at June 30, 2024, up 286% –

This news release constitutes a “designated news release” for the purposes of the Company’s amended and restated prospectus supplement dated October 4, 2024, to its short form base shelf prospectus dated November 10, 2023.

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TORONTO, Ontario and BROSSARD, Québec, Nov. 13, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, reported its financial results for the third quarter ended September 30, 2024. All financial references are in U.S. dollars.

During the quarter, Bitfarms continued to execute its transformational fleet upgrade and executed upon its strategic rebalancing and expansion of its operations in the U.S.

To that end, Bitfarms announced its acquisition of Stronghold Digital Mining, Inc. (Nasdaq: SDIG) (“Stronghold”), which is expected to put Bitfarms on track to increase its energy portfolio to over 950 MW by year-end 2025 with potential for multi-year expansion capacity of up to 1.6 GW. This represents a significant shift of Bitfarms’ portfolio towards the U.S., which will come to represent approximately 66% of the Company’s total portfolio, an eleven-fold increase from 6% operating power in the U.S. today. Bitfarms has already begun maximizing the utility of the Stronghold sites with two consecutive hosting agreements totaling 20,000 miners, signed in September and October, supporting approximately 4 EH/s. Upon close of the Stronghold acquisition, these hosting agreements will revert to self-mining operations.

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The Company continues to make progress on its fleet upgrade program, deploying 5,400 additional miners during the quarter and achieving its efficiency target of 21 w/TH three months ahead of schedule. This efficiency represents a 40% improvement year-to-date, reducing direct operating costs per terahash and improving gross margins.

In addition, Bitfarms will be upgrading the remaining 18,853 T21 miners to be delivered by Bitmain as part of Bitfarms’ fleet upgrade program announced last year. Under the agreement, Bitfarms will be installing more powerful and efficient S21 Pro miners, operating at 234 TH/s and 15 w/TH, which represents more than a 20% improvement from the T21 miners in both energy efficiency and hashrate.

During the quarter, Bitfarms took significant steps to strengthen its leadership team with new hires and a new management structure, providing greater scalability and accountability in data center development and operations, and laying the foundation for the establishment of HPC/AI operations. Bitfarms also strengthened its corporate governance with the appointment of two new directors and the appointment of the former Lead Director to Independent Chairman. The Bitfarms Board of Directors now consists of five members, four of whom are independent. The Company will hold a Special Meeting on November 20th to vote on an expansion of the Board from five to six members, the nomination of Andrew J. Chang to the Board, and the ratification of the Company’s Shareholder Rights Plan.

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In line with its strategy to diversify beyond Bitcoin mining and maximize the value of its power assets, Bitfarms has selected two U.S. sites for a one to two MW HPC/AI pilot site. While still early stages, the land and power are secured at both sites, with active conversations taking place with potential partners and suppliers to discuss potential accelerated deployment in 2025. The Company is currently in the process of finalizing terms, plans and budgets as the first step in executing a comprehensive long-term HPC/AI strategy.

CFO Jeff Lucas concluded, “Despite third quarter headwinds of record low hashprices for the Bitcoin mining industry, a 62% year-over-year increase in network difficulty, and the first full quarter following the April Halving Event, our mining operations remained profitable and continued to drive free cash flow. While we achieved our year-end efficiency target of 21 w/TH in the third quarter, shipping delays and continued miner servicing of our Bitmain T21s impacted our ability to reach 21 EH/s in 2024. We are working closely with Bitmain on warranty servicing and miner upgrades and expect to reach 21 EH/s in the first half of 2025.”

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“As previously communicated, 2024 has been a transformative year for Bitfarms,” stated CEO Ben Gagnon. “Year-to-date, we’ve refreshed nearly our entire fleet of miners, significantly improving our mining economics, acquired one new site and entered agreements to acquire two additional new sites in the U.S., and completely revamped our operational and Board structure, strengthening our leadership and corporate governance.  We are now uniquely positioned with a strategic pipeline of over 950 MW in 2025 with nearly half a gigawatt of power infrastructure unallocated with miners. This represents a massive, secured, and cost-effective near-term growth opportunity with the flexibility necessary to maximize shareholder value as we approach the anticipated 2025 Bitcoin bull cycle.”

Q3 2024 & Recent Operating Highlights

Operations

• Current hashrate of 11.9 EH/s, up from 10.4 EH/s in Q2 2024.
• Averaged 7.6 BTC per day in daily production for Q3 2024.

Data Center Portfolio Expansion & Fleet Upgrade

• Deployed 5,400 additional miners across three data centers in Canada, U.S., and Paraguay, for a total of approximately 47,900 miners deployed year-to-date in 2024.
• Entered into a definitive merger agreement, pursuant to which the Company will acquire Stronghold, a vertically integrated crypto asset mining company with operations located in Pennsylvania, in a stock-for-stock merger transaction.
• Closed the lease agreement in Sharon, Pennsylvania, providing the Company with an immediate capacity of 12 MW of electricity with up to 98 MW of additional development capacity. Bitfarms also signed a letter of intent for a lease to an additional 10 MW site, which would bring total site capacity to 120 MW.
• Entered into two miner hosting agreements with Stronghold as of October 31, 2024, which will accelerate the deployment of 20,000 miners supporting approximately 4.0 EH/s.
• On November 12, 2024, the Company amended its agreements with Bitmain to upgrade the remaining 18,853 Bitmain T21 miners to be delivered by Bitmain to superior performing S21 Pro miners. The upgrade will cost an incremental $33.2 million payable in cash or Bitcoin with the option for the Company to redeem the Bitcoin for cash in four quarterly payments based on the price of Bitcoin at the time the Bitcoin is originally tendered.

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Personnel Appointments & Corporate Updates

• Appointed Ben Gagnon as Chief Executive Officer (“CEO”) and Director of the Board of Directors (“the Board”), Liam Wilson as Chief Operating Officer, Benoit Gobeil as Chief Infrastructure Officer, Alex Brammer as SVP of Mining Operations, and Rachel Silverstein as U.S. General Counsel.
• Appointed Amy Freedman as Independent Director of the Board and Lead Director Brian Howlett as Independent Chairman of the Board; accepted the resignations of Nicolas Bonta and Andrés Finkielsztain from the Board.
• Entered into a settlement agreement with Riot Platforms, Inc. on September 24, 2024
• Settled the employment dispute with the former CEO.
• Nominated Andrew Chang for election to the Board at the Special Meeting of Shareholders, taking place on November 20, 2024.

Q3 2024 Financial Highlights

• Total revenue of $45 million, up 8% Q/Q.
• Gross mining profit* and gross mining margin* of $17 million and 38%, respectively, down from $21 million and 51% in Q2 2024, respectively.
• General and administrative expenses of $28 million, up 123% Q/Q.
• Operating loss of $44 million, which included $10 million accelerated depreciation on older miners in connection with the transformative fleet upgrade, compared to an operating loss of $24 million in Q2 2024, which included $46 million accelerated depreciation on older miners.
• Net loss of $37 million, or $(0.08) per basic and diluted share which included a $6 million non-cash gain for revaluation of warrant liabilities in connection with 2023 financing activities. This compares to a net loss of $27 million, or $(0.07) per basic and diluted share in Q2 2024, which included a $1 million non-cash expense for revaluation of warrant liabilities in connection with 2021 and 2023 financing activities.
• Adjusted EBITDA* of $6 million, or 14% of revenue, down from $12 million, or 28% of revenue, in Q2 2024.
• The Company earned 703 BTC at an average direct cost of production per BTC* of $36,000, compared to $30,600 in Q2 2024.
• Total cash cost of production per BTC* was $52,400 in Q3 2024, up from $47,300 in Q2 2024 due to higher energy cost, increased network difficulty and lower transaction fees.

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Liquidity**
As of September 30, 2024, the Company had total liquidity** of $146 million, comprised of $73 million in cash and 1,147 BTC valued at $73 million based on a BTC price of $63,300 at September 30, 2024. As of October 31, 2024, the Company held 1,188 BTC.

Q3 2024 and Recent Financing Activities

• Sold 461 BTC at an average price of $60,600 for total proceeds of $28 million in Q3 2024 and sold 194 of the 236 BTC earned during October 2024, generating total proceeds of $13 million. A portion of the funds was used to pay capital expenditures.
• Added 41 BTC to treasury in October 2024 for a total of 1,188 BTC held in treasury, representing a total value of $84 million based on a $71,000 BTC price on October 31, 2024.
• Synthetic HODL increased to 802 as of October 31, 2024 from 208 Bitcoin in Q2 2024, up 286%.
• Raised $66 million in net proceeds during Q3 2024 bringing the total year-to-date net proceeds to $279 million through November 12^th, 2024 through the Company’s 2024 at-the-market equity offering program.
• Deposited a total of $15.6 million with Stronghold as of October 31, 2024, which is refundable on December 31, 2025, in connection with the two hosting agreements.
• Collected the remaining $5 million balance of the Canadian sales tax recovery of the approximately $24 million total claims between February 5, 2022 and April 2024, for which the refund was confirmed by the provincial tax authorities in the second quarter of 2024.

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Quarterly Operating Performance

Quarterly Average Revenue**** and Cost of Production per BTC*

^{* Gross mining profit, gross mining margin, EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, Direct Cost per BTC and Total Cash Cost per BTC are non-IFRS financial measures or ratios and should be read in conjunction with, and should not be viewed as alternatives to or replacements of measures of operating results and liquidity presented in accordance with IFRS. Readers are referred to the reconciliations of non-IFRS measures included in the Company’s MD&A and at the end of this press release.
** Liquidity represents cash and balance of digital assets.
*** Average watts represent the energy consumption of miners.
**** Average revenue per BTC is for mining operations only and excludes Volta revenue.}

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Conference Call

Management will host a conference call today at 8:00 am EST. A presentation of the Q3 2024 results will be accessible before the call on the Investor website and can be accessed here.

The live webcast and a webcast replay of the conference call can be accessed here. To access the call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

Upcoming Conferences & Events

November 14: Cantor Crypto, Digital Assets & AI Infrastructure Conference (Miami)
November 19-20: ROTH Technology Conference (NYC)
November 20: Special Meeting of Bitfarms Shareholders (Virtual)
December 4: B. Riley Crypto & Energy Infrastructure Conference (NYC)
December 12: Northland Growth Conference (Virtual)
January 14-15, 2025: Needham Growth Conference (NYC)

Non-IFRS Measures*
As a Canadian company, Bitfarms follows International Financial Reporting Standards (IFRS) which are issued by the International Accounting Standard Board (IASB). Under IFRS rules, the Company does not reflect the revaluation gains on the mark-to-market of its Bitcoin holdings in its income statement. It also does not include the revaluation losses on the mark-to-market of its Bitcoin holdings in Adjusted EBITDA, which is a measure of the cash profitability of its operations and does not reflect the change in value of its assets and liabilities.

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The Company uses Adjusted EBITDA to measure its operating activities’ financial performance and cash generating capability.

2023 Restatement
During the preparation of the Company’s financial statements for the year ended December 31, 2023, the Company reassessed the application of IFRS Accounting Standards on the accounting for warrants issued in connection with private placement financings conducted in 2021 and, as such, restated (the “Restatement”) its consolidated statements of financial position as of December 31, 2022 and January 1, 2022, its consolidated statements of profit or loss and comprehensive profit or loss for the year ended December 31, 2022,and the three and nine months ended September 30, 2024 and its consolidated statements of cash flows for the year ended December 31, 2022 and the nine months ended September 30, 2023, which were previously filed on SEDAR+ and EDGAR. For further details, consult Note 3e of the audited consolidated financial statements for the year ended December 31, 2023, and Note 3d of the interim condensed consolidated financial statements for the three and nine months ended September 30, 2024, available on SEDAR+ and EDGAR. As described in the interim MD&A for three and nine months ended September 30, 2024, available on SEDAR+ and EDGAR, the Company is undertaking remediation efforts in light of the Restatement and in order to improve the overall effectiveness of its internal control over financial reporting for the accounting of complex financial instruments.

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About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 12 operating Bitcoin data centers and two under development, and two under Hosting agreements, situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

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Glossary of Terms

• BTC BTC/day = Bitcoin or Bitcoin per day
• EH or EH/s = Exahash or exahash per second
• MW or MWh = Megawatts or megawatt hour
• w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
• Q/Q = Quarter over Quarter
• Y/Y = Year over Year
• Synthetic HODL™ = the use of instruments that create Bitcoin equivalent exposure
• HPC/AI = High Performance Computing / Artificial Intelligence

Forward-Looking Statements  

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the impact of the hosting agreements, projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, deployment of miners as well as the timing therefore, closing of the Stronghold acquisition on a timely basis and on the terms as announced, the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

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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”, “prospects”, “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.

This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: receipt of the approval of the shareholders of Stronghold and the Toronto Stock Exchange for the Stronghold acquisition as well as other applicable regulatory approvals; that the Stronghold acquisition may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the parties for a number of reasons including, without limitation, as a result of a failure to satisfy the conditions to closing of the Stronghold acquisition; 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 digital currency 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; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the Stronghold plants which entail environmental risk and certain additional risk factors particular to the business of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms and Stronghold operate and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and nine months ended September 30, 2024 filed on November 13, 2024, and its registration statement on Form F-4 (File No. 333-282657) filed by Bitfarms with the SEC (the “registration statement”), which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms (the “proxy statement/prospectus”). Although Bitfarms has attempted to identify important factors that 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, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any 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 Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

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Additional Information about the Merger and Where to Find It
This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.

Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

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No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in Solicitation Relating to the Merger 
Bitfarms, Stronghold, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from Stronghold’s shareholders in respect of the proposed merger. Information regarding Bitfarms’ directors and executive officers can be found in Bitfarms’ annual information form for the year ended December 31, 2023, filed on March 7, 2024, as well as its other filings with the SEC. Information regarding Stronghold’s directors and executive officers can be found in Stronghold’s proxy statement for its 2024 annual meeting of stockholders, filed with the SEC on April 29, 2024, and supplemented on June 7, 2024, and in its Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024. This communication may be deemed to be solicitation material in respect of the proposed merger. Additional information regarding the interests of such potential participants, including their respective interests by security holdings or otherwise, is set forth in the proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed merger if and when they become available. These documents are available free of charge on the SEC’s website and from Bitfarms and Stronghold using the sources indicated above.

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Investor Relations Contacts:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contacts:

Québec: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca        

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