Leede Insights for 07/30/25
- nhayer9
- Jul 31
- 13 min read
Wealth Management
Allied Properties REIT (TSX: AP.UN) announced results for the three months ended June 30, 2025.
Allied conducted 317 lease tours in its rental portfolio in the quarter. Their occupied and leased area at the end of the quarter was 84.9% and 87.2%, respectively.
Allied renewed 54% of the leases maturing in the quarter, bringing renewals in the first half of the year to 69%, just below their normal range of 70% to 75%.
Allied leased a total of 588,373 square feet of GLA in the second quarter, 546,437 square feet in its rental portfolio and 41,936 square feet in their development portfolio.
Of the 546,437 square feet Allied leased in its rental portfolio, 224,651 square feet were vacant, 190,904 square feet were maturing in the quarter, and 130,882 square feet were maturing after the quarter.
74,584 square feet of the vacant space leased in the quarter involved expansion by existing users.
Average in-place net rent per occupied square foot ended the second quarter at $25.32, up 1.0% from the end of the comparable quarter.
Allied increased rent levels on renewal in the second quarter (up 3.1% ending-to-starting base rent and up 13.2% average-to-average base rent).
Boardwalk REIT (TSX: BEI.UN) announced results.
Same property sequential quarterly rental revenue growth of 1% from the prior quarter.
Same property rental revenue growth of 6.2% from a year ago.
Occupancy of 97.9%.
FFO of $1.16 per Unit; an increase of 11.5% from Q2/24.
Profit of $76.3 million.
NOI of $104.2 million; an increase of 9% from Q2/24.
Same Property Net Operating Income of $104.4 million; an increase of 9.8% from Q2/24.
Operating Margin of 66.2%; an increase of 210 bps from Q2/24.
Capital Power Corporation (TSX: CPX) declared a dividend of $0.6910 per share on the outstanding common shares for the quarter ending September 30, 2025 and announced results.
The dividend is payable on October 31, 2025, to shareholders of record at the close of business on September 29, 2025.
The quarterly dividend of $0.6910 per common share compared to the previous $0.6519 dividend represents a 6% increase, and an annualized dividend of $2.764 per common share.
Champion Iron Limited (TSX: CIA) reported results for their financial first quarter ended June 30, 2025.
Quarterly production of 3.5 million wmt (3.4 million dmt) of high-grade 66.3% Fe concentrate for the three-month period ended June 30, 2025, down 9% over the same period last year.
Record quarterly sales of 3.8 million dmt, up 10% from the previous quarter and 11% from the same prior-year period.
As a result, iron ore concentrate stockpiled at Bloom Lake decreased by 440,000 wmt quarter-over-quarter to 2.1 million wmt as at June 30, 2025.
Gross average realized selling price of US $105.5/dmt, compared to the P65 index average of US $108.4/dmt in the period.
Net average realized selling price of US $73.4/dmt, a decrease of 14% quarter-over-quarter and 26% year-over-year.
C1 cash cost for the iron ore concentrate loaded onto vessels at the Port of Sept-Îles totalled $81.9/dmt (US $59.2/dmt), representing an increase of 2% quarter-over-quarter and 7% year-over-year.
EBITDA of $57.8 million, a decrease of 55% quarter-over-quarter and 68% year-over-year.
Net income of $23.8 million, representing EPS of $0.05, compared to $39.1 million with EPS of $0.08 in the previous quarter, and compared to a net income of $81.4 million with EPS of $0.16 in the same prior-year period.
Cash balance totalled $176.1 million as at June 30, 2025, an increase of $58.6 million since March 31, 2025.
First Capital REIT (TSX: FCR.UN) announced financial results for the quarter ended June 30, 2025.
Operating FFO per unit of $0.34, representing year-over-year growth of 6.2%.
Same Property NOI growth of 6.2%, excluding bad debt expense (recovery) and lease termination fees.
Lease renewal spreads of 16.2%.
Total portfolio occupancy of 97.2%, a record high.
First National Financial Corporation (TSX: FN) announced results for the three months ended June 30, 2025.
Mortgages Under Administration (MUA) increased 8% to a record $159.9 billion from $148.2 billion at June 30, 2024.
Revenue increased 15% to $621.3 million from $538.4 million a year ago.
Pre-FMV Income increased 1% to $77.9 million from $77.5 million a year ago.
Net income was $63.4 million ($1.04 per share) compared to $54.1 million ($0.88 per share) a year ago.
Paramount Resources Ltd. (TSX: POU) announced second quarter 2025 results, the ahead of schedule start-up of their new Alhambra Plant in Willesden Green and an increase in midpoint sales volumes guidance for 2025.
Second quarter sales volumes averaged 31,631 Boe/d (46% liquids).
Sales volumes from the Central Alberta Region, which includes Willesden Green, averaged 9,223 Boe/d (60% liquids).
Kaybob Region sales volumes averaged 21,962 Boe/d (39% liquids).
Duvernay production accounted for 56% of total sales volumes and Duvernay condensate production accounted for 77% of total oil and condensate sales volumes.
Cash from operating activities was $40 million ($0.28 per basic share) in the second quarter.
Adjusted funds flow was $82 million ($0.57 per basic share).
Free cash flow was ($86) million ( ($0.60) per basic share).
Second quarter capital expenditures totaled $158 million.
Activities in the quarter included:
Willesden Green Duvernay – ten (10 net) wells drilled, five (5 net) wells completed and brought on production and the continuing construction of the first and second phases of the Company's wholly-owned and operated Alhambra Plant; and
Kaybob North Duvernay – three (3 net) wells drilled.
Construction of the first phase of the Alhambra Plant was substantially completed in July, ahead of schedule, and first sales volumes were achieved in late-July.
Volumes are expected to ramp-up in stages as construction of third-party liquids egress is completed in August and an additional 11 new Duvernay wells are completed and brought onstream through the end of the third quarter and into the fourth quarter.
Parex Resources Inc. (TSX: PXT) announced results for the three-month period ended June 30, 2025.
Average oil & natural gas production was 42,542 boe/d.
Realized net income of $49 million or $0.50 per share basic.
Generated FFO of $105 million and FFO per share of $1.08.
Produced an operating netback of $36.25/boe and an FFO netback of $26.90/boe from an average Brent price of $66.71/bbl; strong netbacks were supported by favourable oil price differentials and lower production expense, slightly offset by higher current tax.
Current taxes were $9 million; based on the current netback structure, including prevailing Brent crude oil strip pricing, the Company forecasts their FY 2025 effective tax rate to be 5-10%.
Incurred $89 million of capital expenditures, primarily from activities at LLA-32, LLA-34, and LLA-74.
Generated $16 million of free funds flow; bank debt was $18 million, and cash $99 million at quarter end.
Tamarack Valley Energy Ltd. (TSX: TVE) announced results for the three months ended June 30, 2025.
Production averaged 70,260 boe/d, highlighted by 4% growth in heavy oil volumes vs. Q1/25.
Delivered Q2/25 AFF of $197 million or $0.39 /share and FFF of $133 million or $0.26 /share.
Tamarack's Q2/25 net debt is 19% lower than Q2/24.
On a 12-month trailing basis the net debt to EBITDA multiple at the end of the quarter was 0.7x.
Speculative Stocks
Avante Corp. (TSXV: XX) announced results for fiscal 2025, representing the three months ended March 31, 2025.
Revenue of $9,347 during the fourth quarter of fiscal 2025, representing year-over-year revenue growth of 29%, or $2,088 compared to $7,259 for the prior fiscal year fourth quarter.
Recurring monthly revenues of $3,524, up from $3,019 during the Company’s fourth quarter in the prior year, a year-over-year growth of 17%.
Total gross profit from continuing operations increased by $123, compared to the same quarter in fiscal 2024.
Canopy Growth Corporation (TSX: WEED) has entered into an agreement with certain of their lenders to make three prepayments that are expected to reduce the Senior Secured Term Loan by US $50 Million by March 31, 2026.
The Agreement was entered into to facilitate the Acreage Financing.
Under the terms of the Agreement, Canopy Growth agreed to make the following prepayments under the Term Loan: US $25,000,000 at par on or about July 31, 2025; US $10,000,000 at par on or prior to December 31, 2025; and US $15,000,000 at par on or prior to March 31, 2026.
When completed, the Prepayments are expected to reduce their interest expense under the Term Loan by approximately US $6.5 million on an annualized basis.
Criterium Energy Ltd. (TSXV: CEQ) announced a successful preliminary flow test at the North Mengoepeh (N-MGH) gas field, and ongoing preparations to test in Southeast Mengoepeh (SE-MGH), in addition to providing preliminary operating results for the three-month period ended June 30, 2025.
Successful initial flow test on the MGH-20 well in North Mengoepeh with an initial rate of 2.5 MMcf/d
Re-entry operations at the SEM-1 well in SE-MGH are ongoing in preparation for extended well test in Q3
Decision taken that development of SE-MGH will be via pipeline to the Teluk Rendah Gas Plant
Averaged 890 bbl/d of production in the second quarter of 2025, up from 821 bbl/d in the same quarter of the prior year.
Eco (Atlantic) Oil & Gas Ltd. (TSXV: EOG) announced audited results for the year ended 31 March 2025
They had cash and cash equivalents of US $4.7 million and no debt as at 31 March 2025.
They had total assets of US $21.6 million, total liabilities of US $1.2 million and total equity of US $20.4 million as at 31 March 2025.
Fireweed Metals Corp. (TSXV: FWZ) reported the results of the first drill holes from Boundary Zone targeting anomalies generated from the muon tomography survey as part of the 2025 drill campaign at its Macpass Project, Yukon, Canada.
Hole NB25-004 from 202.60 m downhole: 4.40 m of 9.35% Zn, 1.38% Pb, and 21.2 g/t Ag, including 1.20 m of 23.44% Zn, 4.15% Pb, and 55.8 g/t Ag, and 35.34 m of 3.39% Zn, including 7.97 m of 8.00% Zn and 4.1 g/t Ag, and 4.31 m of 3.86% Zn and 12.3 g/t Ag
Hole NB25-002 from 200.85 m downhole : 21.72 m of 3.71% Zn and 4.2 g/t Ag, including 7.48 m of 4.83% Zn and 3.2 g/t Ag; and 7.44 m of 3.80% Zn and 8.3 g/t Ag; and 7.44 m of 3.80% Zn and 8.3 g/t Ag
Significant concentrations of germanium and gallium are associated with sphalerite mineralization.
HIVE Digital Technologies Ltd. (TSXV: HIVE) has surpassed 14 Exahash per second (EH/s) of Bitcoin mining hashrate across their operations in Canada, Sweden, and Paraguay, and in the process has realized a current Bitcoin annual run rate (ARR) revenue of $315 million, with mining margins of approximately 55% after electricity costs, based on the current hashprice per the Bitcoin Hashprice Index.
HIVE remains firmly on track to reach 18 EH/s by the end of summer and 25 EH/s by U.S. Thanksgiving, positioning the Company as one of the world's most efficient and fastest-scaling Bitcoin miners.
Lithium South Development Corporation (TSXV: LIS) announced that on July 22, 2025, in Salta, Argentina, they entered into a LOI, for the purchase of the 100 % owned Hombre Muerto North Lithium Project, the 100% owned Sophia 1, 2 and 3 concessions and the Hydra X and Hydra XI concessions which are under a Purchase Option.
The combined concession groups are collectively referred to as the "Project" and are being sold for a cash price of up to US $62 million.
The offer is at arms-length and no finder's fee is payable.
The offer was received from POSCO Argentina S.A.U. which is the 100% owned Argentine subsidiary of POSCO Holdings and is the sole owner and operator of the Sal de Oro lithium project in the Hombre Muerto Salar.
POSCO Holdings Inc. is a publicly listed company headquartered in Pohang, Republic of Korea, and is the ultimate parent company of the POSCO Group, one of the world's leading steel and battery materials producers. POSCO Holdings is listed on both the Korea Exchange (KRX) and the New York Stock Exchange (NYSE: PKX).
The LOI is non-binding and subject to several conditions, including a 60-day due diligence period, followed by a 60-day period for the negotiation and execution of the definitive agreement, during which period LIS has agreed not to solicit or entertain offers from any other parties.
Any transaction will require customary regulatory and government approvals and the approval of the shareholders of LIS at a meeting to be called in the future.
There can be no assurance that the conditions in the LOI will be satisfied or completed, or if the transaction contemplated by the LOI will be consummated.
LIS does not intend to comment further on the LOI until it deems further disclosure is appropriate or necessary.
Obsidian Energy Ltd. (TSX: OBE) reported results for the second quarter of 2025.
Achieved average production of 28,943 boe per day and funds flow from operations of $65.8 million ($0.94 per share)
Active share buyback program with ~5.4 million shares (7% of outstanding shares) repurchased and cancelled for $36.6 million.
Precision Drilling Corporation (TSX: PD) announced 2025 second quarter results.
Revenue was $407 million, including $7 million for customer-funded rig upgrades, compared to $429 million in the second quarter of 2024.
Adjusted EBITDA was $108 million, including $4 million of share-based compensation expense. In 2024, second quarter Adjusted EBITDA was $115 million and included share-based compensation expense of $10 million.
Net earnings attributable to shareholders in the second quarter was $16 million or $1.21 per share.
In the second quarter of 2024, net earnings attributable to shareholders was $21 million or $1.44 per share.
Cash provided by operations during the quarter was $147 million and they repaid $74 million of debt and repurchased $14 million of common shares.
Capital expenditures were $53 million, bringing the year-to-date total to $113 million.
Precision has revised their 2025 capital budget to $240 million from $200 million as it plans to upgrade 22 of their Super Series rigs to meet customer demand, secure additional customer commitments, and drive revenue growth.
Canada averaged 50 active drilling rigs compared to 49 active rigs in the second quarter of 2024, outpacing Canadian industry activity that declined 5%.
Canadian revenue per utilization day increased to $37,725 from $36,075 in the same period last year, primarily due to customer-funded rig upgrades.
U.S. averaged 33 active rigs versus 36 in the second quarter of 2024, reflecting a similar decline as industry activity. Compared to the first quarter, Precision's average U.S. rig count was up three rigs with U.S. rig utilization days increasing 13% while industry declined 3%.
U.S. revenue per utilization day was US $31,113 compared to US $33,227 in the same period last year, primarily due to lower industry activity that caused downward pressure on rates.
Internationally, they averaged seven active rigs versus eight in the second quarter of 2024 and realized revenue of US $36 million compared to US $40 million in the second quarter of 2024.
Service rig operating hours decreased 23% compared to the same quarter in 2024 due to customer driven project deferrals, the impact of weather, and lower U.S. activity. During the quarter they wound down their U.S. well servicing operations, selling certain assets and mobilizing others into Canada.
Tocvan Ventures Corp. (CSE: TOC) has received permit approval for an extensive drilling program and trenching activities at its flagship Gran Pilar Gold-Silver Project in Sonora, Mexico.
The permits encompass 45 drill pads across the 100% controlled 21 km² expansion area and 67 trenches to support material preparation for a planned 50,000-tonne pilot mine facility, marking a significant milestone in advancing the project toward production.
45 New Drill Pads across Gran Pilar, allowing for first ever testing of new targets over expansive area both North and South Blocks.
67 Trenches across Gran Pilar allowing for exploration and extraction of material for Pilot Mine.
Additional road access to assess all targets.
Expanding the footprint of drilled area 5x.
New Drill Pads allow for over 30,000 meters of New Drilling
Charts of the Day
Markets
Attractive Mining Jurisdictions
Finland is the most attractive jurisdiction in the world for mining investment, followed by Nevada and Alaska, according to the Annual Survey of Mining Companies released today by the Fraser Institute.
This year’s report ranks 82 jurisdictions around the world based on their geologic attractiveness (minerals and metals) and government policies that encourage or deter exploration and investment.
Rounding out the top five jurisdictions on the overall Investment Attractiveness Index, which includes both mineral endowment and policy, are Wyoming and Arizona.
The least-attractive jurisdiction on the Investment Attractiveness Index is Ethiopia, followed by Suriname, Niger, Nova Scotia, and Mozambique.
Canada
On overall investment attractiveness, Saskatchewan ranks in the global top ten for the sixth time in seven years, followed by Newfoundland & Labrador at 8th. In terms of policy factors alone, Saskatchewan ranks in the global top three while Newfoundland & Labrador ranks sixth and Alberta ranks 9th.
However, some Canadian jurisdictions are not capitalizing on their strong mineral potential due to a lack of a solid policy environment that would attract investment. For instance, Yukon and Manitoba, despite being among the top ten most attractive jurisdictions for mineral endowment, rank 40th and 43rd respectively when considering policy factors alone.
In addition, British Columbia continues to perform poorly on the policy front largely due to investor concerns over disputed land claims and protected areas.
Overall, uncertainty surrounding protected areas, land claims disputes and environmental regulations along with regulatory duplication and inconsistency continue to hinder mining investment in various Canadian jurisdictions.
Source: Fraser Institute
The value of US and Canadian energy trading for 2024
The value of energy trade between the United States and Canada remained steady in 2024 at an estimated $151 billion compared with $154 billion in 2023, according to data from the U.S. Census Bureau. Energy trade value is the total value of energy imports and exports between two countries and is driven by commodity volumes and prices.
Most of the U.S.-Canada trade value is U.S. energy imports from Canada—$124 billion in 2024—rather than from U.S. energy exports to Canada, which totaled $27 billion last year.
The volume of crude oil and natural gas traded between the two countries increased in 2024, but the value was relatively unchanged because prices for these commodities were lower on average than in 2023.
More recently, crude oil trade volumes across the U.S.-Canada border have decreased. As of March 6, 2025, Canada’s energy exports to the United States are subject to a 10% tariff. Crude oil accounts for the largest component of U.S.-Canada energy trade, and in March and April of this year, the volume of U.S. crude oil imports from Canada and U.S. crude oil exports to Canada fell by about 5% and 28%, respectively, compared with the same period in 2024, according to data from our Petroleum Supply Monthly.
Although we expect any future changes to tariff policy could also affect cross-border energy trade volumes, the United States is likely to remain the preferred destination for Canada’s crude oil given the existing pipeline infrastructure connecting the two markets. Relatively complex U.S. petroleum refineries tend to prefer heavy (dense) crude oils, such as those produced in Canada.
U.S. crude oil imports from Canada in 2024 averaged 4.1 million barrels per day (b/d), 5% more than in 2023, partly because the Trans Mountain Expansion pipeline project was placed in service. Canada sends crude oil from production centers in Alberta to the Pacific Coast in British Columbia for export by oil tanker to foreign markets, including those in the U.S. West Coast region.
U.S crude oil exports to Canada are small by comparison, averaging 360,000 b/d in 2024. U.S. crude oil exports to Canada are typically low-density and low-sulfur crude oil grades shipped to eastern Canada.
The value of natural gas trade fell significantly in 2024 due to lower natural gas prices. U.S. natural gas imports from Canada in 2024 averaged 8.5 billion cubic feet per day (Bcf/d), 7% more than in 2023, but the value of these imports fell 43% in 2024. Similarly, U.S. natural gas exports to Canada fell by 3% in 2024 to an average of 2.7 Bcf/d, and their value fell by 37%.
Electricity trade between the two countries is relatively small compared with trade of other energy sources, but these trade volumes remain a key source of supply under certain market conditions. The value of U.S. electricity imports from Canada accounted for 72% of the total electricity value traded between the two countries.
Source: US Energy Information Administration
Economics
US GDP for the second quarter (advanced estimate)
The US economy grew at an annualized 3% in Q2/25, rebounding from a 0.5% contraction in Q1/25, and beating expectations of a 2.4% rise, according to the advance estimate. The expansion primarily reflected a 30.3% plunge in imports, following a 37.9% surge in Q1, when businesses and consumers rushed to stockpile goods ahead of expected price increases following a series of tariff announcements.
Consumer spending rose at a faster pace (1.4% vs 0.5% in Q1), led by goods (2.2% vs 0.1%), though it marked the tamest growth in consecutive quarters since the covid pandemic.
Government expenditure rebounded (0.4% vs -0.6%).
Meanwhile, fixed investment slowed (0.4% vs 7.6%), with contractions in investment for structures (-10.3% vs -2.4%) and residential (-4.6% vs -1.3%) and a slowdown seen for equipment (4.8% vs 23.7%). In addition, exports were down 1.8%, the biggest decline since Q2/23, compared to a 0.4% rise in Q1/25.
Private inventories cut 3.17% from the growth.
Source: U.S. Bureau of Economic Analysis, Trading Economics
