Triple-listed Macarthur Minerals is packing its bags and heading home after pulling the pin on its Canadian Venture Exchange and OTC market listings to consolidate its investor base squarely on the tier one Australian Stock Exchange (ASX).
The strategic pivot has been brought about as Macarthur refocusses on tighter cost controls and a stronger alignment with its predominantly Australian shareholder base.
Triple-listed Macarthur Minerals is heading home to go all-in on the Australian Stock Exchange after deciding to pull the pin on its Canadian Venture Exchange listing.
In a decision authorised by its board of directors, the iron ore explorer says its shares will be delisted from the TSX-V and OTC boards at the close of business on May 16 ending its North American triple-listing experiment.
The company pointed to minimal trading activity in Canada and the United States, saying there was little justification for the ongoing cost and compliance burden of maintaining listings in the jurisdictions.
Instead, Macarthur is going all-in on its ASX listing, which it says offers sufficient liquidity for investors and a more direct path to capital markets for its Western Australia iron ore projects.
The decision to pare back its listing obligations will also remove the opportunity for investors to arbitrage differing prices for the same shares on separate markets. This can be a bonus during periods of high interest in small-cap explorers as it creates volume and promotes price discovery. But in quieter times, it can also unduly amplify share price movements.
Macarthur expects the move will streamline its operations and help refocus management’s time on the company’s flagship Lake Giles iron project in WA’s Yilgarn region. The project has a more than 1.2 billion tonnes magnetite resource, including a hefty 272 million tonnes (Mt) of defined reserves.
The company also owns the approved and neighbouring Ularring hematite deposit, which includes 54.5Mt grading 47.2 per cent iron in indicated resources and 26Mt at 45.4 per cent iron in the inferred category. Additionally, the company holds 24 square kilometres of iron exploration tenements in the Pilbara region
Macarthur says its overseas delisting won’t affect the company’s ability to trade on the ASX and its shares will remain active under the ticker MIO. Canadian and US investors will have to do some housekeeping to shift their holdings to the Australian register.
With resource nationalism rising, cost discipline in sharp focus and ASX-listed critical minerals developers attracting growing institutional backing, Macarthur’s delisting looks less like a retreat and more like a well-timed rebalancing.
And with nearly 1.35 billion tonnes of iron ore in the ground including a globally significant magnetite resource, the company appears intent on proving that sometimes, less really is more.
The content in this section is supplied by Newsfile for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
Readers are advised to review the “Non-GAAP and Other Financial Measures” section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS® Accounting Standards. Readers are also advised to review the “Forward-Looking Information” section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release are stated in Canadian dollars unless otherwise specified.
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The Company holds a 75% working interest in the Hangingstone Expansion Facility (the “Expansion Asset”) and a 100% working interest in the Hangingstone Demonstration Facility (the “Demo Asset” and, together with the Expansion Asset, the “Hangingstone Facilities”). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a “gross” basis as determined in accordance with National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities, which is the Company’s gross working interest basis before deduction of royalties.
Calgary, Alberta–(Newsfile Corp. – May 6, 2025) – Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) (“Greenfire” or the “Company”), today reported its operating and financial results for the quarter ended March 31, 2025 (“Q1 2025”). The unaudited condensed interim consolidated financial statements and notes for the three months ended March 31, 2025 and 2024, as well as the related Management’s Discussion and Analysis (“MD&A”), will be available on SEDAR+ at www.sedarplus.ca, on EDGAR at https://www.sec.gov/search-filings and on Greenfire’s website at www.greenfireres.com.
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Q1 2025 Highlights
Bitumen production of 17,495 bbls/d
Cash provided by operating activities of $34.7 million and Adjusted funds flow(1) of $31.4 million
Capital expenditures(2) of $26.3 million
Adjusted free cash flow(1) of $5.1 million
Financial & Operating Highlights
Three Months Ended
($ thousands, unless otherwise indicated)
March 31, 2025
March 31, 2024
December 31, 2024
WTI (US$/bbl)
71.42
76.96
70.27
WCS differential to WTI (US$/bbl)
(12.67
)
(19.31
)
(12.56
)
WCS Hardisty (C$/bbl)
84.29
77.76
80.75
Average FX Rate (C$/US$)
1.4348
1.3488
1.3992
Bitumen production (bbls/d)
17,495
19,667
19,384
Oil sales
183,637
200,990
208,895
Royalties
(6,824
)
(6,315
)
(7,091
)
Realized gains (losses) on risk management contracts
(1,101
)
(8,797
)
1,024
Diluent expense
(73,994
)
(91,682
)
(83,030
)
Transportation and marketing
(14,185
)
(13,199
)
(13,751
)
Operating expenses
(37,929
)
(36,348
)
(40,864
)
Operating netback(1)
49,604
44,649
65,183
Operating netback(1) ($/bbl)
31.67
24.69
34.81
Net income (loss) and comprehensive income (loss)
16,163
(46,915
)
78,562
Cash provided by operating activities
34,673
17,064
60,195
Adjusted funds flow(1)
31,444
27,589
52,950
Capital expenditures(2)
(26,299
)
(34,449
)
(13,161
)
Adjusted free cash flow(1)
5,145
(6,860
)
39,789
Cash and cash equivalents
72,238
90,234
67,419
Available credit facilities(3)
50,000
50,000
50,000
Net debt(1)
(253,111
)
(298,704
)
(253,510
)
Common shares (‘000 of shares)
69,922
68,974
69,718
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(1) Non-GAAP measures without a standardized meaning under IFRS Accounting Standards. Refer to the “Non-GAAP and Other Financial Measures” section in this press release. (2) Supplementary financial measure. Refer to the “Non-GAAP and Other Financial Measures” section of this press release. (3) The Company had $50.0 million available under the Senior Credit Facility, with no amounts drawn as at March 31, 2025, March 31, 2024, or December 31, 2024.
Q1 2025 Review
Greenfire’s average production for Q1 2025 was 17,495 bbls/d, a 10% decrease from Q4 2024 and below 19,667 bbls/d reported in Q1 2024.
Expansion Asset: Production in the first quarter of 2025 decreased by 21% compared to the previous quarter to 12,613 bbls/d, primarily due to steam generation downtime and production declines following the 2024 Refill program.
Demo Asset: Production in the first quarter of 2025 increased by 46% compared to the previous quarter to 4,882 bbls/d, driven by the activation of additional redevelopment wells and the startup of the second disposal well in Q4 2024.
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Hangingstone Facilities: Bitumen Production Results
(bbls/d)
Q1 2025
Q1 2024
Q4 2024
Expansion Asset
12,613
17,361
16,047
Demo Asset
4,882
2,306
3,337
Consolidated
17,495
19,667
19,384
Capital expenditures for Q1 2025 totaled $26.3 million, compared to $34.4 million in the same period of the prior year. Adjusted free cash flow was $5.1 million for Q1 2025, an improvement from negative $6.9 million in Q1 2024, primarily driven by more favorable WCS Hardisty differentials and lower capital expenditures.
Operational Update
Production and Steam Generation Updates
The Company’s production for Q2 2025 to date is approximately 15,650 bbls/d due to steam generation downtime and base production declines at the Expansion Asset. At present, one of the four steam generation units is offline, with an associated production impact of approximately 1,500 to 2,250 bbls/d. The Company is targeting restoring the offline steam generator by year-end 2025 and is implementing mitigation strategies to reduce production impacts during this period.
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Emissions Reporting and Regulatory Engagement
Greenfire continues to engage in discussions with the Alberta Energy Regulator (“AER”) regarding previously reported sulphur dioxide emissions that exceed regulatory limits at the Expansion Asset. The Company takes its regulatory obligations very seriously and has ordered sulphur removal facilities at the Expansion Asset, at a total estimated cost of $15 million ($20 million on a 100% working interest basis), with installation and commissioning targeted for Q4 2025. Greenfire anticipates that this measure will restore compliance with the sulphur dioxide emissions requirements at the Expansion Asset in a safe and efficient manner.
Progress Update on Future Development Plans
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The Company is advancing its evaluation of development plans, capital expenditures, and operational strategies for the Hangingstone Facilities. To address production declines at the Expansion Asset, the Company plans to construct new well pad locations and drill well pairs on the undeveloped reservoir northeast of the Central Processing Facility (the “CPF”). Final investment decision remains subject to approval by Greenfire’s board of directors (the “Board of Directors”) (see Exhibit 1). If the project is approved, drilling of these well pairs could begin as early as Q4 2025. The Company is evaluating additional development targets to the southeast of the CPF to support further production growth. At the Demo Asset, future developments are expected to focus on optimizing base production.
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Exhibit 1: Expansion Asset – Development Plan Locations Currently Under Evaluation – Undeveloped reservoir northeast and southeast of the CPF (orange)
The Company’s strategic review process, overseen by a Special Committee of independent directors, has completed with Greenfire electing to continue as a public company. The Company remains dedicated to maximizing shareholder value through investment in growth at the Hangingstone Facilities and is focused on increasing net present value per share as well as optimizing return on equity for Greenfire shareholders.
Mr. Derek Aylesworth is not standing for re-election to the Board of Directors at the annual meeting of Greenfire shareholders on May 6, 2025 (the “Meeting”). Following the Meeting, Mr. Brian Heald, if elected, will become the Chair of the audit committee of the Board of Directors (the “Audit Committee”), and Mr. David Knight Legg, if elected, will join Mr. Tom Ebbern and Mr. Heald on the Audit Committee.
Greenfire has hedges in place for 9,450 bbls/d of WTI at approximately $100.90 per barrel through 2025, providing a stable financial foundation for capital investments amidst market volatility. In April 2025, the Company hedged the WCS Hardisty differential, securing 12,600 bbl/d for Q3 2025 at US$10.90/bbl and 5,000 bbl/d for Q4 2025 at US$13.50/bbl. The Company will continue to assess market conditions to identify additional hedging opportunities.
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Conference Call Details
Greenfire plans to host a conference call on Wednesday, May 7, 2025 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time), during which members of the Company’s executive team will discuss its Q1 2025 results as well as host a question-and-answer session with investors.
Date: Wednesday, May 7, 2025
Time: 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time)
Greenfire is an oil sands producer actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered offices in Calgary, Alberta. The Company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. As part of the Company’s commitment to operational excellence, safe and reliable operations remain a top priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol “GFR”. For more information, visit greenfireres.com or find Greenfire on LinkedIn and X.
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Non-GAAP and Other Financial Measures
Certain financial measures in this press release are non-GAAP financial measures or ratios. These measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other companies. These non-GAAP measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards. This press release also contains supplementary financial measures.
Non-GAAP financial measures and ratios include operating netback, adjusted funds flow, adjusted free cash flow, net debt and per barrel figures associated with such non-GAAP financial measures. Supplementary financial measures and ratios include gross profit, capital expenditures and depletion.
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Non-GAAP Financial Measures
Operating Netback (including per barrel ($/bbl)) Gross profit (loss) is the most directly comparable GAAP measure to operating netback which is a non-GAAP measure. Operating netback is further adjusted for realized gain (loss) on risk management contracts, as appropriate. Operating netback per barrel ($/bbl) is calculated by dividing operating netback by the Company’s total bitumen sales volume in a specified period. When Operating netback is expressed on a per barrel basis it is a non-GAAP ratio. Operating netback is a financial measure widely used in the oil and gas industry as a supplementary measure of a company’s efficiency and ability to generate cash flow for debt repayments, capital expenditures or other uses.
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The following table is a reconciliation of gross profit (loss) to operating netback:
Three months ended
March 31,
March 31,
December 31,
($ thousands, unless otherwise noted)
2025
2024
2024
Gross profit (loss)(1)
34,392
(12,068
)
26,471
Depletion(1)
21,561
17,980
28,767
Gain (loss) on risk management contracts
(5,248
)
47,534
8,921
Operating netback, excluding realized gain (loss) on risk management contracts
50,705
53,446
64,159
Realized gain (loss) on risk management contracts
(1,101
)
(8,797
)
1,024
Operating netback
49,604
44,649
65,183
Operating netback ($/bbl)
31.67
24.69
34.81
(1) Supplementary financial measure.
Adjusted Funds Flow and Adjusted Free Cash Flow
Cash provided by operating activities is the most directly comparable GAAP measure for adjusted funds flow, which is a non-GAAP measure. This measure is not intended to represent cash provided by operating activities calculated in accordance with IFRS Accounting Standards.
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The adjusted funds flow measure allows management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. We compute adjusted funds flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs and transactions considered non-recurring in nature or outside of normal business operations.
Cash provided by operating activities is the most directly comparable GAAP measure for adjusted free cash flow, which is a non-GAAP measure. Management uses adjusted free cash flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment that are available to manage debt levels and return capital to shareholders. By removing the impact of current period property, plant and equipment expenditures from adjusted free cash flow, management monitors its adjusted free cash flow to inform its capital allocation decisions. We compute adjusted free cash flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs, transactions considered non-recurring in nature or outside of normal business operations, property, plant and equipment expenditures and acquisition costs.
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The following table is a reconciliation of cash provided by operating activities to adjusted funds flow and adjusted free cashflow:
Three months ended
March 31,
March 31,
December 31,
($ thousands, unless otherwise noted)
2025
2024
2024
Cash provided by operating activities
34,673
17,064
60,195
Non-recurring transactions(1)
1,853
–
6,661
Changes in non-cash working capital
(5,082
)
10,525
(13,906
)
Adjusted funds flow
31,444
27,589
52,950
Property, plant and equipment expenditures
(26,299
)
(31,920
)
(12,485
)
Acquisitions
–
(2,529
)
(676
)
Adjusted free cash flow
5,145
(6,860
)
39,789
(1) Non-recurring transactions relate to a terminated shareholder rights plan and the evaluation of strategic alternatives.
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Net Debt
The table below reconciles long-term debt to net debt.
March 31,
March 31,
December 31,
($ thousands)
2025
2024
2024
Long-term debt
(317,432
)
(313,373
)
(80,441
)
Current assets
153,150
158,304
144,238
Current liabilities
(93,036
)
(207,798
)
(335,859
)
Current portion of risk management contracts
(6,101
)
39,154
248
Current portion of warrant liability
10,308
25,009
18,304
Net debt
(253,111
)
(298,704
)
(253,510
)
Net debt is a non-GAAP measure. Long-term debt is a GAAP measure that is the most directly comparable financial statement measure to net debt. Net debt is comprised of long-term debt, adjusted for current assets and current liabilities on the Company’s balance sheet, and excludes the current portions of risk management contracts and warranty liability. Management uses net debt to monitor the Company’s current financial position and to evaluate existing sources of liquidity. Net debt is used to estimate future liquidity and whether additional sources of capital are required to fund planned operations.
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Supplementary Financial Measures
Depletion
The term “depletion” or “depletion expense” is the portion of depletion and depreciation expense reflecting the cost of development and extraction of the Company’s bitumen reserves.
Gross Profit (Loss)
Gross profit (loss) is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses gross profit (loss) to assess its core operating performance before considering other expenses such as general and administrative costs, financing costs, and income taxes. Gross profit (loss) is calculated as oil sales, net of royalties, plus gains on risk management contracts, less losses on risk management contracts, diluent expense, operating expense, depletion expense on the Company’s operating assets, transportation expenses and marketing expenses.
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Management believes that gross profit (loss) provides investors, analysts, and other stakeholders with useful insight into the Company’s ability to generate profitability from its core operations before non-operating expenses.
Three months ended
March 31,
March 31,
December 31,
($ thousands, unless otherwise noted)
2025
2024
2024
Oil sales, net of royalties
176,813
194,675
201,804
Gain (loss) on risk management contracts
5,248
(47,534
)
(8,921
)
182,061
147,141
192,883
Diluent expense
(73,994
)
(91,682
)
(83,030
)
Transportation and marketing
(14,185
)
(13,199
)
(13,751
)
Operating expenses
(37,929
)
(36,348
)
(40,864
)
Depletion
(21,561
)
(17,980
)
(28,767
)
Gross profit (loss)
34,392
(12,068
)
26,471
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Capital Expenditures
Capital expenditures is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses capital expenditures to monitor the cash flows it invests into property, plant and equipment. Capital expenditures is derived from the statement of cash flows and includes property, plant and equipment expenditures and acquisitions.
Management believes that capital expenditures provides investors, analysts and other stakeholders with a useful insight into the Company’s investments into property, plant and equipment.
Three months ended
March 31,
March 31,
December 31,
($ thousands, unless otherwise noted)
2025
2024
2024
Property, plant and equipment expenditures
26,299
31,920
12,485
Acquisitions
–
2,529
676
Capital expenditures
26,299
34,449
13,161
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Forward-Looking Information
This press release contains forward-looking information and forward-looking statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. The forward-looking information in this press release is based on Greenfire’s current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon.
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The use of any of the words “expect”, “target”, “anticipate”, “intend”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “believe”, “depends”, “could” and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: the Company’s business strategy and future plans, including development and maintenance plans for the Expansion Asset and the Demo Asset and development and construction plans around the CPF and the anticipated timing thereof; the production impact from one of four steam generation units being offline and the expectation that it can be restored and operational by year-end 2025; successful execution of the company’s strategy and operational goals; expected production and capital expenditures in 2025 and mitigation strategies to address production declines at the Expansion Asset; the potential impact of regulatory actions by the AER on the Company’s business, operations, production, reserves estimates and financial condition and plans to restore compliance with sulphur dioxide emissions requirements, including through the purchase of sulphur removal facilities at the Expansion Asset; anticipated changes to the Board of Directors and Audit Committee after the Meeting; and statements relating to the business and future activities of the Company after the date of this press release.
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Forward-looking information in this press release relating to oil and gas exploration, development and production, and management’s general expectations relating to the oil and gas industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in press release.
All forward-looking information reflects Greenfire’s beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company’s current expectations with respect to such matters as: the success of Greenfire’s operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserves volumes; expectations regarding Greenfire’s capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; expectations regarding differentials and realized prices; future well production rates and reserves volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Greenfire’s assets; decommissioning obligations; Greenfire’s ability to comply with its financial covenants; Greenfire’s ability to comply with applicable regulations, including those related to various emissions; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, Greenfire cannot assure readers that these expectations will prove to be correct.
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The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking information, including, without limitation: changes in oil and gas prices and differentials; changes in the demand for or supply of Greenfire’s products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing war in Eastern Europe and the conflict in the Middle East, and other heightened geopolitical risks, including imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by OPEC and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change regulations, royalty rates or other regulatory matters; changes in Greenfire’s operating and development plans; reliability of Company owned and third party facilities, infrastructure and pipelines required for Greenfire’s operations and production; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, access to services, third party processing capacity and skilled personnel; inability to retain drilling rigs and other services; severe weather conditions, including wildfires, impacting Greenfire’s operations and third party infrastructure; availability of diluent, natural gas and power to operate Greenfire’s facilities; failure to realize the anticipated benefits of the Company’s acquisitions; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Greenfire’s bitumen reserves volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; failure to comply with applicable regulations, including relating to the Company’s air emissions, and potentially significant penalties and orders associated therewith and associated significant effect on the Company’s business, operations, production, reserves estimates and financial condition; a lack of adequate insurance coverage; and other factors discussed under the “Risk Factors” section in Greenfire’s Management’s Discussion & Analysis for the interim period ended March 31, 2025 and Annual Information Form dated March 17, 2025, and from time to time in Greenfire’s public disclosure documents, which are available on the Company’s SEDAR+ profile at www.sedarplus.ca, and in the Company’s annual report on Form 40-F filed with the SEC, which is available on the Company’s EDGAR profile at www.sec.gov.
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The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Greenfire does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.
The content in this section is supplied by Newsfile for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
Calgary, Alberta–(Newsfile Corp. – May 6, 2025) – Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) (“Greenfire” or the “Company”) is pleased to announce the voting results from its annual meeting of shareholders held May 6, 2025 in Calgary, Alberta (the “Meeting”).
Voting Results from the Meeting
Each of the matters voted upon at the Meeting is discussed in detail in the Company’s Management Information Circular dated April 3, 2025 (the “Information Circular”), which is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.greenfireres.com/investors/#meetings.com.
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A total of 56,586,107 Common Shares representing approximately 80.93 percent of the Company’s issued and outstanding Common Shares were voted in person and by proxy at the Meeting. All matters presented at the Meeting were approved including the election of all seven nominees listed in the Information Circular. The complete voting results for each matter presented at the Meeting are provided below.
Election of Directors
The following seven nominees were elected as directors of Greenfire to serve until the next annual meeting of the shareholders of the Company, or until their successors are elected or appointed:
Nominee
Votes For
Votes Withheld
Adam Waterous
91.67%
8.33%
50,222,050
4,562,402
Tom Ebbern
93.67%
6.33%
51,315,735
3,468,717
Henry Hager
92.55%
7.45%
50,701,472
4,082,980
Brian Heald
93.67%
6.33%
51,315,735
3,468,717
Andrew Kim
91.86%
8.14%
50,325,093
4,459,359
David Knight Legg
93.67%
6.33%
51,315,735
3,468,717
David Roosth
91.86%
8.14%
50,325,093
4,459,359
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Following the Meeting, Mr. Heald has been appointed as Chair of the Audit Committee, and Mr. Knight-Legg has joined the Audit Committee.
Appointment of Auditors
Deloitte LLP, Chartered Professional Accountants, were appointed to serve as the auditors of the Company until the close of the next annual meeting of the shareholders of the Company, at remuneration to be fixed by the directors of the Company.
About Greenfire
Greenfire is an oil sands producer actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered offices in Calgary, Alberta. The Company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol “GFR”. For more information, visit greenfireres.com.
PROSPECTS for more high-grade gold continue to unfold at Tuvatu Gold Mine, owned and operated by Canadian miner Lion One Metals Ltd.
The Toronto Stock Exchange-listed gold miner released its latest drilling results last week, confirming more positive results and adding to a series of high mineralization gold discovery.
“Drill results include multiple bonanza grade gold intercepts over narrow widths, such as 236.00 g/t over 0.4 m, 101.58 g/t over 0.5 m, 102.35 g/t over 0.3 m, 94.23 g/t over 0.3 m, and 89.63 g/t over 0.4 m,” it stated.
“Due to the proximity of drill results to existing workings there is a strong probability that these intercepts can be incorporated into the mine plan in the next six to twelve months.”
The drill results were from Zone 5, an area that is currently being mined.
“Tuvatu is a high-grade narrow vein alkaline gold deposit and bonanza grade drill results are not uncommon on the project,” the company stated.
“In January the company released the highest grade assay ever returned from Zone 5 drilling; 2,749.86 g/t over 0.3 m
“Previous high-grade drill results from Zone 5 include 1,517.79 g/t gold over 0.3 m, 1,568.55 g/t over 0.3 metres, and 1,986.23 g/t gold over 0.6 m.”
In March, Lion One reported drill results of 142.66 g/t over 2.2 m, 489.52 g/t over 0.4 m, 168.95 g/t over 0.5 m, 189.15 g/t over 0.3 m, and 179.95 g/t over 0.3 m from its Ura Lode System, also currently mined.
These results point to Tuvatu’s prospects, which mining experts believe has the potential to become a bigger mine than nearby Vatukoula Gold Mine.
In response to questions sent by this newspaper, the Mineral Resources Department (MRD) said the drill results indicated the presence of high-grade gold mineralization.
“This is exceptionally high grade, as anything above 5g/t is generally considered high grade in underground mining,” MRD stated.
“This is encouraging for the mine’s economics, as high grade ore is more valuable and cost effective to extract.
“[However], it is vital to note that in any circumstance, high-grade drill results, although promising, do not always guarantee that a deposit will be economically mineable.
“A cautious approach is necessary, as a single drill result does not define an entire deposit. Several factors must be considered before determining the true potential of a deposit,” MRD stated.
DALLAS AND CALGARY, ALBERTA — Sunoco LP (NYSE: SUN), a Dallas-based fuel distributor and operator, has entered into a definitive agreement to acquire Parkland Corp. (TSX: PKI), a Calgary-based owner and operator of gas stations, convenience stores and electric vehicle charging stations in North America and the Caribbean. Parkland’s retail store count totals nearly 4,000 locations operating under the Esso, Ultramar, Chevron, On the Run, Pioneer and Fas Gas Plus fuel brands.
Sunoco plans to acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, including assumed debt and the acquisition of Parkland’s Burnaby refinery in British Columbia, which produces 55,000 barrels of low-carbon fuels daily.
“This strategic combination is a compelling outcome for Parkland shareholders,” says Michael Jennings, executive chairman of Parkland. “This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.”
The acquisition was unanimously approved by the boards of directors for both companies. The deal is expected to close in the second half of 2025 upon the satisfaction of closing conditions, including approval by Parkland’s shareholders and customary regulatory and stock exchange listing approvals. Parkland’s board of directors has appointed a special committee of independent directors to oversee and lead the comprehensive review of the Sunoco acquisition.
Reuters reports that Parkland’s largest shareholder, Cayman Islands-based Simpson Oil Ltd., immediately criticized the deal.
Sunoco has secured a nearly $2.7 billion, 364-day bridge loan for the proposed cash consideration. As part of the transaction, Sunoco intends to form a new publicly traded Delaware limited liability company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units.
Under the terms of the agreement, Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share, implying a 25 percent premium based on share prices on Friday, May 2. Parkland shareholders can elect, in the alternative, to receive C$44.00 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share.
Sunoco plans to maintain a Canadian headquarters in Calgary and invest heavily in creating and preserving Canadian jobs, as well as expanding Parkland’s transportation energy infrastructure in Canada.
Barclays and RBC Capital Markets served as the exclusive financial advisors to Sunoco. Barclays and RBC Capital Markets provided committed financing. Stikeman Elliott LLP, Weil, Gotshal & Manges LLP, and Vinson & Elkins LLP acted as Sunoco’s legal advisors.
Goldman Sachs Canada Inc. and BofA Securities served as financial advisors to Parkland. BMO Capital Markets acted as financial advisor to Parkland’s Special Committee. Norton Rose Fulbright Canada LLP acted as Parkland’s legal advisor. Torys LLP acted as legal advisor to Parkland’s Special Committee.
Sunoco is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 states, Puerto Rico, Europe and Mexico. The company’s midstream operations include a network of approximately 14,000 miles of pipeline and over 100 terminals. Sunoco’s fuel distributor operations division includes approximately 7,400 Sunoco- and partner-branded locations.
Sunoco’s stock price closed on Monday, May 5 at $54.57 per share, down slightly from $55.24 a year ago.
Parkland’s stock price closed on Monday at C$38.38 per share, down from C$40.61 this time last year.
(MENAFN– Newsfile Corp)
Vancouver, British Columbia–(Newsfile Corp. – May 6, 2025) – Metavista3D Inc. (TSXV: DDD) (FSE: E3T) (“Metavista3D” or the “Company”) , announces that, further to its press release of December 6, 2024, the Company has entered into a memorandum of understanding (the ” MOU “) with VIN International FZCO (” VIN “) to co-develop an automotive safety prototype and demonstration unit featuring 3D spatial camera systems. VIN is a member of the VIN Group, with subsidiaries in Dubai, the Kingdom of Saudi Arabia, and Bahrain. VIN is a leading provider of advanced safety and security technologies for luxury and heavy-duty vehicles. Its product portfolio includes road safety devices such as construction site safety solutions, fatigue monitoring systems, vehicle cameras, and collision avoidance systems.
As the automotive industry continues to evolve, this collaboration focuses on integrating 3D spatial camera systems to support advancements in vehicle safety and operational efficiency, which currently rely on 2D technology. The collaboration is expected to expand VIN Technology Systems’ product portfolio with tools designed to detect and address safety risks in real-time. The MOU reflects a mutual interest in exploring potential long-term partnership opportunities which brings together the technical capabilities of both companies to address evolving safety requirements in the Middle East market.
“Our collaboration with VIN Technology Systems reflects a shared focus on bringing technological solutions to the automotive, truck, and heavy vehicle sectors,” said Jeff Carlson, CEO of Metavista3D. “By combining our expertise in glasses-free 3D visualization with VIN Technology Systems’ extensive experience in vehicle safety, we aim to develop practical solutions that improve spatial awareness and enhance overall safety on the road.”
About VIN Technology Systems
VIN Technology Systems is a leader in providing breakthrough safety and security devices designed for luxury and heavy-duty vehicles. For more information, visit .
About Metavista3D
Metavista3D Inc., through its wholly owned subsidiary, psHolix AG, is engaged in the development of AI-driven, pseudo-holographic display technologies targeting applications in spatial content and immersive visualization. The Company holds a portfolio of over 20 patents and is positioning its technology to address emerging market opportunities in glasses-free 3D interfaces. For more information, visit .
Metavista3D’s shares are publicly traded and listed in Canada on the TSX-Venture Exchange under the ticker symbol DDD, and on the German Stock Exchange in Frankfurt and others under the ticker symbol E3T.
Metavista3D’s ISIN number is CA59142H1073 and German WKN number is A3EG0D.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeff Carlson CEO and Director E: … T: (647) 697-9199 or (702) 518-3220
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Information:
This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
To view the source version of this press release, please visit
Calgary, Alberta–(Newsfile Corp. – May 5, 2025) – Olympia Financial Group Inc. (TSX: OLY) announces that its Board of Directors has declared a monthly cash dividend on its common shares of $0.60 per common share. The dividend will be payable on May 30, 2025, to shareholders on record as at May 21, 2025. The ex-dividend date is also May 21, 2025.
Olympia Financial Group Inc. designates the entire amount of this taxable dividend to be an “eligible dividend” for purposes of the Income Tax Act (Canada), as amended from time to time. Please contact your tax advisor if you have any questions with regards to the designation of the eligible dividend.
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About Olympia Financial Group Inc.
Olympia Financial Group Inc. (“OFGI”) conducts most of its operations through its subsidiary Olympia Trust Company, a non-deposit taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick, and Nova Scotia. Olympia Trust Company administers self-directed registered plan accounts, corporate trust, and transfer agency services. OFGI also provides currency exchange and global payment services through its subsidiary Olympia Currency and Global Payments Inc., and offers private health services plans and information technology services to exempt market dealers, registrants, and issuers through its subsidiary Olympia Benefits Inc.
OFGI’s common shares are listed on the Toronto Stock Exchange under the symbol “OLY”.
Calgary, Alberta–(Newsfile Corp. – May 5, 2025) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) reports that all matters presented for approval at the annual meeting of shareholders held today were approved. A total of 335,327,771 common shares being 43.53% of Baytex’s issued and outstanding shares were represented at the meeting.
At the meeting, all of the nominees proposed as directors were duly elected. Results of the vote are set out below:
Votes For
Name of Nominee
#
%
Mark R. Bly
290,419,227
96.21
Tiffany Thom Cepak
293,203,146
97.13
Trudy M. Curran
292,848,385
97.01
Eric T. Greager
293,048,282
97.08
Don G. Hrap
292,549,106
96.92
Angela S. Lekatsas
293,075,172
97.09
Jennifer A. Maki
293,497,599
97.23
David L. Pearce
293,925,185
97.37
Steve D.L. Reynish
293,023,384
97.08
Jeffrey E. Wojahn
292,980,093
97.06
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KPMG LLP was appointed as Baytex’s auditor until the next annual meeting of its shareholders, and the directors were authorized to fix their remuneration. The result of the vote is as follows:
Votes For
#
%
317,436,186
94.67
A special resolution to approve the unallocated awards under Baytex’s share award incentive plan was approved. The result of the vote is as follows:
Votes For
#
%
285,581,155
94.61
A non-binding advisory resolution with respect to Baytex’s approach to executive compensation was approved. The result of the vote is as follows:
Votes For
#
%
285,022,944
94.42
Baytex Energy Corp. is an energy company with headquarters based in Calgary, Alberta and offices in Houston, Texas. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Baytex’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol BTE.
For further information about Baytex, please visit our website at www.baytexenergy.com or contact:
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