
How Walmart is Positioning for Comp Growth Amid Consumer Shifts?
A major driver of this traffic momentum is Walmart's expansion of store-fulfilled delivery, now reaching 93% of U.S. households with delivery in under three hours. In the fiscal first quarter, one-third of Walmart's deliveries were expedited, underscoring the increasing role of convenience in driving customer visits.
Membership remains another key growth lever. Walmart+ membership income rose at a double-digit rate. The company's health and wellness category surged with high-teens growth, supported by strong prescription volume and over-the-counter product sales. To reinforce its price leadership, Walmart implemented more than 5,000 price reductions during the quarter.
Walmart's strategy reflects a retail model that integrates stores, digital convenience and membership-driven engagement. By prioritizing faster fulfillment, competitive pricing and a broader customer reach, Walmart is positioning itself to drive steady same-store sales growth while adapting to evolving consumer demands in a highly competitive retail landscape.
Walmart's Comp Growth Compared With Target and Costco
Target Corporation TGT reported a 3.8% decline in comparable sales for the first quarter of fiscal 2025, driven by weaker discretionary demand. However, Target continues to prioritize same-day services, with Drive Up accounting for nearly half of digital sales in the quarter. Target expanded the Target Plus marketplace, growing GMV more than 20%, aiming to enhance assortment and offset comp pressures.
In contrast, Costco Wholesale Corporation COST reported 5.7% total company comparable sales growth in the third quarter of fiscal 2025, with U.S. comparable sales up 6.6%. Costco benefited from strong traffic and private label gains via Kirkland Signature. In addition, Costco is using local sourcing and strategic inventory management to maintain volume-driven comparable sales growth despite inflationary and tariff headwinds.
WMT's Price Performance, Valuation and Estimates
Shares of Walmart have gained around 0.4% in the past three months compared with the industry 's growth of 0.3%.
Image Source: Zacks Investment Research
From a valuation standpoint, WMT trades at a forward price-to-earnings ratio of 34.74X, significantly up from the industry's average of 31.99X.
The Zacks Consensus Estimate for WMT's fiscal 2026 earnings implies year-over-year growth of 3.6%, whereas the same for fiscal 2027 indicates a year-over-year uptick of 11.7%.
WMT currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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National Observer
37 minutes ago
- National Observer
Ottawa warned early in new year of wheels wobbling on $100 billion EV strategy
The federal government was warned early in 2025 that its $100 billion electric vehicle strategy was in danger of being run off the road by slowing North American EV sales and the economic mayhem sown by US President Donald Trump's tariffs on Canada, a newly released document reveals. François-Philippe Champagne, then federal minister of Innovation, Science and Economic Development Canada, was sent a briefing note on Jan. 10 by his deputy minister, Philip Jennings, that flagged 'a decline in expectations' among EV makers that imperiled the plan's progress. 'The slowdown in growth has contributed to delays, modifications, or scaling back of planned investments' in the auto sector despite tens of billions of dollars in investments having already been announced, Jennings said in the document obtained by Canada's National Observer through an access to information and privacy request. The briefing note was delivered to Champagne only weeks after he told CNO that critics of the government's embattled EV strategy lacked 'vision and ambition.' Champagne was named Minister of National Revenue in a cabinet shuffle after the Liberals won the April federal election that also saw Mélanie Joly take over the Industry, Science and Economic Development portfolio. Developing an EV industrial ecosystem from mining critical minerals used in vehicle batteries to new assembly lines for electric vehicles would give Canada a competitive advantage in a global industry 'for decades to come — but not overnight,' Champagne said in December. Joly's office told Canada's National Observer that it 'recognizes the sector's concerns and is continuing to engage meaningfully with industry stakeholders to address and alleviate challenges' linked to US tariffs, though no specific action plan was outlined in its response. 'Despite short-term policy fluctuations, the long-term trajectory for EV adoption remains strong,' says Dunsky Energy analyst Lindsay Wiginton 'Our government is working to ensure EVs are made in Canada, so Canadian workers benefit from the growth and jobs in this industry," said a spokesperson. Canada's EV plans going flat? A total of $46.1 billion in investments across the Canadian EV supply chain was announced by automakers including Honda, Volkswagen, GM and Ford from October 2021 to April last year. Federal and provincial governments pledged $52.5 billion in incentives, tax breaks and other support, according to Canada's Parliamentary Budget Officer, which provides economic analysis to the government. But dark skies have threatened the EV strategy and long-term future of auto manufacturing in Ontario as the Canada-US trade war drags on. In April, GM shuttered its CAMI assembly plant in Ingersoll, Ont., where it builds an electric delivery van. GM expected to reopen the plant at 'half capacity' in the fall. Ford and Stellantis, which cited tariffs as a major factor in a $3.7 billion loss in the first half of 2025, have also suspended or delayed EV production in Canada. Some 40,000 EVs have been produced to-date in Canada, which in 2024 imposed a 100 per cent tariff on imports of Chinese EVs to protect the domestic industry. China made 12.4 million electric cars last year, accounting for 70 per cent of global EV output, according to the International Energy Agency. Battery makers have hit speed bumps too. A planned $7 billion EV manufacturing plant in Saint-Basile-le-Grand and McMasterville, Que, collapsed after Swedish battery maker Northvolt declared bankruptcy in March. The Quebec government lost a $270 million investment in the project. More recently, trouble emerged at the $5 billion NextStar EV battery factory being built by Stellantis and South Korea's LG Energy in Windsor, Ont. Several Canadian contractors have filed lawsuits alleging millions of dollars in unpaid work at the plant, which has received $15 billion in federal and provincial incentives, according to media reports. Jennings said in his briefing note that slowing EV purchases had 'created doubt in the trajectory of [future] sales'. Trump's executive orders soon after taking office to scrap Biden-era EV targets and tax credits, along with the end of federal EV incentives in Canada, have 'added uncertainty' in the market, the note said. 'In the long-term these impacts on their own are unlikely to jeopardize the prosperity of the automotive sector in Canada, but they depend on the electrification plans of the manufacturer and the health of the sector overall, including the impact of potential U.S. policies and tariffs,' Jennings said. EV transition 'unstoppable' The federal government should stick to its long-term plan for an EV supply chain in Canada because the global shift to EVs is 'unstoppable,' said Matthew Fortier, CEO of Accelerate, a Toronto-based zero-emissions vehicle industrial alliance. There are signs of 'underlying momentum' for Canada's EV industry, said Lindsay Wiginton, managing consultant at research house Dunsky Energy. She noted many analysts have a positive global EV outlook, including projections that a quarter of all cars sold in 2025 will be electric. That growth is 'driven in large part by the continued decline in lithium-ion battery costs that is helping to bring more affordable EV models' to market, she said. 'Despite short-term policy fluctuations, the long-term trajectory for EV adoption remains strong,' she added. Some auto makers are less optimistic. They want the federal government to drop a mandate for EVs to make up 20 per cent of cars sold in Canada by 2026 and 100 per cent by 2035 – arguing that slowing EV sales and US tariffs have delayed efforts to build an electric vehicle supply chain. Ontario Premier Doug Ford, speaking at a joint press conference on Tuesday with Alberta's Danielle Smith and Saskatchewan's Scott Moe, said: 'We have to get rid of these mandates. The companies won't be able to meet these targets. But let's not stop spending. I am confident that the EV sector will grow eventually.' Environment Minister Julie Dabrusin has been unswayed by their arguments so far, according to media reports. Canada's 'competitive advantages' Fortier said Canada's automotive sector cannot hope to be 'globally relevant in 10-15 years' unless Ottawa focuses on 'competitive advantages that our neighbours don't have' in areas including critical minerals, advanced industrial materials, and EV battery technology. 'If we do that now, Canada can become a necessary part of the continental supply chain, and we can have leverage in the auto sector when EVs are the dominant mode of vehicle production in North America,' Fortier said. The US is by far the biggest market for Canadian-made cars and trucks, with 93 per cent of the $51 billion in vehicles exported in 2023 shipped south of the border, according to the Canadian Vehicle Manufacturers' Association, an industry trade body. The US imposed a 25 per cent tariff on Canadian auto makers and parts manufacturers in April, forcing hundreds of job losses in Ontario, the industry's historic heartland. Trump has threatened to raise the tariffs to 35 per cent on Aug 1. A high-profile US-Japan trade deal announced today (Wednesday) will see the US tariff on Japan's auto sector lowered to 15 per cent from 35 per cent. That deal might point to a possible reduction in US tariffs on Canadian car makers, but it is not a long-term solution, Fortier said. 'Any standing tariff on Canadian-made cars is a reminder that we urgently need to develop more negotiating leverage. The way to do this is to build upstream and midstream capacity for the batteries that will power the future of this sector,' he said.

National Observer
37 minutes ago
- National Observer
Wet'suwet'en complaint to bank puts Ottawa on notice over nation-building agenda
The Wet'suwet'en Nation has spent years fighting fossil fuel projects that rip through their land in British Columbia without consent. Now, as familiar threats mount, the nation has taken the issue to Tokyo — where a corporate battle could serve as a warning for Prime Minister Mark Carney as he pursues his infrastructure agenda. Wet'suwet'en hereditary Chief Na'Moks filed a complaint last week with the Japan Bank for International Cooperation's (JBIC) independently appointed environmental examiners — tasked with investigating alleged environmental wrongdoing — detailing environmental harms and human rights abuses from the construction of the Coastal Gaslink project that transports fracked gas from the Montney region in the province's northeast to LNG Canada's export terminal on the coast. The bank loaned US $850 million to the project in 2021. 'Despite the Wet'suwet'en having repeatedly rejected the project, JBIC proceeded to approve financing for the LNG Canada terminal and the associated Coastal GasLink pipeline without securing proper [free, prior and informed consent],' the filing reads. The filing called the approval without the hereditary chiefs' consent 'a fundamental breach of both Canadian law and international human rights standards.' The issues raised in the complaint may hinge on actions taken in the past, but as Carney prioritizes major projects in the name of nation-building, the concerns detailed in the filing serve as a warning for the risks ahead, Na'Moks told Canada's National Observer. 'We're living in a petrostate being enforced by a police state,' he said in a phone call from the sidelines of the First Nations major projects summit. 'Everybody goes 'Oh not in Canada.' 'I said, 'Wait until they come through your doors with axes and power saws. Wait until you step outside and have snipers.'' 'We're living in a petrostate being enforced by a police state,' Wet'suwet'en Nation Hereditary Chief Na'Moks said. "Wait until they come through your doors with axes and power saws. Wait until you step outside and have snipers.' At the First Nations summit last week, Carney said no major projects have been finalized and he was there to listen to Indigenous leadership. However, as Canada's National Observer reported, there are more than a dozen megaprojects already under consideration. Multiple government sources have told Canada's National Observer that an expansion to LNG Canada is very likely to make Carney's list. Ultimately the decision to invest rests with LNG Canada's owners (Shell, Petronas, PetroChina, Mitsubishi and the Korean Gas Corporation), but incentivizing the companies to invest appears to be a major priority for Carney's government. That's concerning to We'suwet'en hereditary leadership. The complaint filed against JBIC urges the bank to 'immediately suspend any further financing' of the LNG Canada project, including potential expansions. Na'Moks said his experience watching a major project built through his nation's territory without consent gives him an up-close view to the risks that are now afoot as Ottawa contemplates a renewed push to build. 'We know we were the template for how they're going to protect industry without our approval,' he said. Battling the banks As the Coastal Gaslink pipeline was being built four years ago, land defenders from the nation and its allies blockaded roads and set up camp at the Gidimt'en Checkpoint to slow construction and push costs up in a bid to stop the pipeline. Armed RCMP officers hacked through the door of one small cabin to arrest those inside in a dramatic scene captured by photojournalist Amber Bracken and filmmaker Michael Toladano (an event that is now the subject of a lawsuit from Bracken's employer, The Narwhal). Weeks later, more land defenders were arrested at standoffs with police, with several claiming dehumanizing treatment as they were hauled to police headquarters and held in enclosures the size of a 'dog kennel.' The United Nations Committee on the Elimination of Racial Discrimination said in 2022 it 'profoundly regrets and is concerned' that Canada is forcibly removing Indigenous land defenders from their unceded territory, and the provincial and federal governments have been similarly condemned by leading human rights group Amnesty International. As the furor around those arrests faded, Wet'suwet'en hereditary leadership continued to fight the pipeline by targeting its financiers. They attended shareholder meetings and confronted bank leadership. Nevertheless, the pipeline was built and the first shipment of LNG from Kitimat departed this summer. Na'Moks said the nation decided to file a complaint with the JBIC because the bank finances LNG Canada. The bank has environmental and social guidelines to help determine which projects to invest in, but the complaint alleges JBIC failed to meaningfully implement them. Na'Moks said that filing the complaint is to provide the 'right information' because the reports the bank has received are 'a copy and paste from industry and government.' 'Without the CGL pipeline, the LNG Canada terminal would not be viable; and without JBIC's financing, this export infrastructure system would not have progressed at its current scale,' the complaint reads. 'JBIC's financing played a decisive role in enabling this interconnected system. And by failing to adequately review the impacts of its associated facility, JBIC bears responsibility for contributing to the resulting harm.' JBIC did not return a request for comment. De-escalating a fraught situation LNG Canada's first shipment overseas marks a turning point for the gas sector in Canada. Before the LNG export terminal began sending shipments abroad, 99.9 per cent of Canadian gas exports headed into the United States. With US President Donald Trump threatening a drawn-out trade war, Carney riding to victory in April's election on a promise to build up Canada's economic resilience, and the fossil fuel industry lobbying for more oil and gas infrastructure, the country is staring down the barrel of a major fossil fuel expansion — including in Kitimat itself. If LNG Canada Phase 2 is built, expanding export capacity at the site will involve increasing storage tanks, new processing facilities and more tanker traffic through vulnerable coastal waters. But it will also mean increasing the amount of gas fracked in northeastern BC, and sending more gas through the Coastal GasLink pipeline. To do that, additional compressor stations will need to be built to squeeze more gas into the pipeline. 'With more gas flowing you have increased risk,' said Richard Brooks, climate finance director at To stay onside with UNDRIP, as Carney has committed, communities like the Wet'suwet'en First Nation would have to consent to new facilities like compressor stations being built — otherwise their rights under both Canadian and international law would be violated. For Brooks, this is a major lesson Ottawa must learn. When Indigenous rights are 'trampled,' opposition to proposed projects skyrocket — and that then impacts the viability of the projects. He pointed to increased legal costs, security costs and lengthy delays that push construction costs higher. 'Indigenous communities have proven time and time again … that they have the power to slow and stop projects from moving ahead,' he said. 'So this is why it's so important to have First Nations involved from the beginning to be proponents of these projects, to have the process be one that is not imposed, but rather is a collaborative process, whatever project it is.' Carney has said projects will proceed with Indigenous consent, but by putting in place legislation to fast-track projects before securing consent from nations who could be affected, there are plenty of risks ahead, said Senwung Luk, a partner at law firm Olthuis Kleer Townshend LLP, specializing in Aboriginal rights and title and the Crown's fiduciary obligations to First Nations. Luk said Carney would have been better off starting with a list of projects, and thinking about which nations would need to consent to figure out how to build them — rather than starting with a new law that gives the federal government the ability to bulldoze over concerns. 'It's an odd way to start a conversation, to point a nuclear weapon at the person that you're trying to talk to,' he said. 'If you believe in free, prior and informed consent, you can't only believe in that except for when Indigenous people oppose your project,' he said. 'That wouldn't be any sort of meaningful concept of consent.'


Cision Canada
5 hours ago
- Cision Canada
SALTIRE CAPITAL LTD. ANNOUNCES PROPOSED ACQUISITION OF SANSTONE INVESTMENTS LIMITED, CREDIT FACILITY WITH SAGARD CREDIT PARTNERS II, LP, CONCURRENT PRIVATE PLACEMENT AND INTENTION TO SEEK WRITTEN SHAREHOLDER CONSENT
/ NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. / TORONTO, July 25, 2025 /CNW/ - Saltire Capital Ltd. (" Saltire" or the " Company") (TSX: SLT, SLT.U, is pleased to announce that it has entered into a definitive agreement (the " Purchase Agreement") to purchase (the " Acquisition"), indirectly through a wholly-owned subsidiary (the " Purchaser"), 100% of the voting common shares of SanStone Investments Limited (" SanStone"), a leading owner and operator of heavy equipment dealerships and agricultural equipment dealerships in Eastern Canada that owns and operates the Wilson Equipment and Tidal Tractor dealership brands. Concurrently with the execution of the Purchase Agreement, the Company is also pleased to announce that it has (i) entered into a loan agreement (the " Loan Agreement") with, among others, Sagard Holdings Manager LP, as administrative agent and collateral agent, and Sagard Credit Partners II, LP (" Sagard") and the other lenders party thereto from time to time (the " Lenders"), pursuant to which the Lenders will, subject to the satisfaction of certain conditions precedent, make available certain credit facilities to Saltire up to an aggregate principal amount of US$100 million (the " Credit Facility"), and (ii) launched a brokered private placement (the " Private Placement" and, together with the Acquisition and Loan Agreement, the " Transactions") of up to 424,448 common shares in the capital of the Company (" Common Shares") at a price of CAD$11.78 per Common Share for aggregate gross proceeds of up to CAD$5,000,000, with an over-allotment option for an additional 63,667 Common Shares for further proceeds of CAD$749,997.26. The Acquisition values SanStone at CAD$70 million, subject to customary adjustments (the " Purchase Price"). On closing of the Acquisition (" Closing"), Saltire will satisfy the Purchase Price by: (i) issuing Common Shares to the SanStone shareholders in an aggregate amount equal to CAD$10 million; (ii) issuing non-voting common shares in the Purchaser to certain SanStone shareholders, which represent an economic interest of approximately 31% in SanStone; (iii) payment of CAD$500,000 into an escrow account, as security for post-Closing adjustments to the Purchase Price; and (iv) payment of approximately CAD$34 million in cash. All figures are subject to standard adjustments pursuant to the Purchase Agreement. "The acquisition of SanStone is a unique and extremely exciting opportunity for Saltire. SanStone is a pre-eminent operator of heavy equipment and agricultural dealerships in Canada, which has served its markets for generations. I am delighted that the existing management team at SanStone is continuing and bringing their decades of experience to Saltire," said Andrew Clark, CEO of Saltire. "Saltire Capital allows us to continue to grow our businesses and our people while reducing succession risk for our employees, shareholders, customers and suppliers. To get all of that and an opportunity to become shareholders of the broader Saltire platform was very compelling. We are thrilled to join Saltire Capital at the beginning of their growth story," said Bill Sanford, CEO of SanStone. Closing of each of the Acquisition and the Private Placement are subject to customary closing conditions for transactions of a similar nature, including the conditional approval of the Toronto Stock Exchange (the " TSX") for the listing of the Common Shares to be issued or become issuable on Closing. Funding of the Loan Agreement is subject to customary conditions precedent, including the Closing. Sagard Credit Facility Selected highlights regarding the Credit Facility include: The Lenders will provide Saltire with up to US$100 million of credit, approximately US$50.1 million of which is anticipated to be drawn on Closing (the " Initial Draw"); Subject to certain conditions in the Loan Agreement, Saltire may make additional draw requests (" Additional Draws") up to an aggregate principal amount of US$49.9 million to fund future acquisitions; and the Credit Facility will mature on the fifth anniversary of the Loan Agreement. The proceeds from the Initial Draw will be used (i) to refinance Saltire's existing credit facilities with National Bank of Canada, (ii) to refinance Saltire's preferred equity, (iii) to refinance SanStone's existing debt, to the extent same is assumed on Closing, (iv) to finance a portion of the cash Purchase Price under the Acquisition, and (v) for the payment of fees and expenses incurred in connection with the Loan Agreement. Proceeds from the Additional Draws will be available to finance certain permitted acquisitions under the Loan Agreement, and for the payment of fees and expenses incurred in connection with such permitted acquisitions. As consideration for the entering into of the Loan Agreement and provision of the Credit Facility, Saltire has agreed to issue 1,504,812 Common Share purchase warrants to Sagard (the " Sagard Warrants"). Each whole Sagard Warrant will entitle the holder to purchase one Common Share at a price of CAD$14.5228 per Common Share for a period of five years following Closing. "We are pleased to partner with Sagard as our lender as we continue to execute on our growth strategy. I am confident that this transaction will enhance our success as we continue to grow our business," said Andrew Clark, CEO of Saltire. Concurrently with the Acquisition and Credit Facility, the Company is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (" Paradigm") as sole agent and sole book runner in connection with a proposed best efforts private placement offering of up to 424,448 Common Shares at a price of CAD$11.78 per Common Share, for gross proceeds of approximately CAD$5 million. Paradigm has also been granted an over-allotment option, pursuant to which Paradigm may increase the size of the Private Placement by up to an additional 63,667 Common Shares for additional gross proceeds of up to CAD$749,997.26. The Private Placement is expected to close on or about August 12, 2025. In connection with the Private Placement, Paradigm will be paid (i) a cash fee equal to 7% of the gross proceeds of the Private Placement, and (ii) Common Share purchase warrants (the " Compensation Warrants") equal to 7% of the number of Common Shares issued pursuant to the Private Placement. The Compensation Warrants will have the same terms as the Sagard Warrants. The proceeds of the Private Placement will be used to, directly or indirectly, fund a portion of the cash Purchase Price payable under the Acquisition. TSX Approval and Written Shareholder Approval Pursuant to Section 611(c) of the TSX Company Manual, securityholder approval of the Transactions is required as the number of Common Shares to be issued or issuable in connection with the Private Placement and payment of the Purchase Price (together with the Common Shares issuable in connection with the Sagard Warrants and Compensation Warrants) exceeds 25% of the currently issued and outstanding Common Shares. Instead of seeking securityholder approval at a duly called meeting of securityholders, the TSX is permitting the Company, pursuant to Section 604(d) of the TSX Company Manual, to provide written evidence that holders of more than 50% of the issued and outstanding Common Shares who are familiar with the terms of the Transactions are in favour of them. In addition, the Transactions and the listing of Common Shares issued or issuable in connection with the Transactions are subject to the approval of the TSX. Advisors National Bank acted for Saltire as transaction advisor on the acquisition of SanStone, Raymond James acted as advisor for Saltire on the Credit Facility, and Paradigm is acting for Saltire on the Private Placement. Goodmans LLP acted as legal counsel to the Company on the Credit Facility and Private Placement. Torys LLP acted as legal counsel to Sagard on the Credit Facility. BLG acted as legal counsel to Paradigm on the Private Placement. McInnes Cooper acted as legal counsel to the Company and Cox & Palmer acted as legal counsel to SanStone on the Acquisition. A copy of the Loan Agreement will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval Plus (" SEDAR+") and will be available for viewing on Saltire's SEDAR+ profile at About Saltire Capital Ltd. Saltire is a long-term capital partner that allocates capital to equity, debt and/or hybrid securities of high-quality private companies. Investments made by Saltire consist of meaningful and influential stakes in carefully selected private companies that it believes are under-valued businesses with the potential to significantly improve fundamental value over the long-term. These businesses will generally have high barriers to entry, predictable revenue streams and cash flows and defensive characteristics. Although Saltire primarily allocates capital to private companies, Saltire may, in certain circumstances if the opportunity arises, also pursue opportunities with orphaned or value challenged small and micro-cap public companies. Saltire provides investors with access to private and control-level investments typically reserved for larger players, while maintaining liquidity. About SanStone Investments Ltd. SanStone Investments is a private equity firm established in 2013 by Bill Sanford and likeminded investors with a mission to purchase and grow strong Maritime Canadian companies by focusing on its customers and employees. SanStone's operating companies are Wilson Equipment Limited, a heavy equipment sales and service industry leader based in Bible Hill/Truro and Dartmouth, Nova Scotia, and Tidal Tractor, a top agricultural and construction equipment supplier with locations in Port Williams, Dartmouth, and Onslow/Truro, Nova Scotia, and in Moncton, New Brunswick. About Sagard Credit Partners Sagard Credit Partners is a non-sponsor direct lending strategy focused on middle-market public and private companies in North America. It provides bespoke debt solutions across the credit spectrum in first and second lien loans, such as unsecured and mezzanine financings, tailored to a company's specific needs. Prior to the Transactions, Sagard did not hold any securities of Saltire. As a result of holding the Sagard Warrants, Sagard will hold securities exercisable for an aggregate of 1,504,812 common shares, representing approximately 18.52% of the outstanding voting shares after giving effect the exercise of all of the Sagard Warrants and approximately 17.60% after giving effect to the exercise of all of the Sagard Warrants and the Private Placement. The Sagard Warrants are being acquired by Sagard for investment purposes and, in the future, it may discuss with management and/or the board of directors any of the transactions listed in clauses (a) to (k) of item 5 of Form F1 of National Instrument 62-103 – The Early Warning System and Related Take-over Bid and Insider Reporting Issues and it may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of Saltire, in such manner as it deems advisable to benefit from changes in market prices of Saltire securities, publicly disclosed changes in the operations of Saltire, its business strategy or prospects or from a material transaction of Saltire, and it will also consider the availability of funds, evaluation of alternative investments and other factors. An early warning report will be filed by Sagard in accordance with applicable securities laws and will be available on SEDAR+ at or may be obtained upon request from Andrew Clark at 416-419-9405. Forward Looking Information This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws (" Forward-Looking Statements"). The Forward-Looking Statements contained in this press release relate to future events or Saltire's future plans, operations, strategy, performance or financial position and are based on Saltire's current expectations, estimates, projections, beliefs and assumptions, including, among other things, in respect of the closing of the Acquisition, the Credit Facility and the Private Placement, Saltire's ability to satisfy the conditions to Closing under the Purchase Agreement, Saltire's ability to satisfy the conditions to funding under the Loan Agreement (including the approval of the TSX), completion of the Private Placement, and Saltire's ability to maintain compliance with covenants under the Loan Agreement. In particular, there is no assurance that Saltire will satisfy any or all of the conditions for Closing of the Acquisition, Credit Facility or Private Placement. Such Forward-Looking Statements have been made by Saltire in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be Forward-Looking Statements. Such Forward-Looking Statements are often, but not always, identified by the use of words such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "continue", "expect", "potential", "proposed" and other similar words and expressions. Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors, many of which are beyond Saltire's control, that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements are provided for the purpose of assisting the reader in understanding Saltire and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on Forward-Looking Statements, which speak only as of the date of this press release. Unless otherwise noted or the context otherwise indicates, the Forward-Looking Statements contained herein are provided as of the date hereof, and Saltire disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason. This press release should be read in conjunction with the management's discussion and analysis and unaudited condensed consolidated interim financial statements and notes thereto as at and for the three months ended March 31, 2025 and Saltire's Annual Information Form for the year ended December 31, 2024 dated March 28, 2025. Additional information about Saltire, including with respect to the risk factors that should be taken into consideration when reading this press release and the Forward-Looking Statements, is available on Saltire profile on SEDAR+ at