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Byron Allen puts broadcast TV stations up for sale

Editor's pick 3 Mins Read

Byron Allen is putting his broadcast TV stations up for sale.

Allen Media Group said on Monday it has retained investment bank Moelis & Co. to sell its group of 28 owned and operated broadcast TV stations, which are affiliated with ABC, NBC, CBS and Fox in 21 markets across the U.S.

In a news release, Allen said the company has invested more than $1 billion into acquiring the stations over the past six years and after receiving “numerous inquiries and written offers” for most of the stations, has decided to explore a sale.

The Allen Media Group stations join others that have recently hit the sale block. Last year, CNBC reported that Sinclair was exploring the sale of more than 30% of its stations. Apollo Global Management is also reportedly exploring a sale of its Cox Media Group portfolio of TV and radio stations.

Allen Media Group said a sale of the stations would significantly reduce its debt load. Earlier this year, the company refinanced a $100 million debt facility. While S&P Global Ratings said it expected the company to maintain sufficient liquidity over the next 12 months, it noted that Allen Media Group still maintained a junk rating and faced future debt risks.

Last year, CNBC reported that Allen Media Group had been consistently late in making payments to its network owners, in some cases as much as 90 days past due, with the payments totaling tens of millions of dollars throughout the year. The reason for the lateness had been unclear, and representatives for Allen Media Group declined to address the details of CNBC’s reporting.

The stations have also reportedly undergone layoffs.

Allen, a former comedian, founded Entertainment Studios, now known as Allen Media Group, in the early 1990s. He later formed Allen Media Group Broadcasting in 2019 and has built up his profile and business ever since with a string of smaller deals.

He has also become known for expressing interest in buying various media assets to bulk up his media empire. In recent years, he has made a $30 billion bid for Paramount Global when it was up for sale in 2024, as well as a $10 billion offer for ABC and other Disney networks, and he reportedly offered $3.5 billion for Paramount’s BET Media Group.

Disclosure: Comcast’s NBCUniversal is the parent company of CNBC and broadcast network NBC.

This post appeared first on NBC NEWS

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Blue Lagoon’s Dome Mountain Joins BC’s Select List of Permitted Projects

Investing 7 Mins Read

Canada’s mining sector is gaining momentum, with over 130 projects with a total value of C$117.1 billion now planned or in construction, according to Natural Resources Canada’s 2024 inventory. That’s an increase of nine projects and C$23.5 billion from the previous year, signaling strong interest in resource development.

Yet despite this growth, the path to production remains slow. A study published in FACETS and cited by the Mining Association of Canada shows that the average timeline from discovery to production exceeds 17 years, highlighting the pressing need to streamline Canada’s complex and often lengthy permitting process.

Although miners, explorers and developers have long criticized the decades-long process, Canada’s federal and provincial governments have only recently begun working to expedite the process in an effort to harness the country’s vast critical minerals potential and assert the nation’s dominance in resource extraction.

The federal government has committed to expediting and streamlining the permitting process, laying out ambitious targets in its 2024 budget. Those goals include completing federal impact assessments and permitting for designated mining projects within five years, and within two years for non-designated projects.

Achieving these targets will involve establishing a federal mining permitting coordinator, enhancing funding for federal review authorities and promoting concurrent regulatory reviews to reduce duplication and delays

Provincial governments also play a significant role in mining project approvals.

A May 2025 report from the Mining Association of BC, outlines the economic potential of 27 advanced-stage mining projects in the province totaling more than C$90 billion. The projects highlighted in the report are described as new; however, there are several past-producing assets that are being offered a new lease on life.

One of those projects is Blue Lagoon Resources’ (CSE:BLLG,OTCQB:BLAGF) Dome Mountain gold project.

Located 50 minutes from Smithers, the 22,000 hectare property hosts the historic Dome Mountain mine, where past exploration and development were focused on the Boulder Vein, initially discovered in the 1980s.

In February, Blue Lagoon secured the final permit needed to advance its Dome Mountain project, clearing the way for production to begin in Q3 2025. The permit — one of just nine mining permits granted in BC since 2015 — marks a significant milestone for the junior miner, and positions the company to transition from an explorer to a gold and silver miner.

The path to production at Dome Mountain

Although Dome Mountain was in production between 1980 and 1993 under different management, securing permits to restart activity at the 30 year old brownfield proved as complex as starting up a greenfield project.

“It wasn’t easy at all,” said Vig. “They say that it takes over 15 years to get a mine permit in BC, and people are congratulating us that we got it in just under five. And personally, I thought it was four years too late.”

He went on to note, “Imagine being in any business that you have to wait. You know, you open up your restaurant, but then you have to wait for five years to open it. I mean, it’s incredibly difficult to get a mining permit”

Indeed, BC has one of Canada’s longest permitting processes. A 2019 report from Resource World notes that it takes six months on average to get an exploration permit in Canada. However, in BC, it can take 15 to18 months.

National and provincial critical minerals strategies have been established over the last six years, and parties on both sides of the aisle have promised policy reforms. But Vig underscored the challenges that remain.

“I think we want to believe that,” he said of the notion that the permitting process will be expedited through the critical minerals push. “I think the politicians are certainly saying that, but I’m not so confident that the execution can be there,” he continued. “Because, you know, you’ve got many factors. You’ve got the infrastructure of the government itself, the bureaucracy. There are only so many people that are able to process these applications.”

Indigenous consultation and permitting with purpose

A key requirement in the permitting process is Indigenous community consultation, engagement and approval, an area provincial governments have struggled to seamlessly integrate into the process.

For Blue Lagoon, communication and consultation with the Lake Babine Nation started early and remains a key tenet.

The Lake Babine Nation is one of BC’s largest Indigenous communities, with over 2,500 registered members. Its traditional territory surrounds Babine Lake, the province’s longest natural lake.

“We have a great relationship with the Lake Babine Nation,” said Vig. “You know, honestly, it was a very simple process. It’s a philosophy, that is very rudimentary, certainly in my culture.” Vig, who is of Indian heritage, moved to Canada in 1972 with his family, credits those formative years for fostering his deep sense of respect.

“My whole upbringing is all about respect. So for us, it was very simple — respect the people, respect the land,” he said, adding that a lot of it was common sense. “Protect the water, protect the land and make sure you don’t damage it as you go along (are) good practices (for) any business,” Vig emphasized.

Water conservation and protection is especially important to Blue Lagoon, an issue Vig described as “a way of life” due to its significance for fishing and cultural practices.

‘You don’t wait to be asked — you take the initiative to understand what matters most,” he said.

As he explained, provincial regulatory requirements called for water testing at five sites along a specific stream, and Blue Lagoon chose to conduct testing at nine locations instead.

“It’s really unheard of in our industry, to the best of my knowledge. We didn’t just do what was required of us. We like to go above and beyond to make sure. And when you do things like that, I think the sincerity comes across,” he said.

Financing in a tough market

Another challenge junior miners are facing is accessing funding. Investors who once used added liquidity to the space have moved to other sectors like tech, leaving mining coffers on the decline.

Blue Lagoon has been fortunate in terms of capital raising; the company completed the final tranche of its most recent private placement in late April, raising C$2.23 million through the issuance of 8.9 million units at C$0.25 each.

The full offering brought in C$4.87 million over four tranches, fully funding Dome Mountain to production.

Blue Lagoon’s ability to fast track its permitting and funding process were praised by mining committee chair Yannis Tsitos, who has more than two decades of experience in the mining sector working for companies like global commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP). Drawing on his history with large-scale operations, Tsitos described the Blue Lagoon’s approach as unusually nimble and disciplined.

“We haven’t cut a single corner,” he said, noting that while major players can afford to raise hundreds of millions upfront, most juniors must build organically. “What’s impressive is how this team — led by Rana — used creativity and persistence to move forward without delay,” he added. “It’s not about size; it’s about profitability and execution.”

He emphasized that Dome Mountain’s 15,000 ounce per year potential is just the beginning.

“Every major company started with one mine,” said Tsitos. “This could be the first step in something much bigger, and it’s happening right here in BC, which is hungry for investment.”

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Harmony Gold to Acquire MAC Copper in US$1.03 Billion Deal

Investing 2 Mins Read

Harmony Gold Mining Company’s (NYSE:HMY,JSE:HAR) wholly owned Australian subsidiary, Harmony Gold (Australia), has entered into a binding agreement to acquire MAC Copper (NYSE:MTAL,ASX:MAC).

MAC is the owner of the CSA copper mine in New South Wales. Its annual production comes to approximately 40,000 metric tons of copper, with 2024 output totaling 41,000 metric tons of the red metal.

The transaction is priced at US$12.12 per MAC share in cash, implying a total equity value of US$1.03 billion for MAC.

“(This acquisition) is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,” said Harmony Gold CEO Beyers Nel in a Tuesday (May 27) press release.

“The operation is a logical fit with the portfolio given it meets Harmony’s core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity prices.”

Located 700 kilometers west-northwest of Sydney in the Cobar region, CSA has a history that stretches back at least 150 years. Its reserve life stands at over 12 years, and it has maintained a stable resource over the last decade.

Harmony believes CSA will be a valuable addition to its sole Australian asset, Eva, in Northwest Queensland. Harmony acquired Eva in December 2022, and believes it is set to become the state’s biggest copper mine.

According to the company, Eva and CSA could together boost its copper production on the east coast of Australia to 100,000 metric tons annually over the course of the next five years.

The transaction remains subject to certain conditions, but MAC’s board has unanimously recommended that shareholders vote in favor of the scheme. Should everything follow to schedule, the deal is expected to close in Q4.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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NorthStar Gaming Announces Results of Annual Meeting and Grant of Equity Incentive Awards

Investing 6 Mins Read

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) (‘NorthStar’ or the ‘Company’) today announced the results of voting at its annual general and special meeting of shareholders held on May 26, 2025 (the ‘Meeting’). The Company also announced that its Board of Directors has approved the grant of equity incentive awards in the form of stock options, restricted share units (‘RSUs’) and deferred share units (‘DSUs’) pursuant to the Company’s Equity Incentive Plan.

Each of the director nominees listed in the Company’s management information circular dated April 23, 2025 (the ‘Circular’) were re-elected as directors of the Company, including Vic Bertrand, Brian Cooper, Alex Latner, Dean Macdonald, Chris McGinnis, Michael Moskowitz, Sylvia Prentice, and Barry Shafran.

The shareholders of the Company approved the re-appointment of KPMG LLP as the auditors of the Company for the ensuing year and authorized the board of directors to fix their remuneration and terms of engagement.

At the Meeting, the shareholders of the Company approved certain amendments to the Company’s omnibus equity compensation plan (the ‘Plan’), in accordance with the TSX Venture Exchange rules and policies. A copy of the Plan is attached as an appendix to the Circular, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

Stock Options

The Company has granted options to acquire up to 3,932,500 common shares of the Company to certain of its employees, consultants, and officers. The options have an exercise price of $0.06 per common share and expire in five years. The options vest annually in equal tranches over a period of three (3) years.

RSUs

The Company has granted an aggregate of 6,000,000 RSUs pursuant to the Plan to certain of its employees, consultants, and officers. The RSUs vest annually in equal tranches over a period of three (3) years.

DSUs

The Company has granted an aggregate of 2,454,545 DSUs pursuant to the Plan to non-executive directors of the Company in lieu of cash compensation for their services to date. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of the Company.

The grant of stock options, RSUs and DSUs remain subject to the approval of the TSX Venture Exchange.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

NorthStar is listed in Canada on the Toronto Stock Venture Exchange under the symbol BET and in the United States on the OTCQB under the symbol NSBBF. For more information on the company, please visit: www.northstargaming.ca.

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 press release.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains ‘forward-looking information’ within the meaning of applicable securities laws in Canada (‘forward-looking statements’), including without limitation, statements with respect to the following: expected performance of the Company’s business. The foregoing is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘continues’, ‘forecasts’, ‘projects’, ‘predicts’, ‘intends’, ‘anticipates’ or ‘believes’, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘should’, ‘might’ or ‘will’ be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management’s opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company’s business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the ‘Risk Factors’ section of the Company’s most recent annual information form, which is available under NorthStar’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:

Corey Goodman
Chief Development Officer 
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:

RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254120

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

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Allied Critical Metals Commences 5,000 Metre Drill Program at its Borralha Tungsten Project

Investing 6 Mins Read

(TheNewswire)

Vancouver, British Columbia TheNewswire – June 2, 2025: Allied Critical Metals Inc. (CSE: ACM | FSE:0VJ0) (‘ Allied’ or the ‘ Company’ ), which is focused on its 100% owned past producing Borralha and Vila Verde (Vale das Gatas) tungsten projects in northern Portugal, is pleased to announce the commencement of a fully-funded exploration program that will include up to 5,000 metres of core drilling at the Company’s flagship Borralha Tungsten Project (the ‘ Property’ or ‘ Borralha’ ), located in northern Portugal.

Roy Bonnell, CEO and Director commented, ‘The launch of this 5,000-metre drilling campaign marks a major milestone for Allied and the continued advancement of the Borralha Project. Our experienced geological team in Portugal expects the results to meaningfully expand the current resource base, paving the way for a more robust and valuable project. All newly defined tonnage will be incorporated into an updated Preliminary Economic Assessment (PEA), scheduled for release this fall. In parallel, advanced metallurgical optimization test work will be conducted at Wardell Armstrong’s laboratories in the UK, focusing on enhancing metal recoveries and concentrate grades. These efforts are aimed at further improving the economic performance of the project and delivering a higher-quality concentrate to meet the demanding standards of end-users.’

The Borralha project is an advanced-stage brownfield tungsten project located in northern Portugal. Historically mined between 1904 and 1985, it produced over 10,280 tonnes of high-grade wolframite concentrate averaging 66% WO₃ (as described in the Company’s Technical Report, referenced below). The Borralha project is now positioned for near-term, low-cost production with modern exploration confirming significant remaining mineralization.

Key highlights include:

Current NI 43-101 Resources (as of March 2024):

  • Indicated: 4.98 million tonnes at 0.22% WO₃, 762 g/t Cu, and 4.8 g/t Ag.

  • Inferred: 7.01 million tonnes at 0.20% WO₃, 642 g/t Cu, and 4.4 g/t Ag.

The Company has completed its maiden mineral resource estimate for the Property described in its technical report entitled, ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’ dated effective July 31, 2024 (the ‘ Technical Report’ ), which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca .

Recent Exploration : Drilling from 2023–2024 returned strong intercepts, including up to 10m at 1.75% WO₃ and multiple longer intervals averaging over 0.2% WO₃, as reported in the Technical Report.

Proposed 2025 RC Drilling Program:

Click Image To View Full Size

The following figure shows the plan of the proposed 2025 RC drilling program and an example of the proposed sectional drilling.

Figure 1: Proposed 2025 RC Drilling Program and Example of Proposed Sectional Drilling

Permitting: The project holds a Mining Rights Concession License and is undergoing environmental assessment to transition to full-scale mining. Current permitting allows bulk sampling of up to 150,000 tonnes per annum.

Infrastructure: Located near the major Portuguese cities of Braga and Porto, it benefits from excellent infrastructure including roads, power, water, and skilled labor.

Strategic Positioning: Borralha represents one of the few near-term, non-Chinese tungsten production opportunities globally, strategically aligning with the West’s increasing demand for critical raw materials amid heightened supply chain vulnerabilities. With Borralha and other national assets, Portugal is poised to emerge as one of Europe’s leading suppliers of tungsten , reinforcing its role in supporting the continent’s industrial resilience and green transition.

This project forms the cornerstone of Allied’s strategy to become a leading Western supplier of tungsten, a metal critical to defense, EVs, semiconductors, and industrial manufacturing.

Qualified Person

Doug Blanchflower, P.Geo. is a Consulting Geologist with Minorex Consulting and has reviewed and approved the scientific and technical information in this news release and is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086), and is independent from ACM and its mineral properties and is a qualified person for the purposes of National Instrument 43-101—Standards of Disclosure for Mineral Projects . Mr. Blanchflower is independent of the Company and its mineral properties.

On behalf of the Board of Directors

‘Roy Bonnell’

Roy Bonnell

CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell

Vice President, Corporate Development

Email: daveb@alliedcritical.com

Tel: 403-410-7907

Toll Free: 1-888-221-0915

ABOUT ALLIED CRITICAL METALS

Allied Critical Metals Inc. (ACM:CSE | FSE:0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China and Russia represent approximately 90% of the total global supply and reserves. The Tungsten market is estimated to be valued at approximately U.S.$5 to $6 billion and it is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

Please also visit our website at www.alliedcritical.com.

Also visit us at:

LinkedIn:

X: https://x.com/@alliedcritical/

Facebook:

Instagram: https://www.instagram.com/alliedcriticalmetals/

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains ‘forward-looking statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca ). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and terms of the investor awareness campaign, anticipated benefits to Company from running the investor awareness campaign, and the performance of the investor relations services providers of the marketing services as contemplated in the marketing agreements, or at all. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Listing Statement dated April 23, 2025 , and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release and has neither approved now disapproved the contents of this press release.

Copyright (c) 2025 TheNewswire – All rights reserved.

News Provided by TheNewsWire via QuoteMedia

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SOURCE ROCK ROYALTIES ANNOUNCES FIRST QUARTER 2025 RESULTS

Investing 7 Mins Read

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./

Source Rock Royalties Ltd. (‘Source Rock’) (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces results for the three-month period ended March 31, 2025 .

First Quarter Highlights:

  • Quarterly royalty production of 232 boe/d (92% oil and NGLs), a decrease of 4% over Q1 2024.
  • Quarterly royalty revenue of $1,676,388 , a decrease of 3% over Q1 2024.
  • Quarterly adjusted EBITDA (1) of $1,460,440 ( $0.032 per share), a decrease of 3% over Q1 2024.
  • Quarterly funds from operations (1) of $1,292,215 ( $0.028 per share), a decrease of 3% over Q1 2024.
  • Declared three monthly dividends of $0.0065 per share, resulting in a payout ratio (1) of 69%.
  • Achieved an operating netback (1) of $70.00 per boe and a corporate netback (1) of $61.94 per boe.
  • Working capital of $5,263,714 (0.115 per share) as at March 31, 2025 .

Financial and Operational Results

Three Months Ended March 31,

FINANCIAL ($, except as noted)

2025

2024

Change

Royalty revenue

1,676,388

1,728,050

-3 %

Adjusted EBITDA (1)

1,460,440

1,504,104

-3 %

Per share (basic)

0.032

0.033

-3 %

Funds from operations (1)

1,292,215

1,331,106

-3 %

Per share (basic)

0.028

0.029

-3 %

Total comprehensive income (loss)

355,381

217,968

63 %

Per share (basic)

0.008

0.005

60 %

Per share (diluted)

0.007

0.005

40 %

Dividends declared

888,863

814,176

9 %

Per share

0.0195

0.018

8 %

Payout ratio (1) (%)

69 %

61 %

13 %

Cash and cash equivalents

5,125,530

2,445,179

110 %

Per share (basic)

0.11

0.05

108 %

Average shares outstanding (basic)

45,582,727

45,231,865

1 %

Shares outstanding (end of period)

45,582,727

45,232,645

1 %

OPERATING

Average daily production (boe/d)

232

241

-4 %

Percentage oil & NGLs (%)

92 %

95 %

-3 %

Average price realizations ($/boe)

80.36

78.78

2 %

Operating netback (1) ($/boe)

70.00

68.58

2 %

Corporate netback (1) ($/boe)

61.94

60.70

2 %

(1)

This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading ‘Non-GAAP Financial Measures & Ratios’ for more information on each non-GAAP financial measure or ratio.

About Source Rock Royalties Ltd.

Source Rock is a pure-play oil and gas royalty company with an existing, oil focused portfolio of royalty interests concentrated in southeast Saskatchewan , central Alberta and west-central Saskatchewan . Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock’s strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.

Forward-Looking Statements

This news release includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as ‘plans’, ‘is expected’, ‘expects’, ‘scheduled’, ‘intends’, ‘contemplates’, ‘anticipates’, ‘believes’, ‘proposes’ or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. Forward-looking statements in this news release include statements regarding Source Rock’s dividend strategy and the amount and timing of future dividends (and the sustainability thereof), the potential for future drilling on Source Rock’s royalty lands, expectations regarding commodity prices, Source Rock’s growth strategy and expectations with respect to future royalty acquisition and partnership opportunities, and the ability to complete such acquisitions and establish such partnerships. Such statements and information are based on the current expectations of Source Rock’s management and are based on assumptions and subject to risks and uncertainties. Although Source Rock’s management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Source Rock. Although Source Rock has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Source Rock undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures & Ratios

This news release uses the terms ‘funds from operations’ and ‘Adjusted EBITDA’ which are non-GAAP financial measures and the terms ‘payout ratio’, ‘operating netback’ and ‘corporate netback’ which are non-GAAP ratios. These financial measures and ratios do not have   a standardized prescribed meaning under GAAP and these measures and ratios may not be comparable with the calculation of similar measures disclosed by other entities.

‘Adjusted EBITDA’ is used by management to analyze the Corporation’s profitability based on the Corporation’s principal business activities prior to how these activities are financed, how assets are depreciated, amortized and impaired, and how the results are taxed. Additionally, amounts are removed relating to share-based compensation expense, the sale of assets, fair value adjustments on financial assets and liabilities, other non-cash items and certain non-standard expenses, as the Corporation does not deem these to relate to the performance of its principal business. Adjusted EBITDA is not intended to represent net profit (or loss) as calculated in accordance with IFRS.

The most directly comparable GAAP financial measure to funds from operations is cash flow from operating activities. ‘Funds from operations’ is defined as cash flow from operating activities before the change in non-cash working capital. Source Rock believes the timing of collection, payment or incurrence of these non-cash items involves a high degree of discretion and as such may not be useful for evaluating Source Rock’s operating performance. Source Rock considers funds from operations to be a key measure of operating performance as it demonstrates Source Rock’s ability to generate funds to fund operations, acquisition opportunities, dividend payments and debt repayments, if applicable. Funds from operations should not be construed as an alternative to income or cash flow from operating activities determined in accordance with GAAP as an indication of Source Rock’s performance.

‘Corporate netback’ is calculated as funds from operations divided by cumulative production volumes for the period. Corporate netback is used by Source Rock to better analyze the financial performance of its royalties against prior periods and to assess the cost efficiency of its overall corporate platform as it relates to production volumes. There is no standardized meaning for ‘corporate netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Operating netback’ represents the cash margin for products sold. Operating netback is calculated as revenue minus cash administrative expenses divided by cumulative production volumes for the period. Operating netback is used by Source Rock to assess the cash generating and operating performance of its royalties against prior periods and to assess the costs efficiency of its operating platform as it relates to production volumes. There is no standardized meaning for ‘operating netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Payout ratio’ is calculated as the aggregate of cash dividends declared in a period divided by funds from operations realized in such period. Source Rock considers payout ratio to be a key measure to assess Source Rock’s ability to fund operations, acquisition opportunities, dividend payments, cash taxes and debt repayments, if applicable.

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 of this release.

SOURCE Source Rock Royalties Ltd.

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MLS players want more money for playing in FIFA Club World Cup

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Major League Soccer players want more money for participating in the FIFA Club World Cup later this month, but say they have received pushback from the league in their efforts. 

Three MLS clubs — Seattle, Lionel Messi’s Inter Miami and Los Angeles FC — will represent the league in the tournament, which begins June 14 and will be hosted in the United States. 

FIFA’s Club World Cup boasts a $1 billion prize pool — $475 million disbursed based on performance, and $525 million given to participating teams. The winner will take home at least $125 million. The MLS teams will make at least $9.5 million just for participating, while wins during each stage of the tournament will only drive up the possible earnings.

However, MLS players earn 50 percent of money earned from outside tournaments — capped at $1 million, according to the league’s collective bargaining agreement. 

The MLS Players Association released a statement shortly after the Sounders players display.

“The MLSPA and all MLS players stand united with the Seattle Sounders players who tonight demanded a fair share of the FIFA Club World Cup prize money,” the statement read. 

“FIFA’s new tournament piles on to players’ ever-increasing workload without regard to their physical well-being. In order to seize this additional calendar territory, FIFA had to commit historic amounts of prize money to secure club and player participation. As a result, MLS will receive an unprecedented financial windfall.

“Despite this windfall, the league has refused to allocate a fair percentage of those funds to the players themselves.

“For months, the players have privately and respectfully invited the league to discuss bonus terms, yet MLS has failed to bring forward a reasonable proposal. Instead of recognizing the players who have brought MLS to the global stage, the league – which routinely asks the (player association) to deviate from the (collective bargaining agreement) – is clinging to an out-of-date CBA provision and ignoring longstanding international standards on what players typically receive from FIFA prize money in global competitions.

“It is the players who make the game possible. It is the players who are lifting MLS up on the global stage. They expect to be treated fairly and with respect.”

Messi and Inter Miami will play in the Club World Cup opener against Egyptian club Al Alhy on June 14 in Miami. Inter Miami will also play FC Porto (Portugal) on June 19 in Atlanta, and SE Palmeiras (Brazil) on June 23 in the group stage.

The Sounders will play all three of their group stage matches at home in Lumen Field in Seattle. They’ll face Botafogo (Brazil) on June 15, Atletico Madrid (Spain) on June 19, then Paris Saint-Germain (France) on June 23.

LAFC became the last team to enter the Club World Cup after a thrilling 2-1 win against Liga MX standouts Club America on Saturday night. They will face Chelsea (England) in Atlanta on June 16, Espérance (Tunisia) in Nashville on June 20 and CR Flamengo (Brazil) in Orlando on June 24 during the group stage.

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Coco Gauff advances to stay on course for first French Open title

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PARIS — Second seed Coco Gauff brushed aside Russian Ekaterina Alexandrova 6-0 7-5 on Monday to move into the French Open quarterfinals and stay on course for her first title in Paris.

The American world No. 2 must have thought she would have an easy morning session after powering through the first set in sensational fashion but the Russian bounced back in the second to test her opponent.

‘The whole match I played well. She stepped up her game in the second set. Overall I thought I played great,’ Gauff said.

‘I move well on clay, really comfortable with sliding and moving on the surface. The most physical surface for sure and I do well in that department.’

Hunting her first French Open crown after reaching the final in 2022 and semifinals last year, the 21-year-old started fast, earning three consecutive breaks for a 5-0 lead in 15 minutes.

Gauff was running her opponent ragged across the baseline, with the 30-year-old Alexandrova, bidding to reach her first Grand Slam quarterfinal, earning a mere five points until that stage.

Gauff, who has now won four of five meetings against Alexandrova, gave away five break points in the next game but still secured her first bagel of the tournament before the Russian got on the scoreboard at the start of the second set with her first hold.

Unforced errors started creeping into Gauff’s game as Alexandrova put up stronger resistance.

Gauff, the youngest American player to have reached at least the fourth round at seven consecutive Grand Slams since Venus Williams between 1997-1999, broke Alexandrova at 3-3.

But the Russian broke straight back and went up 5-4, with Gauff clearly rattled and double-faulting twice before holding to level.

The second seed kept her composure, broke Alexandrova and wrapped up the match on her serve. She will next face the winner of the all-American fourth-round clash between Madison Keys and Hailey Baptiste.

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Aaron Judge’s stats hitting another level. How they compare to Ohtani

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By nearly every metric, the Yankees’ Aaron Judge’s offensive performance during the first two months of the 2025 season ranks among the best in baseball history. Whether he can maintain this torrid pace for the next four months could determine if he joins the ranks of the all-time greats. Consider just a few of his numbers:

Batting average: Judge finished May with a .398 batting average – a hit short of topping .400 and 24 points ahead of Dodgers’ Freddie Freeman, who is also having a career year.

Power: Two of every five hits have gone for extra bases, including Judge’s 21 home runs. He finished May just one shy of league leaders Shohei Ohtani and Cal Raleigh. Judge’s slugging percentage, though, is more than 100 points of ahead of Ohtani’s.

On base percentage: Add 38 walks to Judge’s 86 hits, and he’s been on base almost every other time he steps up to the plate.

How Aaron Judge’s 2025 offensive numbers compare to some of MLB’s best

Unable to view our graphics? Click here to see them.

The OPS statistic combines a player’s on-base percentage with his slugging percentage. The sum shows how consistently a player reaches base along with how often the player hits for power – the more bases a player reaches per hit, the higher the slugging percentage.

With exception of his rookie season, Judge’s OPS has been at least 150 points higher than the league average, and his OPS has been trending even higher during the past four seasons. He led the MLB in OPS in 2022 and 2024 – the same years he won the American League MVP award.

Aaron Judge’s OPS continues to club

What the Yankees’ Aaron Judge has accomplished at the plate in the first third of the season would rank among the best seasons ever in MLB history if could maintain this pace. Judge’s 1.268 OPS would trail only the best years in the careers of Babe Ruth, Barry Bonds and Ted Williams – who was also the last to hit .400 that year in 1941.

With more than 100 games left in the season, the long grind could pull Judge’s numbers back down to Earth. Consider some of the other strong starts in the first two months of the season during the past decade.

Players with league-leading OPS in first two months of the MLB season

If you dig a little deeper into Judge’s numbers this season, you see he’s not hitting the ball quite as hard as he has in previous years. According to MLB, his average exit velocity ranks third at 95.4 mph behind the Pirates’ Oneil Cruz and Ohtani. Judge led the league last year with a 96.2 mph average.

So while Judge’s hits are a tick down in velocity, he’s on a pace to set a record for balls hit into the field of play, or batting average on balls in play (BABIP). The MLB average is .290 this season, the lowest since 1992. At .461, Judge’s BABIP is the third-highest in the first 54 games of a season since 1969, behind Jim Edmonds in 2000 and Yasiel Puig in 2013.

Where Judge’s BABIP would rank among best seasons since 1901

In 2024, Judge had one of his more typical slow starts, batting .207 in April. But he ultimately won his second MVP last season, finishing with a .322 average, 1.159 OPS and 58 home runs. His 10.8 WAR was the same he produced in his 62-homer 2022 MVP campaign.

At this pace, it’s not hard to image Judge claiming another American League MVP. He’d join an exclusive club among Yankees three-time MVPs: Joe DiMaggio, Yogi Berra and Mickey Mantle. Consider all the other firsts he vaulted into by the end of May:

Hitting categories where Aaron Judge ranks first in the American League

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UTSA baseball beats Texas to advance to NCAA super regionals

Sport 2 Mins Read

The unranked UTSA Roadrunners are moving on in the NCAA baseball tournament after knocking off the No. 2-seeded Texas Longhorns 7-4 at UFCU Disch-Falk Field in the Austin Regional on June 1.

UTSA will play in its first NCAA baseball super regional. The victory led to coach Pat Hallmark leaping into the arms of pitcher Conor Myles after the game as the team began to celebrate.

Norris McClure’s two-run home run in the first inning provided the Roadrunners with an early lead and set the pace for the 7-4 victory over the in-state rival. 

“That was one of the greatest games in baseball that I had ever been a part of,” McClure said on the ESPN broadcast after the game. “We knew we had talent and just had to stay where our feet were.”

UTSA had seven different players score a run in the game. Ty Hodge was responsible for three of those RBIs on two hits. Pitcher Gunnar Brown allowed six hits and one earned run with four strikeouts and two walks in five innings pitched against the Longhorns.

Texas was the second top-two school to get eliminated in its home regional after Wright State beat No. 1 seed Vanderbilt 5-4 on Sunday.

Texas out-hit UTSA 9-8 in the game, including two from Max Belyeu and Rylan Galvan. Belyeu had a two-run home run in the top of the ninth that brought in Galvan and helped the Longhorns cut into the lead, 7-4. As it turns out, those were the last runs of the season for the Longhorns.

The Roadrunners’ win wasn’t a fluke, either. Hallmark’s team won both of the teams’ two prior meetings this season: 8-7 in 12 innings on March 18 and 9-7 on May 31. The latter of those sent Texas to the loser’s bracket in the Austin Regional on June 1.

While the Roadrunners entered the game after having the afternoon off, the Longhorns eliminated Kansas State with a 15-8 win before fighting to keep their season alive.

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