GoviEx Announces $12 Million Bought Deal Private Placement

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

GoviEx Uranium Inc. (" GoviEx " or the " Company ") (TSXV: GXU; OTCQB: GVXXF) is pleased to announce that it has entered into an agreement with Eight Capital and Sprott Capital Partners, as lead underwriters and joint bookrunners (collectively, the " Underwriters "), in connection with a "bought deal" private placement financing of 68,572,000 units of the Company (the " Units ") at a price of $0.175 per Unit (the " Issue Price "), for aggregate gross proceeds of $12,000,100 (the " Offering ").

Each Unit will be comprised of one common share of the Company (each, a " Common Share ") and one common share purchase warrant (each, a " Warrant "), with each Warrant entitling the holder thereof to purchase one additional Common Share at an exercise price equal to the United States dollar equivalent of $0.25 (the foreign exchange rate to be set based on the Bank of Canada daily exchange rate for United States dollars one business day prior to the Closing Date (as defined below) for a period of 24 months following the closing date of the Offering.

The Company has granted the Underwriters an option, exercisable in whole or in part up to 48 hours prior to the closing of the Offering, to purchase up to an additional 15% of the Units at the Issue Price (the "Underwriters' Option ").

The Company intends to use the net proceeds of the Offering for exploration, engineering and general corporate and working capital purposes.

The closing of the Offering is expected to occur on or about May 11, 2023 (the " Closing Date "), and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the conditional approval from the TSX Venture Exchange.

The Units to be issued under the Offering will be offered to purchasers pursuant to the: (i) accredited investor exemption under National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 ") (the " Hold Units ") in an amount up to 22,857,334 Units (26,285,933 Units if the Underwriters' Option is exercised in full), and (ii) the listed issuer financing exemption under Part 5A of NI 45-106 in an amount up to 45,714,666 Units (52,571,866 Units if the Underwriters' Option is exercised in full) (the " LIFE Units "), in all the provinces of Canada, except Québec. The LIFE Units will not be subject to resale restrictions pursuant to applicable Canadian securities laws. The Hold Units will be subject to the statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws. Purchasers under the Offering will receive a fixed ratio of LIFE Units to Hold Units, being 2:1.

There is an offering document relating to the Offering that can be accessed under the Company's profile at www.sedar.com and on the Company's website at www.goviex.com. Prospective investors should read this offering document before making an investment decision.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.

About GoviEx Uranium Inc.

GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela project in Niger and its mine-permitted Mutanga project in Zambia.

Contact Information

Isabel Vilela
Head of Investor Relations and Corporate Communications
Tel: +1-604-681-5529
Email: info@goviex.com
Web: www.goviex.com

Cautionary Note Regarding Forward-Looking Information
This news release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.

Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward- looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

Forward-looking statements include those with respect to the anticipated quantum, timing and completion of the bought deal private placement; receipt of TSX Venture Exchange acceptance of the private placement; and the proposed use of the proceeds of the private placement.

Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) receipt of TSX Venture Exchange acceptance of the private placement will be obtained; (ii) sufficient subscriptions will be received to complete the entirety of the Offering; (iii) the price of uranium will remain sufficiently high and the costs of advancing the Company's mining projects sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner.

Factors that could cause actual results to differ materially from expectations include (i) the Company's failure to complete the private placement in-part or in-full; (ii) inability to make effective use of the proceeds of the private placement; (iii) the failure of the Company's projects, for technical, logistical, labour-relations, or other reasons; (iv) the Company's inability to obtain TSX Venture Exchange acceptance of the private placement; (iv) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (v) an increase in the Company's operating costs above what is necessary to sustain its operations; (vi) accidents, labour disputes, or the materialization of similar risks; (vii) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; and (viii) generally, the Company's inability to develop and implement a successful business plan for any reason.

In addition, the factors described or referred to in the section entitled "Risk Factors" in the MD&A for the year ended December 31, 2021, of GoviEx, which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this news release.

Although GoviEx has attempted to identify important factors that could cause actual results, performance, or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance, or achievements not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances, or results will materialize. As a result of these risks and uncertainties, no assurance can be given that any events anticipated by the forward-looking information in this news release will transpire or occur, or, if any of them do so, what benefits that GoviEx will derive therefrom. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and GoviEx disclaims any intention or obligation to update or revise such information, except as required by applicable law.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available

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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

News Provided by GlobeNewswire via QuoteMedia

GoviEx Uranium Inc.GXU:CA TSXV:GXU Energy Investing

GXU:CA

GoviEx Uranium Statement on Recent Coup in Niger

In light of the recent coup d'état in Niger, GoviEx Uranium Inc. (TSXV: GXU) (OTCQB: GVXXF) wishes to assure its stakeholders, partners, and the people of Niger of the following:

GoviEx's operations in Niger remain unaffected by the current situation. We are committed to ensuring that our activities continue as normal, both at our Project site and our office in Niamey.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

GoviEx Announces Substantial Increase of Open-Pit Mineral Resources at Its 100% Owned Muntanga Uranium Project in Zambia

Measured & Indicated resources nearly tripled, now representing 74% from 29% of total resources.
Total in-pit constrained resources increased 18%.
Grade improvement in all mineral categories.
Current drilling targeting further potential in pit resource upgrade to measured and/or indicated.
Results fully support continued feasibility study.

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for its wholly owned, mine permitted Muntanga Uranium Project in Zambia (the "Muntanga Project"). The Muntanga Project consists of three mining permits that cover some 720km2, and contains five deposits: Dibbwi, Dibbwi East, Muntanga, Gwabi and Njame.

Daniel Major, CEO of GoviEx commented: "Our drilling campaigns in 2021 and 2022 have led to a significant update in the Muntanga mineral resource estimate. This progress is characterized by a notable growth in in-pit resources, a substantial conversion of inferred resources into the Indicated category, and an overall rise in uranium grades. What's more exciting is that this upward trajectory in resource growth persists even under lower uranium prices, such as the USD50/lb used in our Preliminary Economic Assessment( PEA)¹. There is also additional potential for further upgrading of inferred resources, thereby expanding the resources that can be included in the feasibility study. These are very promising results and will be integrated into our ongoing feasibility study."

The 2023 updated MRE is the result of extensive infill drilling, including 8,010 metres drilled in 2021 and a further 19,990 metres drilling in 2022, predominately on the Dibbwi East deposit, to further delineate the deposit and convert inferred resources to the indicated category. The mineral resource update included a comprehensive reassessment of previous work and a revised correlation between down-hole radiometric probe data and chemical assays used to convert down-hole radiometric data into equivalent uranium grades (eU₃O₈) for mineral resource estimation.

Table 1.0 Comparison between 2017 & 2023 Constrained Mineral Resource Estimates

	Constrained Mineral Resource			Constrained Mineral Resource			% Change
		2017			2023
	Tonnes (Mt)	eU₃O₈ Grade (ppm)	eU₃O₈ (Mlb)	Tonnes (Mt)	eU₃O₈ Grade (ppm)	eU₃O₈ (Mlb)	Tonnes (Mt)	eU₃O₈ Grade (ppm)	eU₃O₈ (Mlb)
Measured & Indicated	16.17	353	12.59	42.59	359	33.7	163%	2%	168%
Inferred	38.82	294	25.16	14.95	330	10.88	-61%	12%	-57%

Based on the USD50/lb U₃O₈, used to define the mining schedule in the 2017 PEA, constrained total pit resources are 36.5 Mlb eU₃O₈, comprising 34 Mt at 374 ppm eU₃O₈ for 28.4 Mlb in measured and indicated and 11 Mt at 348 ppm eU₃O₈for8.1 Mlb of inferred, highlighting the robustness of the mineral resources at Muntanga. With the quality of the resource estimate improved, higher M&I, higher grade and a notable increase in estimated resources within the constrained open-pit area, we are optimistic that the updated MRE will be favourable to the project economics previously estimated for Muntanga in the PEA, and especially as the ongoing drilling is targeting conversion of more inferred resources into indicated resources.

As per the regulations applicable in 2017 when the Company released its NI 43-101 Technical Report¹, the MRE reported did not need to be constrained by pit shells based on any particular uranium price, as almost all mineralisation at the time occurred within 125 m of surface with uranium grades that were, in general, considered to have a reasonable prospect for eventual economic extraction ("RPEEE") by open pit mining. The cut-off grade used for reporting the 2017 MRE was 100 ppm eU₃O₈.

The 2023 MRE is disclosed including an additional constraint applied to comply with the RPEEE and is accordingly reported within a constraining open-pit shell based on a uranium selling price of USD70/lb U₃O₈ and a 100 ppm eU₃O₈ cut-off grade. The updated 2023 MRE is presented in Table 3.0.

To facilitate a comparison between the 2023 and 2017 MRE, Table 2.0 below provides an assessment on the impact of a constraining open-pit shell based on uranium selling price of USD70/lb U₃O₈ and a 100 ppm eU₃O₈ cut-off grade on the 2017 MRE.

Table 2.0 Comparison of 2017 unconstrained and constrained mineral resources

	Unconstrained Mineral Resource 2017			Constrained Mineral Resource 2017
	Tonnes (Mt)	eU₃O₈ Grade (ppm)	eU₃O₈ (Mlb)	Tonnes (Mt)	eU₃O₈ Grade (ppm)	eU₃O₈ (Mlb)
Measured & Indicated	21.6	318	15.1	16.2	353	12.6
Inferred	74.6	273	44.9	38.8	294	25.2

The 2017 constrained mineral resources are based on a fixed uranium price, and should uranium prices increase, a conversion of additional material into a constrained mineral resource would be anticipated.

Based on the drilling completed in 2021 and 2022, an updated mineral resource estimate has been prepared by SRK Consulting (Canada) Inc. ("SRK"). The Mineral Resource is that portion of the resource estimate which has been constrained within an open-pit shell, considering reasonable mining, processing and general and administrative cost, geotechnical parameters and processing recoveries. SRK considers that the material reported as a Mineral Resource fulfils the requirement by the CIM Guidelines of having a RPEEE through open pit mining.

A summary of the Mineral Resources for all deposits comprising the Muntanga Project are presented in Table 3.0 below.

Table 3.0Mineral Resource Statement*, Muntanga Uranium Project, Zambia, effective date of March 31, 2023

Classification	Deposit	Tonnes	U₃O₈ Grade	U₃O₈
Classification	Deposit	(Mt)	(ppm)	Mlb
Measured	Gwabi	1.1	254	0.6
Measured	Njame	2.2	374	1.8
Indicated	Muntanga	7.5	360	5.9
	Dibbwi	3.1	255	1.8
	Dibbwi East	25.2	374	20.8
	Gwabi	2.7	374	2.2
	Njame	0.8	321	0.6
Total M&I		42.6	359	33.7
Inferred	Muntanga	4.0	319	2.8
	Dibbwi	0.6	250	0.3
	Dibbwi East	9.1	344	6.9
	Gwabi	0.2	279	0.1
	Njame	1.1	326	0.8
Total Inferred		15.0	330	10.9

*Notes:

The effective date of the mineral resource statement is March 31, 2023. The QP for the estimate is Cliff Revering, P.Eng., an employee of SRK Consulting (Canada) Inc.
Mineral resources are prepared in accordance with CIM Definition Standards (CIM, 2014) and the CIM estimation of Mineral Resources and Mineral Reserves Best Practise Guidelines (CIM, 2019).
Mineral Resources are reported at a cut-off grade of 100 ppm eU₃O₈.
Mineral resources are constrained within an optimized pit shell using a uranium price of USD70/lb U₃O₈, mining costs of USD2.90/t, processing costs of USD8.00/t ore, additional ore mining costs of USD0.50/t ore, G&A costs of USD1.50/t ore, royalty of 5% on U₃O₈ price and a discount rate of 8%.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves in the future.
All figures have been rounded to reflect the relative accuracy of the estimate.

Analysis of the open-pit shell used to constrain the MRE highlights that there are still inferred category mineral resources that have the potential to be converted to indicated resources with additional drilling. That would enable them to be included in the economics related to any future feasibility study, as the examples below indicate. This work is currently under way as part of this year's previously announced drilling program.

Figures 1&2: Sections from Dibbwi East showing resource classification and MRE Shell

Fig 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5017/173744_44a688c3142f4895_001full.jpg

Fig 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5017/173744_44a688c3142f4895_002full.jpg

Figure 3 - Dibbwi East drillhole and cross-section location map

Fig 3

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5017/173744_44a688c3142f4895_003full.jpg

In conclusion, the updated MRE for the Muntanga Project is a testament to GoviEx's strategic focus and commitment to maximizing the potential of its vast resource base. As the only uranium developer with two African projects ready to begin development and near-term production, GoviEx is well placed to benefit from future growth.

Qualified Person Statement
The technical information and associated data in this release has been reviewed, verified and approved by Cliff Revering, P.Eng., who is an independent Qualified Person under the terms of NI 43-101 for uranium deposits.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About GoviEx Uranium Inc.
|GoviEx is a mineral resource company focused on the exploration and development of uranium properties in Africa. GoviEx's principal objective is to become a significant uranium producer through the continued exploration and development of its flagship mine-permitted Madaouela Project in Niger, its mine-permitted Mutanga Project in Zambia, and its multi-element Falea Project in Mali.

Contact Information
Isabel Vilela, Head of Investor Relations and Corporate Communications
Tel: +1-604-681-5529
Email: info@goviex.com Web: www.goviex.com

Cautionary Statement Regarding Forward-Looking Statements
This news release contains forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of current or historical facts contained in this news release are forward-looking information.

Forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in GoviEx's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.

Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) that the Company will be successful in its exploration and development plans for all its projects; (ii) that projected low capital expenditures for the mine-permitted projects will remain unchanged or improve; (iii) that the planned exploration and development programs on GoviEx's projects will be completed as planned and meet GoviEx's objectives; and (iv) that the price of uranium will remain sufficiently high and the costs of advancing the Company's projects will remain sufficiently low so as to permit GoviEx to implement its business plans in a profitable manner.

Factors that could cause actual results to differ materially from expectations include (i) the risk that the Company may not be able to fully realize the anticipated benefits of the updated MRE and the conversion of inferred resources to indicated resources; (ii) the risk that the ongoing feasibility study may not yield the expected results; (iii) the risk that the current drilling program may not result in further potential resource upgrades; (iv) potential delays or changes in the Company's development plans due to various factors, including COVID-19 restrictions; (v) the failure of the Company's projects, for technical, logistical, labour-relations, or other reasons; (vi) a decrease in the price of uranium below what is necessary to sustain the Company's operations; (vii) an increase in the Company's operating costs above what is necessary to sustain its operations; (viii) accidents, labour disputes, or the materialization of similar risks; (ix) a deterioration in capital market conditions that prevents the Company from raising the funds it requires on a timely basis; and (x) generally, the Company's inability to develop and implement a successful business plan for any reason.

In addition, the factors described or referred to in the section entitled "Risks Factors" in the MD&A for the year ended December 31, 2022, of GoviEx, which is available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this news release.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

GoviEX Uranium Files Annual Information Form

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or the "Company"), a mineral resource company specializing in uranium exploration and development in Africa, announces that further to the filing of its audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2022, it has today voluntarily filed its Annual Information Form for the year ended December 31, 2022. These filings can be found on the Company's website at www.goviex.com and under the Company's SEDAR profile at www.sedar.com.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

GoviEx Sponsors Barefoot College International's Solar Project in Niger to Support Local Communities

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or the "Company") is proud to announce its sponsorship of Barefoot College International's Solar Project in Niger.

This groundbreaking initiative is dedicated to empowering rural women without formal education through comprehensive training in solar technology installation and maintenance, livelihoods development and a holistic women's empowerment curriculum. By fostering self-sufficiency, promoting livelihood development, and ensuring environmental sustainability, the Solar Project aims to enhance the quality of life for individuals living in rural areas.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

GoviEx Uranium Provides Update on the Sale of the Falea Exploration Project

GoviEx Uranium Inc. (TSXV: GXU) (OTCQX: GVXXF) ("GoviEx" or the "Company"), a mineral resource company specializing in uranium exploration and development in Africa, announces that the agreement with African Energy Metals Inc. ("AEM") for AEM's acquisition of all the issued and outstanding shares of GoviEx's wholly-owned Malian subsidiary, Delta Exploration Mali SARL ("Delta"), which holds the Falea project in Mali, has been terminated due to the fact that AEM was unable to complete its obligations for closing.

In light of this development, GoviEx retains ownership of the Falea project. GoviEx's primary focus is to concentrate its resources on the development of its two advanced-stage mine-permitted projects, namely Madaouela in Niger and Muntanga in Zambia.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

PrairieSky Announces Results of the Annual General Meeting of Shareholders, Election of Directors and New Board Chair

PrairieSky Royalty Ltd. (" PrairieSky " or the " Company ") (TSX: PSK) is pleased to announce that its shareholders approved all resolutions at the annual general meeting of shareholders of the Company held on April 22, 2024 (the " Meeting ") in Calgary, Alberta. The resolutions approved at the Meeting were as follows:

The resolution to appoint the seven (7) nominees as directors of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed, was passed by way of ballot and each of the directors received the following votes for their election:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Baselode to Begin Bear Uranium Project Drill Program and Updates on Catharsis

1,500 metre inaugural Bear drill program scheduled to start in coming weeks
Catharsis drill program is complete, with results to be released when assays received

Baselode Energy Corp. (TSXV: FIND) (OTCQB: BSENF) ("Baselode" or the "Company") is pleased to provide updates for its Bear ("Bear") and Catharsis ("Catharsis") uranium projects in the Athabasca Basin area, northern Saskatchewan (see Figure 1).

"This is an exciting time as we begin our inaugural drill exploration program on Bear. The geology looks compelling, with an apparent regional structure hosting uranium mineralization already being identified with historic drilling and overlapping geophysical gravity low anomalies associated with bends in EM conductors. A discovery at Bear would be fortuitous as it is located about 30 kilometres south of the Key Lake uranium mill, and 10 kilometres east of the Key Lake haul road.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Imperial to hold 2024 First Quarter Earnings Call

(TSE: IMO, NYSE American: IMO) Brad Corson, chairman, president and chief executive officer, and Peter Shaw, vice-president, investor relations, Imperial Oil Limited, will host a 2024 First Quarter Earnings Call on Friday, April 26, following the company's first quarter earnings release that morning. The event begins at 9 a.m. MT and will be accessible by webcast.

During the call, Mr. Corson will offer brief remarks prior to taking questions from Imperial's covering analysts.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

PrairieSky Royalty Announces Conference Call for Q1 2024 Results

PrairieSky will release its Q1 2024 results on Monday, April 22, 2024 after markets close. The news release detailing PrairieSky's Q1 2024 results will provide operating and financial information. Financial statements along with management's discussion and analysis will be available on PrairieSky's website at www.prairiesky.com and on SEDAR+ at www.sedarplus.com .

A conference call to discuss the results will be held for the investment community on Tuesday, April 23, 2023 beginning at 6:30 am MT (8:30 am ET). To participate in the conference call, you are asked to register at the link provided below. Details regarding the call will be provided to you upon registration.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Margaret A. McKenzie	209,835,908 (99.974%)
Anna M. Alderson	209,860,707 (99.986%)
Anuroop S. Duggal	207,811,552 (99.009%)
P. Jane Gavan	203,184,216 (96.805%)
Glenn A. McNamara	209,865,110 (99.988%)
Andrew M. Phillips	209,849,532 (99.980%)
Sheldon B. Steeves	209,757,333 (99.936%)

	Three Months Ended
(millions, except per share or as otherwise noted)	March 31 2024			December 31 2023			March 31 2023
FINANCIAL
Revenues	$	120.7		$	136.6		$	126.1

Funds from Operations		83.0			111.1			86.3
Per Share - basic and diluted ⁽¹⁾		0.35			0.46			0.36

Net Earnings		47.5			67.4			56.8
Per Share - basic and diluted ⁽¹⁾		0.20			0.28			0.24

Dividends declared ⁽²⁾		59.7			57.3			57.3
Per Share		0.25			0.24			0.24
Dividend payout ratio ⁽³⁾		72 %			52%			66%

Acquisitions - including non-cash consideration ⁽⁴⁾		8.8			22.2			5.4
Net debt at period end ⁽⁵⁾		208.3			222.1			292.4

Shares Outstanding
Shares outstanding at period end		239.0			239.0			238.9
Weighted average - basic		239.0			239.0			238.9
Weighted average - diluted		239.0			239.0			238.9

OPERATIONAL Royalty Production Volumes
Crude Oil (bbls/d)		13,142			12,844			12,212
NGL (bbls/d)		2,535			2,697			2,664
Natural Gas (MMcf/d)		62.1			60.4			59.6
Royalty Production (BOE/d) ⁽⁶⁾		26,027			25,608			24,809

Realized Pricing
Crude Oil ($/bbl)		77.18			83.27			76.25
NGL ($/bbl)		44.18			46.07			46.71
Natural Gas ($/Mcf)		1.89			2.19			4.05
Total ($/BOE) ⁽⁶⁾		47.79			51.78			52.31

Operating Netback per BOE ⁽⁷⁾		39.60			48.68			43.80

Funds from Operations per BOE		35.04			47.16			38.65

Oil Price Benchmarks
Western Texas Intermediate (WTI) (US$/bbl)		76.95			78.32			76.13
Edmonton Light Sweet ($/bbl)		92.18			99.72			99.04
Western Canadian Select (WCS) crude oil differential to WTI (US$/bbl)		(19.33	)		(21.89	)		(24.78	)

Natural Gas Price Benchmarks
AECO monthly index ($/Mcf)		2.05			2.66			4.34
AECO daily index ($/Mcf)		2.50			2.30			3.22

Foreign Exchange Rate (US$/CAD$)		0.7411			0.7343			0.7397

⁽¹⁾	^{Funds from operations and net earnings per share are calculated using the weighted average number of basic and diluted common shares outstanding.}
⁽²⁾	^{A dividend of $0.25 per share was declared on March 11, 2024. The dividend was paid on April 15, 2024 to shareholders of record as at March 28, 2024.}
⁽³⁾	^{Dividend payout ratio is defined under the "Non-GAAP Measures and Ratios" section of this press release.}
⁽⁴⁾	^{Excluding right-of-use asset additions.}
⁽⁵⁾	^{See Note 14 "Capital Management" in the interim condensed consolidated financial statements for the three months ended March 31, 2024 and 2023 and Note 15 "Capital Management" in the audited annual consolidated financial statements for the years ended December 31, 2023 and 2022.}
⁽⁶⁾	^{See "Conversions of Natural Gas to BOE".}
⁽⁷⁾	^{Operating netback per BOE is defined under the "Non-GAAP Measures and Ratios" section of this press release.}

	Three Months Ended
($ millions)	March 31 2024			December 31 2023			March 31 2023
Cash from Operating Activities	$	79.7		$	128.0		$	17.2
Other Revenue		(7.5	)		(14.6	)		(9.3	)
Amortization of Debt Issuance Costs		(0.1	)		(0.1	)		(0.2	)
Finance Expense		3.7			3.9			4.5
Current Tax Expense		14.7			14.4			16.5
Net Change in Non-cash Working Capital		3.3			(16.9	)		69.1
Operating Netback	$	93.8		$	114.7		$	97.8

	Three Months Ended
($ millions)	March 31 2024		December 31 2023		March 31 2023
Funds from Operations	$	83.0	$	111.1	$	86.3
Dividends Declared		59.7		57.3		57.3
Dividend Payout Ratio		72 %		52%		66%

	Live call participants registration URL https://register.vevent.com/register/BIb55aaa0a3c164cf8a77c5f7441f199f7

GoviEx Announces $12 Million Bought Deal Private Placement

Latest News

Latest Press Releases

Related News

TOP STOCKS