Category: Canada

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An American real estate company that owns luxury rental apartment towers in New York is trying to go public in Canada, with GO Residential Real Estate Investment Trust launching a US$410-million initial public offering on the Toronto Stock Exchange.

GO owns five rental towers in Manhattan along the East River, including the Copper Buildings, where the average monthly rent is US$8.05 per square foot. That amounts to US$8,050 per month for a 1,000-square-foot apartment.

The company was co-founded by Joshua Gotlib and Meyer Orbach, who both have bought, managed and sold commercial properties in the NYC area. Mr. Orbach also owned 17 per cent of the National Basketball Association’s Minnesota Timberwolves until June, 2025, when the team was sold.

If GO completes the deal, it will be one of the largest real estate IPOs in Canadian history. To help win over investors, the company has lined up a cornerstone backer, Cohen & Steers Capital Management Inc. CNS-N, which will purchase US$90-million of additional shares, bringing the total size of the offering to US$500-million.

However, the IPO is launching into a tricky market for commercial real estate companies, and GO has used a heavy amount of leverage to help fund its real estate purchases. The goal of the IPO is to help pay down some of this debt.

GO is targeting an enterprise value (equity plus debt) of US$2.225-billion, US$830-million of which will be equity – roughly half held by public investors, and the other half held by the current owners and the new cornerstone investor. The remainder of GO’s valuation will come from debt.

Blackstone, U.S. equity funds in talks to buy H&R assets as activist investor presses REIT to sell

American real estate companies such as Flagship Communities REIT MHC-U-T and BSR REIT HOM-U-T have listed in Canada before, often coming here because they are too small to garner much investor attention in the large U.S. market. Canadians also have a history of buying yield stocks, and REITs tend to pay annual distributions in the range of 4 to 6 per cent. GO is targeting a 4.3-per-cent annual yield.

However, REITs have struggled to win over Canadian investors since central banks staring hiking interest rates in March, 2022. Since then, the iShares S&P/TSX Capped REIT Index has delivered a total return, including distributions, of negative 7 per cent. The S&P/TSX Composite Index, meanwhile, has delivered a 42-per-cent total return.

A similar company with American rental properties, Dream Residential REIT DRR-U-T, also went public on the TSX in May, 2022, but its unit price has struggled, too, and the company has delivered a total return of negative 17 per cent since then.

GO did not return a request for comment, but in marketing documents for the IPO, the company said it is launching in Canada because of the country’s “established and supportive midcap REIT market.” (REITs return most of the cash they earn to their unit holders through distributions.)

The company is also banking on the strength of the NYC real estate market. Dream Residential owns “garden-style” apartments that tend to look like blocks of townhouses in states such as Oklahoma, Texas and Kansas, while GO owns 2,015 suites in Manhattan, where the vacancy rate for one-bedroom apartments is hovering around just 2 per cent.

GO is also marketing its ability to upgrade older buildings in its portfolio – such as One East River, which was designed in 1987 – by renovating two-bedroom suites into three-bedroom suites to increase rents.

While GO is run by Americans, the REIT has brought Canadians into its management team and onto its board of trustees. The company’s chief financial officer, Peter Sweeney, used to hold the same position at SmartCentres REIT and Lori-Ann Beausoleil, a retired partner from PricewaterhouseCoopers LLP who currently sits on several REIT boards, will join GO’s board.

What are we screening for?

Canadian-listed stocks with strong price momentum.

The Screen

Tariffs and trade wars have dominated news headlines and kept investors on their toes, and recent comments from President Donald Trump suggesting the United States might impose 30-per-cent tariffs on imports from the EU and Mexico in August could dampen market momentum. While European markets retreated slightly following these comments, the Nasdaq 100 and S&P TSX Composite Index both hit all-times highs, suggesting that investors may have accepted that tariffs will remain in place, and have shifted their focus back to market fundamentals.

The S&P TSX Composite rose by 0.65 per cent on Monday, driven higher by the information technology, industrial, and energy sectors. These gains follow a surprise drop in Canadian unemployment for June, which fell by 0.1 per cent to 6.9 per cent with the addition of 83,000 jobs. Investors can expect more economic data releases this week, with the Consumer Price Index data expected on Tuesday, which is likely to guide interest rate policy decisions for the Bank of Canada and could play a role in whether markets continue to move higher. Today, we screen for Canadian-listed companies demonstrating strong momentum amid newly minted all-time highs.

• First, we screen for Canadian-listed companies with a market capitalization greater than $1-billion.
• Next, we screen for companies that have demonstrated strong price momentum. The StarMine Price Momentum model includes a blend of short, mid-, long-term, and industry-specific components, and recognizes the tendency of long-term trends to revert to their long-term mean. Higher scores indicate stocks with the strongest price momentum. We screen for companies with a score greater than or equal to 95, with 100 being the highest score, representing the leading companies for price momentum.
• Last, we screen for companies that have closed above their 50-day simple moving average (SMA). We use the close price v. the 50-day SMA to screen for companies with a close price at least $1.00 above their 50-day SMA.

More About London Stock Exchange Group

The London Stock Exchange Group (LSEG), is one of the world’s largest providers of financial market data and infrastructure, serving more than 40,000 institutions worldwide. LSEG provides information, insights, and technology that drive innovation and performance in global financial markets, enabling the financial community to trade smarter and faster, overcome regulatory challenges, and scale intelligently.

What We Found

The screen, ranked by StarMine Price Momentum model, produced nine companies.

Nutrien Ltd. NTR-T, which scored 96 in the StarMine Price Momentum model, is a global provider of crop inputs and services operating a network of production, distribution, and agriculture retail facilities. The Saskatoon-based company operates four business segments, which include retail, potash, nitrogen, and phosphate, and management is focused on driving operational efficiency, expanding high-return growth opportunities, and remaining disciplined with capital allocation. Nutrien completed two acquisitions in the first quarter, and maintained their 2025 full-year guidance range, with management expecting growth in potash and nitrogen sales volumes.

The new case for Nutrien: In a dangerous world, fertilizer shines

While Nutrien posted a lower average net selling price for potash in the quarter, driven by a decline in North American benchmark prices, demand is expected to remain strong through 2025, which should help boost their average net selling price. Nitrogen was a strong contributor to performance, with higher average net selling prices helping to offset lower volumes. Nitrogen markets have been affected by supply disruptions from Iran and Egypt, and if these disruptions persist, prices could benefit in the short term, providing some tailwinds for the stock.

Magellan Aerospace Corp. MAL-T, which scored 100 on the StarMine Price Momentum model, is a diversified supplier of components to the aerospace industry. Mississauga-based Magellan designs, engineers, and manufactures aeroengine and aerostructure components for aerospace markets, and in the first quarter derived 62.2 per cent of revenues from commercial markets and 27.8 per cent of revenues from defence markets. The company reported first-quarter revenue of $260.9-million, an increase of 10.9 per cent from a year earlier, driven by higher casting product revenues in Canada, and higher engine shaft revenues in the United States.

It hasn’t all been clear skies for Magellan, which was affected by the 2024 strike at Boeing and a total order backlog of more than 8,000 aircraft at Airbus. The possibility of tariffs have also been looming, however the outlook for defence spending remains strong, party driven by NATO’s defence spending commitments, which could support further growth for Magellan.

Investors are advised to do their own research before trading in any of the securities shown.

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Stephen Donovan, MBA, is a Sales Specialist covering commodity markets at LSEG.

Canadian-headquartered asset manager Fiera Capital is setting the stage for international expansion. Under the leadership of a new global CEO, the company sees the EMEA region as a central pillar of its growth strategy. Zurich serves as one of its key European hubs.

Fiera Capital is an independent Global asset management firm with approximately $112.3 billion in assets under management. Maxime Ménard, who served as CEO of Fiera Canada and also led Fiera Global Private Wealth for over a year before recently being appointed Global CEO, aims to strengthen the firm’s global presence.

Ménard is supportive of the changes introduced by founder and outgoing Global CEO Jean Guy Desjardins and EMEA CEO Klaus Schuster in early 2024 which saw Fiera reorganize its structure into four global regions, with EMEA playing a central role in its growth strategy.

Maxime Ménard (Image: provided)

“We are a global asset manager with a multi-style investment platform and an entrepreneurial spirit,” Ménard said in an interview with finews.com. “Our investment teams span public and private markets and are present around the world, allowing us to partner with top talent wherever it resides. We’ve decentralized our distribution through four regional hubs.”

“I believe EMEA presents a tremendous opportunity for us, given what we have to offer,” he added. Ménard wants to capitalize on Fiera’s strengths as a niche provider outside its home market. “We are able to respond to client needs based on their specific investment objectives. That may sound like a generic claim in this industry, but we’re not solely focused on growing AUM—we’re focused on delivering the right investment solutions. Our ability to customize offerings is a clear value-add.”

Fiera Capital offers investment solutions across both private and public markets. These include a pan-European real estate debt strategy and investments in natural capital, such as agriculture and timber.

“We have a very robust investment platform, with US$14.7 billion in private market assets,” Ménard noted. “Our offerings span real estate, infrastructure and private equity, as well as industry-leading natural capital investments, including one of the largest global open-ended agriculture funds and joint ventures in agriculture and timber.

“Our funds are designed to deliver strong returns while thoughtfully integrating sustainability considerations into the investment process. The open-ended nature of our products appeals to high-net-worth individuals, as well as institutional and mid-market clients,” he said. “As a Canadian-based firm, our ability to offer the right investment solutions in Europe is especially compelling given the current geopolitical environment.”

“We want to emulate the private banking model and serve our clients exceptionally well,” said Klaus Schuster, Executive Director and CEO of EMEA. “Switzerland is our hub for wealth management distribution, and I want to connect Zurich and Geneva with London and Abu Dhabi.”

Klaus Schuster (Image: provided)

“This is clearly one of our growth markets, and we see significant opportunities ahead”, Schuster added.“The largest market for us in EMEA is the UK, particularly with insurance companies and pension funds. But London is also a very important wealth management distribution center. In Germany, we’re seeing strong demand for private market solutions,” he said.

“Our platform was previously centralized in Canada, but we’re now evolving through regionalization – bringing our capabilities closer to clients. Our recent expansion into the Middle East reflects this approach and is already showing encouraging results.

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Maxime Ménard was appointed Global CEO in May 2025, succeeding founder Jean-Guy Desjardins, who now serves as Executive Chair of the Board. In this role, Desjardins continues to provide strategic oversight, shape the firm’s investment philosophy, and guide global asset allocation across public and multi-asset strategies.

Fiera Capital is headquartered in Montreal and is listed on the Toronto Stock Exchange. The Zurich office was opened in February 2024

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AB HZ4 and AB HZ5 now on production

Author of the article:

Published Jul 15, 2025  •  9 minute read

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Calgary, Alberta–(Newsfile Corp. – July 15, 2025) – Arrow Exploration Corp. (AIM: AXL) (TSXV: AXL) (“Arrow” or the “Company“), the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on recent operational activity on the Tapir Block in the Llanos Basin of Colombia where Arrow holds a 50 percent beneficial interest.

Highlights

– Current production between 4,600 and 4,800 boe/d net to Arrow.

– 2 horizontal wells and 2 vertical wells drilled in Q2 and Q3 to date.

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• AB HZ5 brought on production on July 2, 2025, and currently producing 1,790 BOPD gross (895 BOPD net).
• AB HZ4 brought on production on June 11, 2025, and currently producing 880 BOPD gross (440 BOPD net).
• RCE9 vertical well brought on production on June 23, 2025, and currently producing 201 BOPD gross (100.5 BOPD net).
• CN11 vertical well brought on production on April 17, 2025, and currently producing 143 BOPD gross (72.5 BOPD net).

– Strong balance sheet, no debt or drilling commitments. Arrow has flexibility in its work program and is actively exploring potential acquisition opportunities.

Production

Total corporate production is currently between 4,600 and 4,800 boe/d net. Arrow’s base production has flattened out and is experiencing shallower declines, as expected.

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Additional production is expected to be added during the second half of the year as Arrow focuses on an accelerated drilling program. In light of the recent movements in oil prices and current market volatility, Arrow has the ability to balance drilling infill and development wells with low-risk exploration activity which has the potential to increase Arrow’s reserve base and build up drilling inventory.

Cash Balance

On July 1, 2025, the Company had a cash balance of US$13.5 million and held no debt. Further, the Company has no long-term rig contracts or obligations to drill wells. The Company has been able to carry out an accelerated drilling program while maintaining a healthy balance sheet.

The combination of cash on the balance sheet and robust operating cashflow continues to be a key corporate strength in this volatile market.

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Drilling Operations – Tapir Block

Carrizales Norte field

On the Carrizales Norte field, the Company has recently drilled one vertical production well from the CN pad.

The Carrizales Norte 11 (CN 11) well was spud on April 2, 2025, and reached target depth on April 8, 2025. CN 11 targeted the C7 zone at Carrizales Norte field. The well was drilled to a total measured depth of 8371 MD feet (7798 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

On April 17, 2025, Arrow put the CN 11 well on production in the C7 formation which has approximately 11 feet (true vertical depth) of oil charged sandstone. The well encountered an initial high water cut of 73%. CN 11 is producing at a stabilized rate of 143 BOPD gross (72.5 BOPD net) with a water cut of 88%.

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Alberta Llanos field

At the Alberta Llanos field, the Company has recently drilled two horizontal production wells from the Alberta, Llanos pad, both on time and within budget. Arrow’s experience drilling horizontal wells in the area is resulting in improved efficiency in the field.

The Alberta Llanos HZ4 (AB HZ4) horizontal well was spud on May 11, 2025, and reached target depth on June 5, 2025. AB HZ4 targeted the Ubaque zone at the Alberta, Llanos field. The well was drilled to a total measured depth of 13687 MD feet (8558 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals. The well was completed with Inflow Control Devices (ICDs).

On June 11, 2025, Arrow put the AB HZ4 well on production in the Ubaque formation which has approximately 2837 feet (measured depth) of oil charged sandstone. AB HZ4 is producing at a stabilized rate of 880 BOPD gross (440 BOPD net) with a water cut of 19%.

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The Alberta Llanos HZ5 (AB HZ5) horizontal well was spud on June 12, 2025, and reached target depth on June 23, 2025. AB HZ5 targeted the Ubaque zone at the Alberta, Llanos field. The well was drilled to a total measured depth of 12188 MD feet (8556 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals. The well was completed with ICDs.

On July 2, 2025, Arrow put the AB HZ5 well on production in the Ubaque formation which has approximately 1813 feet (measured depth) of oil charged sandstone. AB HZ5 is producing at a stabilized rate of 1790 BOPD gross (895 BOPD net) with a water cut of 3%.

RCE Field

On the Rio Cravo Este (RCE) field, the Company has recently drilled one vertical production well from the RCE pad.

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The Rio Cravo Este 9 (RCE 9) well was spud on June 6, 2025, and reached target depth on June 14, 2025. RCE 9 targeted the C7 zone at Carrizales Norte field. The well was drilled to a total measured depth of 8940 MD feet (8305 feet true vertical depth) and encountered multiple hydrocarbon-bearing intervals.

On June 23, 2025, Arrow put the RCE 9 well on production in the C7 formation which has approximately 20 feet (true vertical depth) of oil charged sandstone. The well encountered an initial high water cut of 95%. RCE 9 is producing at a stabilized rate of 201 BOPD gross (100.5 BOPD net) with a water cut of 88%.

Drilling Schedule

Currently Arrow has two drilling rigs working in the field.

The rig at Alberta Llanos is being disassembled and moved to the Carrizales Norte pad where the Company plans to drill two horizontal wells into the Ubaque formation.

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The rig at Rio Cravo Este is currently drilling a short horizontal well into the Ubaque formation. This will be the first horizontal well targeting the Ubaque at RCE.

Arrow is continuously reviewing the original Board-approved $50MM budget and drilling schedule. Arrow does not have any contractual commitments to employ additional rigs or to drill additional wells.

Arrow’s strong balance sheet allows the Company to remain flexible in a volatile oil price environment and the Company will make further announcements should modifications to its capital program be determined.

The Company is still considering the timing of any share buyback, with a decision to follow further progress in the 2025 drilling campaign.

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East Tapir 3-D Seismic Program

The initial processing and interpretation of the East Tapir 3-D program has been accomplished. The East Tapir 3-D survey covers a further 100 sq. km where existing leads on the 2-D dataset have been defined as prospects. The Icaco and Macoya prospects are further supported by the new 3-D program and Arrow is focused on testing the Icaco prospect in late 2025 or early 2026.

Marshall Abbott, CEO of Arrow commented:

“The AB HZ5 and AB HZ4 horizontal wells have been successfully developed at the Alberta Llanos field, with rates and pressures higher than originally forecast. Both wells are highly accretive with payback expected in the first six months at current oil prices. The success of these two horizontal wells proves the Ubaque concept at Alberta Llanos and has resulted in further development wells being planned.”

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“The East Tapir 3-D seismic program has resulted in a number of new prospects including Icaco and Macoya. These two prospects appear to be stacked reservoirs similar to those found at the RCE and Carriazales Norte fields. Management is encouraged by technical work done to refine these prospects and has started the surface land acquisition process to test these prospects in the near future.”

“Arrow continues to review and develop its drilling schedule for the 2025 and 2026 programs. Market conditions are continuously reviewed to show development options that will allow the company to grow production and remain financially strong.”

“We appreciate the support of our longstanding shareholder base as well as the dedication of our talented staff.”

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About Arrow Exploration Corp.

Arrow Exploration Corp. (operating in Colombia via a branch of its 100% owned subsidiary Carrao Energy S.A.) is a publicly traded company with a portfolio of premier Colombian oil assets that are underexploited, under-explored and offer high potential growth. The Company’s business plan is to expand oil production from some of Colombia’s most active basins, including the Llanos, Middle Magdalena Valley (MMV) and Putumayo Basin. The asset base is predominantly operated with high working interests, and the Brent-linked light oil pricing exposure combines with low royalties to yield attractive potential operating margins. By way of a private commercial contract with the recognized interest holder before Ecopetrol S.A., Arrow is entitled to receive 50% of the production from the Tapir block. The formal assignment to the Company is subject to Ecopetrol’s consent. Arrow’s seasoned team is led by a hands-on executive team supported by an experienced board. Arrow is listed on the AIM market of the London Stock Exchange and on TSX Venture Exchange under the symbol “AXL”.

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Forward-looking Statements

This news release contains certain statements or disclosures relating to Arrow that are based on the expectations of its management as well as assumptions made by and information currently available to Arrow which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Arrow anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “continue”, “expect”, “opportunity”, “plan”, “potential” and “will” and similar expressions. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Arrow, including without limitation, Arrow’s evaluation of the impacts of COVID-19, the potential of Arrow’s Colombian and/or Canadian assets (or any of them individually), the prices of oil and/or natural gas, and Arrow’s business plan to expand oil and gas production and achieve attractive potential operating margins. Arrow believes the expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct.

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The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking 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 statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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

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Glossary

API:	A specific gravity scale developed by the American Petroleum Institute (API) for measuring the relative density of various petroleum liquids, expressed in degrees.
BOPD:	barrels of oil per day
boe/d:	barrels of oil equivalent per day
MD:	Measured Depth

Qualified Person’s Statement

The technical information contained in this announcement has been reviewed and approved by Grant Carnie, senior non-executive director of Arrow Exploration Corp. Mr. Carnie was formerly a member of the Canadian Society of Petroleum Geologists, holds a B.Sc. in Geology from the University of Alberta and has over 35 years’ experience in the oil and gas industry.

This Announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU No. 596/2014) as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR“).

NOT FOR RELEASE, DISTRIBUTION, PUBLICATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258781

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What are we looking for?

Stock markets in Canada and the United States recently hit all-time highs and some investors are asking if there will be a pullback. Along with this, trade policies and challenges to the U.S. Federal Reserve chair are adding to market and interest-rate volatility.

Part of an individual’s investing strategy should include dividend-paying stocks, especially for people nearing or in retirement. Real estate investment trusts (REITs) are low-beta (a measure of volatility), interest-rate-sensitive investments and are a good choice for many portfolios. For this Number Cruncher, we look at valuations for the 10 largest publicly traded REITs in Canada.

The screen

We used stockcalc’s screener to select the top 10 listed REITs by market capitalization on the Toronto Stock Exchange. We then used stockcalc’s valuation tools to calculate fundamental (or intrinsic) valuation for each stock to see if it is undervalued or overvalued compared with its market price.

Overview of the techniques used:

• Discounted cash flow (DCF value) is a valuation technique in which cash-flow projections are discounted back to the present to calculate value per share;
• A price comparables (price comps) technique values the company on the basis of ratios from selected comparable companies;
• An adjusted book value (ABV) is calculated by multiplying book value per share by a stock’s 10-year average price-to-book ratio;
• If a stock has analyst coverage, we may look at the consensus target price.

More about stockcalc

stockcalc is a fundamental valuation platform with tools to calculate and report on value per share for thousands of companies listed on major North American stock exchanges. stockcalc also contains numerous tools to understand what the stocks you are investing in are worth. Globe Unlimited subscribers can subscribe to stockcalc using the promo code “Globe30,“ which offers a 30-day free trial and special pricing for the second month.

What we found

This sector is comprised of real estate operations that cover a wide spectrum of the Canadian landscape and economy. These companies’ holdings include housing and apartment complexes, hotels, commercial and industrial space, retail locations and office buildings. Like other asset-intensive businesses, our valuation models weigh the adjusted book value highly in the overall calculation.

Markets expect two more U.S. interest-rate cuts for the balance of this year. The current forecast (derived from the futures market) shows one cut for the Bank of Canada’s policy rate for the rest of this year with less certainty on a second cut. A falling rate environment reduces borrowing costs for this asset-intensive industry and makes dividend yields more attractive compared with fixed income. Both of those factors support underlying REIT prices and dividends.

Over the past 12 months, returns for retail and health care REITs (17.8 per cent) have exceeded those for residential and industrial property REITs (minus 2.8 per cent) by a large margin. Over the next 12 months, some analysts are optimistic about seniors’ housing, multifamily residential and grocery-anchored retail.

The average dividend yield for companies on this list is 5 per cent. From a valuation perspective, our weighted models are showing most companies at or near their current market price with a small upward bias. These REITs all pay distributions on a monthly basis as well.

Let’s look at a few of these companies:

Canadian Apartment Properties Real Estate Investment Trust, or CAP REIT owns and manages interests in multiunit residential rental properties in Canada, the Netherlands, Germany and Belgium. A majority of its revenue is derived from income-producing real estate in Canada and, to a lesser extent, in Europe. Our models have CAP REIT both above and below the current market price, with our weighted valuation above the most recent close price driven by our adjusted book value.

Dream Industrial Real Estate Investment Trust has industrial properties in key markets across Canada, Europe and the U.S. Dream’s portfolio consists of 336 industrial assets (549 buildings) that total approximately 72.6 million square feet of gross leasable area. We show upside to Dream – again driven by the adjusted book value.

You can see in the accompanying table the percentage difference between each REIT’s recent close price and its intrinsic value. The “stockcalc Valuation” column is a weighted calculation derived from the models and analyst target data if it’s used.

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Brian Donovan, CBV, is the president of stockcalc, a Canadian fintech based in Miramichi, N.B.

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – July 14, 2025) – Royal Road Minerals Limited ( TSXV: RYR ) (” Royal Road ” or the ” Company “) is pleased to announce results from its initial scout drilling program at the Lalla Aziza copper project in Morocco.

Lalla Aziza is an underground copper-mine located in Morocco’s Western High Atlas, approximately 90 kilometers southwest of Marrakesh. Lalla Aziza is owned and operated by Moroccan mining company, Carbomine SARL (“Carbomine” ). In December 2024, Royal Road entered into an Option Agreement (the “Agreement” ) with Carbomine, which provides the Company with an option to acquire 100% of the Lalla Aziza Mining License. Summary terms of the Agreement are provided below.

The Lalla Aziza mine area is located close to the southwestern extent of Carbomine’s license area, along a regionally extensive, southeast-dipping shear zone which continues for a distance of 4 kilometers diagonally across the license area (see Figure 1). Copper at Lalla Aziza is mined from chalcopyrite ore, hosted in dolomite vein-stockworks and hydrothermal breccia. Dolomite and copper mineralization is emplaced proximal to and within fault-related fold-hinges which plunge shallowly along and in the hanging-wall to the shear zone towards the northeast. Where mapped, mineralized structures can exceed 20 meters in thickness, but underground mining is limited to locally higher-grade intervals, where hand-picked ore averages in excess of 3% copper.

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

Royal Road has completed geological mapping, underground and surface rock-chip, channel and soil geochemical sampling across the Lalla Aziza license area (see Figures 1 and 2 and press release April 2, 2025). The Company has now completed a 15-hole, 1000-meter reverse circulation scout-drilling campaign at the project. This is the first exploration drilling to be conducted at Lalla Aziza. Drilling is aimed principally at testing bulk copper grades across the extent of the shear/fold zone, including the higher-grade underground intervals, in order to;

Assess potential for a “starter”-style open-pit mine; and

Test for the along-strike, down-plunge continuity of copper mineralization

Significant drilling results include the following (see Table 1):

RC25LA002	From 32 to 51 meters	19 meters at 1.1% copper
RC25LA004	From 12 to 17 meters	17 meters at 1.3% copper
RC25LA005	From 18 to 35 meters	17 meters at 1.1% copper (EOH)
RC25LA007	From 0 to 31 meters	31 meters at 0.7% copper
RC25LA009	From 18 to 37 meters	19 meters at 1.0% copper
RC25LA010	From 26 to 47 meters	21 meters at 1.0% copper
RC25LA012	From 51 to 63 meters	12 meters at 0.7% copper
(Not true width and the company does not have sufficient information to determine the true widths of the drill hole intersections)

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

TABLE 1: DRILL RESULTS LALLA AZIZA
	COPPER	GOLD
HOLE ID	E	N	Z(m)	DIP	AZIM	DEPTH	FROM	TO	LENGTH (m)*	%	(g/t)
RC25LA001	531667	3434774	1506	-50	330	57	22	38	16	0.6
RC25LA002	531667	3434773	1506	-90	330	64	32	51	19	1.1
RC25LA003	531607	3434732	1495	-50	335	25	19	25	6	0.8
RC25LA004	531607	3434731	1495	-70	335	88	25	42	17	1.3
RC25LA005	531583	3434710	1489	-50	335	35	18	35	17	1.1
RC25LA006	531583	3434709	1489	-90	335	67	35	38	3	0.4
RC25LA007	531533	3434693	1487	-50	335	49	0	31	31	0.7
RC25LA008	531533	3434692	1487	-90	335	79	0	2	2	0.3
19	33	14	0.4
41	44	3	0.4
50	52	2	0.6
70	74	4	0.2
RC25LA009	531636	3434751	1492	-50	335	67	18	37	19	1.0
RC25LA010	531636	3434750	1492	-90	335	67	26	47	21	1.0
RC25LA011	531656	3434714	1489	-50	335	73	11	16	5	0.3	0.3
33	39	6	0.5
55	57	2	0.2
RC25LA012	531692	3434719	1488	-50	335	85	51	63	12	0.7
RC25LA013	531609	3434679	1484	-65	335	79	47	53	6	0.4
RC25LA014	531546	3434677	1485	-50	335	73	25	47	22	0.2
RC25LA015	531453	3434589	1470	-50	335	88	NO SIGNIFICANT INTERSECTIONS
*NOT TRUE WIDTH

These initial scout drilling results at Lalla Aziza have confirmed that economically significant copper grades continue across the width of the shear/fold zone and that the mineralized structure is likely to plunge and continue below-surface towards the northeast (see Figure 3). Grades and thicknesses are considered significant enough to support potential for an open-pit starter at Lalla Aziza, assuming additional recoverable resources exist along and adjacent to the shear zone. Further work at Lalla Aziza will be focused on mapping and geophysics in order to define drill objectives at depth and to the northeast of the current drill grid. The gold potential of the footwall will also be better constrained.

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

Royal Road has notified Carbomine of its intention to exercise its option to acquire the Lalla Aziza Mining License subject to the terms of the Agreement as summarized below.

“Initial results at Lalla Aziza are encouraging, with strong indications that copper mineralization extends at depth to the northeast. We look forward to commencing detailed mapping, geophysics and targeting to define the project’s full potential and optimize future drilling,” said Tim Coughlin, President and CEO of Royal Road. “Morocco continues to stand out as a geologically prospective and politically supportive jurisdiction-critically positioned to contribute to the world’s growing demand for secure and sustainable supplies of copper and other strategic metals.”

Summary terms of the Agreement are as follows:

Royal Road have paid to Carbomine the sum of USD$50,000 upon execution of an initial Letter of Intent (superseded by the Agreement)

Royal Road have paid to Carbomine the sum of USD$200,000 upon execution of the Agreement

Royal Road has notified Carbomine of its intention to exercise the option to acquire 100% legal and beneficial ownership of the Carbomine mining licence. Subject to completion of the exercise of the option, to receipt of all relevant regulatory approvals in respect of the assignment or transfer of the Mining Licence to Royal Road and the confirmation from the relevant regulatory authorities in the form acceptable to Royal Road that it is the legal owner of the Mining Licence free from all encumbrances Royal Road shall pay the sum of US$1,500,000 to Carbomine

Upon the anniversary of the date on which Royal Road is registered as the legal and beneficial owner of the mining licence, RRM shall pay an annual fee of US$300,000 to Carbomine until the drawdown of project finance for a Bankable Feasibility Study

Upon the completion of the first Bankable Feasibility Study on the mining license and the drawdown of project finance for the purpose of such Bankable Feasibility Study, Royal Road shall pay Carbomine the sum of USD$2,500,000

Upon commencement of commercial production from the mining license, Carbomine shall be granted a net smelter return royalty of 2.5% in total (applicable to all mineral or metallic product extracted and recovered from the mining license) in respect of production from the license

About Royal Road Minerals:

Royal Road Minerals is a mineral exploration and development company with its head office and technical-operations center located in Jersey, Channel Islands. The Company is listed on the TSX Venture Exchange under the ticker RYR, on the OTCQB under the ticker RRDMF and on the Frankfurt Stock Exchange under the ticker RLU. The Company’s mission is to apply expert skills and innovative technologies to the process of discovering and developing copper and gold deposits of a scale large enough to benefit future generations and modern enough to ensure minimum impact on the environment and no net loss of biodiversity. The Company currently explores in the Kingdoms of Saudi Arabia, Morocco and in Colombia. More information can be found on the Company’s website .

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

The information in this news release was compiled, reviewed and verified by Dr. Tim Coughlin, BSc (Geology), MSc (Exploration and Mining), PhD (Structural Geology), FAusIMM, President and CEO of Royal Road Minerals Ltd and a qualified person as defined by National Instrument 43-101

Cautionary statement:

This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”) describing the Company’s future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company’s business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words “plans”, “prospective”, “expect”, “intend”, “intends to” and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company’s exploration plans.

The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only on the date they are made. There is no guarantee that the anticipated benefits of the Company’s business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company’s filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

Quality Assurance and Quality Control:

Sample preparation and analyses are conducted according to standard industry procedures at certified laboratories. Percussion-chip samples were sampled on 1m downhole intervals and passed through a 75-25% drill-rig mounted splitter. The 75% sample was placed in rows and analyzed for guidance on-site using a Vanta pXRF tool. The 25% sample was split 50-50% to produce analytical and retention samples of between 1 to 3kg. Samples for analysis were bagged in the field and sent to ALS Seville for analysis of gold by fire assay with an ICP-AES finish (method Au-ICP22) and multielements by four acid digest ICP-MS (method ME-MS61). QAQC materials included CRMs, blanks and duplicates inserted into sample batches on a ration of 1:10. Soil samples were collected 30-60cm below the surface to avoid surficial contamination. Approximately 0.5kg was collected for each sample. For each sample, soil thickness, horizon, surface type, sample collection depth, & field sieve-mesh was recorded. QAQC materials included approximately 5% CRMs, 1% blanks and 1% field duplicates. Infill soil samples were sent to ALS in Sevilla for drying, disaggregation and dry-sieving to -180um. Samples were analyzed using the super-trace low level gold and multi-element package (AuME-St43) with a 25g charge weight. Gold and multielement concentrations are determined from the same solution via a combination of ICP-MS and ICP-AES

MENAFN14072025004218003983ID1109797352

(MENAFN– Newsfile Corp)
Toronto, Ontario–(Newsfile Corp. – July 11, 2025) – (Block Height: 904,987) – Cathedra Bitcoin Inc. (TSXV: CBIT) (OTCQB: CBTTF) (the ” Company ” or ” Cathedra “), a bitcoin company that develops and operates digital infrastructure assets, is pleased to announce the appointment of Joel Block as Chief Executive Officer.

Mr. Block will also be joining as a member and chairman of the Board of Directors (the ” Board “). Concurrently, former Chief Executive Officer, AJ Scalia, and former President and Chief Operating Officer, Drew Armstrong, have resigned from their roles as officers and members of the Board, effective July 10, 2025, and each of them will remain engaged with the Company in an advisory capacity during a transitionary period.

Mr. Block will report directly to the Board and is responsible for the management and operation of the Company. The Board has considered Mr. Block’s skills and experience and is confident that the leadership change will enable the Company to pursue its strategic objectives with new guidance and vision.

Most recently, Mr. Block served as Chief Financial Officer of US Bitcoin Corp., where he led its landmark merger with Hut 8 Corp, the largest bitcoin mining merger transaction at the time. Previously, Mr. Block led a $750 million spin-off of Celsius Network LLC’s bitcoin mining subsidiary in connection with its bankruptcy proceedings, which became Ionic Digital Inc. Mr. Block has extensive experience in both private and public capital markets and operating in the data center and bitcoin mining arena. Mr. Block also served as Chief Executive Officer of Collegewise, one of the largest college admissions companies in the United States. Mr. Block also served in a number of roles at Credit Suisse, including as a Vice President on the Institutional Fixed Income Sales team, where he specialized in interest rate derivatives and hedging transactions.

“I’m excited to join Cathedra as CEO and a member of the Board at this important inflection point for the Company,” said Block. “I have great respect for the foundation that’s been built, and I am energized by the opportunity to lead the Company into its next chapter. With the Board’s partnership, I intend to drive a clear strategic vision focused on operational excellence, disciplined growth, and unlocking long-term value in this dynamic and rapidly evolving sector.”

“We’re thrilled to welcome Joel as our new CEO,” said outgoing chairman of the Board, Gavin Qu. “He brings a rare combination of strategic vision, technical depth, and a strong ability to execute. Joel has consistently scaled businesses with focus and speed, even in volatile markets-making him the right leader for this next chapter. The Board has full confidence in Joel’s leadership. We’re also grateful to AJ and Drew for their meaningful contributions in shaping Cathedra to this point-their vision, persistence, and commitment laid the groundwork for the Company’s future success.”

“I am proud of the progress Cathedra has made during Drew’s and my tenure, as the Company has grown into a vertically integrated developer and operator of bitcoin mining data centers across the U.S.,” remarked Mr. Scalia. “We are excited about the future direction of the Company and are confident Cathedra will continue to prosper under Joel’s leadership.”

About Cathedra Bitcoin Inc.

Cathedra develops and operates digital infrastructure assets across North America. The Company hosts bitcoin mining clients across its portfolio of three data centers (30 megawatts total) in Tennessee and Kentucky and recently developed and sold a 60-megawatt data center in North Dakota, a joint venture in which Cathedra held a minority interest, closing of which is anticipated to occur in 2025. Cathedra also operates a fleet of proprietary bitcoin mining machines at its own and third-party data centers, producing approximately 400 PH/s of hash rate. Cathedra is headquartered in Vancouver and its subordinate voting shares trade on the TSX Venture Exchange under the symbol “CBIT” and in the OTC market under the symbol “CBTTF”.

For more information about Cathedra, visit cathedra or follow Company news on X at @CathedraBitcoin or on Telegram at @CathedraBitcoin.

For media and investor relations enquiries, please contact:

Joel Block
Chief Executive Officer
+1 (604) 259-0607
…

Forward Looking Statements

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

Additionally, these forward-looking statements may be affected by risks and uncertainties in the business of Cathedra and general market conditions. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Cathedra’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Cathedra believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following: changes in the Company’s relationships, including with regulatory bodies, employees, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and regulations both locally and in foreign jurisdictions; compliance with extensive government regulation and the costs associated with compliance; unanticipated costs; changes in market conditions impacting the average revenue per MWh; the risks and uncertainties associated with foreign markets; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; risks associated with the completion of the sale of the Company’s minority interest in the 60-megawatt data center in North Dakota, including the inability to close such sale on contemplated terms, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. Additionally, the forward-looking statements contained herein may be affected by risks and uncertainties in the business of Cathedra and general market conditions. For further information concerning these risks and uncertainties and other risks and uncertainties, please see the Company’s filings under the Company’s SEDAR+ profile on , including but not limited to the Company’s management information circular dated June 18, 2024 and the Company’s most recent interim and annual management discussion and analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended and such changes could be material, including factors that are currently unknown to or deemed immaterial by the Company. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

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

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

SOURCE: Cathedra Bitcoin Inc.

MENAFN11072025004218003983ID1109788575

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