VERSES® Shareholder Update Letter
Shareholder Update Summer 2025
Thank you to all of our investors and stakeholders who have supported us during the last few years, and especially during the most recent challenging times. We are hosting a webinar today and look forward to discussing these points in more detail and we encourage you to join us using this link: Here
We are at day 1 of AI
When we founded VERSES we were excited by the possibilities that AI and Spatial Computing offered to make the world smarter and better and we have been working hard to try to make that vision a reality.
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While some types of AI have become mainstream seemingly overnight, in our view, Enterprise AI adoption has, so far, been slow, especially for important tasks such as running a business, driving a car or logistics.
In our view, slower than expected adoption isn't because of a lack of interest from large companies, but rather it is because Large Language Models (LLMs), while an incredible achievement, do not really perform tasks and are not reliable for many purposes.
VERSES approach is based in science
We believe our strategy is different and unique from other AI companies, so it's natural that many people still need to understand the full scope and application of what we are developing here at VERSES.
We drew inspiration from human intelligence for a simple reason. Evolution has invested millions of years into brains and bodies that are efficient at thriving in our world. That's why, for example, a human brain operates on only 20 Watts. And it is why we can quickly adapt to a changing environment.
Karl Friston, often listed as one of the world's most cited neuroscientist, is our Chief Scientist. He and others have, over the last few decades, described this process as 'active inference'.
The brain models the world and checks it against what it senses. To do this, the brain runs experiments. It assesses how well its model works. Then, it tests this model in the real world. Based on the results, it decides whether to keep the current model or update it to better match reality.
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This process has been validated in multiple examples in numerous peer-reviewed journals demonstrating how actual neurons perform this process1, but people have generally believed these approaches are impossible to translate to computer science at a scalable level.
Proof that it's working:
Proof #1: AXIOM
We recently unveiled what we believe is the world's first digital brain, AXIOM. AXIOM has different modules for vision, memory, prediction and reasoning. These then recombine to work together to sense, reason, plan, act and learn.
In benchmarking, we have determined that AXIOM is more reliable and dramatically more efficient than other top models.
Proof #2: Spatial Web
Brains don't just make models - they test them in the physical world.
That's why we led the process to establish the new Spatial Web standards. which we believe will allow AI agents to work together to solve problems, safely and securely.
Proof #3: Customers
This approach isn't theoretical - since the end of April we have started to sell it to enterprise customers through our product Genius ™.
On use cases, we believe that our customers find Genius particularly useful where the data is uncertain, missing or volatile, and where they need a reliable and efficient solution.
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We recently announced that a large global financial institution signed an enterprise agreement to model financial markets.
And we announced results of our pilot with Analog to optimize fleet management, which was estimated to create up to 32% better performance We believe smart cities can benefit from Genius, whether it's optimally managing autonomous cars, sensors, drones and robotics, or energy in the smart grid.
Proof #4: Recognition
We are increasingly recognized by journalists and mainstream media.
WIRED called VERSES ' A Deep Learning Alternative Can Help AI Agents Gameplay the Real World '. In that feature, François Chollet, creator of the ARC-AGI benchmark, told WIRED that
'The general goals of the [VERSES] approach and some of its key features track with what I see as the most important problems to focus on to get to AGI… The work strikes me as very original.'
What's the next big thing?
We've shared with you how our technology can be applied to data problems, but one of the emerging frontiers, is robotics.
We encourage you to view an important video from our robotics team showing some early progress powering robots that can perform challenging tasks in real world scenarios, without training. You can view the video here: https://www.verses.ai/news/verses-announces-digital-brain-for-robotics.
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Robots typically struggle to tackle challenges such as unanticipated objects in their way or a challenge not in their training data. Our approach promises to tackle this - and we expect to publish more information soon.
Thank you,
VERSES Team
About VERSES
VERSES® is a cognitive computing company building next-generation intelligent software systems modeled after the wisdom and genius of Nature. Designed around first principles found in science, physics and biology, our flagship product, Genius™, is an agentic enterprise intelligence platform designed to generate reliable domain-specific predictions and decisions under uncertainty. Imagine a Smarter World that elevates human potential through technology inspired by Nature. Learn more at verses.ai, LinkedIn and X.
On behalf of the Company
Gabriel René, Founder & CEO, VERSES AI Inc.
Press Inquiries: press@verses.ai
Investor Relations Inquiries
James Christodoulou, Chief Financial Officer
IR@verses.ai, +1(212)970-8889
Cautionary Note Regarding Forward-Looking Statements
This news release contains statements which constitute 'forward-looking information' or 'forward-looking statements' within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and plans of the Company. Forward-looking information and forward-looking statements are often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' or similar expressions.
The forward–looking statements and information are based on certain key expectations and assumptions made by the management of the Company. As a result, there can be no assurance that such plans will be completed as proposed or at all. Such forward-looking statements are based on a number of assumptions of management. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward–looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward–looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward–looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward–looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward–looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
1 For instance Canonical neural networks perform active inference https://www.nature.com/articles/s42003-021-02994-2
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Globe and Mail
26 minutes ago
- Globe and Mail
Beach Cities Commercial Bank Announces Second Quarter 2025 Financial Results
Beach Cities Commercial Bank, (OTCQB: BCCB) (the "Bank"), today announced financial results for the quarter ended June 30, 2025. The Bank was incorporated under the laws of the State of California on April 11, 2022. The Bank opened for business on June 12, 2023, after receiving all necessary regulatory approvals, and it began providing a full range of banking services from its branch locations in Irvine and Encinitas, California. The Bank operates primarily in the Southern California commercial markets, offering business and personal deposit accounts. The lending products include loans secured by commercial real estate, commercial and industrial loans, guidance lines of credit supporting bridge loans, lines of credit, SBA 7A and 504 loans, SBA express lines of credit, and State guaranteed loans. The Bank has a state-of-the-art technology platform and offers cash management products and services to allow its customers the ability to focus on their business and not worry about banking. Significant items for the period include: Total assets were $162.5 million as of June 30, 2025, which increased by $81.3 million from June 30, 2024 (100% growth). Total loans were $131.3 million as of June 30, 2025, which increased by $68.2 million from June 30, 2024, (108% growth). Total deposits were $133.0 million as of June 30, 2025, which increased by $71.7 million from June 30, 2024 (117%). Total liquidity remains high at $27.6 million, which equates to 17.01% of the Bank's total assets. The Bank also maintains contingent available borrowing sources at $20.3 million which equals 12.5% of total assets. The loan portfolio average yield was 7.57% which contributed to a healthy net interest margin at 3.48% as of June 30, 2025. The Bank maintains a reserve for credit losses of $1.272 million which equates to 0.97% of total loans. As of June 30, 2025, the Bank had zero dollars in both delinquent and non-performing loans. The shareholders' equity was at $14.9 million as of June 30, 2025, which was reduced by $305k from December 31, 2024, mainly due to the operating loss. The Bank's tier 1 capital to average assets ratio was at 9.55%, which is considered well-capitalized under the regulatory framework. The Bank reported the second-quarter of 2025 net loss of $260.7k which increased slightly from the first-quarter of 2025 loss of $242k. During the second quarter, the Bank increased its loan portfolio by $7.85 million, which increased its quarterly total interest income by $476.1k. During the second quarter of 2025 the total interest income was $2.77 million compared to $2.28 million recorded during the first quarter of 2025, an increase of 21%. The Bank's interest expense from the interest-bearing deposits was $1.26 million for the second quarter of 2025 compared to $1.08 million for the first quarter of 2025 an increase of 16.7%. The interest expense increased due to the growth in the short-term institutional CDs deposits. The Bank has launched a campaign to replace these high- cost institutional CD deposits with non-interest-bearing deposits to reduce the interest cost. During the second quarter of 2025, the Bank increased its borrowings from the Federal Home Loan Bank of San Francisco (FHLBSF). As a result, the Bank's borrowing interest expense increased to $47k in the second quarter of 2025 compared to $4.9k interest expense from borrowings during the first quarter, 2025. The second quarter 2025 net interest income increased by $302k from the first quarter 2025, an increase of 25.1%. In the second quarter of 2025, the Bank sold SBA loans which netted gains of $168k compared to $255k in gain on sale realized in the first quarter 2025. Total non-interest expenses for the second quarter of 2025 were $1.88 million compared to $1.71 million incurred during the first quarter, 2025, an increase of $171.1k. During the second quarter, the technology/data processing expense increased due to the Bank's growth in opening new accounts and adding new products/services such as Zelle. The legal expenses were $49k in the second quarter, 2025, compared to $16.5k in the first quarter, 2025. The $32.5k increase was for non-recurring legal costs related to leadership and staff changes incurred during the second quarter, 2025. The Bank continues to manage its operating expenses tightly. As noted above, the Bank's liquidity remains above 17% of total assets. The Bank has also established contingent lines of borrowings with its correspondent banks, including Federal home loan Bank of San Francisco. As of June 30, 2025, total contingent borrowing sources unused totaled $20.3 million or 12.5% of total assets outstanding. 'The Bank's asset quality remains strong with no delinquent and non-performing loans on its balance sheet. Our quality deal flow for both loans and deposits continue to look strong,' commented Matt Blackmer, Chief Credit Officer. 'In June this year, the Bank completed its two years in operation. The Bank's growth has been in par with our planned projected growth. Our goal for the remainder of this year is to continue to grow revenues and control operating costs. With this trajectory, we plan to achieve sustained profitability,' commented Najam Saiduddin, Chief Financial Officer. 'As we embark on our search for our new President/CEO, the Bank continues to grow in a thoughtful, safe, and sound manner. We continue our commitment to high ethics and business standards, all the hallmarks in creating a successful enterprise. Our Board, and the entire Beach Cities Commercial Bank team remains focused in attaining and achieving our strategic goals and objectives,' commented Angela Bienert, Chairperson. Beach Cities Commercial Bank is a full-service bank, serving the business, commercial and professional markets. The Bank meets the financial needs of its business clients with loans for working capital, equipment, owner-occupied and investment commercial real estate, and a full array of cash management services and deposit products for businesses and their owners. Beach cities Commercial Bank meets its clients' needs through its head office and branch in Irvine and regional office and branch in Encinitas, California. The Bank's stock is currently trading on the OTCQB platform under the 'BCCB' stock symbol. For more information, please visit FORWARD-LOOKING STATEMENT: This news release contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements may be identified using words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would," and similar terms and phrases. including references to assumptions. Forward-looking statements are based upon various assumptions and analyses made by the Bank (which includes the Bank) considering management's experience and its perception of historical trends. Current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements do not guarantee future performance and are subject to risks, uncertainties, and other factors (many of which are beyond the Bank's control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. factors that could affect the Bank's results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Bank's control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may reduce interest margins; changes in deposit flows, loan demand or real estate values may adversely affect the business of the Bank; unanticipated or significant increases in loan losses; changes in accounting principles, policies or guidelines may cause the Bank's financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Bank's financial condition or results of operations; general economic conditions, either nationally or locally in some or all areas in which the Bank conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Bank currently anticipates; legislation or regulatory changes may adversely affect the Bank's business; technological changes may be more difficult or expensive than the Bank anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Bank anticipates; or litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Bank anticipates. Beach Cities Commercial Bank Unaudited Statements of Financial Condition Asset As of June 30, 2025 As of Dec 31, 2024 Qtr. Growth $ Qtr. Growth % As of June 30, 2024 Annual Growth $ Annual Growth % Total Cash and Cash Equivalent $ 27,629,896 $ 22,112,065 $ 5,517,831 25 % $ 14,345,518 $ 13,284,378 93 % Debt Securities Available for Sale $ 998,522 984,026 14,496 1 % $ 992,559 5,963 1 % FHLB Stock $ 572,000 124,800 447,200 358 % $ 108,500 463,500 427 % Total Investments $ 1,570,522 1,108,826 461,696 42 % $ 1,101,059 469,463 43 % Gross Loans $ 131,335,545 105,648,160 25,687,385 24 % $ 63,135,638 68,199,907 108 % Allowance for Credit Losses ($ 1,272,000 ) (1,214,000 ) (58,000 ) (5 %) ($ 726,000 ) (546,000 ) (75 %) Net Loans $ 130,063,545 104,434,160 25,629,385 25 % $ 62,409,638 67,653,907 108 % Fixed Assets $ 163,382 189,606 (26,225 ) (14 %) $ 222,669 (59,288 ) (27 %) Right of Use Assets $ 1,202,008 1,386,721 (184,713 ) (13 %) $ 1,566,409 (364,401 ) (23 %) Prepaid $ 1,170,016 1,061,411 108,606 10 % $ 1,158,273 11,743 1 % Total Other Assets $ 692,369 492,926 199,444 40 % $ 388,870 303,500 78 % Total Assets $ 162,491,738 $ 130,785,714 $ 31,706,024 24 % $ 81,192,436 $ 81,299,303 100 % Demand Deposit Accounts $ 15,011,398 $ 13,870,624 $ 1,140,774 8 % $ 7,192,511 $ 7,818,887 109 % NOW Accounts $ 922,522 938,289 (15,767 ) (2 %) $ 859,602 62,920 7 % Money Market Accounts $ 50,456,931 48,539,814 1,917,116 4 % $ 26,145,078 24,311,852 93 % Total Demand Deposits $ 66,390,850 63,348,727 3,042,123 5 % $ 34,197,191 32,193,659 94 % Savings Accounts $ 5,060,922 5,058,477 2,445 0 % $ 39,286 5,021,636 12,782 % Total CDs $ 61,587,394 44,484,698 17,102,696 38 % $ 27,101,286 34,486,108 127 % Total Deposits $ 133,039,166 112,891,902 20,147,264 18 % $ 61,337,763 71,701,403 117 % Other Borrowed < 1 Yr $ 12,000,000 - 12,000,000 100 % $ 0 12,000,000 100 % Total Other Liabilities $ 2,526,114 2,661,935 (135,821 ) (5 %) $ 2,846,402 (320,288 ) (11 %) Total Liabilities $ 147,533,280 115,553,837 31,979,444 28 % $ 64,184,166 83,349,115 130 % Common Stock $ 25,116,895 25,116,895 - 0 % $ 25,019,375 97,520 0 % Surplus $ 667,786 470,347 197,439 42 % $ 416,786 251,000 60 % Retained Earnings ($ 10,355,311 ) (5,831,485 ) (4,523,826 ) (78 %) ($ 5,831,485 ) (4,523,826 ) (78 %) FAS 115 Unrealized Gain/Loss ($ 296 ) (54 ) (242 ) (448 %) ($ 1,424 ) 1,128 79 % Profit/Loss YTD ($ 502,616 ) (4,523,826 ) 4,021,210 89 % ($ 2,594,981 ) 2,092,365 81 % Total Equity $ 14,926,458 $ 15,231,877 ($ 305,419 ) (2 %) $ 17,008,270 ($ 2,081,812 ) (12 %) Total Liabilities & Equity $ 162,491,738 $ 130,785,714 $ 31,706,024 24 % $ 81,192,436 $ 81,299,303 100 % BEACH CITIES COMMERCIAL BANK For the Three Months Ended For the Six Months Ended For the Twelve Months Ended For the twelve Months Ended June 30, 2025 March 31, 2025 December 31, 2024 June 30, 2025 June 30, 2024 December 31, 2024 December 31, 2023 Interest Income: Interest and fees on loans $ 2,515,860 $ 2,062,683 $ 1,634,051 $ 4,578,543 $ 1,643,372 $ 4,692,037 $ 336,181 Interest on securities 18,549 13,586 13,814 32,135 26,259 54,054 17,320 Interest on federal funds sold and other interest-bearing deposits 231,188 207,270 213,719 438,458 467,161 860,018 821,283 Total Interest Income 2,765,597 2,283,539 1,861,584 5,049,136 2,136,792 5,606,109 1,174,784 Interest Expense: Interest on Deposits 1,212,316 1,074,406 859,137 2,286,722 841,701 2,404,973 348,700 Interest on Borrowings 47,128 4,968 945 52,096 19 12,941 - Total Interest Expense 1,259,444 1,079,374 860,082 2,338,818 841,720 2,417,914 348,700 Net Interest Income 1,506,153 1,204,165 1,001,502 2,710,318 1,295,072 3,188,195 826,084 Provisions for Credit Losses 64,000 - 381,000 64,000 429,000 927,000 317,000 Net interest income after provisions for loan losses 1,442,153 1,204,165 620,502 2,646,318 866,072 2,261,195 509,084 Non-interest income: Service charges, fees and other 9,656 7,769 3,004 17,425 9,264 18,662 1,706 Gain on sale of loans 168,249 255,034 127,399 423,283 - 127,399 - 177,905 262,803 130,403 440,708 9,264 146,061 1,706 Non-Interest expense: Salaries and employee benefits 1,167,215 1,134,486 1,134,175 2,301,701 2,240,449 4,481,445 2,318,336 Occupancy and Equipment expenses 171,924 167,812 169,431 339,736 346,325 691,504 408,909 Organization Expenses - - - - - 1,045,800 Data Processing 192,403 150,569 172,028 342,972 303,432 628,030 332,424 Legal 49,198 16,485 19,633 65,683 34,785 Professional/Consulting 100,652 41,749 40,101 142,401 248,524 444,450 469,110 Other Expenses 198,597 197,752 204,097 396,349 295,201 684,053 294,946 Total Non-interest expense 1,879,989 1,708,853 1,739,465 3,588,842 3,468,716 6,929,482 4,869,525 Income (Loss) before taxes (259,931 ) (241,885 ) (988,560 ) (501,816 ) (2,593,380 ) (4,522,226 ) (4,358,735 ) Income tax expense 800 - - 800 1,600 1,600 800 Net Income (Loss) $ (260,731 ) $ (241,885 ) $ (988,560 ) $ (502,616 ) $ (2,594,980 ) $ (4,523,826 ) $ (4,359,535 ) Earnings per share ("EPS"): Basic $ (0.10 ) $ (0.09 ) $ (0.39 ) $ (0.20 ) $ (1.02 ) $ (1.76 ) $ (1.71 ) Common Shares Outstanding 2,565,864 2,565,864 2,565,864 $ 2,565,864 2,556,112 2,565,864 2,556,112
Cision Canada
3 hours ago
- Cision Canada
Gold Eyes $3,500 as Miners Race to Unlock High-Grade Ounces Before Year-End
Issued on behalf of RUA GOLD Inc. VANCOUVER, BC, Aug. 5, 2025 /CNW/ -- Equity Insider News Commentary – The upward momentum for gold price projects continues, as the precious metal opened the week above $3,400 after a recent labor data revision. Analysts continue to adjust their gold price forecasts, with the next three months looking to hit $3,500, with Fidelity projecting a potential $4,000 per ounce price by year-end. And it's not just the bullion dealers that stand to benefit, as gold mining majors are already publicly stating they expect bumper profits as gold's prices and volumes surge. In response, gold miners as a group are leading in gains on spot price on the weak US jobs data, leaving an opportunity for retail investors in the market to take a better look at miners making moves as of late, such as RUA GOLD Inc. (TSXV: RUA) (OTCQB: NZAUF), Dundee Precious Metals (TSX: DPM) (OTCPK: DPMLF), Gold Resource Corporation (NYSE-American: GORO), Nova Minerals Limited (NASDAQ: NVA), and Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF). According to a recent report from Reuters, the TSX is currently approaching its own recent record high, as gold mining shares continue to climb. As gold flirts with all-time highs and silver rips through multi-year resistance, investors are beginning to rotate into junior miners as the next logical phase of the precious metals bull run. RUA GOLD Inc. (TSXV: RUA) (OTCQB: NZAUF) just announced a major expansion to its Reefton drill campaign, mobilizing a third rig and targeting over 4,000 metres of new drilling at Auld Creek to grow the gold-antimony resource above 300,000 ounces by year-end. The company is also initiating deeper drilling at Cumberland and advancing Alexander River as a third priority asset—all part of a 12-month strategy aimed at fast-tracking permitting and transitioning from explorer to developer. "We closed Q2 2025 with $14 million in the treasury, placing us in a strong position to execute on our aggressive exploration plan in New Zealand," said Robert Eckford, CEO of RUA GOLD. "As our gold-antimony resource continues to grow rapidly—and with antimony at the top of every nation's critical minerals list—the significance of this expansion is substantial." The Reefton Goldfield is a historically prolific district that produced more than 2 million ounces at grades up to 50 g/t. RUA GOLD now controls 120,000 hectares (roughly 95%) in the area and has confirmed multiple stacked mineralized shoots at Auld Creek, including a standout intercept of 2.1 m at 64 g/t AuEq (5.5 g/t gold and 13.1% antimony). New modeling work is underway ahead of a resource update, while two rigs continue testing depth and lateral continuity. Antimony continues to be a major tailwind for the company's positioning, with prices surging past US$50,000 per tonne in 2025 following China's export restrictions. New Zealand has formally designated it as a critical mineral, adding further significance to RUA GOLD's dual-commodity profile at Auld Creek. Surface samples have returned over 40% Sb, and several drill holes exceed 8%—grades rarely seen this early in a project's development cycle. Three kilometres south, RUA GOLD has put a third drill rig to work at Cumberland, following up on strong recent hits such as 1 m at 26.9 g/t, and earlier assays of 62.2 g/t and 1 m at 1,911 g/t within the Gallant vein system. This AI-generated target has confirmed shallow continuity along a 600 m strike, with additional step-outs in motion across a 2.5 km corridor. Meanwhile, at Alexander River, modeling is underway to build on a 130,000 oz inferred resource grading 4.1 g/t. The zone hosts 1.2 km of outcropping mineralization and returned historical production of 41,000 oz at 26 g/t before World War II halted mining. Targets at Caledonia and other regional zones are also in development. On the North Island, drill access applications have now been submitted for RUA's Glamorgan project in the Hauraki Goldfield—home to the 10 Moz Martha mine. Glamorgan's 4 km gold-arsenic anomaly has been refined using CSAMT surveys and VRIFY's DORA AI engine, with drilling expected to begin in Q4. "Over the past month, our Board and Management team have been focused on shaping the Company's strategy to transition us from an explorer to a developer," added Eckford. "With New Zealand's highly supportive permitting regime, our goal is to rapidly build ounces on our balance sheet and enter the 'Fast Track Permitting Process' in 2026." With a disciplined burn rate, $14 million in cash, and a leadership team behind US$11 billion in prior exits, RUA GOLD is well-positioned to deliver meaningful discovery growth and advance permitting across both islands. The current multi-rig program aims to stack near-surface ounces at scale—across gold, antimony, and future targets shaped by AI and legacy-grade geology. In other industry developments and happenings in the market include: Dundee Precious Metals (TSX: DPM) (OTCPK: DPMLF) recently reported record free cash flow of US$85.7 million and adjusted net earnings of US$51.5 million for Q2 2025, driven by strong production at both the Chelopech and Ada Tepe mines. "We continue to consistently deliver robust free cash flow, generating a record $174 million year-to-date, further strengthening our financial capacity to fund growth," said David Rae, President and CEO of Dundee. "At the same time, our investors are benefiting from our low-cost, high-margin gold production as we continue to return capital to shareholders, demonstrated by the repurchase of a record 10 million shares during the first half of the year. The company sold 72,700 ounces of gold and 6.9 million pounds of copper during the quarter, while also advancing its Loma Larga permitting process in Ecuador. With a debt-free balance sheet and over US$500 million in liquidity, Dundee also reaffirmed its 2025 production guidance and declared a quarterly dividend of US$0.05 per share. Gold Resource Corporation (NYSE-American: GORO) recently announced improved operational metrics and new high-grade drill results from its Don David Gold Mine in Oaxaca, Mexico. Notable intercepts include 7.3 g/t gold and 280 g/t silver over 5.2 metres in the Switchback vein, and 9.2 g/t gold over 1.9 metres in the Arista vein system. "Consistent high-grade drill intercepts, along with an improved understanding of the geology, have allowed us to build more confidence in the mine plan of the Three Sisters system and reinforcing its role as a key contributor to future mine production," said Allen Palmiere, President and CEO of GORO. "In addition, we are excited about the potential benefits from bringing in an experienced mining contractor along with their new equipment, while changing out some of our old fleet with good used equipment to improve our efficiencies and returns. We remain focused on integrating the Three Sisters system into our short-term mine plan while continuing to advance exploration efforts aimed at driving sustainable growth and maximizing shareholder value." The company reduced all-in sustaining costs by 9% quarter-over-quarter and reported strong underground development progress across multiple zones. Nova Minerals Limited (NASDAQ: NVA) has released new metallurgical test results from its RPM deposit at the Estelle Gold Project, showing strong recoveries using a combined flowsheet approach. Ore sorting achieved a 4.33x grade increase—from 1.32 g/t to 5.72 g/t—in a single pass, while heap leach tests on lower-grade material delivered gold recoveries up to 68.7%. "We are extremely pleased with the results emerging from our ongoing metallurgical test work program at the RPM Deposit, which we believe continues to demonstrate the exceptional quality and scalability of the Estelle Project," said Christopher Gerteisen, CEO of Nova Minerals. "The ability to extract up to 68.7% gold recovery from lower-grade material through heap leaching, combined with a 4.33 times upgrade using ore sorting technology, is a significant technical breakthrough, in our opinion. These results underscore the economic potential through innovative processing methods as we continue to refine our development pathway." The company says these results support its strategy of combining CIP/CIL processing with ore sorting and heap leaching to maximize project economics ahead of its upcoming prefeasibility study. Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF) recently announced it had produced 11,437 gold equivalent ounces at its Minera Don Nicolás Mine in Q2 2025, with underground development at the Paloma pit now underway and expected to ramp up in H2. "As the heap leach continues to ramp up to its fully expanded capacity, we continue to be confident in our full year expectations as the underground operations ramp-up in H2/25," said Mark Brennan, CEO and Chairman of Cerrado. " Cerrado also continued to progress both the Lagoa Salgada project and the Mont Sorcier projects towards completion of feasibility studies by Q3/2025 and Q1/2026 respectively, which we believe should demonstrate substantial value being unlocked by Cerrado's development projects." Heap leach upgrades and a 20,000m drill program are in progress to boost recovery and expand resources, while exploration drilling has already intercepted new vein structures. The company is also advancing feasibility work at its Lagoa Salgada and Mont Sorcier projects, with updates expected later this year. CONTACT: Equity Insider [email protected] (604) 999-4849 DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for Media Corp. ("BAY"), who has been paid a fee by a third-party, Sidis Holdings Limited ("Sidis") for an advertising contract between Sidis and RUA Gold Inc.. MIQ has not been paid a fee for RUA Gold Inc. advertising or digital media, but the owner/operators of MIQ also co-owns Media Corp. ("BAY") There may also be 3rd parties who may have shares of RUA Gold Inc. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ does not own any shares of RUA Gold Inc. but reserve the right to buy and sell, and will buy and sell shares of RUA Gold Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of Sidis has been approved by RUA Gold Inc. Technical information relating to RUA GOLD Inc. has been reviewed and approved by Simon Henderson, CP, AUSIMM, a Qualified Person as defined by National Instrument 43-101. Mr. Henderson is Chief Operational Officer of RUA GOLD Inc., and therefore is not independent of the Company; this is a paid advertisement, we currently do not own any shares of RUA Gold Inc. but will likely buy and sell shares of the company in the open market, or through private placements, and/or other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Globe and Mail
3 hours ago
- Globe and Mail
DLP Resources to Extend Warrants
Cranbrook, British Columbia--(Newsfile Corp. - August 5, 2025) - DLP Resources Inc. (TSXV: DLP) (OTCQB: DLPRF) (" DLP" or the " Company") announces that it intends to extend the term of an aggregate of 6,622,250 common share purchase warrants (the " Warrants") issued as part of the Company's private placement that closed in two tranches on September 28, 2023 and November 1, 2023. The Warrants are exercisable at a price of $0.54 and currently expire on September 28, 2025 and November 1, 2025, respectively. Subject to the approval of the TSX Venture Exchange (the " Exchange"), the term of the Warrants will be extended to September 28, 2026 and November 1, 2026, respectively. All other terms of the Warrants will remain the same. About DLP Resources Inc. DLP Resources Inc. is a mineral exploration company operating in Peru and Southeastern British Columbia exploring for Base Metals and Cobalt. DLP is listed on the TSX-V, trading symbol DLP and on the OTCQB, trading symbol DLPRF. Please refer to our web site for additional information. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statements regarding Forward-Looking Information This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the proposed extension of the Warrants. These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty and the risk that the Exchange will not approve the extension of the Warrants. In making the forward looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will receive approval from the Exchange to extend the Warrants. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
