Wealth Management
Bird Construction Inc. (TSX: BDT) announced results.
Construction revenue of $873.5 million compared to $686.4 million earned in the prior year quarter, representing a 27% increase year-over-year.
Adjusted EBITDA of $46.6 million, or 5.3% of revenues, compared to $29.5 million, or 4.3% of revenues in Q2/23, representing an increase of 58%.
Net income and earnings per share were $21.4 million and $0.40, compared to $13.7 million and $0.26 in Q2/23, representing increases of 56%.
Adjusted Earnings and Adjusted Earnings Per Share were $22.7 million and $0.42, compared to $15.7 million and $0.29 in Q2/23, representing increases of 45%.
Boyd Group Services Inc. (TSX: BYD) announced the results for the three-month periods ended June 30, 2024.
Sales increased by 3.4% to $779.2 million from $753.2 million in the same period of 2023 with same-store sales declining 3.2%.
Gross Profit increased by 3.7% to $355.5 million or 45.6% of sales from $342.7 million or 45.5% of sales in the same period in 2023.
Adjusted EBITDA decreased 6.1% to $89.6 million, or 11.5% of sales, compared with Adjusted EBITDA of $95.4 million, or 12.7% of sales in the same period of 2023.
Adjusted net earnings decreased to $11.9 million, compared with $27 million in the same period of 2023 and adjusted net earnings per share decreased to $0.56, compared with $1.26 in the same period of 2023.
Net earnings decreased to $10.8 million, compared with $26.3 million in the same period of 2023 and net earnings per share decreased to $0.50, compared with $1.22 in the same period of 2023.
Debt, net of cash before lease liabilities increased from $438.5 million at March 31, 2024 to $481.0 million at June 30, 2024.
Added 13 collision repair locations, including 10 through acquisition and three start-up locations.
Brookfield Corporation (TSX: BN) announced strong financial results for the quarter ended June 30, 2024.
Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) released results for the period ended June 29, 2024.
Revenue was $4,132.7 million, down 2.9% compared to $4,255.8 million in the same period last year; Revenue (excluding Petroleum) was $3,581.8 million, a decrease of 3.4% compared to the prior year.
Retail sales were $5,000.2 million, down 4.1%, compared to the second quarter of 2023.
Retail sales (excluding Petroleum) and consolidated comparable sales were down 4.7% and 4.6%, respectively.
CTR retail sales were down 5.5% and comparable sales were down 5.6% over the same period last year.
SportChek retail sales decreased 1.7% over the same period last year, and comparable sales were down 0.9%.
Mark's retail sales decreased 0.9% over the same period last year, and comparable sales were down 0.8%.
Helly Hansen revenue was up 1.2% compared to the same period in 2023.
Consolidated income before income taxes was $295.8 million, up $121.9 million compared to the prior year.
On a normalized basis, consolidated income before income taxes was up $14 million.
Diluted EPS was $3.56, compared to $1.76 or $3.08 on a normalized basis in the prior year.
GAAR was up 3.2% relative to the prior year.
Financial Services gross margin was $178.9 million, essentially unchanged from the prior year.
Financial Services IBT was $88.5 million, up significantly compared to $55.4 million in the prior year, which included the impact of a $33.3 million GST/HST-related charge. On a normalized basis, IBT was down slightly.
AFFO per unit was up 3.6% compared to Q2/23; diluted net income per unit was down 8.0%.
Crombie REIT (TSX: CRR.UN) announced results for their second quarter ended June 30, 2024.
Committed occupancy of 96.4% and economic occupancy of 95.9%; consistent with Q2/23.
Renewals of 293,000 square feet at rents 9.6% above expiring rental rates.
An increase of 11.8% using the weighted average rent during the renewal term
Acquisition of one grocery-anchored retail property added 48,000 square feet of gross leasable area at a total aggregate purchase price of $9,880 excluding transaction and closing costs.
Disposition of one 15,000 square foot retail property, located in a VECTOM market, for gross proceeds of $13,000.
Invested $24,937 in non-major development modernization program.
Dominion Lending Centres Inc. (TSX: DLCG) reported financial results for the three months ended June 30, 2024.
Dream Residential REIT (TSX: DRR.U, TSX: DRR.UN) announced results for the three months ended June 30, 2024.
ECN Capital Corp. (TSX: ECN) reported financial results for the three-month period ended June 30, 2024.
Originations were $622.5 million, versus $468.4 million in the previous three-month period and $622 million for the same period last year.
Operating Expenses were $26.5 million versus $27.8 million for the previous three-month period and $26 million for the same period last year.
Adjusted EBITDA was $31.5 million versus $21.8 million period and $24.5 million for the same period last year.
Net (Loss) was $5.6 million versus ($8.50) million for the previous three-month period and ($30) million for the same period last year.
Managed Assets were $5.3 billion versus $5.2 billion as at March 31, 2024 and $4.7 billion as at June 30, 2023.
Flagship Communities REIT (TSX: MHC.U; MHC.UN) released their second quarter 2024 results.
Rental revenue was $21.2 million, an increase of 22.2% compared to $17.4 million.
Same Community Revenue was $18.9 million, up 10.8% compared to $17.1 million.
Net income and comprehensive income were $43.5 million compared to $21.4 million.
NOI was $14.1 million, up 21.4% compared to $11.6 million.
Same Community NOI was $12.4 million, an increase of 8.7%, compared to $11.4 million.
NOI Margin was 66.2% compared to 66.6%.
Same Community NOI Margin was 65.7%, compared to 67%.
FFO per unit (diluted) was $0.33 compared to $0.297, which was an increase of $0.033 per unit, or 11.1%
FFO adjusted per unit (diluted) was $0.314 compared to $0.297, which was an increase of $0.017 per unit, or 5.7%
AFFO per unit (diluted) was $0.292 compared to $0.260.
AFFO adjusted per unit (diluted) was $0.276 compared to $0.260.
Rent Collections was 98.7%, which was a decrease of (0.2)%.
The REIT completed an expansion in one of its Same Community properties where it added 81 additional lots.
Frontera Energy Corporation (TSX: FEC) reported results for the second quarter ended June 30, 2024.
Delivered Average Daily Production of 39,912 Boe/d, up 5% From the Prior Quarter, Including Average Daily Production of Approximately 40,600 Boe/d in June and July.
Recorded an Income from Operations of $45.2 million and a Net Loss of $2.8 million.
Generated Operating EBITDA of $110.3 Million and Cash Provided by Operating Activities of $149.8 Million.
Generated Quarterly Adjusted Infrastructure EBITDA of $27.8 Million and Segment Income of $14.6 Million.
Keyera Corp. (TSX: KEY) announced 2024 second quarter financial results.
Adjusted EBITDA was $326 million compared to Q2/23 of $293 million.
Net earnings were $142 million compared to Q2/23 of $159 million.
Distributable cash flow was $202 million compared to $207 million.
Second quarter fee-for-service realized margin increased by 15% compared to the same period last year.
The Gathering & Processing segment delivered realized margin of $102 million.
The Liquids Infrastructure segment delivered realized margin of $133 million.
Killam Apartment REIT (TSX: KMP.UN) reported results for the three months ended June 30, 2024.
Achieved a 6.1% increase in same property revenue compared to Q2/23.
Reported net income of $114.5 million, consistent with net income of $114.5 million in Q2/23.
Generated NOI of $59.9 million, a 6.6% increase from $56.2 million in Q2/23.
Generated 8.5% same property NOI growth compared to Q2/23.
Earned FFO per unit of $0.30, consistent with $0.30 earned in Q2/23.
Earned AFFO per unit of $0.25, consistent with $0.25 in Q2/23, and reduced the rolling 12-month AFFO payout ratio by 200 basis points (bps) to 72%, from 74% in Q2/23.
Increased the same property operating margin by 140 bps to 66.2% from 64.8% in Q2/23.
Ended the second quarter with debt as a percentage of total assets of 41.2%, the lowest level in Killam's history.
Manulife Financial Corporation (TSX: MFC) reported second quarter results for the period ended June 30, 2024.
Core earnings of $1.7 billion, up 6% on a constant exchange rate basis Q2/23.
Net income attributed to shareholders of $1.0 billion, in-line with Q2/23.
Core EPS of $0.91, up 9% from Q2/23.
EPS of $0.52, up 1%.
Excluding the impact of Global Minimum Taxes, core EPS was $0.94 , up 12%.
Core ROE of 15.7% and ROE of 9%.
LICAT ratio of 139%.
APE sales up 17% new business CSM up 6% and new business value up 23%.
Global Wealth and Asset Management net inflows of $0.1 billion, down from $2.2 billion.
Maple Leaf Foods Inc. (TSX: MFI) reported results for the second quarter ended June 30, 2024.
Sales were $1,261 million for the second quarter, compared to $1,266 million for the same period last year.
Sales in Prepared Foods increased approximately 1%.
Within Prepared Foods, prepared meats increased 3.2% which was partially offset by declines in poultry and plant protein of 3.9% and 2.5% respectively, compared to the same period in the prior year.
Sales in the Pork operating unit decreased by 4.2% compared to last year.
Adjusted EBITDA grew to $141 million, a 37% increase from the second quarter of last year, with Adjusted EBITDA margin increasing from 8.1% to 11.2% for the same period.
Loss was $26 million ($0.21 per basic share) compared to a loss of $54 million ($0.44 loss per basic share) last year.
Capital expenditures were $16 million compared to $53 million in the second quarter last year.
Net Debt was $1,723 million, with Net Debt to trailing four quarters Adjusted EBITDA of 3.4x, an improvement from 3.7x at the end of the first quarter.
Free cash flow improved to $27 million, an increase of $103 million from the same quarter last year.
Northwest Healthcare Properties REIT (TSX: NWH.UN) has sold their UK portfolio for gross proceeds of £500 million (C$885 million).
The completion of this strategic sale transaction concludes the REIT's previously announced strategic review process.
Since the beginning of the formal strategic review, the REIT has sold assets for gross proceeds of approximately $1.6 billion.
Northwest is committed to continued asset sales to simplify the business and strengthen the balance sheet, aiming to become an institutional-quality REIT.
Petrus Resources Ltd. (TSX: PRQ) reported results as at and for the three months ended June 30, 2024.
Pizza Pizza Royalty Corp. (TSX: PZA) released financial results for the three months ended June 30, 2024.
Same store sales decreased 3.9%.
Royalty Pool sales decreased 2%.
Adjusted earnings per share decreased 3.3%.
Restaurant network increased by five net locations.
PRO REIT (TSX: PRV.UN) reported results for the three-month period ended June 30, 2024.
Net operating income up 2.3% year-over-year.
Same Property NOI up 11.4%; up 6.4% excluding the impact of a one-time revenue adjustment and a 2023 temporary property vacancy.
Occupancy rate of 97.1%, including committed occupancy, at June 30, 2024.
Approximately 66.0% of gross leasable area maturing in 2024 has been renewed at 34.6% average spread.
Total debt (current and non-current) of $486.6 million at June 30, 2024, a decrease of $47.7 million compared to the same date last year.
Debt to Gross Book Value of 49.5% at June 30, 2024, compared to 50.9% at same date last year.
$38 million available through credit facility, in addition to $8.9 million in cash, at June 30, 2024.
Restaurant Brands International Inc. (TSX: QSR) (TSX: QSP) reported financial results for the second quarter ended June 30, 2024.
Consolidated comparable sales increased 1.9% and net restaurants grew 4.0% versus the prior year.
System-wide sales increased 5.0% year-over-year.
Income from Operations of $663 million versus $554 million in the prior year.
Net Income of $399 million versus $351 million in prior year.
Diluted EPS was $0.88 versus $0.77 in prior year.
Adjusted Operating Income of $632 million increased 9.3% organically versus the prior year.
Adjusted Diluted EPS of $0.86 increased 3.1% organically versus the prior year.
Global comparable sales of +1.9% driven by +4.9% at TH Canada and +2.6% at INTL and stable results at BK US.
System-wide sales growth and cost discipline drive strong year-over-year growth in consolidated profitability.
Five franchisor segments deliver year-over-year growth in Adjusted Operating Income.
RBI closes strategic transactions during the quarter that strengthen long-term positioning in the US and China.
Savaria Corporation (TSX: SIS) announced results for the second quarter of 2024.
Revenue was $221.3 million, compared to $198.4 million in 2023, an increase of 11.6% mainly due to organic growth of 11.5% and a positive foreign exchange impact of 1.1%, partially offset by the divestitures of Van-Action and Freedom Motors.
Accessibility organic growth stood at 15.4%, including growth of 15.4% coming from North America and 15.3% from Europe.
Patient Care organic revenue contracted by 0.9%.
Gross profit was $83.0 million, up $15.9 million or 23.6%, representing 37.5% of revenue, an increase of 370 bps compared to 33.8% in Q2/23.
Operating income was $22.6 million, up $6.4 million or 39.3%, representing 10.2% of revenue compared to 8.2% in Q2/23.
Adjusted EBITDA was $41.9 million, up $12.7 million or 43.3%, or $0.59 per share, up $0.14, when compared to Q2/23.
Adjusted EBITDA margin stood at 19%, up 420 bps compared to 14.8% in Q2/23.
Accessibility adjusted EBITDA margin reached 20.9%.
Patient Care adjusted EBITDA margin stood at 17%.
Net earnings were $11.0 million, or $0.15 per share on a diluted basis, compared to $8.8 million or $0.14 per share in Q2/23.
Ratio of net debt to adjusted EBITDA stood at 1.88 in comparison to 2.07 as at December 31, 2023.
Available funds of $226.6 million, as of June 30, 2024, to support working capital, investments and growth opportunities.
Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) announced results and highlights for the three months ended June 30, 2024.
Completed 706,811 square feet of total leasing in the quarter at attractive spreads that drove revenue growth.
New deals were completed at 28% above comparable average in-place rent, and non-option renewals at 12.8% above expiring rents.
Portfolio occupancy remained stable at 94.2% as at quarter end.
Adjusting for completed redevelopments, same-property Net Operating Income increased by $1.4 million or 3.5% year-over-year.
At $12.56 per square foot, average rent in the REIT's portfolio remains well below market, providing significant runway for continued rent increases and NOI growth.
Continued to prudently manage balance sheet to ensure the REIT remains protected in the current interest rate environment.
94.8% of the REIT's total debt is fixed, with a weighted average interest rate of 4.5%, providing positive leverage and stability for the REIT.
The REIT continues to actively manage upcoming debt maturities with productive lender conversations ongoing
Vox Royalty Corp. (TSX: VOXR) announced results for the second quarter ended June 30, 2024.
Waste Connections, Inc. (TSX: WCN) has received approval from the TSX for the annual renewal of their NCIB.
The renewal will follow on the conclusion of the Company's current NCIB expiring August 9, 2024.
Under the current NCIB that commenced on August 10, 2023, and that will expire on August 9, 2024, they sought and obtained approval from the TSX to purchase up to 12,881,534 common shares for cancellation.
Since the commencement of the current NCIB, they have not purchased any common shares through the facilities of the TSX, NYSE and/or alternative Canadian trading systems.
Wheaton Precious Metals (TSX: WPM) announced results.
$299 million in revenue.
$122 million in net earnings.
$150 million in adjusted net earnings.
$234 million in operating cash flow.
Cash balance of $540 million, no debt, and an undrawn $2 billion revolving credit facility as at June 30, 2024 after making total upfront cash payments of $45 million relative to mineral stream and royalty interests in the quarter.
Speculative Investment
Canada Nickel Company Inc. (TSXV: CNC) announced positive assay results from their ongoing 2024 exploration program at its Reid property, located 37 kilometres northwest of Timmins, Ontario.
Best Reid interval to date – 661 m of 0.29% nickel including 100 m of 0.42% nickel and 40 m of 0.51% nickel in REI-24-35.
All 8 holes targeting Reid Central Core intersected core lengths greater than 620 m with average grades of 0.21% to 0.29% nickel.
CareRx Corporation (TSX: CRRX) Canada's leading provider of pharmacy services to seniors living and other congregate care communities, today reported financial results for the second quarter ended June 30, 2024.
Revenue was $92 million as compared to $89.7 million for Q1/24 and $94.5 million for Q2/23.
Adjusted EBITDA for the quarter was $7 .5 million as compared to $7.4 million for Q1/24 and $7 million for Q2/23.
Net loss was $1.4 million as compared to a net loss of $0.5 million for the first quarter of 2024 and net income of $1.9 million for the second quarter of 2023.
CEMATRIX Corporation (TSX: CEMX) announced the release of their consolidated financial results for the second quarter ended June 30, 2024.
DIRTT Environmental Solutions Ltd. (TSX: DRT) announced results for the months ended June 30, 2024.
Revenue of $41.2 million, a decrease of 8% from the prior year period.
Gross profit increased to $15.4 million or 37.3% of revenue from $14.6 million or 32.5% of revenue in Q2/23.
Net income after tax and net income margin of $0.6 million and 1.4%, respectively, compared to net income after tax of $2.2 million and net income margin of 4.9% in Q2/23.
Adjusted EBITDA was $3.2 million (7.7% of revenue), compared to $1.9 million (4.1% of revenue) in Q2/23.
Liquidity, comprising unrestricted cash and available borrowings, was $50.1 million at June 30, 2024 compared to $35 million at December 31, 2023.
E3 Lithium Ltd. (TSXV: ETL) announced their plan to build a fully integrated Lithium Brine Demonstration Facility with the goal to produce battery grade lithium carbonate from brines located within the Leduc reservoir in Alberta.
The Demo Project takes a significant step forward in the Company’s strategic plan to develop a commercial lithium facility that will reinforce western Canada as a major lithium resource jurisdiction.
The Demo Project will be an advancement from the successful Direct Lithium Extraction pilot program conducted in 2023.
They operated and evaluated multiple technologies, showcasing the technical feasibility of DLE technology including its own proprietary DLE.
The 2023 pilot provided critical data used in the recently released Pre-Feasibility Study validating the economic feasibility of lithium projects in Alberta.
The Demo Project will operate a fully integrated process that will include an increase in the scale of the DLE system and add into the processes for the purification, concentration and chemical conversion to continually process brine into battery grade lithium carbonate.
Additional hydroxide developments will be conducted offsite.
The objectives of the Demo Project are to unify the necessary components onsite into a fully integrated process replicating, as best as possible at a reduced scale, a commercial system.
This will provide real-time data while they continue to design a commercial system through advanced engineering.
It will also provide samples for commercial discussions with potential strategic partners. The Demo Project will enable the Company to continually optimize and de-risk each step of the flowsheet as it moves towards completing its feasibility study.
This facility is unique in Canada and will serve as an economic driver for Alberta’s battery supply chain. The Company will publish more details on the Demo Project over the coming months while it finalizes the design and operational aspects.
Equinox Gold Corp. (TSX: EQX) announced second quarter 2024 ng results.
Produced 122,221 ounces of gold.
Sold 115,423 ounces of gold at an average realized gold price of $2,328 per oz.
Total cash costs of $1,747 per oz and AISC of $2,041 per oz.
One fatality during the Quarter, as discussed in the Fazenda section of the MD&A
No lost-time injuries; total recordable injury frequency rate of 1.82 per million hours worked for the 12-month rolling period (1.80 for the Quarter).
Significant environmental incident frequency rate of 0.29 per million hours worked for the 12-month rolling period (0.00 for the Quarter).
Income from mine operations of $26.6 million.
Adjusted EBITDA of $51.3 million.
Net income of $283.8 million or $0.72 per share (basic).
Adjusted net loss of $5.8 million or $0.01 per share (basic).
Cash flow provided by operations before changes in non-cash working capital of $45.1 million (cash flow used in operations of $33 million after changes in non-cash working capital).
Sustaining expenditures of $31 million and non-sustaining expenditures of $82.6 million.
Cash and cash equivalents (unrestricted) of $167.5 million at June 30, 2024.
Net debt of $1,308.9 million at June 30, 2024.
Greenlane Renewables Inc. (TSX: GRN) announced results for the second quarter ended June 30, 2024.
Revenue of $14.6 million.
Gross profit of $3.8 million, Gross Margin before amortization of $4.1 million (28% of revenue).
Adjusted EBITDA loss of $0.8 million.
Net loss and comprehensive loss of $0.4 million.
Biogas upgrading system Sales Order Backlog of $14.3 million as at June 30, 2024.
Cash and cash equivalents of $9.0 million and no debt.
Kelt Exploration Ltd. (TSX: KEL) reports results to shareholders for the three months ended June 30, 2024.
LithiumBank Resources Corp. (TSXV: LBNK) announced the filing of the National Instrument ("NI") 43-101 Technical Report for the Park Place Lithium-Brine Project located in West- Central Alberta, Canada entitled "LithiumBank Resources Corp. Park Place NI 43-101 Technical Report" effectively dated June 24, 2024.
Park Place is the largest known NI 43-101 inferred lithium brine resource estimate in North America.
Highest known reported lithium-in-brine grades used in a NI 43-101 inferred lithium resource estimate in Alberta.
10,076,000 tonnes inferred LCE within the Leduc Fm aquifer at an average of 79.4 mg/L lithium.
11,620,000 tonnes inferred LCE within the Swan Hills Fm aquifer, which underlies the Leduc Formation, at an average of 80.9 mg/L lithium.
Multiple high porosity areas occur that have a combined Leduc & Swan Hills Fm thickness of over 350 m, and as high as 511 m, to be studied for potential selection of future PEA.
Subsurface reservoir modelling conducted by SLB and Matrix included data from 420 wells, 104 km2 of 3D seismic data and 262 km of two-dimensional seismic data.
The subsurface reservoir model will assist in planning well networks and locations in future economic and engineering studies such as a PEA; and
Park Place bulk brine sample collection to occur in H2 2024 to be included in the 10,000 L/day direct lithium extraction pilot plant test work located in the Company's DLE facility in Calgary, Alberta.
Lithium South Development Corporation (TSXV: LIS) provided an update regarding test work, on site development work, and business developments.
The Company is pleased to report the laboratory scale production of Lithium Iron Phosphate (LiFePO₄) directly from concentrated brine obtained from their Hombre Muerto North Lithium Project (HMN Li Project), located in Salta Province , Argentina .
Test work was undertaken in cooperation with an independent laboratory based in Salta, Argentina.
The product was then forwarded to the Research and Development Center for Advanced Materials and Energy Storage (CIDMEJu), located in Jujuy province, Argentina.
At this facility, a basic operating button type battery was constructed using the HMN Li Project LiFePO4 product. This facility is part of the CONICET / National Scientific and Technical Research Council, an Argentine government agency which directs and co-ordinates most of the technical and scientific research done in Argentine universities and institutes.
The laboratory (patent pending) process resulted in a LiFePO4 product directly from lithium chloride, eliminating the need for lithium carbonate. LiFePO4 batteries are being utilized by Tesla, BYD and others due to their lower manufacturing costs, long cycle life and high-power density. LFP batteries are cobalt free and are finding increased demand in utility scale stationary applications in addition to the Electric Vehicle market.
LFP demand is expected to rise considerably over the coming years
The LiFePO4 battery test work is important to Lithium South as it is helping to define potential options for the production of higher priced value-added lithium products. Evaporation test work is also continuing at the HMN Li Project site as part of the process validation for a planned Feasibility Study.
Medexus Pharmaceuticals (TSX: MDP) announced results and provided a business update for the company's first fiscal quarter ended June 30, 2024.
Revenue of $27.3 million, a decrease of $4.3 million, or 13.6%, compared to $31.6 million for fiscal Q1/24.
Adjusted EBITDA of $6.1 million, a decrease of $0.5 million, or 7.6%, compared to $6.6 million for fiscal Q1/24.
Operating income of $4 million, a decrease of $0.8 million, or 16.7%, compared to $4.8 million for fiscal Q1/24.
Net income of $2 million, an increase of $1.3 million compared to net income of $0.7 million for fiscal Q1/24.
Available liquidity of $8.5 million (June 30, 2024), consisting of cash and cash equivalents, compared to $5.3 million (March 31, 2024), an increase of $3.2 million.
NuVista Energy Ltd. (TSX: NVA) announced results for the three months ended June 30, 2024.
Produced 83,152 Boe/d, just above the top end of their guidance range of 80,000 – 83,000 Boe/d for the quarter.
This reflects a 4% increase in production from Q1/24 and a 17% increase in production from Q2/23.
The production composition for the second quarter was 31% condensate, 9% NGLs and 60% natural gas.
Generated adjusted funds flow of $140.2 million ($0.68/share, basic), which includes $18.4 million of free adjusted funds flow despite a decline in natural gas commodity prices.
Achieved net earnings of $111 million ($0.54/share, basic).
Maintained a strong operating netback at $21.59/Boe and corporate netback at $18.52/Boe, supported by continued condensate price strength.
Executed a successful capital expenditures program, investing $121.5 million in well and facility activities including the drilling of 11 gross (11 net) wells and the completion of 8 gross (8 net) wells in our condensate rich Wapiti Montney asset base.
Exited the quarter with $49.7 million drawn on their $450 million credit facility, maintaining a favorable net debt to annualized second quarter adjusted funds flow ratio of 0.5x.
ProMIS Neurosciences Inc. (Nasdaq: PMN) announced financial results for the second quarter ended June 30, 2024 and provided a corporate update.
Reported positive topline data from first-in-human Phase 1a clinical trial of PMN310 as a treatment for Alzheimer’s disease that met objectives for tolerability, safety and pharmacokinetics.
Secured up to $122.7 million in private placement financing from leading healthcare specialty funds to advance Phase 1b study of PMN310 in Alzheimer’s disease patients in 2H/24
PTX Metals Inc. (CSE: PTX) provided an update on recent project activities at their South Timmins Joint Venture Gold Projects.
The current program follows the results from Phase 1 work completed during 2023 and early 2024, which confirmed high-grade gold mineralization through stripping and channel sampling at the Shining Tree Gold Project including 9.04 g/t Au over 16.15 m at surface at Ronda.
The current program also included follow up on the drilling of a new gold discovery at the Heenan Property in the Swayze Greenstone belt.
The program was for preparation of drilling and other exploration activities.
During June and early July, the South Timmins Joint Venture completed mechanized stripping and channel sampling programs on the Shining Tree Gold Project covering an area of 2,971 m2, bringing the total area stripped in Phase 1 to 4,883 m2.
This had led to several new quartz-carbonate vein systems being uncovered, with channel sample results ranging from 0.01 g/t to 5.18 g/t Au.
A 20 m wide north-northeast orientated altered shear zone was uncovered approximately 500 m south of Ronda containing anomalous gold mineralization and discovery of a 3-4 m wide northwest orientated quartz-carbonate vein system that was uncovered 700 m northeast of Ronda, and immediately south of Caswell Lake.
At Heenan, a total of 9 select channel samples were collected over 25 cm lengths from Stripped Area #2, with 4 of the 9 samples returning > 2.00 g/t Au, with a high of 5.77 g/t Au.
Successfully completed the exploration activities for Phase 1 of the Joint Venture agreement and planning is underway for the earn-in and Phase 2 exploration program.
Satellos Bioscience Inc. (TSX: MSCL) announced today that the U.S. Food and Drug Administration (FDA) has granted Rare Pediatric Disease Designation to SAT-3247 for the potential treatment of Duchenne muscular dystrophy after receiving Orphan Drug Designation earlier this year.
SAT-3247 is a first-in-class oral small molecule therapeutic designed to restore the innate muscle regeneration and repair process, independent of dystrophin and regardless of exon mutation status.
SAT-3247 is a proprietary, oral small molecule drug being developed by Satellos as a novel treatment to regenerate skeletal muscle which is lost in Duchenne muscular dystrophy (DMD).
DMD is a rare genetic disorder characterized by progressive muscle degeneration and weakness.
Satellos has also received Orphan Drug Designation from the FDA for SAT-3247.
Initiation of a Phase 1 clinical trial of SAT-3247 anticipated in Q3/24.
Spartan Delta Corp. (TSX: SDE) reported results for the three months ended June 30, 2024.
Spartan reported production of 38,583 BOE/d (32% liquids), flat from 38,533 (32% liquids) in Q1/24.
Spartan achieved a 33% increase in crude oil production and 4% increase in condensate production as compared to the first quarter of 2024.
During the quarter, they experienced a loss of approximately 800 BOE/d of production as a result of a third-party natural gas liquid force majeure. The force majeure has since been rescinded.
The volumes were also impacted by the voluntary shut-in of a recently completed well due to depressed natural gas prices resulting in a reduction of approximately 1,200 BOE/d of production during the quarter.
Additionally, Spartan successfully and safely completed multiple facility turnarounds on budget and on time.
Second quarter 2024 oil and gas sales totaled $73.5 million, generating Adjusted Funds Flow of $37.2 million ($0.21 per share, diluted).
They successfully executed a $22.6 million capital program.
In the Deep Basin, Spartan drilled 2.0 net wells, completed 3.8 net wells, and brought 4.6 net wells on production.
The Company elected to defer the drilling of 1.0 net well in the quarter due to depressed natural gas prices.
Continued to generate positive Free Funds Flow in the second quarter of 2024, exiting the quarter with Net Debt of $132.4 million.
As at June 30, 2024 , they had $699 million in tax pools, of which $370 million are non-capital losses.
Valeura Energy Inc. (TSX: VLE) reported results for the three month periods ended June 30, 2024.
Charts of the Day
Rails
Canadian carloads by sector for July
North American rail volume for the week ending August 3, 2024, on 10 reporting U.S., Canadian and Mexican railroads totaled 322,520 carloads, down 1.2% compared with the same week last year, and 351,513 intermodal units, up 6.1% compared with last year. Total combined weekly rail traffic in North America was 674,033 carloads and intermodal units, up 2.5%. North American rail volume for the first 31 weeks of 2024 was 20,471,828 carloads and intermodal units, up 2.3% compared with 2023.
Canadian railroads reported 90,465 carloads for the week, up 1.6%, and 64,067 intermodal units, down 10.6% compared with the same week in 2023.
For the first 31 weeks of 2024, Canadian railroads reported cumulative rail traffic volume of 4,958,371 carloads, containers and trailers, up 1.5%.
US carloads by sector for July
U.S. railroads originated 1,073,191 carloads in July 2024, down 2.1%, or 23,353 carloads, from July 2023. U.S. railroads also originated 1,319,818 containers and trailers in July 2024, up 8.4%, or 102,549 units, from the same month last year. Combined U.S. carload and intermodal originations in July 2024 were 2,393,009, up 3.4%, or 79,196 carloads and intermodal units from July 2023.
In July 2024, 12 of the 20 carload commodity categories saw carload gains compared with July 2023. These included: grain, up 19,690 carloads or 26.5%; chemicals, up 4,797 carloads or 3.1%; and petroleum & petroleum products, up 4,048 carloads or 8.5%.
Commodities that saw declines in July 2024 from July 2023 included: coal, down 35,167 carloads or 11.0%; crushed stone, sand & gravel, down 11,563 carloads or 10.6%; and motor vehicles & parts, down 6,436 carloads or 9.1%.
Total U.S. carload traffic for the first seven months of 2024 was 6,642,565 carloads, down 4.1%, or 286,356 carloads, from the same period last year; and 7,962,928 intermodal units, up 8.6%, or 631,898 containers and trailers, from last year.
Total combined U.S. traffic for the first 31 weeks of 2024 was 14,605,493 carloads and intermodal units, an increase of 2.4% compared to last year.
Markets
Gaming popularity
53% of US consumers love or like playing video games, according to April 2024 data from Collage Group. Among Gen Z, that figure increased to 72%.
US gamers are most likely to use mobile devices for gaming, rather than computers or a gaming console, per Collage Group.
US game ad revenues will total $8.59 billion this year, with $7.77 billion going to mobile, per our March 2024 forecast.
In-game ad tech has been a recent focus for gaming and ad tech platforms, including Electronic Arts, Roblox, Pubmatic, and Activision Blizzard, all of whom are building out their tech to make gaming more attractive for advertisers.
Energy Consumption
Qatar had the highest per capita energy consumption worldwide in 2023 at 817 GJ per person. Almost all of the country’s energy consumption is derived from natural gas, of which the country has abundant reserves.
Countries located in hot or cold climates that are also rich in a particular energy resource, such as Qatar and its natural gas or Iceland and its geothermal energy, made up many of the top per capita energy consumers in 2023.
These countries tend to consume more energy to heat or cool homes and often use more energy since electricity costs are often on the lower end. Along with this, many of the top energy consuming countries per capita have fairly low populations, with Canada and Saudi Arabia being the only nations in the top 10 with populations of more than 10 million.
Looking at global regions, North America unsurprisingly consumes the most energy per person, at 240 GJ per capita, almost three times the global average of 77 GJ.
North America’s numbers are in contrast to regions like Africa, that consumes 14 GJ per capita, or even South and Central America at 58 GJ per capita.
According to the Energy Institute, around 750 million people worldwide, or 1 out of every 10 people do not have access to electricity.
Leede Insights is general market commentary that does not constitute a research report of any company. The views or opinions expressed represent the personal views of the writer, are subject to change without notice, and do not necessarily reflect the views of Leede Financial Inc. (“Leede”)
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