IFabric Corp Reports Record Q4 and Full Year 2024 Revenues and Strong Profitability
'I am pleased to report that a corporate record of $10.5 million in sales for a single quarter was achieved in Q4 2024, delivering revenue growth of 55% compared to the same period in 2023. In addition, fiscal year 2024 set records in both revenue and profitability, with strong earnings per share of $0.054. Fiscal year 2024 (January 1 to December 31, 2024) sales of $27.3 million almost matched 2023's revenue despite 2023 having five quarters due to our fiscal year-end date adjustment,' said Hylton Karon, President and CEO of iFabric.
'iFabric looks forward to another double-digit sales growth year in 2025, with new product categories being added for shipment towards the latter part of the year. In addition, our core programs continue to perform well and are generating strong baseline sales growth. We believe 2025 will provide another year of increasing revenues and net earnings,' concluded Hylton Karon.
Q4 ENDED DECEMBER 31, 2024 HIGHLIGHTS:
YEAR ENDED DECEMBER 31, 2024 HIGHLIGHTS:
Total revenues amounted to $27,327,390 for the 12 months ended December 31, 2024, compared to $28,398,742 for the 15 months ended December 31, 2023, representing a 20% increase on a proportionate basis that was mainly attributable to new apparel programs and increased sales of chemical treatments.
Intelligent Fabric division revenue increased by 25% on a proportionate basis to $19,778,082 for the 12 months in 2024 from $19,852,953 for the 15 months in 2023. For the Intimate Apparel Division, revenue increased by 11% on a proportionate basis and amounted to $7,537,058 for the 12 months in 2024 compared to $8,504,393 for the prior 15 months in 2023.
Gross profit of $11,302,084 (41% margin) for the 12 months ended December 31, 2024, compared $11,073,008 (39% margin) for the 15 months in 2023, representing a 28% increase on a proportionate basis.
Selling, general and administrative costs during the 12 months in 2024 increased by 9% on a proportionate basis, to $8,611,234 from $9,868,085 for the 15 months in 2023, mainly attributable to increased variable selling costs.
Adjusted EBITDA of $2,743,670 for the 12 months in 2024 compared to $1,239,522 for the 15 months in 2023, representing an increase of 177% on a proportionate basis.
The net earnings after tax attributable to shareholders for the 12 months in 2024 amounted to $1,632,614 (or $0.054 per share basic and diluted), compared to a net loss attributable to shareholders of $2,107,522 (or ($0.070) per share basic and diluted) for the prior 15 months.
Working capital, (excluding a demand term loan classified as current under IFRS, but not requiring repayment in 2025) amounted to $19,608,256 at December 31, 2024 compared to $16,460,565 at September 30, 2023, with the increase of $3,147,691 mainly attributable to the earnings for the year.
Long term debt was virtually unchanged at $846,139 in 2024 compared to $906,752in 2023.
Cash amounted to $2,058,156 in 2024 compared to $1,571,744 in 2023, an increase of $486,412.
The Company's bank operating line amounting to $6,750,000, was unutilized at both December 31, 2024, and December 31, 2023.
Complete Financial Statements are available on www.sedarplus.ca and the company's website at www.ifabriccorp.com.
WEBINAR REGISTRATION
The Company will participate in a webinar on April 7, 2025, at 11:00 AM ET hosted by Adelaide Capital, reviewing iFabric's Q4 and full-year 2024 results, including key highlights and business performance. The webinar will also include a Q&A session.
FINANCIAL HIGHLIGHTS
Ended December 31 2024
Ended December 31 2023
Ended December 31 2024
Ended December 31 2023
$
$
$
$
Revenue
27,327,390
28,398,742
10,495,982
6,755,981
Share based compensation
548,040
162,199
131,220
77,190
Adjusted EBITDA *(Note)
2,743,670
1,239,522
1,895,396
257,458
Net earning (loss) before tax
2,228,476
(3,062,777
)
1,678,362
(3,728,517
)
Net income (loss) after tax
attributable to shareholders
1,632,614
(2,107,522
)
1,131,531
(2,704,508
)
Other comprehensive earnings (loss)
332,431
(224,187
)
258,423
(109,200
)
Total comprehensive earnings (loss)
1,960,151
(2,334,029
)
1,383,424
(2,812,685
)
Net earnings (loss) per share
Basic
0.054
(0.070
)
0.037
(0.090
)
Diluted
0.054
(0.070
)
0.037
(0.090
)
*Note: Adjusted EBITDA represents earnings before non-recurring items, interest, taxes, depreciation, amortization, and share based compensation.
*USE OF NON-GAAP MEASURES
Certain measures in this document do not have any standardized meaning as prescribed by International Financial Reporting Standards ('IFRS') and, therefore, are not considered generally accepted accounting principles ('GAAP') measures and may not be comparable to similar measures presented by other issuers. Where non-GAAP measures or terms are used, definitions are provided. The Company believes that certain non-GAAP financial measures provide important information regarding the operational performance and related trends of the Company's business. In this document and in the Company's consolidated financial statements, unless otherwise noted, all financial data is prepared in accordance with IFRS.
Adjusted EBITDA
The Company uses Adjusted EBITDA to assess its operating performance without the effects of (as applicable): current and deferred tax expense, finance costs, interest income, depreciation and amortization of plant assets, other gains and losses, impairment loss, share-based compensation and other non-recurring items. The Company adjusts for these factors as they may be non-cash, unusual in nature and may not optimally represent its operating performance. Adjusted EBITDA is not intended to be representative of net earnings from operations or an alternative measure to cash provided by operating activities determined in accordance with IFRS.
The table below reconciles Adjusted EBITDA and Net earnings attributable to owners of the Company, calculated in accordance with IFRS:
Three months
Three months
Twelve months
Fifteen months
For the period ending
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Net earnings (loss) after tax attributable to shareholders
1,011,731
(2,704,508
)
1,512,814
(2,107,522
)
Add (deduct):
Net earnings attributable to non-controlling interest
(6,530
)
1,023
(4,894
)
(2,320
)
Provision for income taxes
673,161
(1,025,032
)
720,556
(952,935
)
Share-based compensation
131,220
77,190
548,040
162,199
Impairment provision - legal claim
-
3,842,153
(361,980
)
3,842,153
Amortization of deferred development costs
8,901
-
35,604
26,820
Depreciation of plant, property and equipment and right-of-use assets
55,400
41,990
196,480
160,920
Interest expense
21,513
24,642
97,050
110,207
Adjusted EBITDA
1,895,396
257,458
2,743,670
1,239,522
Add (deduct):
Impairment provision - legal claim
-
(3,842,153
)
361,980
(3,842,153
)
Share-based compensation
(131,220
)
(77,190
)
(548,040
)
(162,199
)
EBITDA
1,764,176
(3,661,885
)
2,557,610
(2,764,830
)
About iFabric Corp:
Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ('IFTNA') and Coconut Grove Pads Inc. ('Coconut Grove').
IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide 'intelligent' properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others.
Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies' intimate apparel products and accessories.
FORWARD LOOKING STATEMENTS
Forward-looking statements provide an opinion as to the effect of certain events and trends on the business. Certain statements contained in this news release constitute forward looking statements. The use of any words such as 'anticipate', 'continue', 'plans', 'estimate', 'expect', 'may', 'will', 'project', 'should', 'believe' and similar expressions are intended to identify forward-looking statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the extent and impact of health pandemic outbreaks on our business; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company's future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals.
A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's annual information form dated March 28, 2025 and other filings with the Canadian securities regulators available under the Company's profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Any financial outlook or future oriented financial information in this news release, as defined by applicable securities legislation, has been approved by management of iFabric. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason except as required by applicable securities laws.
FOR FURTHER INFORMATION please contact:
Tel: 905.752.0566 ext 201
Hilton Price, CFO
Tel: 647.465.6161
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12 minutes ago
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SSR Mining Reports Second Quarter 2025 Results
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Financial results: In the second quarter of 2025, SSR Mining reported net income attributable to SSR Mining shareholders of $90.1 million, or $0.42 per diluted share and adjusted net income attributable to SSR Mining shareholders of $110.1 million, or $0.51 per diluted share. For the second quarter of 2025, SSR Mining generated $157.8 million in operating cash flow and $98.4 million in free cash flow. Over the same period, operating cash flow and free cash flow before working capital adjustments totaled $196.0 million and $136.6 million, respectively. Cash and liquidity position: As of June 30, 2025, SSR Mining had a cash and cash equivalent balance of $412.1 million and total liquidity of $912.1 million inclusive of the Company's undrawn revolving credit facility and accompanying accordion feature. In the second quarter of 2025, SSR Mining received $44.4 million in business interruption insurance proceeds associated with the Çöpler Incident. CC&V integration: In the first full quarter of operations within the SSR Mining portfolio, CC&V produced 44,062 ounces of gold at cost of sales of $1,116 per payable ounce and AISC of $1,339 per payable ounce. The CC&V integration has continued to progress positively, with the mine generating nearly $85 million in mine site free cash flow since the close of the acquisition. CC&V remains on track for full-year guidance metrics, and a technical report for CC&V based on existing Mineral Reserves remains on track for publication in 2025. Çöpler update: The Company continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine, including progressing various engineering plans and design documents. During the second quarter of 2025, the Company recorded an increase to the reclamation and remediation costs associated with the Çöpler incident. The revised estimate reflects an increase of $12.9 million above the previously disclosed estimated reclamation and remediation cost range of $250 to $300 million provided in the first quarter of 2024. The revision in estimate reflects the Company's advancement of the engineering and construction design of the East Storage Facility and the advancement of the studies for the permanent closure of the heap leach pad. While SSR Mining remains confident and committed to restarting operations, at this time, the Company is not able to estimate or predict when and under what conditions operations will resume at Çöpler. Puna mine life extension: SSR Mining has continued to advance opportunities to extend the Puna mine life, including pit laybacks at the Chinchillas pit, processing of stockpiles, and advancing exploration and engineering work at Cortaderas. Based on the work currently completed at Chinchillas, SSR Mining expects that 2026 silver production at Puna will be between 7 and 8 million ounces, an increase against the 2023 Puna Technical Report Summary ('TRS'). Production in 2027 and 2028 is expected to average approximately 4 million ounces of silver. The Company will continue to evaluate opportunities to extend the mine life at Puna, including advancing studies on the Cortaderas deposit. Development & exploration: During the second quarter of 2025, $16.2 million was spent at Hod Maden as engineering and initial site establishment efforts continued to progress, bringing year-to-date spend to $29.1 million at the project. Additionally, SSR Mining continued to advance exploration and development activities across its portfolio in the quarter. Rod Antal, Executive Chairman of SSR Mining, said, 'The second quarter of 2025 was another period of strong operational performance. Pleasingly, CC&V delivered well against expectations in its first full quarter in our portfolio, and the mine has now generated approximately $85 million in asset-level free cash flow in the four months since its acquisition, a remarkable outcome. With an updated technical report for CC&V also expected this year, we are excited to provide our initial view of the longer-term potential of the asset and further demonstrate the benefits of this accretive transaction. In Türkiye, initial development activities continued at Hod Maden, while efforts at Çöpler remain focused on advancing requirements towards a restart. Lastly, through our continued drive to deliver organic growth across the portfolio, we are pleased to announce the near-term extension of operations at Puna. This update provides a meaningful improvement over Puna's prior life of mine plan, and we view this extension as a first step in highlighting the continued and future upside at the asset through further development at Chinchillas and at Cortaderas.' Financial and Operating Summary A summary of the Company's consolidated financial and operating results for the three and six months ended June 30, 2025 and June 30, 2024 are presented below: (1) The Company reports non-GAAP financial measures including adjusted net income attributable to SSR Mining shareholders, adjusted net income per share attributable to SSR Mining shareholders, cash provided by operating activities before changes in working capital, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. Cost of sales excludes depreciation, depletion, and amortization. AISC includes the cash component of care and maintenance costs. See 'Non-GAAP Financial Measures' at the end of this press release for an explanation of these financial measures and a reconciliation of these financial measures to net income (loss), cost of sales, and cash generated by operating activities, which are the most comparable GAAP financial measures. (2) Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate. (3) Gold equivalent ounces ('GEOs') are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average London Bullion Market Association ('LBMA') prices for the period. The Company does not include by-products in the GEO calculations. (4) Expand Marigold, USA (5) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. Expand For the three months ended June 30, 2025 and 2024, Marigold produced 35,906 and 25,691 ounces of gold, respectively. For the six months ended June 30, 2025 and 2024, Marigold produced 74,492 and 60,371 ounces of gold, respectively. During the second quarter of 2025, Marigold reported cost of sales of $1,584 per payable ounce and AISC of $1,977 per payable ounce. Full-year 2025 production guidance for Marigold is 160,000 to 190,000 ounces of gold at mine site cost of sales of $1,530 to $1,570 per payable ounce and AISC of $1,800 to $1,840 per payable ounce. For the remainder of the year, Marigold's production is expected to be approximately 55-60% weighted to the fourth quarter. Cripple Creek & Victor, USA (For the six months ended June 30, 2025, all metrics represent the period from February 28, 2025 to June 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition) Three Months Ended June 30, Six Months Ended June 30, Operating Data 2025 2024 2025 2024 Gold produced (oz) 44,062 — 55,344 — Gold sold (oz) 44,800 — 56,100 — Ore mined (kt) 3,441 — 5,265 — Waste removed (kt) 4,880 — 6,451 — Total material mined (kt) 8,321 — 11,716 — Strip ratio 1.4 — 1.2 — Ore stacked (kt) 3,519 — 5,378 — Gold grade stacked (g/t) 0.50 — 0.45 — Average realized gold price ($/oz sold) $ 3,336 — $ 3,282 — Cost of sales ($/oz gold sold) $ 1,116 N/A $ 1,212 N/A Cash costs ($/oz gold sold) (6) $ 1,105 N/A $ 1,199 N/A AISC ($/oz gold sold) (6) $ 1,339 N/A $ 1,427 N/A Expand (6) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at CC&V. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. Expand For the three months ended June 30, 2025, CC&V produced 44,062 ounces of gold. Reflecting the closing of the CC&V acquisition during the first quarter of 2025, CC&V produced 55,344 for the period from February 28, 2025 and June 30, 2025. Inclusive of the 28,000 ounces of gold produced in the first two months of 2025, first half production from CC&V totaled 83,344 ounces of gold. During the second quarter of 2025, CC&V reported cost of sales of $1,116 per payable ounce and AISC of $1,339 per payable ounce. For the period of February 28, 2025 to December 31, 2025, production guidance for CC&V is 90,000 to 110,000 ounces of gold at mine site cost of sales of $1,470 to $1,510 per payable ounce and AISC of $1,800 to $1,840 per payable ounce. For the remainder of the year, CC&V's production is expected to be evenly weighted between the third and fourth quarters. Sustaining capital in the second half of 2025 is expected to be 75% weighted to the third quarter, with AISC expected to peak in the third quarter accordingly. A technical report for CC&V based on existing Mineral Reserves remains on track for publication in 2025. Seabee, Canada (7) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. See "Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. Expand For the three months ended June 30, 2025 and 2024, Seabee produced 10,998 and 16,709 ounces of gold, respectively. For the six months ended June 30, 2025 and 2024, Seabee produced 36,999 and 40,482 ounces of gold, respectively. During the second quarter of 2025, Seabee reported cost of sales of $1,785 per payable ounce and AISC of $2,708 per payable ounce. Production during the second quarter of 2025 was impacted by power interruptions caused by forest fires to the north of the mine. The power supply to the site was restored on June 13, 2025, and there was no damage to the site as a result of the fires. In support of the emergency recovery and relief efforts for communities impacted by this year's forest fires across northern Saskatchewan & Manitoba, SSR Mining made a donation to the Canadian Red Cross. This donation was matched by the Government of Canada through a program designed to maximize the impact of support to those affected by the fires. Due to the suspension of operations in the second quarter and a concerted effort to prioritize underground mine development over the remainder of the year, full-year 2025 production at Seabee is targeted at the low end of the mine's previously issued production guidance of 70,000 to 80,000 ounces of gold. Puna, Argentina (8) GEOs are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the GEO calculations. (9) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See 'Cautionary Note Regarding Non-GAAP Financial Measures" at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. Expand For the three months ended June 30, 2025 and 2024, Puna produced 2.8 and 2.7 million ounces of silver, respectively. For the six months ended June 30, 2025 and 2024, Puna produced 5.4 and 4.6 million ounces of silver, respectively. During the second quarter of 2025, Puna reported cost of sales of $15.03 per payable ounce and AISC of $12.57 per payable ounce. Full-year 2025 production guidance at Puna is 8.00 to 8.75 million ounces at cost of sales of $12.50 to $14.00 per payable ounce of silver and AISC of $14.25 to $15.75 per payable ounce of silver. Puna's production over the remainder of 2025 is expected to be approximately 55% weighted to the third quarter. SSR Mining has continued to advance opportunities to extend the Puna mine life, including pit laybacks at the Chinchillas pit, processing of stockpiles, and advancing exploration and engineering work at Cortaderas. Based on the work currently completed at Chinchillas, SSR Mining expects that 2026 silver production at Puna will be between 7 and 8 million ounces, an increase against the 2023 Puna TRS. Production in 2027 and 2028 is expected to average approximately 4 million ounces of silver. The Company will continue to evaluate opportunities to extend mine, including advancing studies on the Cortaderas deposit. Çöpler, Türkiye (amounts presented on 100% basis) Operations at Çöpler were suspended following the February 13, 2024 incident at the Çöpler mine (the 'Çöpler Incident'). During the suspension, care and maintenance expense has been recorded which represents depreciation and direct costs not associated with the environmental reclamation and remediation costs. (10) Expand The Company continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine, including progressing various engineering plans and design documents. During the second quarter of 2025, the Company recorded an adjustment of reclamation and remediation costs associated with the Çöpler incident of $62.9 million, comprised of $9.4 million related to reclamation costs and $53.5 million related to remediation costs. The revised estimate is now $312.9 million, an increase of $12.9 million above the previously disclosed estimated reclamation and remediation cost range of $250.0 to $300.0 million. The revised estimate reflects the Company's advancement of the engineering and construction design of the permanent storage facility and the advancement of the studies for the permanent closure of the heap leach pad. As part of the heap leach pad closure planning, the Company will conduct further field investigations to confirm the integrity of the heap leach pad liner. This will entail exposing and inspecting sections of the heap leach pad liner. Following completion of the liner inspection, the Company will use the findings to refine and update the closure plan for the heap leach pad. These studies and inspections may result in revisions to the scope of work, estimated costs, and overall timelines related to the heap leach pad closure. While SSR Mining remains confident and committed to restarting operations, at this time, the Company is not able to estimate or predict when and under what conditions operations will resume at Çöpler. For additional information on the Çöpler Incident, including a discussion of the associated risks, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 18, 2025, and the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, filed on May 6, 2025, and June 30, 2025, filed on August 5, 2025. Conference Call Information This news release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the U.S. Securities and Exchange Commission (the 'SEC') and available on the SEC website at or About SSR Mining SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX. For more information, please visit: Cautionary Note Regarding Forward-Looking Information and Statements: Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively 'forward-looking information') within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and in some cases, can be identified by terminology such as 'may', 'will', 'could', 'should', 'expect', 'plan', 'anticipate', 'believe', 'intend', 'estimate', 'projects', 'predict', 'potential', 'continue' or other similar expressions concerning matters that are not historical facts. Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. The key risks and uncertainties include, but are not limited to: local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policy, government ownership requirements, changes in environmental, tax and other laws or regulations and the interpretation thereof; developments with respect to global pandemics, including the duration, severity and scope of a pandemic and potential impacts on mining operations; risks and uncertainties resulting from the incident at Çöpler described in our Annual Report on Form 10-K for the year ended December 31, 2024; and other risk factors detailed from time to time in our reports filed with the Securities and Exchange Commission on EDGAR and the Canadian securities regulatory authorities on SEDAR. Forward-looking information and statements in this news release include any statements concerning, among other things: all information related to the Company's Çöpler operations, including timelines, outlook, preliminary costs, remediation plans, and possible restart plans; forecasts and outlook; preliminary cost reporting in this document; timing, production, operating, cost, and capital expenditure guidance; our operational and development targets and catalysts and the impact of any suspensions on operations; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; Mineral Resources, Mineral Reserves, conversion of Mineral Resources, realization of Mineral Reserves, and the existence or realization of Mineral Resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; timing and impact surrounding suspension or interruption of operations as a result of regulatory requirements or actions by governmental authority; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions. Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of our filings on EDGAR and SEDAR, and include: the assumptions made in respect of the Company's Çöpler operations; the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at our operations; commodity prices; the ultimate determination of and realization of Mineral Reserves; existence or realization of Mineral Resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; the Company's ability to efficiently integrate acquired mines and businesses and to manage the costs related to any such integration, or to retain key technical, professional or management personnel; lack of social opposition to our mines or facilities; lack of legal challenges with respect to our properties; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. The above list is not exhaustive of the factors that may affect any of the Company's forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in our filings on our website at on SEDAR at and on EDGAR at and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Cautionary Note Regarding Non-GAAP Measures We have included certain non-GAAP performance measures throughout this document. These performance measures are employed by us to measure our operating and economic performance internally and to assist in decision-making, as well as to provide key performance information to senior management. We believe that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use this information to evaluate our operating and financial performance; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Our definitions of our non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. These non-GAAP measures should be read in conjunction with our condensed consolidated interim financial statements. Cash costs, AISC per ounce sold, and free cash flow are Non-GAAP Measures with no standardized definition under U.S. GAAP. Non-GAAP Measure – Net Cash Net cash (debt) are used by management and investors to measure the Company's underlying operating performance. The Company believes that net cash (debt) is a useful measure for shareholders as it helps evaluate liquidity and available cash. The following table provides a reconciliation of cash and cash equivalents to net cash: In addition to net cash and net debt, the Company also uses Total liquidity to measure its financial position. Total liquidity is calculated as Cash and cash equivalents plus Restricted cash and borrowing capacity under current revolving credit facilities, including accordion features. As of June 30, 2025, no borrowings were outstanding on the Company's $400 million credit facility with a $100 million accordion feature. The following table provides a reconciliation of Cash and cash equivalents to Total liquidity: Non-GAAP Measure - Cash Costs and AISC Cash Costs and All-In Sustaining Costs ('AISC') per payable ounce of gold and respective unit cost measures are non-U.S. GAAP metrics developed by the World Gold Council to provide transparency into the costs associated with producing gold and provide a standard for comparison across the industry. The World Gold Council is a market development organization for the gold industry. The Company uses cash costs per ounce of precious metals sold and AISC per ounce of precious metals to monitor its operating performance internally. The most directly comparable measure prepared in accordance with GAAP is cost of sales. The Company believes this measure provides investors and analysts with useful information about its underlying cash costs of operations and the impact of byproduct credits on its cost structure. The Company also believes it is a relevant metric used to understand its operating profitability. When deriving the cost of sales associated with an ounce of precious metal, the Company includes by-product credits, which allows management and other stakeholders to assess the net costs of gold and silver production. AISC includes total cost of sales incurred at the Company's mining operations, which forms the basis of cash costs. Additionally, the Company includes sustaining capital expenditures, sustaining mine-site exploration and evaluation costs, reclamation cost accretion and amortization, and general and administrative expenses. This measure seeks to reflect the ongoing cost of gold and silver production from current operations; therefore, growth capital is excluded. The Company determines sustaining capital to be capital expenditures that are necessary to maintain current production and execute the current mine plan. The Company determines growth capital to be those payments used to develop new operations or related to projects at existing operations where those projects will materially benefit the operation. The Company believes that AISC provides additional information to management and stakeholders that provides visibility to better define the total costs associated with production and better understanding of the economics of the Company's operations and performance compared to other producers. In deriving the number of ounces of precious metal sold, the Company considers the physical ounces available for sale after the treatment and refining process, commonly referred to as payable metal, as this is what is sold to third parties. The following tables provide a reconciliation of cost of sales to cash costs and AISC used in the calculation of 2025 cost guidance: Gold Production koz 160 – 190 90 – 110 70 – 80 — — 320 – 380 — 320 – 380 Silver Production Moz — — — 8.00 – 8.75 — 8.00 – 8.75 — 8.00 – 8.75 Gold Equivalent Production koz 160 – 190 90 – 110 70 – 80 90 – 100 — 410 – 480 — 410 – 480 Gold Sold koz 160 – 190 90 – 110 70 – 80 — — 320 – 380 — 320 – 380 Silver Sold Moz — — — 8.00 – 8.75 — 8.00 – 8.75 — 8.00 – 8.75 Gold Equivalent Sold koz 160 – 190 90 – 110 70 – 80 90 – 100 — 410 – 480 — 410 – 480 Cost of Sales (GAAP) $M 245 – 298 132 – 166 86 – 102 100 – 123 — 563 – 689 — 563 – 689 By-Product Credits + Treatment & Refining Costs $M — (1) — (8) — (10) — (10) Cash Cost (non-GAAP) (14) $M 245 – 298 131 – 165 86 – 102 92 – 114 — 554 – 679 — 554 – 679 Sustaining Capital Expenditures (15) $M 45 27 32 15 — 119 — 119 Reclamation Cost Accretion & Amortization $M 3 9 3 9 — 24 — 24 General & Administrative $M — — — — 60 – 65 60 – 65 — 60 – 65 Share-Based Compensation (16) $M — — — — 30 – 35 30 – 35 — 30 – 35 Care & Maintenance (17) $M — — — — — — 80 – 100 80 – 100 All-In Sustaining Cost (non-GAAP) (14) $M 293 – 346 166 – 201 121 – 137 115 – 138 90 – 100 786 – 921 80 – 100 866 – 1,021 Cost of Sales per Ounce (GAAP) $/oz 1,530 – 1,570 1,470 – 1,510 1,230 – 1,270 12.50 – 14.00 — 1,375 – 1,435 — 1,375 – 1,435 Cash Cost per Ounce (non-GAAP) (14) $/oz 1,530 – 1,570 1,460 – 1,500 1,230 – 1,270 11.35 – 12.85 — 1,350 – 1,410 — 1,350 – 1,410 All-In Sustaining Cost per Ounce (non-GAAP) (14) $/oz 1,800 – 1,840 1,800 – 1,840 1,710 – 1,750 14.25 – 15.75 — 1,890 – 1,950 — 2,090 – 2,150 Expand (12) Figures may not add due to rounding. (13) CC&V figures are presented as of February 28, 2025 onwards to account for attributable production to SSR Mining following the close of the CC&V transaction. Prior to the closing of the acquisition, CC&V produced 28,000 ounces of gold. For the full year, inclusive of ounces produced under Newmont's ownership, CC&V is expected to produce between 118,000 and 138,000 ounces of gold. (14) The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at its mines. AISC includes reclamation cost accretion and amortization and certain lease payments. Total AISC includes G&A costs and share-based compensation, but excludes any care & maintenance costs incurred at Çöpler. Consolidated AISC reflects cash care & maintenance costs of approximately $20 - $25 million per quarter incurred at Çöpler until the mine is restarted. (15) Refer to '2025 Capital Guidance' table within our press release dated March 31, 2025 for a breakdown of sustaining exploration and evaluation expenditures. No material capital expenditures are expected at Çöpler until the mine is restarted. (16) Share-based compensation guidance uses a reference price of approximately US$15 per share. (17) Reflects the cash component of care & maintenance expenses that would be incurred at Çöpler in the event the operation did not restart within 2025. SSR Mining continues to work closely with the relevant authorities in Türkiye to advance the restart of the Çöpler mine, but at this time the Company is not able to estimate or predict when and under what conditions operations will resume. Expand The following tables provide a reconciliation of Cost of sales to cash costs and AISC: Three Months Ended June 30, 2024 Marigold CC&V Seabee Puna Corporate Total Çöpler Consolidated Cost of sales (GAAP) (18) $ 39,237 N/A $ 17,275 $ 40,070 $ — $ 96,582 $ — $ 96,582 By-product credits $ (61) N/A $ (14) $ (13,783) $ — $ (13,858) $ — $ (13,858) Treatment and refining charges $ 74 N/A $ 45 $ 2,038 $ — $ 2,157 $ — $ 2,157 Cash costs (non-GAAP) $ 39,250 N/A $ 17,306 $ 28,325 $ — $ 84,881 $ — $ 84,881 Sustaining capital and lease related expenditures $ 12,432 N/A $ 6,201 $ 3,550 $ — $ 22,183 $ 4,602 $ 26,785 Sustaining exploration and evaluation expense $ 274 N/A $ — $ — $ — $ 274 $ — $ 274 Care and maintenance (19) $ — N/A $ — $ — $ — $ — $ 17,283 $ 17,283 Reclamation cost accretion and amortization $ 605 N/A $ 922 $ 5,926 $ — $ 7,453 $ 493 $ 7,946 General and administrative expense and stock-based compensation expense (20) $ — N/A $ — $ — $ 13,452 $ 13,452 $ — $ 13,452 Total AISC (non-GAAP) $ 52,561 N/A $ 24,429 $ 37,801 $ 13,452 $ 128,243 $ 22,378 $ 150,621 Gold sold (oz) 25,450 N/A 15,020 — — 40,470 — 40,470 Silver sold (oz) — N/A — 2,489,064 — 2,489,064 — 2,489,064 Gold equivalent sold (oz) (21) 25,450 N/A 15,020 30,720 — 71,190 — 71,190 Cost of sales per gold ounces sold $ 1,542 N/A $ 1,150 N/A N/A N/A N/A N/A Cost of sales per silver ounces sold N/A N/A N/A $ 16.10 N/A N/A N/A N/A Cost of sales per gold equivalent ounce sold $ 1,542 N/A $ 1,150 $ 1,304 N/A $ 1,357 N/A $ 1,357 Cash cost per gold ounce sold $ 1,542 N/A $ 1,152 N/A N/A N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 11.38 N/A N/A N/A N/A Cash cost per gold equivalent ounce sold $ 1,542 N/A $ 1,152 $ 922 N/A $ 1,192 N/A $ 1,192 AISC per gold ounce sold $ 2,065 N/A $ 1,626 N/A N/A N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 15.19 N/A N/A N/A N/A AISC per gold equivalent ounce sold $ 2,065 N/A $ 1,626 $ 1,231 N/A $ 1,801 N/A $ 2,116 Expand (18) Excludes depreciation, depletion, and amortization. (19) Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC. (20) General and administrative expense for the three months ended June 30, 2025 included $6.4 million in share based compensation expense. (21) GEOs are calculated using the silver ounces sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include copper, lead, or zinc as they are considered by-products. GEOs sold may not re-calculate based on amounts presented in this table due to rounding. Expand Six Months Ended June 30, 2025 Marigold CC&V (22) Seabee Puna Corporate Total Çöpler Consolidated Cost of sales (GAAP) (23) $ 115,102 $ 67,968 $ 41,604 $ 74,915 $ — $ 299,589 $ — $ 299,589 By-product credits $ (71) $ (714) $ (40) $ (23,255) $ — $ (24,080) $ — $ (24,080) Treatment and refining charges $ 158 $ 5 $ 66 $ (344) $ — $ (115) $ — $ (115) Cash costs (non-GAAP) $ 115,189 $ 67,259 $ 41,630 $ 51,316 $ — $ 275,394 $ — $ 275,394 Sustaining capital and lease related expenditures $ 23,439 $ 7,667 $ 20,510 $ 5,977 $ — $ 57,593 $ 4,621 $ 62,214 Sustaining exploration and evaluation expense $ 1,674 $ — $ — $ — $ — $ 1,674 $ — $ 1,674 Care and maintenance (24) $ — $ — $ 234 $ — $ — $ 234 $ 42,358 $ 42,592 Reclamation cost accretion and amortization $ 1,363 $ 5,117 $ 1,388 $ 5,804 $ — $ 13,672 $ 845 $ 14,517 General and administrative expense and stock-based compensation expense (25) $ — $ — $ — $ — $ 50,529 $ 50,529 $ — $ 50,529 Total AISC (non-GAAP) $ 141,665 $ 80,043 $ 63,762 $ 63,097 $ 50,529 $ 399,096 $ 47,824 $ 446,920 Gold sold (oz) 75,997 56,100 36,350 — — 168,447 — 168,447 Silver sold (oz) — — — 4,908,738 — 4,908,738 — 4,908,738 Gold equivalent sold (oz) (26) 75,997 56,100 36,350 52,396 — 220,843 — 220,843 Cost of sales per gold ounces sold $ 1,515 $ 1,212 $ 1,145 N/A N/A N/A N/A N/A Cost of sales per silver ounces sold N/A N/A N/A $ 15.26 N/A N/A N/A N/A Cost of sales per gold equivalent ounce sold $ 1,515 $ 1,212 $ 1,145 $ 1,430 N/A $ 1,357 N/A $ 1,357 Cash cost per gold ounce sold $ 1,516 $ 1,199 $ 1,145 N/A N/A N/A N/A N/A Cash cost per silver ounce sold N/A N/A N/A $ 10.45 N/A N/A N/A N/A Cash cost per gold equivalent ounce sold $ 1,516 $ 1,199 $ 1,145 $ 979 N/A $ 1,247 N/A $ 1,247 AISC per gold ounce sold $ 1,864 $ 1,427 $ 1,754 N/A N/A N/A N/A N/A AISC per silver ounce sold N/A N/A N/A $ 12.85 N/A N/A N/A N/A AISC per gold equivalent ounce sold $ 1,864 $ 1,427 $ 1,754 $ 1,204 N/A $ 1,807 N/A $ 2,024 Expand Six Months Ended June 30, 2024 Marigold CC&V Seabee Puna Corporate Total Çöpler Consolidated Cost of sales (GAAP) (23) $ 88,308 N/A $ 41,708 $ 68,044 $ — $ 198,060 $ 24,423 $ 222,483 By-product credits $ (62) N/A $ (39) $ (22,848) $ — $ (22,949) $ (345) $ (23,294) Treatment and refining charges $ 147 N/A $ 80 $ 3,520 $ — $ 3,747 $ 351 $ 4,098 Cash costs (non-GAAP) $ 88,393 N/A $ 41,749 $ 48,716 $ — $ 178,858 $ 24,429 $ 203,287 Sustaining capital and lease related expenditures $ 14,737 N/A $ 21,106 $ 6,909 $ — $ 42,752 $ 9,689 $ 52,441 Sustaining exploration and evaluation expense $ 628 N/A $ — $ — $ — $ 628 $ — $ 628 Care and maintenance (24) $ — N/A $ — $ — $ — $ — $ 24,961 $ 24,961 Reclamation cost accretion and amortization $ 1,540 N/A $ 1,849 $ 8,075 $ — $ 11,464 $ 978 $ 12,442 General and administrative expense and stock-based compensation expense (25) $ — N/A $ — $ — $ 26,312 $ 26,312 $ — $ 26,312 Total AISC (non-GAAP) $ 105,298 N/A $ 64,704 $ 63,700 $ 26,312 $ 260,014 $ 60,057 $ 320,071 Gold sold (oz) 62,319 N/A 43,470 — — 105,789 23,960 129,749 Silver sold (oz) — N/A — 4,147,685 — 4,147,685 — 4,147,685 Gold equivalent sold (oz) (26) 62,319 N/A 43,470 49,115 — 154,904 23,960 178,864 Cost of sales per gold ounces sold $ 1,417 N/A $ 959 N/A N/A N/A $ 1,019 N/A Cost of sales per silver ounces sold N/A N/A N/A $ 16.41 N/A N/A N/A N/A Cost of sales per gold equivalent ounce sold $ 1,417 N/A $ 959 $ 1,385 N/A $ 1,279 $ 1,019 $ 1,244 Cash cost per gold ounce sold $ 1,418 N/A $ 960 N/A N/A N/A $ 1,020 N/A Cash cost per silver ounce sold N/A N/A N/A $ 11.75 N/A N/A N/A N/A Cash cost per gold equivalent ounce sold $ 1,418 N/A $ 960 $ 992 N/A $ 1,155 $ 1,020 $ 1,137 AISC per gold ounce sold $ 1,690 N/A $ 1,488 N/A N/A N/A $ 2,507 N/A AISC per silver ounce sold N/A N/A N/A $ 15.36 N/A N/A N/A N/A AISC per gold equivalent ounce sold $ 1,690 N/A $ 1,488 $ 1,297 N/A $ 1,679 $ 2,507 $ 1,789 Expand (22) CC&V data presented represents the period from February 28, 2025 to June 30, 2025, the period for which the Company was entitled to the economic benefits of CC&V following the acquisition. (23) Excludes depreciation, depletion, and amortization. (24) Care and maintenance expense only includes direct costs not associated with environmental reclamation and remediation costs, as depreciation is not included in the calculation of AISC. (25) General and administrative expense for the six months ended June 30, 2025 included $15.8 million in share based compensation expense. (26) GEOs are calculated using the silver ounces sold multiplied by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include copper, lead, or zinc as they are considered by-products. GEOs sold may not re-calculate based on amounts presented in this table due to rounding. Expand Non-GAAP Measure - Adjusted Net Income (Loss) Attributable to SSR Mining Shareholders and Adjusted Net Income (Loss) Per Share Attributable to SSR Mining Shareholders Adjusted attributable net income (loss) and adjusted attributable net income (loss) per share are used by management to measure the Company's underlying operating performance. We believe this measure is also useful for shareholders to assess the Company's operating performance. The most directly comparable financial measures prepared in accordance with GAAP are net income (loss) attributable to SSR Mining shareholders and net income (loss) per share attributable to SSR Mining shareholders. Adjusted net income (loss) attributable to SSR Mining shareholders is defined as net income (loss) adjusted to exclude the after-tax impact of specific items that are significant, but not reflective of the Company's underlying operations, including the expected impacts of Çöpler Incident; inflationary impacts on tax balances; transaction, integration; and other non-recurring items. The following table provides a reconciliation of Net income (loss) attributable to SSR Mining shareholders to adjusted net income (loss) attributable to SSR Mining shareholders: (23) For the three months ended June 30, 2025, the effects of the Çöpler Incident represent (1) reclamation costs of $7.5 million (presented net of pre-tax attributable non-controlling interest of $1.9 million) and remediation costs of $42.8 million (presented net of pre-tax attributable non-controlling interest of $10.7 million) and (2) contingencies and expenses of $1.8 million (presented net of pre-tax attributable non-controlling interest of $0.5 million). For the six months ended June 30, 2025, the effects of the Çöpler Incident represent (1) reclamation costs of $7.5 million (presented net of pre-tax attributable non-controlling interest of $1.9 million) and remediation costs of $42.8 million (presented net of pre-tax attributable non-controlling interest of $10.7 million) and (2) contingencies and expenses of $3.1 million (presented net of pre-tax attributable non-controlling interest of $0.8 million). For the six months ended June 30, 2024, the effects of the Çöpler Incident represent (1) reclamation costs of $9.0 million (presented net of pre-tax attributable non-controlling interest of $2.2 million) and remediation costs of $209.3 million (presented net of pre-tax attributable non-controlling interest of $52.4 million); (2) impairment charges of $91.4 million (presented net of pre-tax attributable non-controlling interest of $22.8 million) related to plans to permanently close the heap leach pad; and (3) contingencies and expenses of $12.3 million (presented net of pre-tax attributable non-controlling interest of $3.0 million). (24) For the three and six months ended June 30, 2025, represents $35.5 million (presented net of pre-tax attributable non-controlling interest of $8.9 million) of business interruption insurance proceeds received associated with the Çöpler Incident. (25) Adjusted net income (loss) per diluted share attributable to SSR Mining shareholders is calculated using diluted common shares, which are calculated in accordance with GAAP. For the three months ended June 30, 2024, $1.2 million interest saving on 2019 Notes, net of tax, and dilutive potential shares of approximately 12.9 million were excluded from the computation of diluted loss per common share attributable to SSR Mining shareholders in the Condensed Consolidated Statement of Operations as they were antidilutive. For the six months ended June 30, 2024, $2.5 million interest saving on 2019 Notes, net of tax, and dilutive potential shares of approximately 12.9 million were excluded from the computation of diluted loss per common share attributable to SSR Mining shareholders in the Condensed Consolidated Statement of Operations as they were antidilutive. These interest savings and shares were included in the computation of adjusted net income (loss) per diluted share attributable to SSR Mining shareholders for the six months ended June 30, 2024. Expand Non-GAAP Measure - Free Cash Flow, Cash Flow From Operating Activities Before Changes in Working Capital, and Free Cash Flow Before Changes in Working Capital The Company uses free cash flow, cash flow from operating activities before changes in working capital, and free cash flow before changes in working capital to supplement information in its condensed consolidated financial statements. The most directly comparable financial measures prepared in accordance with GAAP is cash provided by operating activities. The Company believes that in addition to conventional measures prepared in accordance with US GAAP, certain investors and analysts use this information to evaluate the ability of the Company to generate cash flow after capital investments and build the Company's cash resources. The Company calculates free cash flow by deducting cash capital spending from cash generated by operating activities. The Company does not deduct payments made for business acquisitions. The following table provides a reconciliation of cash provided by operating activities to free cash flow: We also present operating cash flow before working capital adjustments and free cash flow before working capital adjustments as non-GAAP cash flow measures to supplement our operating cash flow and free cash flow (non-GAAP) measures. We believe presenting both operating cash flow and free cash flow before working capital adjustments, which reflects an exclusion of net changes in operating assets and liabilities, will be useful for investors because it presents cash flow that is actually generated from the continuing business. The Company calculates cash generated by (used in) operating activities before changes in working capital by adjusting cash generated by (used in) operating activities by the net change in operating assets and liabilities. The Company also calculates free cash flow before changes in working capital by deducting cash capital spending from cash flow from operating activities before changes in working capital. The following table provides a reconciliation of cash provided by operating activities to cash generated by (used in) operating activities before changes in working capital, and free cash flow before changes in working capital:
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Contineum Therapeutics Reports Second-Quarter 2025 Financial Results; Updates Key Clinical Development Milestones
SAN DIEGO--(BUSINESS WIRE)--Contineum Therapeutics, Inc. (NASDAQ: CTNM) (Contineum or the Company), a clinical-stage biopharmaceutical company pioneering differentiated therapies for the treatment of neuroscience, inflammation and immunology (NI&I) indications, today reported its second-quarter 2025 financial results and updated its key clinical development milestones. Key Clinical Development Milestones The Company expects to report topline data from its ongoing PIPE-307 Phase 2 VISTA relapsing-remitting multiple sclerosis (RRMS) trial in the fourth quarter of 2025. This randomized, double-blind, placebo-controlled, multi-center, proof-of-concept trial is evaluating safety and efficacy in RRMS patients including clinical and imaging endpoints sensitive to remyelination. More information on this trial can be found at (NCT06083753). Contineum expects to report topline data from its PIPE-791 Phase 1b Positron Emission Tomography (PET) trial in the third quarter of 2025. This open-label, single-center trial is designed to assess the correlation between pharmacokinetics and lysophosphatidic acid 1 (LPA1) receptor occupancy using PET imaging to help guide dose selection in the next stages of clinical development. More information on this trial can be found at (NCT06683612). The Company is proceeding with activities related to the submission of regulatory applications with foreign regulatory authorities, and with the U.S. Food & Drug Administration (FDA), in support of its planned global PIPE-791 Phase 2 proof-of-concept clinical trial in IPF. This trial is expected to be initiated in the fourth quarter of 2025. In order to focus internal clinical resources on the PIPE-791 IPF program, the Company has postponed the initiation of its planned PIPE-791 Phase 2 clinical trial in progressive multiple sclerosis (PrMS) and the advancement of CTX-343 to first-in-human studies. The Company anticipates reporting topline data from its exploratory PIPE-791 Phase 1b trial in patients with chronic pain in the first half of 2026. This randomized, double-blind, placebo-controlled, crossover trial initiated patient dosing in March 2025. PIPE-791 is being evaluated for the treatment of patients with chronic osteoarthritis pain and chronic lower back pain. More information on this trial can be found at (NCT06810245). In December 2024, Johnson & Johnson began recruiting an estimated 124 adult participants for a Phase 2 Moonlight-1 trial of PIPE-307/JNJ-89495120. This trial is a randomized, double-blind, multicenter, placebo-controlled, proof-of-concept study to evaluate the efficacy, safety and tolerability of PIPE-307/JNJ-89495120 as monotherapy in adult participants with major depressive disorder (MDD). More information on this trial can be found at (NCT06785012). 'We continue to make significant progress with our lead programs and have taken several important steps to focus our key clinical development efforts,' said Carmine Stengone, CEO, Contineum Therapeutics. 'We're focused on initiating a comprehensive, well-designed global Phase 2 proof-of-concept trial in IPF by year-end. In parallel, we elected to postpone the initiation of our planned PIPE-791 PrMS and CTX-343 clinical trials in order to concentrate internal clinical resources on our IPF trial. We also expect to report topline data from our PIPE-307 Phase 2 VISTA trial for the treatment of RRMS in the fourth quarter of 2025. This topline data readout could provide the first evidence of remyelination in this challenging disease setting, while representing a critical step in delivering a novel therapy for patients in need.' Stengone continued, 'With a cash runway that is projected to extend through 2027, our near-term objectives are advancing the PIPE-307 partnered programs and PIPE-791 IPF program through critical milestones.' Second-Quarter 2025 Financial Results Cash, cash equivalents and marketable securities were $175.5 million as of June 30, 2025. Contineum believes it should have sufficient cash resources to fund its planned operations through 2027. During July 2025, the Company generated net proceeds of approximately $8.4 million from the issuance of 2,122,000 shares of Class A common stock in an at-the-market (ATM) offering at a weighted average price of $4.03 per share. Research and development expenses were $14.1 million, a 78 percent increase from the second quarter of 2024, largely due to higher clinical development expenses related to the advancement of the Company's PIPE-791 and PIPE-307 programs and higher employee-related costs. General and administrative expenses were $3.8 million, a 26 percent increase from the second quarter of 2024. The increase was primarily driven by higher stock-based compensation expense and employee-related costs. Net loss was $16.0 million for the three months ended June 30, 2025, as compared to $9.0 million for the prior-year quarter. About Contineum Therapeutics Contineum Therapeutics (Nasdaq: CTNM) is a clinical-stage biopharmaceutical company pioneering novel, oral small molecule therapies for NI&I indications with significant unmet need. Contineum is advancing a pipeline of internally-developed programs with multiple drug candidates now in clinical trials. PIPE-791 is an LPA1 receptor antagonist in clinical development for idiopathic pulmonary fibrosis, progressive multiple sclerosis and chronic pain. PIPE-307 is a selective inhibitor of the M1 receptor in clinical development for relapsing-remitting multiple sclerosis and major depressive disorder. For more information, please visit Forward-Looking Statements Certain statements contained in this press release, other than historical information, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding the Company's clinical trial and product development plans and timelines, including, but not limited to, the Company's expectations related to the regulatory submission process and expected timing of the initiation of the Company's Phase 2 proof-of-concept clinical trial in IPF; the expected timing of topline data from the PIPE-307 Phase 2 VISTA RRMS trial, the PIPE-791 Phase 1b PET trial or from the exploratory Phase 1b chronic pain trial; the Company's cash runway; the indications, anticipated benefits of, and market opportunities for the Company's drug candidates; the Company's business strategies and plans; and the quotations of the Company's management. These statements involve known and unknown risks, uncertainties and other important factors that are in some cases beyond the Company's control and may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties, include, but are not limited to, the following: the Company is heavily dependent on the success of PIPE-791 and PIPE-307, both of which are in the early stages of clinical development, and neither of these drug candidates may progress through clinical development or receive regulatory approval; the results of earlier preclinical studies and clinical trials, including those conducted by third parties, may not be predictive of future results and unexpected adverse side effects or inadequate efficacy of the Company's drug candidates may limit their development, regulatory approval and/or commercialization; the timing and outcome of research, development and regulatory review is uncertain; the FDA or comparable foreign regulatory authorities may disagree as to the design or implementation of our proposed clinical trials; clinical trials and preclinical studies may not proceed at the time or in the manner expected, or at all; the potential for the Company's programs and prospects to be negatively impacted by developments relating to the Company's competitors, including the results of studies or regulatory determinations relating to the Company's competitors; risks associated with reliance on third parties to successfully conduct clinical trials and, in the case of PIPE-307, the Company's reliance, pursuant to a global license and development agreement, upon Janssen Pharmaceutica NV, a Johnson & Johnson company, to develop PIPE-307 for any other indication other than relapsing-remitting multiple sclerosis and, after completion of the Company's PIPE-307 Phase 2 VISTA trial, Janssen Pharmaceutica NV's decision, in its sole discretion, whether or not to further develop PIPE-307 for relapsing-remitting multiple sclerosis; the Company has incurred significant operating expenses since inception and it expects that its operating expenses will continue to significantly increase for the foreseeable future; the Company's license agreement with Janssen Pharmaceutica NV may not result in the successful development of PIPE-307; the Company may be unable to obtain, maintain and enforce intellectual property protection for its technology and drug candidates; and unstable market and economic conditions and military conflict may adversely affect the Company's business and financial condition and the broader economy and biotechnology industry. Additional risks and uncertainties that could affect the Company's business, operations and results are included under the captions, 'Risk Factors' and "Management's Discussion and Analysis of Financial Condition and Results of Operations' in the Company's periodic filings and in other filings that the Company makes with the Securities and Exchange Commission (SEC) from time to time, which are available on the Company's website at under the Investor section and on the SEC's website at Accordingly, readers should not rely upon forward-looking statements as predictions of future events. Except as required by applicable law, the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. _____________ (a) Basic and diluted per share amounts are the same for Class A and Class B shares. Expand CONTINEUM THERAPEUTICS, INC. CONDENSED BALANCE SHEETS (unaudited) (in thousands, except share and par value data) June 30, 2025 Assets Current assets: Cash and cash equivalents $ 20,784 $ 21,943 Marketable securities 154,700 182,817 Prepaid expenses and other current assets 1,355 1,628 Total current assets 176,839 206,388 Property and equipment, net 856 989 Other long-term assets 186 3 Operating lease right-of-use assets 5,007 5,467 Total assets $ 182,888 $ 212,847 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,001 $ 1,811 Accrued expenses 3,747 6,711 Current portion of operating lease liabilities 1,466 1,452 Total current liabilities 7,214 9,974 Operating lease liabilities, net of current portion 4,284 4,807 Total liabilities 11,498 14,781 Commitments and contingencies (Note 8) Stockholders' equity: Class A common stock, $0.001 par value; authorized shares—200,000,000 at June 30, 2025 and December 31, 2024; issued and outstanding shares—19,190,723 and 19,125,377 at June 30, 2025 and December 31, 2024, respectively. 19 19 Class B common stock, $0.001 par value; authorized shares—20,000,000 at June 30, 2025 and December 31, 2024; issued and outstanding shares—6,729,172 at June 30, 2025 and December 31, 2024. 7 7 Preferred stock, $0.001 par value; authorized shares—10,000,000 at June 30, 2025 and December 31, 2024; no shares issued or outstanding at June 30, 2025 and December 31, 2024. — — Additional paid-in-capital 320,649 315,371 Accumulated deficit (149,432 ) (117,402 ) Accumulated other comprehensive income 147 71 Total stockholders' equity 171,390 198,066 Total liabilities and stockholders' equity $ 182,888 $ 212,847 Expand
