NEW YORK (Reuters) -Thomson Reuters on Thursday confirmed 2025 financial guidance amid tariff-induced global economic turmoil that has led some companies to revise or scrap forecasts altogether.
The Toronto-based content and technology company reported quarterly revenue rising 1% to $1.9 billion, slightly below analyst expectations of $1.93 billion, according to LSEG data.
Organic revenue, which strips out the impact of currency moves, acquisitions and asset sales, rose 6%.
Chief Executive Officer Steve Hasker said businesses and government agencies were broadly more cautious about investment decisions amid the turmoil, but most of Thomson Reuters revenue was recurring in nature, often locked into multi-year contracts.
“Everyone is bracing themselves,” Hasker said in a post-results interview of the unstable economic backdrop caused in part by U.S. President Donald Trump’s tariff policies.
“But as we’ve seen with Microsoft, we haven’t seen any impact yet … We’ve made a good start to the year, meeting or exceeding our expectations,” he added, referring to Wednesday’s results from the U.S. tech giant.
Thomson Reuters is also expected to uphold its 2026 organic revenue growth target of 7.5% to 8%, Chief Financial Officer Mike Eastwood said. “Steve and I remain confident in delivering all aspects of our 2026 framework.”
At 1410 GMT, Thomson Reuters shares were up 0.8% at C$258.66 on the Toronto Stock Exchange.
The company, which owns the Westlaw legal database, Reuters news agency and the Checkpoint tax and accounting service, reported first-quarter adjusted earnings per share of $1.12. Wall Street expected a profit of $1.05 per share.
Shares of Thomson Reuters, which have risen 15% since the beginning of the year, have outpaced the S&P 500 index, which has fallen 5% over the same period.
Organic revenue for the company’s “Big 3” business segments, comprising its legal, corporates and tax and accounting businesses, rose 9% in the quarter.
Revenue at constant currencies in the legal professionals business fell 3% due to the impact of the sale of legal marketing business FindLaw. Revenue in the tax and accounting division rose 12%, boosted by the purchase of SafeSend.
Reuters News revenue fell 7% after benefiting from non-recurring generative AI licensing revenue a year ago.
Second-quarter company-wide organic revenue is expected to pick up from the first quarter and rise 7%. The company reaffirmed its forecast for full-year organic revenue to increase by 7% to 7.5%.
Thomson Reuters purchased tax automation company cPaperless, LLC, owner of SafeSend, for $600 million in cash in the first quarter.
The company has said it has $10 billion to spend on potential acquisitions through 2027.
(Reporting by Kenneth Li in New YorkEditing by Mark Potter)
(MENAFN– Newsfile Corp)
CALGARY, ALBERTA–(Newsfile Corp. – May 1, 2025) – Tenaz Energy Corp. (“Tenaz”, “Our”, or “We”) (TSX: TNZ) is pleased to announce that it has completed the acquisition of 100% of the shares of NAM Offshore B.V. (“NOBV”) from Nederlandse Aardolie Maatschappij B.V. (“NAM”), a joint venture between Shell PLC and ExxonMobil Corporation, and assumed operatorship of NOBV (the “Acquisition”). Concurrent with closing of the Acquisition, NOBV has been renamed Tenaz Energy Netherlands B.V. (“TEN”).
Cash at Close
As a result of free cash flow and other purchase price adjustments from the effective date of January 1, 2024 until May 1, 2025, Tenaz received approximately €15 million cash at closing. Based on preliminary estimates, net working capital of our TEN subsidiary at close is approximately neutral, excluding any future contingent earn-out obligations.
Updated 2025 Corporate Guidance
Production from the acquired assets is in line with our forecast at the time we announced the Acquisition.
The acquired assets produced approximately 11,000 boe/d(1) (99% natural gas) for the first four months of 2025.
Production for full-year 2025 (including both the four-month pre-closing and eight-month post-closing periods) is forecasted to be approximately 10,000 boe/d.
We will conduct the bulk of our annual maintenance and turnaround activity during May and June, reducing Q2 production to below year-to-date and annual average rates. As a result of this scheduled downtime, production for the eight-month period from the closing date to the end of 2025 is estimated to be approximately 9,500 boe/d.
Production for the eight-month period following closing will be included in our 2025 results. On a twelve-month annual average basis, we expect the TEN contribution to be between 6,100 and 6,400 boe/d.
We plan to invest $55 to $61 million in the acquired assets for the remainder of 2025, with production benefits beginning primarily in 2026. Approximately 75% of the capital expenditures(2) for the acquired assets will fund drilling and workover activities, with the remainder for facilities projects and maintenance capital . Our revised capital program is expected to be self-funded within both our Netherlands and Canada business units.
Updated 2025 capital expenditure and production guidance is as follows:
Previous 2025 Guidance
Revised 2025 Guidance
2025 average production volumes (boe/d)(1)
2,900 to 3,100
9,000 to 9,500
Capital expenditures(2) ($MM)
$31.7 to $35.7
$86.7 to $96.7
Drilling and development ($MM)
$30.0 to $34.0
$85.0 to $95.0
Exploration and evaluation ($MM)
$1.7
$1.7
(1)
The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. Refer to “Barrels of Oil Equivalent” section included in the “Advisories” section of this press release.
(2)
This is a non-GAAP and other financial measure. Refer to “Non-GAAP and Other Financial Measures” included in the “Advisories” section of this press release.
About Tenaz Energy Corp.
Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the second largest operator of natural gas assets in the Dutch sector of the North Sea and also operates a crude oil and natural gas development project at Leduc-Woodbend in Alberta. Additional information regarding Tenaz is available on SEDAR+ and at . Tenaz’s Common Shares are listed for trading on the Toronto Stock Exchange under the symbol “TNZ”.
ADVISORIES
Non‐GAAP and Other Financial Measures
This press release contains references to measures used in the oil and natural gas industry such as “capital expenditures”. The data presented in this press release is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and sometimes referred to in this press release as Generally Accepted Accounting Principles (“GAAP”). These reported non-GAAP measures and their underlying calculations are not necessarily comparable or calculated in an identical manner to a similarly titled measure of other companies where similar terminology is used. Where these measures are used, they should be given careful consideration by the reader.
Capital Expenditures
Tenaz considers capital expenditures to be a useful measure of the company’s investment in its existing asset base calculated as the sum of exploration and evaluation asset expenditures and property, plant and equipment expenditures from the consolidated statements of cash flows that is most directly comparable to cash flows used in investing activities.
Barrels of Oil Equivalent
The term barrels of oil equivalent (“boe”) may be misleading, particularly if used in isolation. Per boe amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel (1 bbl) of crude oil. The boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Forward‐looking Information and Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “budget”, “forecast”, “guidance”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “believe”, “plans”, “potential”, “intends”, “strategy” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to: Tenaz’s capital plans; activities and budget for 2025, and our anticipated operational and financial performance; anticipated timing of drilling activities; expected well performance; forecasted average production volumes and capital expenditures for 2025; and the company’s strategy.
The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of the company including, without limitation: the continued performance of the company’s oil and gas properties in a manner consistent with its past experiences; that the company will continue to conduct its operations in a manner consistent with past operations; expectations regarding future development; the general continuance of current industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; expectations regarding future acquisition opportunities; the accuracy of the estimates of the company’s reserves volumes; certain commodity price, interest rate, inflation and other cost assumptions; the continued availability of oilfield services; and the continued availability of adequate debt and equity financing and cash flow from operations to fund its planned expenditures and obligations and commitments. The company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.
The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of the company’s products; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of the company or by third party operators of the company’s properties, increased debt levels or debt service requirements; inaccurate estimation of the company’s oil and gas reserve or resource volumes; limited, unfavorable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time to time in the company’s public documents.
The forward-looking information and statements contained in this press release speak only as of the date of this press release, and the company does not assume any obligation to publicly update or revise them to reflect new events or circumstances or otherwise, except as may be required pursuant to applicable laws.
For further information, contact:
Tenaz Energy Corp.
…
Anthony Marino President and Chief Executive Officer Direct: 587 330 1983 Bradley Bennett Chief Financial Officer Direct: 587 330 1714
/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/
To view the source version of this press release, please visit
(MENAFN– Newsfile Corp)
Calgary, Alberta–(Newsfile Corp. – April 30, 2025) – OBSIDIAN ENERGY LTD. (TSX: OBE) (NYSE American: OBE) (” Obsidian Energy “, the ” Company “, ” we “, ” us ” or ” our “) expects to release our first quarter 2025 financial and operational results (the ” Release “) before North American markets open on Wednesday, May 7, 2025. In addition, the first quarter management’s discussion and analysis and the unaudited consolidated financial statements will be available on our website at , and under our SEDAR+ profile at and EDGAR profile at on or about the same date.
ANNUAL AND SPECIAL MEETING
The Company’s Annual and Special Meeting (the ” Meeting “) is scheduled for Wednesday, May 7, 2025, at 1:00 p.m. MT (3:00 p.m. ET) at the offices of Obsidian Energy, Suite 200, 207 – 9 Avenue SW, Calgary, Alberta. Access to the Meeting will, subject to Company’s by-laws, be limited to essential personnel, registered shareholders and proxyholders entitled to attend and vote at the Meeting as well as invited guests. Additional information about the Meeting can be found on our website .
In association with the Meeting, our President and CEO, Stephen Loukas and other members of management will host a webcast presentation after the formal portion of the meeting at 2:00 p.m. MT (4:00 pm ET) (the ” Presentation “).
The Presentation will be broadcast live on the Internet and may be accessed either through our website or directly at the webcast portal . Those who wish to listen to the Presentation should connect at least five to 10 minutes prior to the scheduled start time through the following numbers: Canada/U.S.: 1-844-763-8274 (toll-free) International: 1-647-484-8814
A question-and-answer session will be held following the Presentation. If you wish to submit a question to the Company, participants can do so ahead of time after registering on the webcast portal on the Intranet or by emailing questions to … . An updated corporate presentation and the Presentation will be available following the webcast on our website .
ADDITIONAL READER ADVISORIES
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements or information (collectively ” forward-looking statements “) within the meaning of the safe harbour provisions of applicable securities legislation. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning: the expected date for the Release, Presentation and corporate presentation.
The forward-looking statements and information are based on certain key expectations and assumptions made by Obsidian Energy. Although Obsidian Energy believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Obsidian Energy can give no assurance that they will prove to be correct. By its nature, such forward-looking statements and information are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations in commodity prices, changes in industry regulations and political landscape both domestically and abroad, and financial market volatility. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such forward-looking statements and information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on such forward-looking statements and information. Obsidian Energy gives no assurance that any of the events anticipated will transpire or occur, or, if any of them do, what benefits Obsidian Energy will derive from them. The forward-looking statements and information contained in this news release are expressly qualified by this cautionary statement. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein. Readers should also carefully consider the matters discussed that could affect Obsidian Energy, or its operations or financial results in Obsidian Energy’s Annual Information Form (see “Risk Factors” and “Forward-Looking Statements” therein) for the year ended December 31, 2024, which is available on the SEDAR+ website ( ), EDGAR website ( ) or Obsidian Energy’s website .
Obsidian Energy shares are listed on both the Toronto Stock Exchange in Canada and the NYSE American exchange in the United States under the symbol “OBE”.
CONTACT
OBSIDIAN ENERGY Suite 200, 207 – 9th Avenue SW, Calgary, Alberta T2P 1K3 Phone: 403-777-2500 Toll Free: 1-866-693-2707 Website: ;
Jayna Hefford, PWHL’s senior vice president of hockey operations speaks ahead of the PWHL Toronto team opening the Toronto Stock Exchange in Toronto, Friday, Jan. 12, 2024.Photo by Cole Burston /The Canadian Press
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Seattle joins Vancouver as the Professional Women’s Hockey League’s expansion teams next season.
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The PWHL confirmed Wednesday the addition of another West Coast team a week after announcing Vancouver would be the league’s first expansion team in Canada.
“It certainly wasn’t a package deal,” said PWHL executive vice-president of hockey operations Jayna Hefford.
“These two markets stood on their own two feet in terms of market size, media reach, infrastructure, facilities.
“The markets had to rise to the top on their own, but the ability to package them together once they checked those boxes is a great asset.”
Seattle’s team will play out of the 17,151-seat Climate Pledge Arena, which is also the home of the NHL’s Kraken, and practise at the Kraken Community Iceplex.
The addition of Seattle and Vancouver makes for an eight-team league in 2025-26.
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The original six clubs are in Toronto, Montreal, Ottawa, Boston, New York and St. Paul, Minn.
The PWHL wraps its second regular season Saturday before the playoffs.
The league is owned by Los Angeles Dodgers controlling owner Mark Walter and his wife Kimbra.
Seattle’s bid was led by Oak View Group, the developers and operators of Climate Pledge, alongside the Kraken.
“Much like we have the PNE team in Vancouver, the Kraken are going to be day-to-day partners with us here in this market, and I think that’s an exciting thing,” Hefford said.
Seattle is already home to women’s pro sports with the WNBA’s Storm, which also plays out of Climate Pledge, and the NWSL’s Reign.
The PWHL hosted a neutral-site game at Climate Pledge on Jan. 5 between the Montreal Victoire and Boston Fleet as part of its nine-game Takeover Tour. Attendance was 12,608.
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Canada and the United States played a women’s Rivalry Series game there in front of 14,551 on Nov. 20, 2022.
The league cited proximity to Vancouver, elite facilities, the youth hockey community, a strong women’s sports fan base, the Kraken’s partnership, the economic and corporate landscape and the Takeover Tour’s success in drawing the league to Seattle.
“On behalf of the Seattle Kraken and Climate Pledge Arena, I am proud to welcome the Professional Women’s Hockey League to Seattle,” Kraken co-owner Samantha Holloway said in a statement.
“Seattle is an incredible sports city, and we’ve seen firsthand the passion for the women’s game at both the U.S. v Canada Rivalry game and the PWHL Takeover Tour.
“We’re also proud to grow the game of hockey at Kraken Community Iceplex and together we’ll continue to inspire the next generation of hockey players and fans alike.”
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The addition of Seattle seemed imminent after Vancouver, although the PWHL’s launch into the West Coast, with the original six teams clustered in the central to eastern corridor of North America, was a bold move for a new league.
The PWHL’s travel costs will increase significantly in its third season.
“We don’t ever share financials, but I think the message here is that we have an ownership group that is really supportive, that is really excited about the growth,” Hefford said. “This is Phase 1 of a longer-term growth strategy for this league.
“Having different time zones for our games is really important as we start to think about media rights and that sort of thing.”
The collective bargaining agreement between the league and its players states that travel longer than six hours or 400 miles (643 kilometres) will be on commercial airlines in economy or coach class.
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“Teams shall make reasonable efforts to fly without connecting flights, if available, and shall make reasonable efforts to ensure that all player seats on such flights are aisle or window seats, if available,” says the CBA.
What will be PWHL Seattle until a name and logo emerge will have a colour scheme of emerald green and cream.
The PWHL says details on an expansion draft and integration of Vancouver and Seattle into the 2025 draft in Ottawa on June 24 will be released in the coming weeks.
The general managers about to be hired will nevertheless have a short runway for the drafts and for next season.
“We’re in the midst of that search right now,” Hefford said. “There certainly is an urgency, but not at the expense of the diligence that needs to go into this.”
The league stated in early April that attendance this season averaged 7,354 through 79 games for a total of 580,962.
In its shorter inaugural season of 72 games, the league averaged 5,500 fans.
The Victoire, Toronto Sceptres and New York Sirens moved to home arenas with larger capacities in their second seasons.
The African Banker magazine has announced the shortlist of nominees for this year’s edition of its annual African Banker Awards.
The winners for the year will be made known during the official gala ceremony scheduled for May 28, 2025 in Abidjan, Cote d’Ivoire.
This will be as a part of the official programme of the Annual Meetings of the African Development Bank.
The 2025 edition of the African Banker Awards is organised by African Banker magazine and IC Events under the patronage of the African Development Bank.
The ceremony’s platinum sponsor remains the African Guarantee Fund, a fund created to share risks with commercial banks to encourage them to lend to the SME sector while ATIDI, which provides facilities to ensure against country risks and other associated insurance services, comes in as exclusive cocktail sponsor.
The African Banker Awards has, since its inception in 2007, sought to recognise and celebrate the exceptional individuals and organisations driving Africa’s rapidly transforming financial services sector.
The shortlist of nominees for the African Banker Awards 2025 was selected from over 200 entries submitted in nine categories by banks spread across the African continent.
This year, two female bank executives have emerged as nominees for the prestigious “Banker of the Year” award, underlining the leading role women continue to play in shaping Africa’s banking and finance landscape.
Speaking on the awards, Omar Ben Yedder, Chair of the Awards committee, commented on the increasing focus on SME, sustainable banking practices and the role of fintechs in the ecosystem.
Yedder said: “Banks have performed strongly last year despite headwinds and currency devaluations in major countries.
“We also received entries in the deals category that shows that there are numerous transformative transactions taking place.
“And yet, the message remains.
“Interestingly, SMEs proved to be a profitable asset class and one that banks are paying greater attention to.
“The advent of AI and other technological advancements are at the centre of bank strategies too.
“The continent needs even bigger banks to support our growth agenda.”
The nominees for the African Banker Awards 2025 are as follows:
Bank of the Year
Commercial International Bank Egypt (CIB)
Ecobank
First Bank of Nigeria Limited
Kenya Commercial Bank (KCB Group Plc.)
Mauritius Commercial Bank (MCB Ltd.)
Trade and Development Bank Group (TDB Group)
Coris Bank International
Banker of the Year
Abdulmajid Mussa Nsekela – CRDB Bank Plc
Jeremy Awori – Ecobank
Karim Awad – EFG Holding
Léon Konan Koffi – AFG Holding
Mukwandi Chibesakunda – Zanaco Inc
Patricia Ojangole – Uganda Development Bank
Sidi Ould Tah – The Arab Bank for Economic Development in Africa (BADEA)
Sustainable Bank of the Year
Commercial International Bank Egypt (CIB)
CRDB Bank Plc.
Kenya Commercial Bank (KCB Group Plc)
Nedbank
Trade and Development Bank Group (TDB Group)
Fintech of the Year
Fourth Generation Capital Ltd
Inclusivity Solutions
Network International
Oze
ProfitShare Partners
Valu – EFG Holding
DFI of the year
African Export-Import Bank (Afreximbank)
African Trade Insurance Agency
Bank of Industry
Banque Ouest Africaine de Développement (BOAD)
ECOWAS Bank for Investment and Development (EBID)
Shelter Afrique Development Bank (ShafDB)
Trade and Development Bank Group (TDB Group)
SME Bank of the Year
Co-operative Bank of Kenya Ltd.
CRDB Bank Plc.
Ecobank
Standard Bank
Uganda Development Bank
Deal of the Year – Infrastructure
US$83.35 MM Al Zahy Group For General Contracting (Ahmed El Zzahy & Co.) – National Bank of Egypt
US$646.64 MM (ZAR 12 Billion) Envusa Energy – Absa Bank Ltd. / Rand Merchant Bank
US$18 MM Letshego Holdings Namibia Limited Social Bond – FirstRand
Republic of Benin €507.5 facility – African Trade Insurance Agency
Sahara Group’s US$500 MM Debt Sub-Participation Financing – Africa Finance Corporation
US$ 590 MM – The Egyptian Chemical Industries Company (KIMA) – National Bank of Egypt
Deal of the Year – Equity
Aradel Holdings’ US$2 Billion Listing by Introduction on Nigerian Exchange Limited – Standard Bank
Boxer’s US$470 MM Initial Public Offering (IPO) – Standard Bank
FQM’s US$1.15 Billion Bought Deal on the Toronto Stock Exchange- Absa Bank Ltd.
Nigerian Breweries’ US$352 MM Rights Issue – Standard Bank
Renaissance Acquisition of Shell- US$2.4 Billion – PwC Nigeria
The African Banker Awards are prestigious awards that celebrate excellence and best practices in banking and finance in Africa.
These annual awards honour outstanding individuals and remarkable financial institutions that are transforming the continent’s financial sector and contributing to economic development and financial inclusion in Africa.
Organised by African Banker magazine in partnership with IC Events, the Awards bring together industry leaders from across the continent to honour innovation, resilience and competitiveness in the African banking sector.
For more information about the African Banker Awards, please visit our website at www.AfricanBankerAwards.com.
African Banker is a pan-African publication dedicated to the banking industry across the continent. African Banker provides in-depth analysis and commentary on the trends shaping Africa’s financial landscape.
As a trusted source of information, African Banker offers a unique perspective on the challenges and opportunities facing the African banking sector.
Irinke Extension Gold Prospects, a potential extension of K92’s Arakompa gold system, is a new cluster of four priority gold exploration targets revealed within a broad 4 km by 4 km area by advanced lithogeochemistry;
Arakompa-like geochemical signature of the Irinke Prospect now confirmed ;
Sampling underway across prospects, with assay results expected in May/June timeframe to help refine growing target pipeline; and
Newly purchased diamond drill rig scheduled to arrive in-country mid-June, with year-round drilling to begin soon after.
Vancouver, British Columbia–(Newsfile Corp. – April 30, 2025) – South Pacific Metals Corp. (TSXV: SPMC) (OTCQB: SPMEF) (FSE: 6J00) (” SPMC ” or the ” Company “) is pleased to announce new exploration work programs are underway at the Anga Project, following surface geochemistry targeting results confirming the Irinke Prospect’s priority nature and identifying several new gold prospects extensional to Irinke. Surface sampling will assist with prioritized drill targeting.
Cathy Fitzgerald, President and Chief Geologist of the Company, stated, “As the Company awaits delivery of its brand-new drill rig, we are accelerating exploration across our highly prospective Kainantu Gold District projects. In particular, the new study of all surface samples collected to date at the Anga Project has revealed further exciting targets near our Irinke Prospect, where mineralization of the same nature as K92’s Arakompa system returned rock samples up to 3.68 g/t Au. We will be very active sampling across this broad area of gold-mineralization.”
ALS Geoanalytics Advanced Technology Targeting Results
The Company engaged ALS Geoanalytics to complete a geochemical study of all soil, stream sediment and rock samples (including historic data) to provide a deeper understanding of geochemical indicators for discovery at the Anga Project. This work has confirmed the K92 Mining Arakompa-like geochemical signature of the Irinke target, providing vectors to further mineralized areas as well as identifying new prospects warranting on-the-ground follow up now underway.
Figure 1: Regional Location Map of SPMC Projects Relative to K92 Mining Projects
To view an enhanced version of this graphic, please visit:
Irinke Prospect
The Irinke Prospect is located only 1,500 m east of K92 Mining’s processing plant and is approximately three km along strike from the Arakompa discovery. Previous work by the Company has identified gold in soil anomalism along with rock chips, from early-stage reconnaissance up to 3.68 g/t Au (see news release dated November 13, 2024 ). The Irinke Prospect is hosted in metasediments intruded by diorite, making it a comparable setting to K92 Mining’s operations. Analyses of the geophysics indicates alteration and major structures are also similar. The results of this work provide additional confidence that the surface anomalism at Irinke is linked to a significant target (refer to Figure 2, target areas A, B, & C in the Irinke prospect region). Upcoming surface work will include closely spaced soil sampling and structural mapping.
Figure 2: Target Areas at Irinke and Extensions on the Anga Project
To view an enhanced version of this graphic, please visit:
Binano North (Irinke Extension to NE)
The Binano North Prospect is located approximately 1 km east of Irinke. Both metasediments and series of intrusive dykes are mapped in this area and there are strong indicators of hydrothermal activity. Previous work has been reconnaissance rock sampling with modest anomalous rock chips of up to 0.8 g/t Au . The pathfinder elements through this area (Bi-Sb-Te-Ag-Mo-Cu-Zn-Pb) are strong.
A review of aerial imagery indicated several disturbed areas which may be artisanal or alluvial gold workings, to be determined pending on-ground investigation. This target area incorporates three targets covering an area of 2.5 km by 1 km , from which the Company has collected approximately 250 grid soil samples at 50×50 m spacing to advance this large system to potentially drill ready Upcoming surface work will include closely-spaced soil sampling, and structural mapping (refer to Figure 2, target areas H, G & M).
Golkona and Golkona South (Irinke Extensions East)
The Golkona Prospect is located approximately 4 km east of Irinke. The area includes a large altered intrusive complex anomalous in gold in soils (>10 ppb Au, up to 70 ppb Au ) over an area approximately 750 x 750 m (refer to Figure 2). The prospect area is located on a major NE-SW structure that can be linked through geophysical and topography analyses through to the Maniape vein system owned by K92 Mining. The work by ALS Geoanalytics indicates the Golkona area is near a mineral system with structural indicators to the south and a strong association to Cu-Mo pathfinder elements (refer to Figure 2).
The Golkona South area consists of a strong magnetic anomaly coincident with an apparent conductivity anomaly (referred to as the N1 anomaly in news release dated June 9, 2022 ), identified in the 2021 MobileMT survey. This area has been largely unsampled. Anomalous stream sediment sample results and alluvial gold in this area has not been followed up since sampling was initially completed in 2022. With the results of analysis at Golkona indicating that mineral indicators point southward, the Company is embarking on a ridge and spur soil sampling and rock chip sampling program in this region.
Other Targets
A number of other targets have been identified that warrant upcoming surface work which will include closely spaced soil sampling and structural mapping. These include:
North Ridge Target (L) – has Au soil results up to 90 ppb and rock results up to 0.85 g/t Au . Prior to infill sampling, the area is going to have reconnaissance to check several unsampled outcrops.
East Skarn Target (P) – An area of very high gold in soils ( up to 330 ppb Au and 270pb Au ) in an area mapped as metamorphosed carbonates. The geology and geochemical data suggest a possible gold-rich skarn target. Further reconnaissance work with mapping and rock sampling is planned in the short-term.
About the Anga Project
The Anga Gold-Copper Project comprises 461 km2 of 100%-owned exploration licenses in the highly gold-copper mineralized Kainantu Gold District. The project is located immediately northeast of, and adjacent to, K92’s Kainantu Gold Mine Project (see Figure 3), and its southwestern project boundary is only 3 km from where K92 is currently drilling on the Arakompa lode-gold vein system, where multiple wide and high-grade gold zones have been intercepted. Access to the Anga Project is via the Ramu-Markham highway to the northeast.
About South Pacific Metals Corp .
South Pacific Metals Corp. is an emerging gold-copper exploration company operating across Papua New Guinea’s proven gold and copper production corridors. With an expansive 3,100 km2 land package and four transformative gold-copper projects contiguous with major producers K92 Mining, PanAust and neighbouring Barrick/Zijin, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Osena, Anga, Kili Teke, and May River.
Immediately flanking K92’s active drilling and gold producing operations to the northeast and southwest, SPMC’s Osena and Anga Projects are located within the high-grade Kainantu Gold District – each having the potential to host similar-style lode-gold and porphyry copper-gold mineralization as that present within K92’s tenements. Kili Teke is an advanced exploration project situated only 40 km from the world-class Porgera Gold Mine and hosts an existing Inferred Mineral Resource with multiple opportunities for expansion and further discovery. The May River Project is located adjacent to the world-renowned Frieda River copper-gold project, with historical drilling indicating potential for a significant, untapped-gold mineralized system. SPMC common shares are listed on the TSX Venture Exchange (TSXV: SPMC), the OTCQB Marketplace (OTCQB: SPMEF) and Frankfurt Stock Exchange (FSE: 6J00).
Quality Assurance and Quality Control
Rock Sampling
Rock samples are selected and collected by a Company geologist in the field. Samples were sent to the ITS (PNG) Ltd (Intertek) Laboratory in Port Moresby. Gold assays were conducted using 30 g charge Fire Assay with Atomic Absorption Spectra finish (Intertek Code FA25/OES), with a detection limit of 0.01ppm. Samples >1 ppm (1 g/t) Au were re-assayed as a check with no significant difference noted.
Multi-element assays were determined using 4-acid digestion with Induced Coupled Optical Emission (ICPOS) (Intertek code 4A/OE33). Certified reference material, duplicates and blanks were inserted into the rock sample to monitor laboratory performance, with no significant variations from expected results.
Soil Sampling
Soil sampling involves sieving a c-horizon soil to a 2 mm in the field. Soil samples were sent to the ITS (PNG) Ltd. (Intertek) Laboratory in Port Moresby for assay. Assaying for gold and other elements is determined by aqua regia digestion with a mass-spectrometry finish (Intertek code AR01/MS). Certified Reference Material, duplicates and blanks are inserted in the soil sample to monitor laboratory performance, with no significant variations from expected results.
Stream Sediment sampling
Stream sediment sampling involves collecting and sieving a sediment from a naturally occurring trap site (no pan-concentrates reported in this release) from selected streams. Samples were sent to the ITS (PNG) Ltd. (Intertek) Laboratory in Port Moresby. Gold assays were conducted using 30 g charge Fire Assay with Atomic Absorption Spectra finish (Intertek Code FA25/OES), with a detection limit of 0.01ppm. Samples >1 ppm (1 g/t) Au were re-assayed as a check with no significant difference noted.
Qualified Person
The scientific and technical information disclosed in this release has been compiled by Company geologists and reviewed and approved by Darren Holden, Ph.D., FAusIMM, a “Qualified Person” as defined under the Canadian Institute of Mining National Instrument 43-101, 2014 Standards of Disclosure for Mineral Projects. Dr. Holden is a Technical Advisor to the Company.
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Advancing notable gold mining projects across Nigeria, Senegal and, more recently, Côte d’Ivoire, Thor Explorations is positioned for continued organic growth across West Africa. Segun Lawson, CEO, tells us more.
THE GOLD STANDARD IN MINING
As a relatively underexplored and prospective geological region with huge potential for mineral exploitation, West Africa continues to attract attention from mining companies across the globe.
Despite ongoing geopolitical issues causing some concern – particularly in Mali and Burkina Faso, for example, where investors have become more selective of the jurisdictions they enter – the region continues to see sustained success, particularly in gold mining.
As such, international investors are increasingly deploying capital to carry out exploration, purchase mines, and build infrastructure.
Toronto Stock Exchange (TSX)-listed gold producer, Thor Explorations (Thor), has particularly benefitted from West Africa’s burgeoning reputation as a mining hub.
“Our exploration portfolio in Nigeria covers approximately 1,300 square kilometres (sqkm) of prospective gold-bearing ground,” introduces Segun Lawson, CEO.
A major part of the company’s extensive portfolio is its wholly-owned flagship Segilola Gold Mine Project (Segilola) in Southwest Nigeria.
Operated by Thor’s subsidiary, Segilola Resources Operating Limited (SROL), it completed construction in Q2 2021 and achieved commercial production in Q1 the following year.
Approximately 85,000 ounces (oz) of gold per year has been produced by Segilola, which is built on a total probable reserve of 517,800 oz of gold grading at 4.02 grams per tonne (g/t).
This makes the site Nigeria’s first and only large-scale commercial gold mine, employing over 1,700 staff.
In addition, Thor holds a 70 percent economic interest in the Douta Gold Project (Douta), an advanced gold exploration site in Southeast Senegal.
With a global resource of 1,780,000 oz of gold, the project has an indicated resource of 874,900 oz at 1.3g/t and an inferred resource of 909,400 oz at 1.2g/t.
“Douta is currently being advanced by the company to be a preliminary feasibility study (PFS), and we aim to build this project as Thor’s second mine,” Lawson informs.
ONGOING EXPANSION
Having recently expanded into Côte d’Ivoire, where it acquired three exploration licences, Thor is ideally positioned for continued success and expansion in West Africa.
Work has already begun on all three licences, which are located on the prospective Birimian greenstone belt, with the results of the initial explorations promising.
“We have set ourselves a target of achieving a maiden resource in at least one of these licences by the end of the year,” Lawson asserts.
Elsewhere in Côte d’Ivoire, the Guitry Project, which was fully acquired from Endeavor Mining, presents further opportunity for exploration.
Thor has also recently entered into joint venture (JV) partnerships with Goldridge Resources and the Mining Research and Exploitation Company (CAREM) on the Boundiali and Marahui licences, respectively.
“We have an opportunity to earn up to an 80 percent stake in both of the aforementioned licences,” he details.
Over in Southwest Nigeria, the company has also acquired a 600 sqkm land package of lithium tenure through its wholly owned subsidiary, Newstar Minerals Ltd (Newstar).
With Segilola projected to produce between 85,000 and 95,000 oz per year with an all-in sustaining cost of between USD$800 and USD$1,000 per oz, Thor’s mining potential only continues to grow.
Further to this, having paid off all senior debt on the project, the company now boasts a de-leveraged balance sheet and is in position to reinvest its surplus capital into further exploration, with an ongoing priority to extend the life of the mine.
As such, strong cash flow has been a key factor in enabling Thor to scale up its exploration and has, in turn, contributed to the company’s reputation as the largest low-cost gold producer in Nigeria.
“In terms of sustaining this cash flow to maximise shareholder value, something we’re doing today is purchasing our own drilling rigs, which will enable us to drill with more flexibility and at a cheaper cost,” Lawson tells us.
As such, Thor is able to return money to its shareholders without forgoing the growth of the company – a key part of its business strategy.
LEVERAGING LITHIUM
Boasting favourable geological formations comprising granitic terrains known to host significant pegmatite deposits, Nigeria’s lithium potential is notable.
A primary source of spodumene and lepidolite, both of which are crucial lithium-bearing minerals, these vast deposits demonstrate the nation’s significant underexplored lithium opportunities.
Thor’s Nigerian subsidiary, Newstar, has a large land holding in the southwestern region of the country, which covers a prospective northeastern trading zone, both known lithium-bearing pegmatite deposits, and a large unexplored prospective pegmatite-rich belt.
To capitalise on this resource-rich asset, Newstar has secured over 600 sqkm of granted tenure in Nigeria from the Oyo State, Kwara State, and Ekiti State Lithium Project areas, which it plans to exploit through small-scale lithium mining.
“The Oyo State Project area is where we are currently focused. Whilst we have slowed down lithium exploration as we await the arrival of exploration drilling rigs, we look forward to picking this back up once the rigs arrive,” Lawson shares.
Thor’s ongoing exploration work at Douta in Senegal, meanwhile, has allowed it to add significant scale to its operations.
Whilst the pre-feasibility workstreams are being finalised, the company is continuing to drill additional targets across all its prospects, including Makosa Tail, Sambara, and Mansa.
Thor is pleased to have drilled two discovery holes in Q1 2025 in the Douta-West licence on a new prospect, Baraka 3.
“We are excited to be drilling this prospect through to Q2 this year,” he confirms.
A LOCALISED SUPPLY CHAIN
As a company that proudly procures 80 percent of its products from West Africa, it is important for Thor to utilise local and regional suppliers and partners.
“Last year, this meant we brought USD$24 million worth of procurement into the Nigerian economy,” Lawson elaborates.
Since its inception, the company has been on a mission to bring sustainable development and prosperity to the communities in which it operates.
This is backed by its core values, centring around accountability, integrity, trust, dignity, and respect.
Thor’s relationship with its suppliers has evolved over time and since expanded to include a variety of services.
For example, the company has provided mechanical engineering support, engaged a local waste contractor and regional logistics businesses to regularly deliver supplies, and partnered with local construction companies for camp accommodation expansion.
“In this sense, we have helped to capacity-build businesses and enhance the skills required in the mining industry – a new emerging sector in Nigeria,” he reflects.
Furthermore, the onset of the COVID-19 pandemic reinforced Thor’s need to leverage domestic supply chains as international shipping and logistics were significantly disrupted.
“For this reason, local supply chains became vital in ensuring our key supplies, equipment, and spare parts were in easier reach.”
SOCIALLY RESPONSIBLE
Equally important to Thor are its corporate social responsibility (CSR) and community development activities.
As such, SROL has engaged with the three host communities around its Segilola mine site from the outset and signed community development agreements (CDAs) with each of them.
“The CDA process took 18 months of built-up knowledge, trust, and a good working relationship with the community leaders in each village,” Lawson outlines.
In this way, Nigeria is ahead of the curve in West Africa in terms of requiring CDAs from mining companies to improve transparency between businesses and communities.
The final CDAs have established benefits based on community suggestions, including 26 scholarships granted annually to keep vulnerable children in school, 45 local women to receive equipment and training yearly to improve their livelihoods, and a minimum of 20 percent of employment being provided by the three host communities.
Furthermore, 30 youth short-training programmes were completed in 2024, including carpentry, phone repair, fashion design, and truck driving courses.
In addition, the maintenance of nine boreholes (three in each host community) is being implemented using local contractors, whilst provision of a 33-kilovolt transformer and 30 pylons will be installed to improve the local community’s energy supply.
“The CDA process was invaluable to our project as it enabled us to achieve the social license to operate,” he prides.
THE FUTURE IS GOLDEN
Looking to 2025, exploration will continue for Thor across its entire portfolio, including its drilling programmes in Nigeria, Senegal, and Côte d’Ivoire.
Having taken a long-term view of the former, the company’s priority here is to further extend the life of mine at Segilola through exploration.
“With our first mover advantage and extensive human resource capability in the country, we are also in a position to assess additional opportunities outside Segilola,” Lawson asserts.
In Senegal and Côte d’Ivoire,meanwhile, Thor looks forwards to achieving the milestones it has in place, such as the PFS in the former and maiden resource exploration in the latter.
In short, the company seeks to continue its organic growth through exploration and mine life extension.
Thor’s ongoing expansion is ultimately underpinned and supported by strong cash flow from the Segilola mine, particularly given the current high prices of gold in the industry.
“We will continue to focus on being disciplined with our costs and look forward to building Douta, which will position us as a multi-mine, mid-tier gold producer,” Lawson confidently concludes.
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