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Canada’s mining sector is gaining momentum, with over 130 projects with a total value of C$117.1 billion now planned or in construction, according to Natural Resources Canada’s 2024 inventory. That’s an increase of nine projects and C$23.5 billion from the previous year, signaling strong interest in resource development.

Yet despite this growth, the path to production remains slow. A study published in FACETS and cited by the Mining Association of Canada shows that the average timeline from discovery to production exceeds 17 years, highlighting the pressing need to streamline Canada’s complex and often lengthy permitting process.

Although miners, explorers and developers have long criticized the decades-long process, Canada’s federal and provincial governments have only recently begun working to expedite the process in an effort to harness the country’s vast critical minerals potential and assert the nation’s dominance in resource extraction.

The federal government has committed to expediting and streamlining the permitting process, laying out ambitious targets in its 2024 budget. Those goals include completing federal impact assessments and permitting for designated mining projects within five years, and within two years for non-designated projects.

Achieving these targets will involve establishing a federal mining permitting coordinator, enhancing funding for federal review authorities and promoting concurrent regulatory reviews to reduce duplication and delays

Provincial governments also play a significant role in mining project approvals.

A May 2025 report from the Mining Association of BC, outlines the economic potential of 27 advanced-stage mining projects in the province totaling more than C$90 billion. The projects highlighted in the report are described as new; however, there are several past-producing assets that are being offered a new lease on life.

One of those projects is Blue Lagoon Resources’ (CSE:BLLG,OTCQB:BLAGF) Dome Mountain gold project.

Located 50 minutes from Smithers, the 22,000 hectare property hosts the historic Dome Mountain mine, where past exploration and development were focused on the Boulder Vein, initially discovered in the 1980s.

In February, Blue Lagoon secured the final permit needed to advance its Dome Mountain project, clearing the way for production to begin in Q3 2025. The permit — one of just nine mining permits granted in BC since 2015 — marks a significant milestone for the junior miner, and positions the company to transition from an explorer to a gold and silver miner.

The path to production at Dome Mountain

Although Dome Mountain was in production between 1980 and 1993 under different management, securing permits to restart activity at the 30 year old brownfield proved as complex as starting up a greenfield project.

“It wasn’t easy at all,” said Vig. “They say that it takes over 15 years to get a mine permit in BC, and people are congratulating us that we got it in just under five. And personally, I thought it was four years too late.”

He went on to note, “Imagine being in any business that you have to wait. You know, you open up your restaurant, but then you have to wait for five years to open it. I mean, it’s incredibly difficult to get a mining permit”

Indeed, BC has one of Canada’s longest permitting processes. A 2019 report from Resource World notes that it takes six months on average to get an exploration permit in Canada. However, in BC, it can take 15 to18 months.

National and provincial critical minerals strategies have been established over the last six years, and parties on both sides of the aisle have promised policy reforms. But Vig underscored the challenges that remain.

“I think we want to believe that,” he said of the notion that the permitting process will be expedited through the critical minerals push. “I think the politicians are certainly saying that, but I’m not so confident that the execution can be there,” he continued. “Because, you know, you’ve got many factors. You’ve got the infrastructure of the government itself, the bureaucracy. There are only so many people that are able to process these applications.”

Indigenous consultation and permitting with purpose

A key requirement in the permitting process is Indigenous community consultation, engagement and approval, an area provincial governments have struggled to seamlessly integrate into the process.

For Blue Lagoon, communication and consultation with the Lake Babine Nation started early and remains a key tenet.

The Lake Babine Nation is one of BC’s largest Indigenous communities, with over 2,500 registered members. Its traditional territory surrounds Babine Lake, the province’s longest natural lake.

“We have a great relationship with the Lake Babine Nation,” said Vig. “You know, honestly, it was a very simple process. It’s a philosophy, that is very rudimentary, certainly in my culture.” Vig, who is of Indian heritage, moved to Canada in 1972 with his family, credits those formative years for fostering his deep sense of respect.

“My whole upbringing is all about respect. So for us, it was very simple — respect the people, respect the land,” he said, adding that a lot of it was common sense. “Protect the water, protect the land and make sure you don’t damage it as you go along (are) good practices (for) any business,” Vig emphasized.

Water conservation and protection is especially important to Blue Lagoon, an issue Vig described as “a way of life” due to its significance for fishing and cultural practices.

‘You don’t wait to be asked — you take the initiative to understand what matters most,” he said.

As he explained, provincial regulatory requirements called for water testing at five sites along a specific stream, and Blue Lagoon chose to conduct testing at nine locations instead.

“It’s really unheard of in our industry, to the best of my knowledge. We didn’t just do what was required of us. We like to go above and beyond to make sure. And when you do things like that, I think the sincerity comes across,” he said.

Financing in a tough market

Another challenge junior miners are facing is accessing funding. Investors who once used added liquidity to the space have moved to other sectors like tech, leaving mining coffers on the decline.

Blue Lagoon has been fortunate in terms of capital raising; the company completed the final tranche of its most recent private placement in late April, raising C$2.23 million through the issuance of 8.9 million units at C$0.25 each.

The full offering brought in C$4.87 million over four tranches, fully funding Dome Mountain to production.

Blue Lagoon’s ability to fast track its permitting and funding process were praised by mining committee chair Yannis Tsitos, who has more than two decades of experience in the mining sector working for companies like global commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP). Drawing on his history with large-scale operations, Tsitos described the Blue Lagoon’s approach as unusually nimble and disciplined.

“We haven’t cut a single corner,” he said, noting that while major players can afford to raise hundreds of millions upfront, most juniors must build organically. “What’s impressive is how this team — led by Rana — used creativity and persistence to move forward without delay,” he added. “It’s not about size; it’s about profitability and execution.”

He emphasized that Dome Mountain’s 15,000 ounce per year potential is just the beginning.

“Every major company started with one mine,” said Tsitos. “This could be the first step in something much bigger, and it’s happening right here in BC, which is hungry for investment.”

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Harmony Gold Mining Company’s (NYSE:HMY,JSE:HAR) wholly owned Australian subsidiary, Harmony Gold (Australia), has entered into a binding agreement to acquire MAC Copper (NYSE:MTAL,ASX:MAC).

MAC is the owner of the CSA copper mine in New South Wales. Its annual production comes to approximately 40,000 metric tons of copper, with 2024 output totaling 41,000 metric tons of the red metal.

The transaction is priced at US$12.12 per MAC share in cash, implying a total equity value of US$1.03 billion for MAC.

“(This acquisition) is significant as it introduces a high-quality, established underground producing copper asset to the Harmony portfolio,” said Harmony Gold CEO Beyers Nel in a Tuesday (May 27) press release.

“The operation is a logical fit with the portfolio given it meets Harmony’s core investment criteria, including increasing free cash flow generation while improving margins at long-term expected commodity prices.”

Located 700 kilometers west-northwest of Sydney in the Cobar region, CSA has a history that stretches back at least 150 years. Its reserve life stands at over 12 years, and it has maintained a stable resource over the last decade.

Harmony believes CSA will be a valuable addition to its sole Australian asset, Eva, in Northwest Queensland. Harmony acquired Eva in December 2022, and believes it is set to become the state’s biggest copper mine.

According to the company, Eva and CSA could together boost its copper production on the east coast of Australia to 100,000 metric tons annually over the course of the next five years.

The transaction remains subject to certain conditions, but MAC’s board has unanimously recommended that shareholders vote in favor of the scheme. Should everything follow to schedule, the deal is expected to close in Q4.

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) (‘NorthStar’ or the ‘Company’) today announced the results of voting at its annual general and special meeting of shareholders held on May 26, 2025 (the ‘Meeting’). The Company also announced that its Board of Directors has approved the grant of equity incentive awards in the form of stock options, restricted share units (‘RSUs’) and deferred share units (‘DSUs’) pursuant to the Company’s Equity Incentive Plan.

Each of the director nominees listed in the Company’s management information circular dated April 23, 2025 (the ‘Circular’) were re-elected as directors of the Company, including Vic Bertrand, Brian Cooper, Alex Latner, Dean Macdonald, Chris McGinnis, Michael Moskowitz, Sylvia Prentice, and Barry Shafran.

The shareholders of the Company approved the re-appointment of KPMG LLP as the auditors of the Company for the ensuing year and authorized the board of directors to fix their remuneration and terms of engagement.

At the Meeting, the shareholders of the Company approved certain amendments to the Company’s omnibus equity compensation plan (the ‘Plan’), in accordance with the TSX Venture Exchange rules and policies. A copy of the Plan is attached as an appendix to the Circular, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

Stock Options

The Company has granted options to acquire up to 3,932,500 common shares of the Company to certain of its employees, consultants, and officers. The options have an exercise price of $0.06 per common share and expire in five years. The options vest annually in equal tranches over a period of three (3) years.

RSUs

The Company has granted an aggregate of 6,000,000 RSUs pursuant to the Plan to certain of its employees, consultants, and officers. The RSUs vest annually in equal tranches over a period of three (3) years.

DSUs

The Company has granted an aggregate of 2,454,545 DSUs pursuant to the Plan to non-executive directors of the Company in lieu of cash compensation for their services to date. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of the Company.

The grant of stock options, RSUs and DSUs remain subject to the approval of the TSX Venture Exchange.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

NorthStar is listed in Canada on the Toronto Stock Venture Exchange under the symbol BET and in the United States on the OTCQB under the symbol NSBBF. For more information on the company, please visit: www.northstargaming.ca.

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

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains ‘forward-looking information’ within the meaning of applicable securities laws in Canada (‘forward-looking statements’), including without limitation, statements with respect to the following: expected performance of the Company’s business. The foregoing is provided for the purpose of presenting information about management’s current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company’s anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘continues’, ‘forecasts’, ‘projects’, ‘predicts’, ‘intends’, ‘anticipates’ or ‘believes’, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘should’, ‘might’ or ‘will’ be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management’s opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward- looking information. Such factors include, among others, the following: risks related to the Company’s business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the ‘Risk Factors’ section of the Company’s most recent annual information form, which is available under NorthStar’s profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company’s control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar’s expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:

Corey Goodman
Chief Development Officer 
647-530-2387
investorrelations@northstargaming.ca

Investor Relations:

RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254120

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(TheNewswire)

Vancouver, British Columbia TheNewswire – June 2, 2025: Allied Critical Metals Inc. (CSE: ACM | FSE:0VJ0) (‘ Allied’ or the ‘ Company’ ), which is focused on its 100% owned past producing Borralha and Vila Verde (Vale das Gatas) tungsten projects in northern Portugal, is pleased to announce the commencement of a fully-funded exploration program that will include up to 5,000 metres of core drilling at the Company’s flagship Borralha Tungsten Project (the ‘ Property’ or ‘ Borralha’ ), located in northern Portugal.

Roy Bonnell, CEO and Director commented, ‘The launch of this 5,000-metre drilling campaign marks a major milestone for Allied and the continued advancement of the Borralha Project. Our experienced geological team in Portugal expects the results to meaningfully expand the current resource base, paving the way for a more robust and valuable project. All newly defined tonnage will be incorporated into an updated Preliminary Economic Assessment (PEA), scheduled for release this fall. In parallel, advanced metallurgical optimization test work will be conducted at Wardell Armstrong’s laboratories in the UK, focusing on enhancing metal recoveries and concentrate grades. These efforts are aimed at further improving the economic performance of the project and delivering a higher-quality concentrate to meet the demanding standards of end-users.’

The Borralha project is an advanced-stage brownfield tungsten project located in northern Portugal. Historically mined between 1904 and 1985, it produced over 10,280 tonnes of high-grade wolframite concentrate averaging 66% WO₃ (as described in the Company’s Technical Report, referenced below). The Borralha project is now positioned for near-term, low-cost production with modern exploration confirming significant remaining mineralization.

Key highlights include:

Current NI 43-101 Resources (as of March 2024):

  • Indicated: 4.98 million tonnes at 0.22% WO₃, 762 g/t Cu, and 4.8 g/t Ag.

  • Inferred: 7.01 million tonnes at 0.20% WO₃, 642 g/t Cu, and 4.4 g/t Ag.

The Company has completed its maiden mineral resource estimate for the Property described in its technical report entitled, ‘Technical Report on the Borralha Property, Parish of Salto, District of Vila Real, Portugal’ dated effective July 31, 2024 (the ‘ Technical Report’ ), which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca .

Recent Exploration : Drilling from 2023–2024 returned strong intercepts, including up to 10m at 1.75% WO₃ and multiple longer intervals averaging over 0.2% WO₃, as reported in the Technical Report.

Proposed 2025 RC Drilling Program:

Click Image To View Full Size

The following figure shows the plan of the proposed 2025 RC drilling program and an example of the proposed sectional drilling.

Figure 1: Proposed 2025 RC Drilling Program and Example of Proposed Sectional Drilling

Permitting: The project holds a Mining Rights Concession License and is undergoing environmental assessment to transition to full-scale mining. Current permitting allows bulk sampling of up to 150,000 tonnes per annum.

Infrastructure: Located near the major Portuguese cities of Braga and Porto, it benefits from excellent infrastructure including roads, power, water, and skilled labor.

Strategic Positioning: Borralha represents one of the few near-term, non-Chinese tungsten production opportunities globally, strategically aligning with the West’s increasing demand for critical raw materials amid heightened supply chain vulnerabilities. With Borralha and other national assets, Portugal is poised to emerge as one of Europe’s leading suppliers of tungsten , reinforcing its role in supporting the continent’s industrial resilience and green transition.

This project forms the cornerstone of Allied’s strategy to become a leading Western supplier of tungsten, a metal critical to defense, EVs, semiconductors, and industrial manufacturing.

Qualified Person

Doug Blanchflower, P.Geo. is a Consulting Geologist with Minorex Consulting and has reviewed and approved the scientific and technical information in this news release and is a Registered Professional Geoscientist in good standing with the Association of Professional Engineers and Geoscientists of British Columbia (No. 19086), and is independent from ACM and its mineral properties and is a qualified person for the purposes of National Instrument 43-101—Standards of Disclosure for Mineral Projects . Mr. Blanchflower is independent of the Company and its mineral properties.

On behalf of the Board of Directors

‘Roy Bonnell’

Roy Bonnell

CEO and Director

For further information or investor relations inquiries, please contact:

Dave Burwell

Vice President, Corporate Development

Email: daveb@alliedcritical.com

Tel: 403-410-7907

Toll Free: 1-888-221-0915

ABOUT ALLIED CRITICAL METALS

Allied Critical Metals Inc. (ACM:CSE | FSE:0VJ0) is a Canadian-based mining company focused on the expansion and revitalization of its 100% owned past producing Borralha Tungsten Project and the Vila Verde Tungsten Project in northern Portugal. Tungsten has been designated a critical metal by the United States and other western countries, as they are aggressively seeking friendly sources of this unique metal. Currently, China and Russia represent approximately 90% of the total global supply and reserves. The Tungsten market is estimated to be valued at approximately U.S.$5 to $6 billion and it is used in a variety of industries such as defense, automotive, manufacturing, electronics, and energy.

Please also visit our website at www.alliedcritical.com.

Also visit us at:

LinkedIn:

X: https://x.com/@alliedcritical/

Facebook:

Instagram: https://www.instagram.com/alliedcriticalmetals/

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains ‘forward-looking statements’, including with respect to the use of proceeds. Wherever possible, words such as ‘may’, ‘would’, ‘could’, ‘should’, ‘will’, ‘anticipate’, ‘believe’, ‘plan’, ‘expect’, ‘intend’, ‘estimate’, ‘potential for’ and similar expressions have been used to identify these forward-looking statements. These forward-looking statements reflect the current expectations of the Company’s management for future growth, results of operations, performance and business prospects and opportunities and involve significant known and unknown risks, uncertainties and assumptions, including, without limitation, those listed in the Company’s Listing Statement and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under the Company’s profile at www.sedarplus.ca ). Examples of forward-looking statements in this news release include, but are not limited to, statements regarding the proposed timeline and terms of the investor awareness campaign, anticipated benefits to Company from running the investor awareness campaign, and the performance of the investor relations services providers of the marketing services as contemplated in the marketing agreements, or at all. Should one or more of these risks or uncertainties materialize or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s Listing Statement dated April 23, 2025 , and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors. The Company disclaims any intention or obligation to revise forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this press release and has neither approved now disapproved the contents of this press release.

Copyright (c) 2025 TheNewswire – All rights reserved.

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

Source Rock Royalties Ltd. (‘Source Rock’) (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil focused royalties, announces results for the three-month period ended March 31, 2025 .

First Quarter Highlights:

  • Quarterly royalty production of 232 boe/d (92% oil and NGLs), a decrease of 4% over Q1 2024.
  • Quarterly royalty revenue of $1,676,388 , a decrease of 3% over Q1 2024.
  • Quarterly adjusted EBITDA (1) of $1,460,440 ( $0.032 per share), a decrease of 3% over Q1 2024.
  • Quarterly funds from operations (1) of $1,292,215 ( $0.028 per share), a decrease of 3% over Q1 2024.
  • Declared three monthly dividends of $0.0065 per share, resulting in a payout ratio (1) of 69%.
  • Achieved an operating netback (1) of $70.00 per boe and a corporate netback (1) of $61.94 per boe.
  • Working capital of $5,263,714 (0.115 per share) as at March 31, 2025 .

Financial and Operational Results

Three Months Ended March 31,

FINANCIAL ($, except as noted)

2025

2024

Change

Royalty revenue

1,676,388

1,728,050

-3 %

Adjusted EBITDA (1)

1,460,440

1,504,104

-3 %

Per share (basic)

0.032

0.033

-3 %

Funds from operations (1)

1,292,215

1,331,106

-3 %

Per share (basic)

0.028

0.029

-3 %

Total comprehensive income (loss)

355,381

217,968

63 %

Per share (basic)

0.008

0.005

60 %

Per share (diluted)

0.007

0.005

40 %

Dividends declared

888,863

814,176

9 %

Per share

0.0195

0.018

8 %

Payout ratio (1) (%)

69 %

61 %

13 %

Cash and cash equivalents

5,125,530

2,445,179

110 %

Per share (basic)

0.11

0.05

108 %

Average shares outstanding (basic)

45,582,727

45,231,865

1 %

Shares outstanding (end of period)

45,582,727

45,232,645

1 %

OPERATING

Average daily production (boe/d)

232

241

-4 %

Percentage oil & NGLs (%)

92 %

95 %

-3 %

Average price realizations ($/boe)

80.36

78.78

2 %

Operating netback (1) ($/boe)

70.00

68.58

2 %

Corporate netback (1) ($/boe)

61.94

60.70

2 %

(1)

This is a non-GAAP financial measure or non-GAAP ratio. Refer to the disclosure under the heading ‘Non-GAAP Financial Measures & Ratios’ for more information on each non-GAAP financial measure or ratio.

About Source Rock Royalties Ltd.

Source Rock is a pure-play oil and gas royalty company with an existing, oil focused portfolio of royalty interests concentrated in southeast Saskatchewan , central Alberta and west-central Saskatchewan . Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock’s strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.

Forward-Looking Statements

This news release includes forward-looking statements and forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as ‘plans’, ‘is expected’, ‘expects’, ‘scheduled’, ‘intends’, ‘contemplates’, ‘anticipates’, ‘believes’, ‘proposes’ or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. Forward-looking statements in this news release include statements regarding Source Rock’s dividend strategy and the amount and timing of future dividends (and the sustainability thereof), the potential for future drilling on Source Rock’s royalty lands, expectations regarding commodity prices, Source Rock’s growth strategy and expectations with respect to future royalty acquisition and partnership opportunities, and the ability to complete such acquisitions and establish such partnerships. Such statements and information are based on the current expectations of Source Rock’s management and are based on assumptions and subject to risks and uncertainties. Although Source Rock’s management believes that the assumptions underlying these statements and information are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Source Rock. Although Source Rock has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Source Rock undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures & Ratios

This news release uses the terms ‘funds from operations’ and ‘Adjusted EBITDA’ which are non-GAAP financial measures and the terms ‘payout ratio’, ‘operating netback’ and ‘corporate netback’ which are non-GAAP ratios. These financial measures and ratios do not have   a standardized prescribed meaning under GAAP and these measures and ratios may not be comparable with the calculation of similar measures disclosed by other entities.

‘Adjusted EBITDA’ is used by management to analyze the Corporation’s profitability based on the Corporation’s principal business activities prior to how these activities are financed, how assets are depreciated, amortized and impaired, and how the results are taxed. Additionally, amounts are removed relating to share-based compensation expense, the sale of assets, fair value adjustments on financial assets and liabilities, other non-cash items and certain non-standard expenses, as the Corporation does not deem these to relate to the performance of its principal business. Adjusted EBITDA is not intended to represent net profit (or loss) as calculated in accordance with IFRS.

The most directly comparable GAAP financial measure to funds from operations is cash flow from operating activities. ‘Funds from operations’ is defined as cash flow from operating activities before the change in non-cash working capital. Source Rock believes the timing of collection, payment or incurrence of these non-cash items involves a high degree of discretion and as such may not be useful for evaluating Source Rock’s operating performance. Source Rock considers funds from operations to be a key measure of operating performance as it demonstrates Source Rock’s ability to generate funds to fund operations, acquisition opportunities, dividend payments and debt repayments, if applicable. Funds from operations should not be construed as an alternative to income or cash flow from operating activities determined in accordance with GAAP as an indication of Source Rock’s performance.

‘Corporate netback’ is calculated as funds from operations divided by cumulative production volumes for the period. Corporate netback is used by Source Rock to better analyze the financial performance of its royalties against prior periods and to assess the cost efficiency of its overall corporate platform as it relates to production volumes. There is no standardized meaning for ‘corporate netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Operating netback’ represents the cash margin for products sold. Operating netback is calculated as revenue minus cash administrative expenses divided by cumulative production volumes for the period. Operating netback is used by Source Rock to assess the cash generating and operating performance of its royalties against prior periods and to assess the costs efficiency of its operating platform as it relates to production volumes. There is no standardized meaning for ‘operating netback’ and this metric as used by Source Rock may not be comparable with the calculation of similar metrics disclosed by other entities, and therefore should not be used to make comparisons.

‘Payout ratio’ is calculated as the aggregate of cash dividends declared in a period divided by funds from operations realized in such period. Source Rock considers payout ratio to be a key measure to assess Source Rock’s ability to fund operations, acquisition opportunities, dividend payments, cash taxes and debt repayments, if applicable.

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 of this release.

SOURCE Source Rock Royalties Ltd.

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At least seven people were killed when a road bridge collapsed onto a passenger train in western Russia late Saturday, with railway authorities blaming “illegal interference.”

The bridge came down in Russia’s Bryansk region, close to the Ukrainian border, crushing the moving train and injuring at least 30 people, Russian authorities reported.

The train was traveling from the town of Klimov to the capital Moscow when it was hit by the debris from the bridge and derailed, according to Russian state media outlet RIA Novosti.

Images from the Moscow interregional transport prosecutor’s office show fallen earth, debris and concrete on top of what appears to be the passenger train, and derailed carriages as emergency services attend the scene.

Moscow Railway cited the cause of the collapse as “illegal interference in transport operations,” without providing further details.

An investigation has been launched, and a team is inspecting the site, state news agency TASS reported.

The train’s engineer was among those killed in the incident, RIA Novosti reported. An infant remains in serious condition, according to the Russian emergencies ministry.

Passengers were evacuated from the wreckage and were taken to a temporary accommodation center at a nearby station, according to TASS.

Bryansk’s regional governor Alexander Bogomaz said on Telegram that emergency services and government officials were working at the scene.

“Everything necessary is being done to provide assistance to the victims,” he said, according to TASS.

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Nayib Bukele, the self-declared “world’s coolest dictator,” will mark six years as El Salvador’s president on Sunday, a period defined by contentious reforms, which critics say have brought peace to the streets at an incredibly high price.

His iron-fisted crackdown on crime in the country, that was once the most violent nation in the western hemisphere, led to the arrest and detention of around 87,000 people, often with little due process.

The government has defended the move, pointing to significant reductions in gang violence nationwide, but opponents say it has come at the cost of mass incarceration and the erosion of civil liberties.

The dragnet expanded as time wore on to include civil society groups and journalists investigating official collusion with the country’s gangs, critics say.

On May 19, Ruth López, an anti-corruption lawyer for the human rights group Cristosal, who is also a prominent critic of Bukele, was detained by Salvadoran authorities for allegedly stealing “funds from state coffers.” However, López still has not been charged with a crime despite remaining in detention.

Soon after Lopez was arrested, Bukele’s government passed a law taxing foreign donations to NGOs like Cristosal at 30%, which rights groups have described as an existential threat.

“What we have seen is a massive concentration of power in (Bukele’s) hands,” Juan Pappier, deputy director for Latin America at Human Rights Watch, said of Bukele’s six years in power. Bukele’s rule has been “based on demolition of the checks and balances of democracy and increasing efforts to silence and intimidate critics.”

The reduction of gang-related crime in El Salvador has made Bukele popular in the Central American nation, so much so that he was reelected in a landslide victory last year, even though the country’s constitution had barred anyone standing for a second term. (Bukele’s allies in Congress eventually replaced the Supreme Court’s top justices with judges willing to interpret the constitution in his favor.)

Since March 2022, the country has been under a “state of exception,” allowing the suspension of numerous constitutional rights. In the capital San Salvador, many people say they now feel safe walking through neighborhoods once considered dangerous. Though they acknowledge the country has seen a massive increase in incarcerations and a suspension of rights, Bukele’s supporters believe the resulting peace and security has been worth the tradeoff.

Not everyone agrees.

Samuel Ramírez, founder of the Movement of Victims of the Regime (MOVIR), a human rights group that works with families of people believed to have been detained without due process, says thousands have been arrested over unfounded suspicions of being linked to gangs.

Bukele has previously admitted that some innocent people have been detained by mistake but said that several thousand have already been released.

Ramírez and other activists believe that many are too afraid to speak publicly.

“Here we see soldiers armed to the teeth in the streets, the police, even armored trucks in the streets — tanks. That’s synonymous with a country at war,” he said. “The gangs, for me, have already been neutralized. And now the war is against the people, so they don’t demonstrate, don’t speak out.”

Alleged back door dealings

Though he presents himself as a law-and-order leader, Bukele has long faced allegations that he negotiated the peaceful security situation in El Salvador through back-door dealings with the gangs.

In 2021, the Biden administration accused Bukele’s regime of bribing MS-13 and Barrio 18, two of the most notorious gangs in El Salvador, to “ensure that incidents of gang violence and the number of confirmed homicides remained low.” Alleged payoffs included cash, cell phones and prostitutes for imprisoned capos.

Bukele promptly denied the allegations, calling them an “obvious lie.”

But four years later, independent newsroom El Faro published an explosive interview with two self-styled gang leaders from Barrio 18 who claimed that, in exchange for hundreds of thousands of dollars in cash, they had intimidated voters into casting their ballots for Bukele during his 2015 bid for mayor of San Salvador.

The two men gang leaders also claimed that when he became president in 2019, Bukele had arranged that the most powerful gangs in El Salvador refrain from wanton murder and extortion, lest they make him look bad, El Faro reported.

Bukele has not yet responded publicly to their allegations, but obliquely referenced the reporting from El Faro in a post on May 10, sarcastically implying the only “pact” he made with the gang leaders involved putting them in prison.

The journalists from El Faro who broke the story fled the country before it was published, anticipating arrest.

He said seven of the publication’s journalists are facing arrest warrants for reporting on the alleged deals. Even so, he said the newspaper would continue its journalistic work. For the past two years, the publication has been running most of its operations in exile from Costa Rica.

“If there was any semblance of democracy left in El Salvador, it was in independent journalism,” said Noah Bullock, executive director of Cristosal.

‘We are under a dictatorship’

Last week, Bukele’s government passed a law taxing foreign donations to NGOs at 30%.

He had proposed a similar law in 2021, but it didn’t pass. In any case, Bullock says that it’s irrelevant whether any law is proposed, passed or tabled in El Salvador: after six years of virtually unfettered power, Bukele is a law in and of himself.

She said the law will make it impossible for them to continue working. It gives them three months to renew their registration as an NGO, but they don’t know how the process will work.

Grande’s assessment of the situation is unambiguous: “Right now, we can say very openly that we are under a dictatorship.”

Despite the growing outrage from rights groups, Bukele’s punishing penal system has won him fans.

US President Donald Trump has praised the crackdown and cut a deal with Bukele, who agreed to hold hundreds of Venezuelan deportees in El Salvador’s Center for Terrorism Confinement, alongside thousands of detained Salvadorans.

Known as Cecot, the mega-prison is considered the largest penitentiary in the Americas and is notorious for the spartan conditions, which rights organizations have denounced as inhumane.

“I think what is happening here is a kind of laboratory for what could happen in other countries,” NGO worker Grande warned. “Even the United States.”

During Trump’s April meeting with Bukele at the White House, Bukele suggested the US president follow his lead when it comes to mass detentions.

“Mr. President, you have 350 million people to liberate, you know,” Bukele said of the US population. “But to liberate 350 million people, you have to imprison some. You know, that’s the way it works, right?”

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At least 26 Palestinians have been killed after Israeli forces opened fire on Sunday near a southern Gaza aid distribution center run by a controversial US-backed foundation, according to the Palestine Red Crescent Society.

“Crowds of citizens headed to receive food aid” from a site in the Rafah area, when Israeli forces opened fire, said a paramedic from the PRCS, the only medical professionals present in the area.

The GHF is a private organization backed by Israel and the United States. It was set up amid Israeli accusations that Hamas is stealing aid in Gaza and selling it for profit. Humanitarian organizations say there is no evidence of this, and Israel hasn’t presented any evidence publicly.

United Nations aid agencies have criticized the GHF’s aid mechanism, saying it violates humanitarian principles and raises the risks for Palestinians.

UN aid groups, such as UNRWA, typically check identification and rely on a database of registered families when distributing aid.

But the GHF is not screening Palestinians at aid distribution sites, despite Israeli officials saying that additional security measures were a core reason for the creation of the new program.

Criticism has been mounting against both Israel and the GHF after chaos broke out last week when tens of thousands of starving Palestinians arrived at two new food distribution sites.

According to Palestinian Ministry of Health figures from before Sunday’s incident, 11 people have been killed and dozens injured since the aid distribution sites have opened. The GHF said on Thursday that no one has been killed or injured since the distribution of aid began last week.

The statement added that it has provided more than 4.7 million meals in six days, including delivering 16 truckloads of food on Sunday morning, providing over 887,000 meals.

In a statement issued Sunday, the GHF said it will “continue scaling, with plans to build additional sites across Gaza, including in the northern region, in the weeks ahead.”

Aid was distributed “without incident,” read the statement, with the group adding it was “aware of rumors being actively fomented by Hamas suggesting deaths and injuries today.”

However, a mixed picture appears on the ground with claims of the aid distributed believed to be inaccurate.

The GHF also claims the reports of “deaths, mass injuries and chaos” at its sites are “false.”

“They are untrue and fabricated,” the statement continued.

This is a developing story and will be updated.

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Growing up in Brazil, neuroscientist Danielle Beckman always dreamed of moving to the US for work. So, in 2017, when Beckman got the opportunity to work at the California National Primate Research Center at UC Davis, she jumped on it.

“I was so excited,” she recalled. “Coming to the US was always the dream. It was always the place to be, where there’s the biggest investment in science.”

But months into President Donald Trump’s second term, as his administration wages an unprecedented war on the country’s top universities and research institutions, Beckman no longer sees the US as a welcome home for her or her research, which focuses on how viral infections like Covid-19 affect the brain.

Beckman is part of a growing wave of academics, scientists and researchers leaving the US in what many are warning could be the biggest brain drain the country has seen in decades.

But America’s loss could be the rest of the world’s gain.

As the Trump administration freezes and slashes billions of dollars in research funding, meddles with curricula, and threatens international students’ ability to study in the US, governments, universities and research institutions in Canada, Europe and Asia are racing to attract fleeing talent.

The European Union pledged €500 million ($562 million) over the next three years “to make Europe a magnet for researchers.”

A university in Marseille, France, is wooing persecuted academics under a new program called a “Safe Place for Science.” Canada’s largest health research organization is investing 30 million Canadian dollars ($21.8 million) to attract 100 scientists early in their careers from the US and elsewhere. The Research Council of Norway launched a 100 million kroner ($9.8 million) fund to lure new researchers. The president of Singapore’s Nanyang Technological University recently told a crowd at a higher education summit the school is identifying “superstar” US researchers and making them offers as soon as the next day.

The Australian Academy of Science also launched a new talent program to recruit disillusioned US-based scientists and lure Australians back home.

“We know these individuals are highly trained, talented, and have much to offer,” said Anna-Maria Arabia, chief executive of the academy, noting the program has received “encouraging interest” so far.

“It’s vitally important that science can continue without ideological interference,” Arabia said.

The US could lose its scientific edge

The US has long been a powerhouse when it comes to research and development, attracting talent from far afield with its big budgets, high salaries and swanky labs.

Since the 1960s, US government expenditure in research and development (R&D) has more than doubled from $58 billion in 1961 to almost $160 billion in 2024 (in inflation-adjusted dollars), according to federal data. When incorporating R&D funding from the private sector, that number balloons to more than an estimated $900 billion in 2023.

The US’s enormous investment in R&D has led to an outsized influence on the world stage. The US has racked up more than 400 Nobel Prizes, more than double the amount of the next country, the United Kingdom. More than a third of the US’s prizes were won by immigrants.

“We have been respected worldwide for decades because we have trained succeeding generations of researchers who are pushing into new territories,” said Kenneth Wong, a professor of education policy at Brown University.

But Trump’s second term has upended the relationship between higher education and the federal government.

Trump’s gutting of federal health and science agencies has led to sweeping job losses and funding cuts, including at the National Institutes of Health, which funds nearly $50 billion in medical research each year at universities, hospitals and scientific institutions.

Between the end of February and the beginning of April, the administration cancelled almost 700 NIH grants totaling $1.8 billion, according to an analysis in the Journal of the American Medical Association. The Trump administration has proposed reducing the NIH’s budget in 2026 by 40%.

The National Science Foundation has also slashed nearly $1.4 billion worth of grants. On Wednesday, 16 US states sued the Trump administration over the NSF cuts, which they argue will impede “groundbreaking scientific research” and “(jeopardize) national security, the economy and public health.”

Trump has also targeted elite universities and is in the middle of a legal battle with Harvard University over its refusal to bow to his administration’s directives to eliminate diversity, equity and inclusion programs, resulting in billions in frozen federal funding. That battle significantly escalated this month when Trump banned Harvard’s ability to enroll international students – a decision swiftly halted by a federal judge hours after Harvard filed suit.

This week, the White House directed federal agencies to cancel all remaining contracts with Harvard.

“The president is more interested in giving that taxpayer money to trade schools and programs and state schools where they are promoting American values, but most importantly, educating the next generation based on skills that we need in our economy and our society: apprenticeships, electricians, plumbers,” White House Press Secretary Karoline Leavitt said on Fox News this week.

“We need more of those in our country, and less LGBTQ graduate majors from Harvard University.”

‘I don’t feel so welcome’

Foreign institutions have already jumped on the chance to welcome Harvard students now caught in legal limbo. On Monday, Hong Kong University of Science and Technology said it will accept any Harvard students that wish to transfer, as well as prospective students with a current offer from Harvard.

“I see this as the most significant crisis that universities are facing since World War Two,” Wong said. “We are seeing a complete reset of this collaborative relationship between the federal government and leading research institutions.”

Once the beacon of scientific research, the US has now become an increasingly hostile place to study, teach, and do research. Three quarters of US scientists surveyed by the journal Nature in March said they were considering leaving because of the Trump administration’s policies.

Some have already jumped ship. Yale professors Jason Stanley, Marci Shore and Timothy Snyder, preeminent fascism scholars, announced in March they were leaving for the University of Toronto across the border in Canada because of Trump’s affronts to academic freedom.

Beckman, the Brazilian neuroscientist, said her lab has seen $2.5 million in grant funding cancelled in recent months. On top of these funding woes, Beckman said the Trump administration’s crackdown on immigrants, and shifting attitudes towards foreigners in the US, has also pushed her to look for work elsewhere.

“It’s the first time since I moved here that I don’t feel so welcome anymore,” she said.

As the US research ecosystem responds to shrinking budgets and intrusions on academic freedom, early-career scientists are going to be hardest hit, Wong said. But younger researchers are also more mobile, and institutions around the world are welcoming them with open arms.

“What we are losing is this whole cadre of highly productive, young, energetic, well-trained, knowledgeable, advanced researchers who are primed to take off,” Wong said.

Other countries have long deprioritized investment in scientific research as the US absorbed the R&D needs of the world, Wong said. But that trend is shifting.

R&D spending in China has surged in recent decades, and the country is close to narrowing the gap with the US. China spent more than $780 billion on R&D in 2023, according to OECD data. The European Union is also spending more on R&D. R&D investment in the bloc has increased from about $336 billion in 2007 to $504 billion in 2023, according to the OECD.

For a couple of months, Beckman said she considered stepping away from her Covid-19 research, which has become increasingly politicized under the Trump administration.

But then she started getting interviews at institutions in other countries.

“There is interest in virology everywhere in the world except the US right now.”

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Athletes, coaches and officials are among 22 people killed in a road accident in northern Nigeria as they returned from the country’s National Sports Festival on Saturday, local authorities have said.

Others were left “seriously injured” by the accident, according to a statement issued by Kano’s government office. The majority of the victims were young, it added.

“It is with a deeply saddened heart that I received the tragic news of the unfortunate incident which claimed the lives of 22 innocent citizens and left several others injured,” Abba Kabir Yusuf, governor of Kano State, said in the statement.

“On behalf of the government and the good people of Kano State, I extend our heartfelt condolences to the families of the deceased. We mourn with you and share in your grief,” he continued.

The accident was a “lone road crash that might have occurred as a result of fatigue and excessive speed,” Nigeria’s Federal Road Safety Corps said in a statement. The crash occurred at 12:30 a.m. local time Saturday (7:30 p.m. Friday ET), the statement said.

The athletes killed in the crash were returning home after “representing their state with distinction,” Nigeria’s National Sports Commission (NSC) said in a statement posted to Instagram. The commission said it was “deeply heartbroken” by the “tragic road accident.”

The victims “carried the hope of a brighter future for our nation through their passion and commitment to excellence in sports,” NSC chairperson Mallam Dikko said. “It is our duty to ensure such heroes are never forgotten.”

Sports clubs including Kano Pillars, Kano’s local soccer team, and the Nigeria Tennis Federation have also posted their condolences online.

Nigeria’s 22nd National Sports Festival was held in Ogun State in the southwest of the country, according to the NSC. After 11 days of events, the competition held its closing ceremony on Thursday, the NSC said.

Monday will be a day of mourning for “the good people of Kano to pray and sympathize with the families of the victims,” its governor announced.

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