Chartwell Announces Strong Third Quarter 2024 Results, Provides an Update on Growth and Portfolio Optimization Activities and Launches At-the-Market Program
MISSISSAUGA, ON, Nov. 14, 2024 /CNW/ – Chartwell Retirement Residences (“Chartwell”) CSH announced today its results for the three and nine months ended September 30, 2024.
Q3 2024 Highlights
- Resident revenue increased by $34.6 million from Q3 2023.
- Net income was $23.6 million compared to $158.2 million in Q3 2023 that included the gain on sale of $178.9 million due to the sale of the Ontario Long Term Care platform (“OLTC Platform”)(4).
- Funds from Operations (“FFO”)(1) up 43.2% from Q3 2023.
- Same property adjusted net operating income (“NOI”)(1) up 17.1% from Q3 2023.
- Same property adjusted operating margin(1) up 200 basis points (“bps”) from Q3 2023.
- Weighted average same property occupancy up 610 bps from Q3 2023 and expected to grow to 90.2% by December 2024.
“Our teams delivered another quarter of strong operating and financial performance in Q3 2024. Importantly, we made great strides toward achieving our aspirational 2025 strategic objectives. Our 2024 Employee Engagement score of 57% highly engaged employees exceeded our 2025 target of 55%, our 2024 Resident Satisfaction score of 66% very satisfied residents was within one percentage point of our 2025 target, and with the forecasted December 2024 same property occupancy of 90.2%, we are well on the way to our 2025 target of 95%,” commented Vlad Volodarski, Chartwell’s CEO. “2024 is shaping up to be a record year of transactional activity for Chartwell. To date, we have announced transactions valued at over $1.2 billion, adding newer, well-located, high-quality properties to our portfolio and divesting older non-core assets. Our investment team continues their great work investigating many other growth and portfolio optimization opportunities to further our strategy of portfolio renewal and growth. I am proud of our recent successes and grateful to our teams for their dedication, exceptional work and focus on driving results in all aspects of our business.”
Results of Operations
The following table summarizes select financial and operating performance measures:
|
Three Months Ended |
Nine Months Ended |
||||||
|
($000s, except per unit amounts, number of units, and percentages) |
2024 |
2023 |
Change |
2024 |
2023 |
Change |
|
|
Resident revenue |
207,995 |
173,383 |
34,612 |
581,478 |
507,378 |
74,100 |
|
|
Direct property operating expense |
128,389 |
113,344 |
15,045 |
370,472 |
344,508 |
25,964 |
|
|
Net income |
23,603 |
158,156 |
(134,553) |
18,834 |
141,446 |
(122,612) |
|
|
FFO(1) |
|||||||
|
Continuing operations |
55,861 |
36,087 |
19,774 |
139,798 |
82,905 |
56,893 |
|
|
Total |
55,861 |
39,002 |
16,859 |
139,798 |
94,091 |
45,707 |
|
|
FFO per unit(1) |
|||||||
|
Continuing operations |
0.20 |
0.15 |
0.05 |
0.55 |
0.34 |
0.21 |
|
|
Total |
0.20 |
0.16 |
0.04 |
0.55 |
0.39 |
0.16 |
|
|
Weighted average number of units outstanding (000s)(2) |
274,318 |
242,258 |
32,060 |
254,956 |
241,157 |
13,799 |
|
|
Weighted average same property occupancy rate (3) |
88.5 % |
82.4 % |
6.1pp |
87.4 % |
81.1 % |
6.3pp |
|
|
Same property adjusted NOI(1) |
63,643 |
54,357 |
9,286 |
181,067 |
150,219 |
30,848 |
|
|
Same property adjusted operating margin(1) |
38.4 % |
36.4 % |
2.0pp |
37.3 % |
34.5 % |
2.8pp |
|
|
G&A expenses |
11,731 |
14,403 |
(2,672) |
39,126 |
46,995 |
(7,869) |
|
For Q3 2024, resident revenue increased $34.6 million or 20.0% and direct property operating expense increased $15.0 million or 13.3%.
For Q3 2024, net income was $23.6 million compared to $158.2 million in Q3 2023 that included the gain on sale of $178.9 million due to the sale of the OLTC Platform. The remaining differences are due to:
- deferred tax expense in Q3 2024 as compared to a deferred tax benefit in Q3 2023,
- higher direct property operating expense,
- higher negative changes in fair value of financial instruments, primarily due to increases in trading prices of our Trust Units,
- higher finance costs, and
- higher depreciation of property, plant and equipment (“PP&E”).
partially offset by:
- higher gain on disposal of assets,
- higher resident revenue,
- lower current income tax expense due to the sale of the OLTC Platform,
- lower general, administrative, and Trust (“G&A”) expenses, and
- higher net income from joint ventures.
For Q3 2024, FFO from continuing operations was $55.9 million or $0.20 per unit, compared to $36.1 million or $0.15 per unit for Q3 2023. The change in FFO from continuing operations was primarily due to:
- higher adjusted NOI from continuing operations of $20.7 million,
- lower G&A expenses of $2.7 million,
- one-time retroactive government funding related to the sale of the OLTC Platform of $1.4 million,
- higher interest income of $0.3 million, and
- lower depreciation of PP&E and amortization of intangibles assets used for administrative purposes of $0.1 million,
partially offset by:
- higher finance costs of $5.1 million, and
- lower management fees of $0.3 million.
For Q3 2024, FFO from continuing operations includes $0.2 million of Lease-up-Losses and Imputed Cost of Debt related to our development projects (Q2 2023 – $0.5 million). Total FFO for Q3 2023 includes results of discontinued operations from the OLTC Platform of $2.9 million or $0.01 per unit.
For 2024 YTD, resident revenue increased $74.1 million or 14.6%, and direct property operating expense increased $26.0 million or 7.5%.
For 2024 YTD, net income was $18.8 million compared to $141.4 million in 2023 YTD that included the gain on sale of $178.9 million due to the sale of the OLTC Platform. The remaining differences are due to:
- deferred tax expense in 2024 YTD as compared to a deferred tax benefit in 2023 YTD,
- higher direct property operating expense,
- higher negative changes in fair value of financial instruments, primarily due to increases in trading prices of our Trust Units,
- higher finance costs,
- higher transaction costs related to dispositions, and
- higher depreciation of PP&E.
partially offset by:
- higher resident revenue,
- higher gain on disposal of assets,
- lower current income tax expense due to the sale of the OLTC Platform,
- lower G&A expenses, and
- higher net income from joint ventures.
For 2024 YTD, FFO from continuing operations was $139.8 million or $0.55 per unit, compared to $82.9 million or $0.34 per unit for 2023 YTD. The change in FFO from continuing operations was primarily due to:
- higher adjusted NOI from continuing operations of $54.4 million,
- lower G&A expenses of $7.9 million,
- one-time retroactive government funding related to the sale of the OLTC Platform of $1.4 million,
- higher interest income of $1.1 million, and
- lower depreciation of PP&E and amortization of intangibles assets used for administrative purposes of $0.4 million,
partially offset by:
- higher finance costs of $7.8 million, and
- lower management fees of $0.5 million.
For 2024 YTD, FFO from continuing operations includes $0.9 million of Lease-up-Losses and Imputed Cost of Debt related to our development projects (2023 YTD – $1.6 million). Total FFO for 2023 YTD includes results of discontinued operations from the OLTC Platform of $11.2 million or $0.05 per unit.
Financial Position
As at September 30, 2024, liquidity(1) amounted to $385.3 million, which included $26.1 million of cash and cash equivalents and $359.2 million of available borrowing capacity on our credit facilities.
The interest coverage ratio(5) was 2.6 at September 30, 2024, compared to 2.3 at December 31, 2023. The net debt to adjusted EBITDA ratio(5) at September 30, 2024 was 8.3 compared to 10.2 at December 31, 2023.
2024 Outlook and Recent Developments
An updated discussion of our business outlook can be found in the “2024 Outlook” section of our Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 (the “Q3 2024 MD&A”).
Operations
The chart included (Figure 1) provides an update in respect of our same property occupancy.
We continue to experience strong demand fundamentals having achieved occupancy growth through the historically weaker winter season. Our same property portfolio occupancy increased from December to March by 40 bps compared to a 70 bps decline for the same period last year. Initial contacts and personalized tour activity remains robust, we have experienced strong conversion rates to permanent move-ins and expect this positive momentum to continue through to the end of 2024. As such, we expect to reach 90.2% occupancy in our same property portfolio in December 2024, representing a 430 bps growth over the prior year. The growth in same property occupancy combined with our blended rental and service rate growth of 3.9%, resulted in an 11.0% increase in same property adjusted resident revenue in Q3 2024 compared to Q3 2023. 2024 YTD same property adjusted resident revenue grew 11.6% as compared to 2023 YTD from blended rental and service rate growth of 4.3% and 630 bps of occupancy growth.
Acquisition in Victoria, British Columbia
On November 14, 2024, we entered into a definitive agreement to acquire an upscale, 131-suite ISL retirement residence in Victoria, B.C. for a purchase price of $75.0 million. Constructed in 2021, all suites in the residence have full kitchens, in-suite laundry, and modern finishes, with many offering unobstructed views of Victoria’s harbour and major landmarks. Current occupancy is 28%. The acquisition will be our fourth property on Vancouver Island adding critical mass in the region and is expected to close in Q1 2025.
“We are pleased to add this modern, urban residence to our Western Canada platform below current replacement cost. This acquisition furthers our strategy to refresh and grow our portfolio with high quality assets. The quality of this residence and its location, combined with our operating expertise and branding strength will support successful lease up and multiyear occupancy and market rate growth,” added Jonathan Boulakia, Chief Investment Officer.
Growth and Portfolio Optimization Activities
We continue to execute on our portfolio strategies of enhancing our asset base to generate increased NOI, acquiring new strategic properties in core markets and selling non-core properties, including:
- On July 22, 2024, we completed the previously announced acquisition of a 100% ownership interest in a portfolio of five retirement residences (1,428 suites) located in Quebec. The purchase price was $297.0 million and, subject to normal working capital and other closing adjustments, was paid in cash. Acquisition related costs of $3.4 million have been capitalized.
- On July 31, 2024, we acquired the remaining 10% ownership interest in land located in Pickering, Ontario, which was previously accounted for as a joint operation. The purchase price of $1.2 million was paid in cash.
- On August 29, 2024, we entered into definitive agreements to acquire three modern retirement residences on Vancouver Island totalling 384 suites for an aggregate purchase price of $226.9 million and paid an $11.0 million deposit. Details of these acquisitions are as follows:
- On October 31, 2024, we acquired the 152-suite Vista Retirement Residence, located in Victoria. The purchase price was $103.9 million, subject to normal working capital and other closing adjustments and was paid in cash. The vendor provided us with a 24-month NOI guarantee, with $9.2 million of the purchase price held in escrow to support the vendor’s obligation.
- On October 31, 2024, we acquired the 77-suite Nanaimo Memory Care, located in Nanaimo. The purchase price was $20.3 million, subject to normal working capital and other closing adjustments and was paid in cash.
- The Edgewater Retirement Residence, located adjacent to Nanaimo Memory Care, is currently under construction and will be comprised of 155 suites. The purchase price is $102.7 million, subject to normal working capital and other closing adjustments, and is expected be paid in cash utilizing a combination of net proceeds from the sales of our non-core assets, cash on hand, and credit facilities. The vendor has agreed to provide us with a 36-month NOI guarantee, with $8.7 million of the purchase price to be held in escrow to support the vendor’s obligation. We will acquire the residence upon construction completion, which is expected in Q2 2025.
- On August 15, 2024, we completed the sale of one non-core property in Ontario for a sale price of $10.8 million, which was settled in cash.
- On August 30, 2024, we completed the sale of one non-core property in Ontario for a sale price of $4.6 million, which was settled in cash. In addition, we entered into a leaseback agreement for the land and building until the property is vacated.
- On September 18, 2024, we completed the sale of one non-core property in Ontario for a sale price of $79.5 million, which was settled in cash.
Liquidity and Financing
On July 22, 2024, we entered into a $150.0 million unsecured term loan agreement with a Canadian chartered bank. The terms of the loan include borrowings based on either the bank’s Prime rate or CORRA, with an initial term of six months and an optional extension for an additional six months. On October 31, 2024, we repaid $75.0 million.
On October 24, 2024, CMHC confirmed the termination of our Large Borrower Agreement (“LBA”) and the transition to a Large Borrower Risk Management Framework (the “LBRMF”). The LBRMF provides a more flexible financing environment and improved liquidity and removes previous financial covenant and cross collateralization requirements.
On October 28, 2024, we issued $150.0 million of 4.400% Series D senior unsecured debentures (the “Series D Debentures”) due on November 5, 2029. The net proceeds of the Series D Debentures was used to repay existing indebtedness, including indebtedness under our secured credit facility and term loan, and to partially finance certain previously announced acquisitions of retirement residences expected to close in the fourth quarter of 2024.
As at November 14, 2024, liquidity amounted to $401.3 million, which included $54.1 million of cash and cash equivalents and $347.2 million of available borrowing capacity on our Credit Facilities.
As of the date of this release, we have $98.8 million of mortgage debt maturing in 2024 with a weighted average interest rate of 7.08%. At November 14, 2024, 10-year CMHC-insured mortgage rates are estimated at approximately 4.08% and five-year conventional mortgage financing is available at 5.01%.
At-the-Market Equity Distribution Program
On November 14, 2024, Chartwell will file a prospectus supplement to establish an at-the-market equity distribution program (the “ATM Program”). The ATM Program will allow Chartwell to issue up to $250 million of trust units (“Trust Units”) from treasury to the public from time to time during the term of the ATM Program, at its discretion. The ATM Program is designed to provide Chartwell with additional financing flexibility, should it be required in the future. Chartwell intends to use the net proceeds from the ATM Program, if any, for future property acquisitions, development and redevelopment opportunities, repayment of indebtedness and for general trust purposes.
“We are very excited to launch our inaugural ATM Program today. The ATM Program, which may be used from time to time during favourable market conditions, provides Chartwell with a new cost-effective tool to raise equity to match our capital requirements as required, including to support our growth strategy,” commented Jeffrey Brown, Chief Financial Officer.
In connection with the establishment of the ATM Program, Chartwell has entered into an equity distribution agreement dated November 14, 2024 (the “Distribution Agreement”) with TD Securities Inc. and Scotia Capital Inc. (collectively, the “Agents”). Any Trust Units sold under the ATM Program will be distributed through the Toronto Stock Exchange or any other permitted marketplace at the market prices prevailing at the time of sale. The volume and timing of distributions under the ATM Program, if any, will be determined at Chartwell’s sole discretion. There is no certainty that any Trust Units will be offered or sold under the ATM Program. The ATM Program will terminate upon the earlier of (i) May 30, 2026, (ii) the issuance and sale of all of the Trust Units qualified for distribution under the ATM Program, and (iii) the termination of the Distribution Agreement (as set out in the Distribution Agreement).
Given that Trust Units sold in the ATM Program, if any, will be distributed at the market prices prevailing at the time of sale, prices may vary among purchasers during the period of the distribution. Distributions of Trust Units through the ATM Program, if any, will be made pursuant to the terms of the Distribution Agreement. In connection with the establishment of the ATM Program, Chartwell will file a prospectus supplement dated November 14, 2024 (the “Prospectus Supplement”) to the final base shelf prospectus dated April 30, 2024 (the “Base Shelf Prospectus”). The Prospectus Supplement, the Distribution Agreement and the Base Shelf Prospectus will be available on SEDAR+ at www.sedarplus.com under Chartwell’s profile. Alternatively, the Agents will send copies of the Prospectus Supplement, the Distribution Agreement and the Base Shelf Prospectus, as applicable, to investors upon request to TD Securities Inc. at 1625 Tech Avenue, Mississauga, Ontario L4W 5P5, attention: Symcor, NPM, by telephone at (289) 360-2009, or by email at sdcconfirms@td.com. and Scotia Capital Inc. at 40 Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, by telephone at (416) 863-7704 or by email at equityprospectus@scotiabank.com.
This press release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction in which such offer or solicitation is unlawful. This press release is not an offer of securities for sale in the United States (“U.S.”). The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the U.S., its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.
Quarterly Investor Materials and Conference Call
We invite you to review our Q3 2024 investor materials on our website at investors.chartwell.com
Q3 2024 Financial Statements
Q3 2024 MD&A
Q3 2024 Investor Presentation
A conference call hosted by Chartwell’s senior management will be held Friday, November 15, 2024, at 10:00 AM ET. The telephone numbers to participate in the conference call are: Local: (416) 340-2217 or Toll Free: 1-800-806-5484. The passcode for the conference call is: 5352093#. Please log on at least 15 minutes before the call commences to register for the Q&A. A slide presentation to accompany management’s comments during the conference call will be available on the website. A live webcast of the call will be available at https://events.q4inc.com/attendee/632664840. Joining via webcast is recommended for those who will not be participating in the Q&A.
The telephone numbers to listen to the call after it is completed (Instant Replay) are: Local (905) 694-9451 or Toll-Free: 1-800-408-3053. The Passcode for the Instant Replay is 5208327#. These numbers will be available for 30 days following the call. An audio file recording of the call, along with the accompanying slides, will also be archived on Chartwell’s website at investors.chartwell.com.
Footnotes
|
(1) |
FFO, FFO for continuing operations, Total FFO, including per unit amounts, adjusted resident revenue, adjusted direct property operating expense, adjusted NOI, adjusted operating margin, liquidity, interest coverage ratio, Lease-up Losses, Imputed Cost of Debt, and net debt to adjusted EBITDA ratio are non-GAAP measures. These measures do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures used by other issuers. These measures are used by management in evaluating operating and financial performance. Please refer to the heading “Non-GAAP Financial Measures” on page 8 of this press release. Certain information about non-GAAP financial measures, non-GAAP ratios, capital management measures, and supplementary measures found in Chartwell’s Q3 2024 MD&A, is incorporated by reference. Full definitions of FFO & FFO per unit can be found on page 16, same property adjusted NOI on page 17, adjusted NOI on page 17, adjusted operating margin on page 17, liquidity on page 24, interest coverage ratio on page 39, and net debt to adjusted EBITDA ratio on page 40 of the Q3 2024 MD&A available on Chartwell’s website, and under Chartwell’s profile on the System for Electronic Document and Analysis Retrieval (“SEDAR+”) website at sedarplus.com. The definition of these measures have been incorporated by reference. |
|
(2) |
Includes Trust Units, Class B Units of Chartwell Master Care LP, and Trust Units issued under Executive Unit Purchase Plan and Deferred Trust Unit Plan. |
|
(3) |
‘pp’ means percentage points. |
|
(4) |
Refer to the “Significant Events – Portfolio Optimization” section on page 12 of the Q3 2024 MD&A. |
|
(5) |
Non-GAAP; calculated in accordance with the Trust indentures for Chartwell’s 4.211% Series B senior unsecured debentures and 6.000% Series C senior unsecured debentures and may not be comparable to similar metrics used by other issuers or to any GAAP measures. |
|
(6) |
Forecast includes leases and notices as at October 31, 2024, and an estimate of mid-month move-ins of 10 bps for November and 50 bps for December, based on the preceding 12-month average of such activity. |
Forward-Looking Information
This press release contains forward-looking information that reflects the current expectations, estimates and projections of management about the future results, performance, achievements, prospects or opportunities for Chartwell and the seniors housing industry. Forward-looking statements are based upon a number of assumptions and are subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, and that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. Examples of forward-looking information in this document include, but are not limited to, statements regarding our business strategies, operational sales, marketing and portfolio optimization strategies including targets, and the expected results of such strategies, predictions and expectations with respect to industry trends including growth in the senior population, a deficit of long term care beds and the slow down of new construction starts, expectations with respect to taxes that are expected to be payable in the current and future years and statements regarding the tax classification of distributions, and occupancy rate forecasts. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are more fully described in the “Risks and Uncertainties and Forward-Looking Information” section in Chartwell’s Q3 2024 MD&A, and in materials filed with the securities regulatory authorities in Canada from time to time, including but not limited to our most recent Annual Information Form the (“AIF”). A copy of the Q3 2024 MD&A, the AIF, and Chartwell’s other publicly filed documents can be accessed under Chartwell’s profile on the SEDAR+ website at sedarplus.com. Except as required by law, Chartwell does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or for any other reason.
About Chartwell
Chartwell is in the business of serving and caring for Canada’s seniors, committed to its vision of Making People’s Lives BETTER and to providing a happier, healthier, and more fulfilling life experience for its residents. Chartwell is an unincorporated, open-ended real estate trust which indirectly owns and operates a complete range of seniors housing communities, from independent living through to assisted living and long term care. Chartwell is one of the largest operators in Canada, serving approximately 25,000 residents in four provinces across the country. For more information visit www.chartwell.com.
For more information, please contact:
Chartwell Retirement Residences
Jeffrey Brown, Chief Financial Officer
Tel: (905) 501-6777
Email: investorrelations@chartwell.com
Non-GAAP Financial Measures
Chartwell’s condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). Management uses certain financial measures to assess Chartwell’s operating and financial performance, which are measures not defined in generally accepted accounting principles (“GAAP”) under IFRS. The following measures: FFO, FFO per unit, same property adjusted NOI, adjusted NOI, adjusted operating margin, liquidity, interest coverage ratio and net debt to adjusted EBITDA ratio as well as other measures discussed elsewhere in this release, do not have a standardized definition prescribed by IFRS. They are presented because management believes these non-GAAP measures are relevant and meaningful measures of Chartwell’s performance and as computed may differ from similar computations as reported by other issuers and may not be comparable to similarly titled measures reported by such issuers. For a full definition of these measures, please refer to the Q3 2024 MD&A available on Chartwell’s website and on SEDAR+.
The following table reconciles resident revenue and direct property operating expense from our financial statements to adjusted resident revenue and adjusted direct property operating expense and NOI to Adjusted NOI from continuing operations and Adjusted NOI and identifies contributions from our same property portfolio, our growth portfolio, and our repositioning portfolio:
|
($000s, except occupancy rates) |
Q3 2024 |
Q3 2023 |
Change |
2024 YTD |
2023 YTD |
Change |
|
Resident revenue |
207,995 |
173,383 |
34,612 |
581,478 |
507,378 |
74,100 |
|
Add (Subtract): |
||||||
|
Share of resident revenue from joint ventures (1) |
35,071 |
32,103 |
2,968 |
102,945 |
93,605 |
9,340 |
|
Resident revenue from LTC Discontinued Operations (2) |
– |
45,521 |
(45,521) |
– |
167,068 |
(167,068) |
|
Share of resident revenue from non-controlling interest (3) |
(1,328) |
– |
(1,328) |
(1,328) |
– |
(1,328) |
|
Adjusted resident revenue |
241,738 |
251,007 |
(9,269) |
683,095 |
768,051 |
(84,956) |
|
Comprised of: |
||||||
|
Same property |
165,615 |
149,138 |
16,477 |
485,511 |
434,942 |
50,569 |
|
Growth |
42,459 |
22,870 |
19,589 |
95,582 |
66,567 |
29,015 |
|
Repositioning |
33,664 |
78,999 |
(45,335) |
102,002 |
266,542 |
(164,540) |
|
Adjusted resident revenue |
241,738 |
251,007 |
(9,269) |
683,095 |
768,051 |
(84,956) |
|
Direct property operating expense |
128,389 |
113,344 |
15,045 |
370,472 |
344,508 |
25,964 |
|
Add (Subtract): |
||||||
|
Share of direct property operating expense from joint ventures (1) |
22,187 |
21,036 |
1,151 |
67,040 |
64,655 |
2,385 |
|
Direct property operating expense from LTC Discontinued Operations (2) |
– |
41,330 |
(41,330) |
– |
151,266 |
(151,266) |
|
Share of direct property operating expense from non-controlling interest (3) |
(677) |
– |
(677) |
(677) |
– |
(677) |
|
Adjusted direct property operating expense |
149,899 |
175,710 |
(25,811) |
436,835 |
560,429 |
(123,594) |
|
Comprised of: |
||||||
|
Same property |
101,972 |
94,781 |
7,191 |
304,444 |
284,723 |
19,721 |
|
Growth |
23,554 |
14,599 |
8,955 |
56,377 |
44,131 |
12,246 |
|
Repositioning |
24,373 |
66,330 |
(41,957) |
76,014 |
231,575 |
(155,561) |
|
Adjusted direct property operating expense |
149,899 |
175,710 |
(25,811) |
436,835 |
560,429 |
(123,594) |
|
NOI |
79,606 |
60,039 |
19,567 |
211,006 |
162,870 |
48,136 |
|
Add (Subtract): |
||||||
|
Share of NOI from joint ventures |
12,884 |
11,067 |
1,817 |
35,905 |
28,950 |
6,955 |
|
Share of NOI from non-controlling interest |
(651) |
– |
(651) |
(651) |
– |
(651) |
|
Adjusted NOI from continuing operations |
91,839 |
71,106 |
20,733 |
246,260 |
191,820 |
54,440 |
|
Add (Subtract): |
||||||
|
NOI from LTC Discontinued Operations |
– |
4,191 |
(4,191) |
– |
15,802 |
(15,802) |
|
Adjusted NOI |
91,839 |
75,297 |
16,542 |
246,260 |
207,622 |
38,638 |
|
Comprised of: |
||||||
|
Same property |
63,643 |
54,357 |
9,286 |
181,067 |
150,219 |
30,848 |
|
Growth |
18,905 |
8,271 |
10,634 |
39,205 |
22,436 |
16,769 |
|
Repositioning |
9,291 |
12,669 |
(3,378) |
25,988 |
34,967 |
(8,979) |
|
Adjusted NOI |
91,839 |
75,297 |
16,542 |
246,260 |
207,622 |
38,638 |
|
Weighted average occupancy rate: |
||||||
|
Same property portfolio |
88.5 % |
82.4 % |
6.1pp |
87.4 % |
81.1 % |
6.3pp |
|
Growth portfolio |
88.4 % |
76.9 % |
11.5pp |
87.2 % |
75.1 % |
12.1pp |
|
Repositioning portfolio |
84.9 % |
85.2 % |
(0.3pp) |
84.3 % |
84.2 % |
0.1pp |
|
Total portfolio |
87.9 % |
82.5 % |
5.4pp |
86.9 % |
81.2 % |
5.7pp |
|
(1) |
Non-GAAP; represents Chartwell’s proportionate share of the resident revenue and direct property operating expense of our Equity-Accounted JVs, respectively. |
|
(2) |
Represents the resident revenue and direct property operating expense related to LTC Discontinued Operations, respectively. |
|
(3) |
Non-GAAP; represents Chartwell’s proportionate share of the resident revenue and direct property operating expense of our non-controlling interest, respectively. |
The following table provides a reconciliation of net income/(loss) to FFO for continuing operations:
|
($000s, except per unit amounts and number of units) |
Q3 2024 |
Q3 2023 |
Change |
2024 YTD |
2023 YTD |
Change |
|
|
Net income/(loss) |
23,603 |
(23,330) |
46,933 |
18,834 |
(48,183) |
67,017 |
|
|
Add (Subtract): |
|||||||
|
B |
Depreciation of PP&E |
43,009 |
38,027 |
4,982 |
117,146 |
115,050 |
2,096 |
|
D |
Amortization of limited life intangible assets |
521 |
566 |
(45) |
1,710 |
2,058 |
(348) |
|
B |
Depreciation of PP&E and amortization of intangible assets used for administrative purposes included in depreciation of PP&E and amortization of intangible assets above |
(974) |
(1,093) |
119 |
(2,968) |
(3,332) |
364 |
|
E |
Loss/(gain) on disposal of assets |
(55,850) |
(2,883) |
(52,967) |
(54,905) |
(6,304) |
(48,601) |
|
J |
Transaction costs arising on dispositions |
2,507 |
469 |
2,038 |
5,028 |
975 |
4,053 |
|
H |
Impairment losses |
– |
625 |
(625) |
– |
625 |
(625) |
|
F |
Tax on gains or losses on disposal of properties |
2,840 |
28,100 |
(25,260) |
2,489 |
28,100 |
(25,611) |
|
G |
Deferred income tax |
24,120 |
(11,274) |
35,394 |
27,586 |
(21,091) |
48,677 |
|
O |
Distributions on Class B Units recorded as interest expense |
231 |
234 |
(3) |
696 |
702 |
(6) |
|
M |
Changes in fair value of financial instruments |
14,998 |
5,622 |
9,376 |
21,535 |
11,212 |
10,323 |
|
Q |
FFO adjustments for Equity-Accounted JVs |
900 |
1,024 |
(124) |
2,691 |
3,093 |
(402) |
|
U |
Non-controlling interest |
(44) |
– |
(44) |
(44) |
– |
(44) |
|
FFO |
55,861 |
36,087 |
19,774 |
139,798 |
82,905 |
56,893 |
|
|
Weighted average number of units (000) |
274,318 |
242,258 |
32,060 |
254,956 |
241,157 |
13,799 |
|
|
FFOPU |
0.20 |
0.15 |
0.05 |
0.55 |
0.34 |
0.21 |
|
The following table provides a reconciliation of net income/(loss) to Total FFO for total operations:
|
($000s, except per unit amounts and number of units) |
Q3 2024 |
Q3 2023 |
Change |
2024 YTD |
2023 YTD |
Change |
|
|
Net income/(loss) |
23,603 |
158,156 |
(134,553) |
18,834 |
141,446 |
(122,612) |
|
|
Add (Subtract): |
|||||||
|
B |
Depreciation of PP&E |
43,009 |
38,027 |
4,982 |
117,146 |
115,050 |
2,096 |
|
D |
Amortization of limited life intangible assets |
521 |
566 |
(45) |
1,710 |
2,058 |
(348) |
|
B |
Depreciation of PP&E and amortization of intangible assets used for administrative purposes included in depreciation of PP&E and amortization of intangible assets above |
(974) |
(1,093) |
119 |
(2,968) |
(3,332) |
364 |
|
E |
Loss/(gain) on disposal of assets |
(55,850) |
(181,794) |
125,944 |
(54,905) |
(185,208) |
130,303 |
|
J |
Transaction costs arising on dispositions |
2,507 |
809 |
1,698 |
5,028 |
1,436 |
3,592 |
|
H |
Impairment losses |
– |
625 |
(625) |
– |
625 |
(625) |
|
F |
Tax on gains or losses on disposal of properties |
2,840 |
28,100 |
(25,260) |
2,489 |
28,100 |
(25,611) |
|
G |
Deferred income tax |
24,120 |
(11,274) |
35,394 |
27,586 |
(21,091) |
48,677 |
|
O |
Distributions on Class B Units recorded as interest expense |
231 |
234 |
(3) |
696 |
702 |
(6) |
|
M |
Changes in fair value of financial instruments |
14,998 |
5,622 |
9,376 |
21,535 |
11,212 |
10,323 |
|
Q |
FFO adjustments for Equity-Accounted JVs |
900 |
1,024 |
(124) |
2,691 |
3,093 |
(402) |
|
U |
Non-controlling interest |
(44) |
– |
(44) |
(44) |
– |
(44) |
|
FFO |
55,861 |
39,002 |
16,859 |
139,798 |
94,091 |
45,707 |
|
|
Weighted average number of units (000) |
274,318 |
242,258 |
32,060 |
254,956 |
241,157 |
13,799 |
|
|
FFOPU |
0.20 |
0.16 |
0.04 |
0.55 |
0.39 |
0.16 |
|
SOURCE Chartwell Retirement Residences (IR)
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/14/c0403.html
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
California Weed Co. Glass House Brands Reports 32% YoY Q3 Revenue Growth (UPDATED)
Editor’s Note: This article has been updated to exclude references to CEO Kyle Kazan’s past experience, as they were not directly relevant to the focus of the story.
Vertically integrated Glass House Brands Inc. (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) GLASF GHBWF reported its financial results Wednesday for the third quarter ended Sept. 30, 2024.
The cannabis company is focused on strategic growth initiatives, including expanding production capacity, improving cost efficiency and positioning itself to weather challenges in the California weed market. However, retail pricing pressures may continue to affect margins in the near term.
“While we expect lower prices to continue in the short-term, longer-term we expect Glass House will benefit, as our Company is built to weather market cycles and emerge even stronger,” said Kyle Kazan, co-founder, chair, CEO and a former Los Angeles police officer.
- Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.
Q3 2024 Financial Highlights
- Net revenue totaled $63.8 million, up 32% year-over-year from $48.2 million and 18% sequentially from the previous quarter.
- Retail revenue amounted to $11.2 million, a slight increase from the prior period ($10.9 million) and the third quarter of 2023 ($10.1 million).
- CPG revenue amounted to $4.8 million, up 11% YoY and 20% sequentially.
- Gross profit amounted to $33.4 million, compared to $26 million in the prior year’s period and $28.7 million in the second quarter of this fiscal year.
- Gross margin was 52%, down slightly from 54% year-over-year and 53% from the previous quarter.
- Adjusted EBITDA came in positive at a record $20.4 million, up from $10.7 million in the third quarter of 2023 and $12.4 million in the prior period.
- Operating cash flow was $13.2 million, representing a 45% increase year-over-year.
- The company had $35.1 million in cash and restricted cash as of Sept. 30, 2024, up from $25.9 million in the second quarter of 2024.
Operational Developments
- The company’s retail strategic pricing plan has driven increased foot traffic and higher consumer loyalty.
- Glass House is working on the Greenhouse 2 retrofit to increase production capacity by 275,000 pounds annually by the fourth quarter of 2025, aiming for a cost target of $100 per pound.
- The company has obtained a hemp license and is testing strains, with plans to decide on large-scale production by the second quarter of 2025.
- Glass House successfully had the Catalyst lawsuit dismissed, while Hector De La Torre returned to serve on the board of directors.
2024 Outlook
- The company expects $47 million to $49 million in fourth-quarter revenue, representing a 19% year-over-year increase.
- In terms of biomass production, the company provided a guidance of 160,000 to 165,000 pounds, representing 57% year-over-year growth.
- The company forecasted adjusted EBITDA of $3 million to $5 million for the fourth quarter of fiscal 2024.
- Capex is projected at roughly $6 million, with $5 million allocated to Phase III expansion.
- Under the At-The-Market (ATM) program, the company can raise up to $25 million for Phase III expansion.
GLASF Price Action
Glass House Brands’ shares traded 0.61% lower at $8.1 per share after the market close on Wednesday afternoon.
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Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
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Palantir, Moderna, Pfizer, Alibaba, Tesla: Why These 5 Stocks Are On Investors' Radars Today
The US stock market experienced a downward trend on Thursday, with both the Nasdaq Composite and the S&P 500 indices falling by nearly 0.6% respectively. The Dow also traded down by 0.5% to 43,750.86. This came amidst news of a 0.2% rise in U.S. producer prices for October.
Federal Reserve Chair Jerome Powell highlighted the resilience of the U.S. economy, suggesting there’s no rush to lower rates, though future decisions will be data-driven. The equity markets had a negative reaction to Powell’s comments.
These are the top stocks that gained the attention of retail traders and investors throughout the day:
Palantir Technologies Inc PLTR
Palantir’s shares closed down 2.50% at $59.18, with an intraday high of $61.17 and a low of $58.53. The stock’s 52-week high and low stand at $63.39 and $15.66 respectively. The company announced it will transfer its stock listing to the Nasdaq, expected to commence on Nov. 26.
Moderna Inc MRNA
Moderna’s stock fell by 5.62% to close at $39.77. The shares traded between $42.06 and $38.76 through the day, with a 52-week range of $170.47 and $38.76. The appointment of vaccine skeptic Robert F. Kennedy Jr. as Health Secretary by President-elect Donald Trump sent vaccine stocks lower.
Pfizer Inc PFE
Pfizer’s shares closed down 2.62% at $26.02, with an intraday high of $26.85 and a low of $25.84. The 52-week high and low for the stock are $31.54 and $25.2 respectively. The stock was affected by the same news as Moderna.
Alibaba Group Holding Ltd BABA
Alibaba’s shares fell by 1.54% to close at $90.58. The stock hit an intraday high of $91.56 and a low of $90.01. The 52-week range for the stock is $117.82 and $66.63. The company is set to unveil its second-quarter earnings on Friday, amidst a challenging macroeconomic environment and increased competition.
Tesla Inc TSLA
Tesla’s shares fell by 5.77% to close at $311.18. The shares traded between $329.98 and $310.37 through the day, with a 52-week range of $358.64 and $138.8. Investment veteran Gary Black warned that Tesla’s earnings could be hit hardest if the $7,500 federal electric vehicle tax credit is eliminated.
Image via Shutterstock
Prepare for the day’s trading with top premarket movers and news by Benzinga.
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Beam Global Announces Third Quarter 2024 Operating Results
SAN DIEGO, Nov. 14, 2024 (GLOBE NEWSWIRE) — Beam Global, BEEM, (the “Company”), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced its third quarter results for the period ended September 30, 2024.
Q3 2024 Financial Highlights:
- Gross Margin was 10.7% of sales, our highest Q3 margin ever, 9 percentage points increase over Q3 2023
- YTD Gross Margin 12.4%, 11 percentage points increase over 2023
- 47.9% revenue derived from commercial customers
- Record Pipeline of over $200 million
- Backlog of $7 million
- Debt free and $100 million line of credit available and unused
Q3 2024 Operational Highlights
- Acquisition of Telcom – provides Beam with in-house production capabilities for power electronics
- First sponsorship deal with Globos Osiguranje to deploy EV ARC™ systems at Belgrade Airport
- Launched four new products – BeamSpot™, BeamBike™, BeamPatrol™, BeamWell™
- BeamSpot™ momentum – first purchase within just five weeks of launch
- New fleet deployments – Added new police and international airport fleet customers, further expanding our customer base in critical sectors
- Reseller Program launch – Introduced the Beam Reseller Program and signed our first four partners, generating purchase orders, promising proposals and expanding our reach
- Delivered 10 UK Ministry of Defense EV ARC™ systems in Q3 2024, our first European order
- Named new VP of Sales – Andy Lovsted joined Beam Global in the US
- Named new VP of Sales – Igor Labovic joined Beam Global in Europe
“This has been a quarter of geographic and product expansion which is unmatched in our history. We have continued to improve our unit economics and generate solid gross margins, and we see continued upside going forward through our acquisitions in Europe, most recently acquiring Telcom to bring in-house manufacturing of power electronics, driving additional future margins and introducing new customers. Additionally, the work we have done to reduce direct costs, increase production efficiencies and the price increases implemented at the end of 2023 will increase margins significantly especially as revenue growth returns,” said Desmond Wheatley, CEO of Beam Global. “We believe that the decrease in revenue, quarter over quarter, is a result of order timing, uncertainty in the U.S. government’s zero emission vehicle strategy related to the presidential election and evolving certification requirements for energy storage systems requiring updates to our EV ARC products which we believe will be completed in the first quarter of 2025. Our geographic expansion into new markets combined with the new opportunities we are seeing as a result of the impressive new products we have launched leads us to believe that we will return to increasing revenues in 2025 with significantly improved profit margins. We continue to be debt free, have sufficient cash on hand and have not tapped our $100M line of credit.”
Third Quarter 2024 Financial Summary
Revenues
For the quarter ended September 30, 2024 our revenues were $11.5 million, though they were the second highest third quarter revenues in history, they decreased 22% from second quarter 2024. 47.9% of our revenue in the third quarter was derived from commercial customers, an increase of over 80% over Q3 2023. For the nine months ended September 30, 2024, our revenues were $41.0 million. We continue to invest in sales employees, diversifying our product portfolio and expanding our geographic footprint to reduce our reliance on single large orders of our EV ARC™ product by federal agencies, although we believe that opportunity still exists.
Gross Profit
For the quarter ended September 30, 2024, our gross profit was $1.2 million, or 10.7% of sales, compared to a gross margin of 1.7% of sales for the same period in 2023. The margin improved by 9 percentage points for the same period 2023. Our gross profits included a negative impact of $0.8 million for non-cash depreciation and intangible amortization. Our gross profits net of non-cash items was 17.6%. For the nine months ended September 30, 2024, our gross profit was $5.1 million, or 12.0% of sales, compared to a gross profit of $0.8 million, or 2.0% of sales in 2023. Our nine-month gross profits included a negative impact of $2.8 million for non-cash depreciation and intangible amortization. Our nine-month gross profits net of non-cash items was 18.3%.
We began to see some improvements on material pricing, which we believe will continue to improve over time. We continue to make engineering changes and work with suppliers to decrease our costs which, along with support from our Serbian facilities, we believe will continue to improve our gross profit over time.
Operating Expenses
Total operating expenses were a credit of $50 thousand, or (0.4%) of revenues, for the quarter ended September 30, 2024, compared to $4.0 million, or 24% of revenues, for the same quarter in the prior year. The $4.1 million decrease is mostly attributable to $6.1 million related to the non-cash change in fair value of contingent consideration for the Amiga acquisition, offset by non-cash warrants amortization increase of $0.2 million and stock compensation increase of $0.2 million, resulting in $1.7 million increase in operating expenses quarter over quarter mainly related to $1.2 million for operating expenses for Beam Europe, $0.3 million in customer service accommodation costs, $0.1 million related to facility expansion and $0.1 million mainly for consulting for government relations and engineering.
Total operating expenses were $11.6 million, or 28% of revenues, for the nine months ended September 30, 2024, compared to $11.9 million, or 25% of revenues, for the same period in the prior year. When you remove the $4.5 million non-cash decrease in fair value of contingent consideration for the Amiga acquisition in 2024 and $0.3 million increase in fair value of contingent consideration for the All Cell acquisition in 2023, the net change in fair value contingent consideration is $4.3 million offset by non-cash increases in warrants amortization expense $0.3 million, stock compensation $0.3 million, bad debt allowance $0.4 million resulting in $3.3 million increase in operating expenses. The increase is mainly related to $2.1 million for operating expenses for Beam Europe, $0.4 million for facility expansion, $0.3 million commissions due to earned at time of customer payment, $0.3 million in customer accommodation service costs and $0.2 million related to acquisition costs.
Net Income (Loss)
Net Income was $1.3 million for the three months ending September 30, 2024, compared to Net Loss of $3.6 million for the same period in 2023. The third quarter’s net income is a result of the reversal of $6.1 million for the fair value of non-cash contingent consideration discussed above. The third quarter also included non-cash expense items related to depreciation, intellectual property amortization and allowance for bad debt. Net loss excluding non-cash items was $3.0 million.
Net loss was $6.7 million for the nine months of 2024, compared to $11.0 million for the same period in 2023. The net loss includes non-cash expense items related to depreciation, intellectual property amortization, non-cash compensation expense, allowance for bad debt and fair value of contingent consideration. The Net Loss when non-cash items are removed is $5.8 million.
Cash
On September 30, 2024, we had cash of $4.9 million, compared to $10.4 million at December 31, 2023. The cash decrease was primarily due to cash payments for the acquisition of Amiga of $2.7 million as well as operating cash used to increase inventory.
Conference Call November 15, 2024 at 4:30 p.m. ET
Management will host a conference call on Friday, November 15, 2024 at 4:30 p.m. ET to review financial results and provide an update on corporate developments. Following management’s formal remarks, there will be a question-and-answer session.
Participants can register for the conference through the following link:
https://dpregister.com/sreg/10194520/fdfb61e848
Please note that registered participants will receive their call-in number upon registration.
Those without internet access or unable to pre-register may call in by calling:
PARTICIPANT CALL IN (TOLL FREE): 1-844-739-3880
PARTICIPANT INTERNATIONAL CALL IN: 1-412-317-5716
Please ask to join the Beam Global call.
A webcast archive is available at the above URL for one year following the call.
About Beam Global
Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego, California; with facilities in Broadview, Illinois; Belgrade and Kraljevo, Serbia. Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).
Forward-Looking Statements
This Beam Global Press Release contains forward-looking statements including but not limited to statements about the Company’s belief about its future profitability. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations, including, but not limited to the following statements: statements regarding the acquisition of Amiga, and Telcom, its expected benefits, the anticipated future financial performance as a result of the acquisition and statements about our future margins. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com
Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com
| Beam Global | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share data) | |||||||
| September 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets | |||||||
| Cash | $ | 4,874 | $ | 10,393 | |||
| Accounts receivable, net of allowance for credit losses of $324 and $447 | 11,343 | 15,943 | |||||
| Prepaid expenses and other current assets | 2,187 | 2,453 | |||||
| Inventory, net | 12,714 | 11,933 | |||||
| Total current assets | 31,118 | 40,722 | |||||
| Property and equipment, net | 14,909 | 16,513 | |||||
| Operating lease right of use assets | 1,831 | 1,026 | |||||
| Goodwill | 11,027 | 10,270 | |||||
| Intangible assets, net | 8,271 | 9,050 | |||||
| Deposits | 106 | 62 | |||||
| Total assets | $ | 67,262 | $ | 77,643 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 8,349 | $ | 9,732 | |||
| Accrued expenses | 2,968 | 2,737 | |||||
| Sales tax payable | 233 | 209 | |||||
| Deferred revenue, current | 787 | 828 | |||||
| Note payable, current | 62 | 40 | |||||
| Deferred consideration, current | – | 2,713 | |||||
| Operating lease liabilities, current | 851 | 615 | |||||
| Total current liabilities | 13,250 | 16,874 | |||||
| Deferred revenue, noncurrent | 794 | 402 | |||||
| Note payable, noncurrent | 215 | 160 | |||||
| Contingent consideration, noncurrent | 456 | 4,725 | |||||
| Other liabilities, noncurrent | 3,372 | 3,787 | |||||
| Deferred tax liabilities, noncurrent | 1,716 | 1,698 | |||||
| Operating lease liabilities, noncurrent | 1,035 | 455 | |||||
| Total liabilities | 20,838 | 28,101 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of September 30, 2024 and December 31, 2023. | – | – | |||||
| Common stock, $0.001 par value, 350,000,000 shares authorized, 14,773,901 and 14,398,243 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively. | 15 | 14 | |||||
| Additional paid-in-capital | 145,553 | 142,265 | |||||
| Accumulated deficit | (100,017 | ) | (93,361 | ) | |||
| Accumulated Other Comprehensive Income (AOCI) | 873 | 624 | |||||
| Total stockholders’ equity | 46,424 | 49,542 | |||||
| Total liabilities and stockholders’ equity | $ | 67,262 | $ | 77,643 | |||
| Beam Global | |||||||||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||
| (Unaudited, In thousands except per share data) | |||||||||||||||
| Three Months Ended |
Nine Months Ended |
||||||||||||||
| September 30, |
September 30, |
||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | $ | 11,482 | $ | 16,486 | $ | 40,855 | $ | 47,325 | |||||||
| Cost of revenues | 10,251 | 16,203 | 35,789 | 46,536 | |||||||||||
| Gross profit | 1,231 | 283 | 5,066 | 789 | |||||||||||
| Operating expenses | (51 | ) | 4,037 | 11,623 | 11,925 | ||||||||||
| Income (Loss) from operations | 1,282 | (3,754 | ) | (6,557 | ) | (11,136 | ) | ||||||||
| Other income (expense) | |||||||||||||||
| Interest income | 58 | 136 | 167 | 161 | |||||||||||
| Other income (expense) | (33 | ) | (7 | ) | (238 | ) | 4 | ||||||||
| Interest expense | (10 | ) | (4 | ) | (28 | ) | (6 | ) | |||||||
| Other income (expense) | 15 | 125 | (99 | ) | 159 | ||||||||||
| Income (Loss) before income tax expense | 1,297 | (3,629 | ) | (6,656 | ) | (10,977 | ) | ||||||||
| Income tax expense | – | – | – | 13 | |||||||||||
| Net Income (Loss) | $ | 1,297 | $ | (3,629 | ) | $ | (6,656 | ) | $ | (10,990 | ) | ||||
| Net foreign currency translation adjustments | 673 | 249 | – | ||||||||||||
| Total Comprehensive Income/Loss | $ | 1,970 | $ | (3,629 | ) | $ (6,407 | ) | $ | (10,990 | ) | |||||
| Net Income (loss) per share – basic | $ | 0.09 | $ | (0.26 | ) | $ | (0.46 | ) | $ | (0.79 | ) | ||||
| Net Income (loss) per share – diluted | $ | 0.09 | $ | (0.26 | ) | $ | (0.46 | ) | $ | (0.79 | ) | ||||
| Weighted average shares outstanding – basic | 14,702 | 13,936 | 14,558 | 13,939 | |||||||||||
| Weighted average shares outstanding – diluted | 14,711 | 13,936 | 14,558 | 13,939 | |||||||||||
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Bitcoin, Ethereum, Dogecoin Take A U-Turn As Jerome Powell's Statements Dampen Rate Cut Expectations: Analytics Firm Explains Why BTC Bull Market Has Not Yet Ended
Leading cryptocurrencies pulled back Thursday as Federal Reserve Chair Jerome Powell’s remarks poured cold water on rate cut optimism.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin BTC/USD | -2.23% | $88,282.07 |
| Ethereum ETH/USD |
-3.55% | $3,091.21 |
| Dogecoin DOGE/USD | -4.46% | $0.3726 |
What Happened: Bitcoin rose past $91,000 early morning hours, only to slip below $88,000 after the market close, resulting in more than a 2% decline over the last 24 hours.
Ethereum sharply descended from $3,240 to $3,040 over the day. Over the week, the second-largest cryptocurrency gained 3.89%, significantly trailing its senior partner, which was up over 15%.
More than $505 million worth of positions were liquidated in the last 24 hours, with nearly $350 million in upside bets getting wiped out.
Bitcoin’s Open Interest (OI) dropped 0.82% in the last 24 hours. A drop in OI, alongside a drop in spot price, also pointed toward long liquidations.
That said, the number of traders betting in favor of Bitcoin’s price rally rose in comparison to those shorting the asset, according to the Long/Short Ratio.
The “Extreme Greed” sentiment weakened from 88 to 80 as a result of the retrace, according to the Cryptocurrency Fear and Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Act I: The AI Prophecy (ACT) | +32.46% | $0.8424 |
| MANTRA (OM) | +20.63% | $1.68 |
| XRP (XRP) | +13.42% | $0.786 |
The global cryptocurrency market capitalization stood at $2.92 trillion, declining 1.53% in the last 24 hours.
Stocks closed in the red on Thursday. The Dow Jones Industrial Average slipped 207.33 points, or 0.47%, to close at 43,750.86. The S&P 500 lost 0.60% to end at 5,949.17. The tech-focused Nasdaq Composite dipped 0.64% to 19,107.65, marking its third straight losing day.
The sell-offs followed Fed Chair Powell’s statements that the central bank needn’t “be in a hurry” to cut rates given the strength of the economy.
The cautious remarks triggered a sharp decline in rate cut expectations during next month’s FOMC meeting, from 82% to 59%, according to data from the CME FedWatch tool
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst Rekt Capital described Bitcoin dips early on in the price discovery phase as “high-probability opportunities.”
“As the parabolic phase goes on, however, the pullbacks will become increasingly riskier for dollar-cost-averaging Good thing we’re so early in the parabolic upside phase,” the analyst remarked.
On-chain analytics firm CryptoQuant said that high stablecoin inflows were driving the Bitcoin bull market.
“There is a continuation of a higher-than-normal influx of stablecoins. This suggests that barring any additional news flow, the Bitcoin bull market has not yet ended,” the firm said, indicating that more upsides could follow.
Photo by CMP_NZ on Shutterstock
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Agrify's Q3 Revenue Drop, $18.6M Loss Amid New Leadership
Agrify Corporation AGFY, a cannabis and hemp solutions provider, reported its third quarter 2024 financial results Thursday, revealing a $1.9 million revenue, down from $3.1 million a year ago. The company posted a net loss of $18.6 million, largely driven by a $15 million change in the fair value of warrant liabilities.
Q3 2024 Financial Highlights
- Revenue: $1.9 million, compared to $3.1 million in Q3 2023.
- Net Loss: $18.6 million, primarily due to a $15 million change in the fair value of warrant liabilities, compared to a net loss of $2.1 million in Q3 2023.
- Gross Profit: $0.2 million, compared to $1.0 million in Q3 2023.
- Adjusted EBITDA: Not specified in the earnings report.
New Financing Strengthens Agrify’s Balance Sheet
Despite ongoing financial struggles, Agrify secured a $20 million convertible note financing from Green Thumb Industries GTBIF, with an initial draw of $10 million, providing a crucial liquidity boost. This funding aims to strengthen the company’s balance sheet and support future growth opportunities.
- Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you’re serious about the business, you can’t afford to miss out.
As of November 14, the company has approximately 1.5 million shares of common stock outstanding and 6.3 million warrants.
New CEO’s Commentary
Ben Kovler, recently appointed as chairman and interim CEO emphasized a strategic shift for Agrify. “Today really is Day One at Agrify,” Kovler stated, pointing to the company’s renewed focus on market trends.
“The hemp and cannabis industries are evolving fast and Agrify’s fortified balance sheet is ready to move on opportunities. We have a deep understanding of the consumer and plan to leverage that strength today to build Agrify’s value for tomorrow,” Kovler added.
Read Also: Weedmaps Net Income Surges 312% YOY, Cash Reserves Up 31%
Agrify Expands Into Hemp THC Beverage Market
Agrify also announced a non-binding letter of intent to acquire Señorita, a brand specializing in hemp-derived THC beverages, underscoring the company’s aim to diversify its product portfolio. This acquisition is expected to strengthen Agrify’s position in the cannabis beverage market, a segment gaining momentum across the U.S.
AGFY Price Action
AGFY’s shares traded 30.49% higher at $13.61 per share at the market close Thursday.
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Cannabis is evolving – don’t get left behind!
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Steppe Gold Announces Q3 2024 Financial Results
TORONTO, Nov. 14, 2024 (GLOBE NEWSWIRE) — Steppe Gold Ltd. STGO STPGF (“Steppe Gold” or the “Company”) today reported strong financial and operational results for the third quarter of 2024.
Highlights:
(all figures in US$000‘s)
Strong Operational Performance: Both Boroo Gold LLC (“Boroo Gold”) and Steppe Gold delivered solid production and sales results. Total revenue for the three and nine months ended September 30, 2024, amounted to $37,331 and $131,912, respectively.
- Revenue for Boroo Gold for the three and nine months ended September 30, 2024, amounted to $27,397 and $121,978 on sales of 12,607 and 57,114 gold ounces and 2,833 and 11,833 silver ounces.
- Steppe Gold’s revenue from August 1, 2024, to September 30, 2024, amounted to $9,934 on sales of 3,769 gold ounces and 20,078 silver ounces.
- Average realized prices for Boroo Gold for the three and nine months ended September 30, 2024, were $2,167 and $2,131 per gold ounce and $28 and $25 per silver ounce, respectively.
- Average realized prices for Steppe Gold for the period from August 1, 2024, to September 30, 2024, were $2,623 per gold ounce and $24 per silver ounce.
Robust Financial Results: Revenue and earnings increased significantly compared to the previous quarter. Total operating income before depreciation and depletion for the three and nine months ended September 30, 2024, amounted to $21,487 and $88,148.
- Operating income from Boroo Gold’s mine operations for the three and nine months that ended September 30, 2024, were $16,786 and $83,447.
- Operating income from Steppe Gold’s mine operations for the period from August 1, 2024, to September 30, 2024, was $4,701.
EBITDA for the three and nine months ended September 30, 2024, amounted to $19,453 and $82,687.
Low-Cost Production: All-in Sustaining Costs remained low, enhancing profitability.
- In Sustaining Costs for Boroo Gold were $1,095 and $961 per ounce sold for the three and nine months that ended September 30, 2024.
- All in Sustaining Cost for Steppe Gold from August 1, 2024, to September 30, 2024, were $1,610 per ounce sold.
Company outlook:
The acquisition of Boroo Gold was a transformational step for the Company. It accelerates the path to a multi-asset Mongolia-focused mining group and, importantly, is projected to immediately provide strong cash flow to support growth plans, further improved with the recent strong gold prices.
The near-term focus for the Company is on maximizing production and cash flows at both producing mines and executing on successful completion of the Phase 2 Expansion.
The Company’s condensed interim consolidated financial results for the quarter ended September 30, 2024 have been filed on SEDAR+. The full version of the condensed interim consolidated financial statements and associated management’s discussion & analysis can be viewed on the Company’s website at www.steppegold.com or under the Company’s profile on SEDAR+ at www.sedarplus.ca.
Steppe Gold Ltd.
Steppe Gold is Mongolia’s premier precious metals company.
For Further information, please contact:
Bataa Tumur-Ochir, Chairman and CEO
Elisa Tagarvaa, Investor Relations elisa@steppegold.com
Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
Non-IFRS Performance Measures
The Company uses the following non-IFRS measures: Adjusted EBITDA, EBITDA and AISC. EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. AISC is calculated using cash costs in addition to general and administration, asset retirement costs, and sustaining capital, less certain non-recurring costs (notably exploration costs at the Mungu deposit) to provide an overall company outlook on the total cost required to sell an ounce of gold.
Management believes that these non-IFRS measures provide useful information to investors in measuring the financial performance of the Company for the reasons outlined below. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These measures are not necessarily standard and therefore may not be comparable to other issuers. Further details of non-IFRS measures noted above can be found in the Company’s management’s discussion & analysis for the six months ended June 30, 2024.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company 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 the Company anticipates or expects may, 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 “continued”, “focus”, “scheduled”, “will”, “projected”, “opportunity”, “expected”, “planned” and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the anticipated cash flow and other benefits of the Boroo Gold transaction; the potential for value creation to Steppe Gold’s shareholders; the strengths, characteristics and potential of the resulting company and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto, including with respect to the Phase 2 Expansion and the ATO gold mine.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: management team and board of directors of Steppe Gold; material adverse effects on the business, properties and assets of the Company; changes in business plans and strategies; market and capital finance conditions; risks inherent to any capital financing transactions; changes in world commodity markets; currency fluctuations; costs and supply of materials relevant to the mining industry; change in government and changes to regulations affecting the mining industry; discrepancies between actual and estimated production and test results, mineral reserves and resources and metallurgical recoveries; and such other risk factors detailed from time to time in Steppe Gold’s public disclosure documents, including, without limitation, those risks identified in Steppe Gold’s annual information form for the year ended December 31, 2023, which is available on SEDAR+ at www.sedarplus.ca
Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by such forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Steppe Gold assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Steppe Gold updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Mayfair Gold Q3 2024 Financial and Operating Results
VANCOUVER, BC, Nov. 14, 2024 /CNW/ – Mayfair Gold Corp. (“Mayfair”, or the “Company”) MFG MFGCF is pleased to report its operating and financial results for the quarter ended September 30, 2024. Mayfair is focused on the exploration and development of its 100% controlled Fenn-Gib gold project located in the Timmins region of Northeast Ontario (“Fenn-Gib” or the “Project”). The full version of the financial statements and accompanying management discussion and analysis can be viewed on the Company’s website at www.mayfairgold.ca or on SEDAR+ at www.sedarplus.com. Unless otherwise stated, all amounts are presented in Canadian dollars.
Mayfair’s Interim Chief Executive Officer Darren McLean commented,
“Dear Stakeholders,
I am pleased to provide an update on our recent progress at Mayfair Gold. Our pre-feasibility study and metallurgical test programs are progressing well, and we look forward to sharing updates in the new year. As we look ahead to 2025, the company remains well-funded and we continue to work towards bolstering our internal capital markets and technical capacity, allowing us to effectively navigate the transition into the development phase.
Thank you for your ongoing support.”
Corporate Highlights During the Quarter
- On June 20, 2024, the Company granted 50,000 stock options each to two directors of the Company, Zach Allwright and Christine Hsieh with an exercise price of $1.90. The options are exercisable for a five-year term expiring on June 20, 2029, and a third of the options will vest on the anniversary of the grant date for the next three years.
- On September 10, 2024, the Company announced an updated mineral resource estimate at the Company’s 100% controlled Fenn-Gib Gold Project. The updates resource estimate will form the basis of the Company’s Pre-Feasibility Study which is currently underway. Additionally, the Company announced an extension to its metallurgical test work for Fenn-Gib.
- On September 25, 2024, the Company announced its intention to complete a financing of common shares by way of a non-brokered private placement for aggregate proceeds of approximately $6 million, which closed on October 17, 2024 with 3,340,000 of common shares being issued at $1.80 for total gross proceeds of $6,012,000.
- Subsequent to the quarter, the Company appointed Nicholas Campbell as Vice President of Corporate Development, who brings more than 20 years of experience in the mining, minerals, and metals industry, and has held several leadership positions.
Technical Highlights During the Quarter
Mayfair updates Fenn-Gib Open-Pit Mineral Resource and Initiates an Expanded Metallurgical Test Program
September 10, 2024
- Indicated Mineral Resource of 4.31Moz Au (0.3g/t Au cut-off grade);
- 3.40Moz @ 1.00g/t Au (0.5g/t Au cut-off grade);
- Comprehensive metallurgical test program initiated with results expected in Q1 2025.
- This updated Mineral Resource will form the basis of the Company’s Pre-Feasibility Study (PFS) which is currently underway
|
INDICATED |
Cutoff (Au g/t) |
Tonnes |
Au (g/t) |
Au (ounces) |
|
>0.7 |
64,563,000 |
1.26 |
2,615,000 |
|
|
>0.6 |
82,125,000 |
1.13 |
2,984,000 |
|
|
>0.5 |
105,644,000 |
1.00 |
3,397,000 |
|
|
>0.4 |
137,251,000 |
0.87 |
3,839,000 |
|
|
>0.3 |
181,302,000 |
0.74 |
4,313,000 |
|
|
INFERRED |
Cutoff (Au g/t) |
Tonnes |
Au (g/t) |
Au (ounces) |
|
>0.7 |
1,140,000 |
0.96 |
35,000 |
|
|
>0.6 |
1,799,000 |
0.85 |
49,000 |
|
|
>0.5 |
2,710,000 |
0.75 |
65,000 |
|
|
>0.4 |
4,729,000 |
0.62 |
94,000 |
|
|
>0.3 |
8,921,000 |
0.49 |
141,000 |
Selected Financial Data
The following selected financial data is summarized from the Company’s financial statements and related notes thereto (the “Financial Statements”) for the three and nine months ended September 30, 2024 and 2023.
|
Three months ended September 30, |
Nine months ended September 30, |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Loss and comprehensive loss |
(1,434,837) |
(2,696,168) |
(10,456,025) |
(10,917,212) |
|
Loss per share – basic and diluted |
(0.01) |
(0.03) |
(0.10) |
(0.12) |
|
September 30, 2024 |
December 31, |
|||
|
Cash and cash equivalents |
5,400,350 |
13,504,009 |
||
|
Total assets |
20.238,119 |
28,493,187 |
||
|
Total current liabilities |
388,257 |
2,546,327 |
||
|
Total liabilities |
388,257 |
2,546,327 |
||
|
Total shareholders’ equity |
19,849,862 |
25,946,860 |
||
2024 Outlook
In the first quarter of 2024, the Company announced the commencement of a pre-feasibility study on the Fenn-Gib project. The study will build further on the metallurgical, geotechnical, hydrogeology, and environmental evaluations completed to date to develop a clearly defined project description in support of a potential environmental assessment. Mayfair Gold has engaged Richard Klue as Vice President of Technical Services to manage the entire Fenn-Gib project, who has included AGP Mining Consultants, Halyard Inc, Terracon Geotechnique and Environmental Applications Group (EAG) as lead engineers and scientists of a multi-disciplinary group to deliver the pre-feasibility study. The pre-feasibility study is a major milestone towards the development of the Fenn-Gib project.
About the Fenn-Gib Project
The Fenn-Gib Project comprises two property packages, referred to as the Fenn-Gib North and South Blocks, which are separated by approximately three kilometers. The Fenn-Gib Deposit is located on the North Block along the regional Contact Fault, an east-west to south-east trending shear zone on the Pipestone Fault, which is interpreted to be a splay off the Porcupine-Destor Fault. The Fenn-Gib Deposit hosts significant concentrations of gold mineralization within two zones: (i) the Main Zone, and (ii) the Deformation Zone. These two zones overlap completely. A third zone of mineralization, known as the Footwall Zone, is located approximately 100 meters to the northwest of the Fenn-Gib Deposit. A fourth zone of mineralization, known as the Contact Zone, is located at depth below the current pit-constrained resource.
September 3, 2024 Fenn-Gib Resource Estimate by Category Using 0.30 g/t Au Cut-Off
|
Style |
Class |
Tonnes |
Au (g/t) |
Au (ounces) |
|
Open pit |
Indicated |
181,302,000 |
0.74 |
4,313,000 |
|
Open Pit |
Inferred |
8,921,000 |
0.49 |
141,000 |
All mineral resources have been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum definitions, as required under NI 43-101. Ounce (troy) = metric tonnes x grade / 31.10348. All numbers have been rounded to reflect the relative accuracy of the estimate
QA/QC Controls
Mayfair employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling was conducted by Major/Norex Drilling of Timmins, Ontario and was supervised by the Mayfair exploration team. Mayfair’s drill program includes descriptive logging and sampling of the drill core for analysis at Mayfair’s secure facility located in Matheson, Ontario. Sampled drill core intervals were sawn in half with a diamond blade saw. Half of the sampled core was left in the core box and the remaining half was bagged and sealed. Mayfair utilizes accredited laboratories that include, Activation Laboratories Ltd. (Actlabs) and AGAT Laboratories Ltd. (AGAT) both located in Timmins, Ontario. Mayfair personnel transport the samples directly and deliver to Actlabs, and samples are collected by AGAT personnel directly from Mayfair’s secure core logging facility in Matheson, Ontario. Gold was analyzed by 30-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every twenty-five samples. Mayfair completes routine third-party check assays.
Qualified Person
Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc, is a qualified person for the purposes of National Instrument 43-101 and was responsible for the completion of the updated mineral resource estimation. Mr. Maunula has reviewed and approved the technical content with respect to the mineral resource estimate in this news release. Technical information with respect to diamond drilling in this news release has been reviewed by Ali Gelinas-Dechene, P.Geo., Senior Geologist for Mayfair Gold, who oversaw the Mayfair Gold drill program, QA/QC and serves as a Qualified Person under the definition of National Instrument 43-101.
About Mayfair Gold
Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 open pit constrained mineral resource estimate with an effective date of September 3, 2024 with a total Indicated Resource of 181.3M tonnes containing 4.313M ounces at a grade of 0.74 g/t Au and an Inferred Resource of 8.92M tonnes containing 0.14M ounces at a grade of 0.49 g/t Au at a 0.30 g/t Au cut-off grade. The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.
Cautionary Notes to U.S. Investors Concerning Resource Estimates
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “inferred mineral resources,” “indicated mineral resources,” “measured mineral resources” and “mineral resources” used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under the guidelines set out in the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, May 2014 (the “CIM Standards”). The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the “SEC”) in Regulation S-K Subpart 1300 (the “SEC Modernization Rules”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company’s disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules.
Forward Looking Information
This news release contains forward-looking information which reflects management’s expectations regarding the Company’s growth, results of operations, performance and business prospects and opportunities. Forward-looking statements in this news release include, but are not limited to, the Company’s focus on the exploration and development of Fenn-Gib, the results of the comprehensive metallurgical test program being expected in Q1 2025, and statements in respect of the pre-feasibility study on the Fenn-Gib project. Forward-looking information is based on various reasonable assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should underlying assumptions prove incorrect, or one or more of the risks and uncertainties described below materialize, actual results may vary materially from those described in forward-looking statements.
Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; delays or the inability to obtain necessary governmental permits or financing; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; the potential for and effects of labor disputes or other unanticipated difficulties with or shortages of labor; failure of plant, equipment or processes to operate as anticipated; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, gold price fluctuations; uncertain political and economic environments; changes in laws or policies.
The Company undertakes no obligation to publicly update or review the forward-looking statements whether as a result of new information, future events or otherwise, other than as required under applicable securities laws. The forward-looking statements reflect management’s beliefs, opinions and projections as of the date of this news release.
SOURCE Mayfair Gold Corp.
View original content: http://www.newswire.ca/en/releases/archive/November2024/14/c4773.html
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