Leede Insights for 07/31/25
- nhayer9
- Jul 31
- 15 min read
Wealth Management
Agnico Eagle Mines Limited (TSX: AEM) reported results for the second quarter of 2025.
Payable gold production was 866,029 ounces at production costs per ounce of $911, total cash costs per ounce of $933 and AISC per ounce of $1,289.
Quarterly net income of $1,069 million or $2.13 per share and record adjusted net income of $976 million or $1.94 per share.
They transitioned to a net cash position of $963 million as at June 30, 2025 as a result of the increase in its cash position by $419 million to $1,558 million and the reduction of long-term debt by $550 million to $595 million
Badger Infrastructure Solutions Ltd. (TSX: BDGI) reported second quarter results today.
Revenue was $208.2 million, up 11% from 2024.
Gross profit margin was 30.5%, up from 29.2% in 2024.
Adjusted EBITDA improved to $52.7 million, up 18% from 2024.
Adjusted EBITDA margin rose to 25.3%, up from 23.9% in 2024.
Revenue per truck per month was $41,867, compared to $40,837 in 2024.
Adjusted earnings per share was $0.60, up 33% from 2024.
Brookfield Infrastructure Partners L.P. (TSX: BIP.UN) results
Cameco Corp. (TSX: CCO) reported consolidated results.
Canadian Pacific Kansas City (TSX: CP) announced second-quarter results.
Volumes, as measured in Revenue Ton-Miles, increased 7%.
Revenues increased 4% to $3.7 billion from $3.6 billion.
Reported operating ratio (OR) decreased 110 basis points to 63.7% from 64.8%.
Core adjusted OR decreased 110 basis points to 60.7% from 61.8%.
Reported diluted EPS increased to $1.33 from $0.97.
Core adjusted diluted EPS increased 7% to $1.12 from $1.05.
Federal Railroad Administration (FRA)-reportable personal injury frequency decreased to 0.77 from 0.84.
FRA-reportable train accident frequency increased to 0.97 from 0.70.
Canadian Utilities Limited (TSX: CU) results.
Cardinal Energy Ltd. (TSX: CJ) announced results for the second quarter ended June 30, 2025.
Production of 21,184 boe/d which was 3% higher than budget despite drilling only one (1 net) conventional oil producer.
Adjusted funds flow was $49.4 million.
Net operating expenses per boe decreased 5%.
Cardinal's net debt increased to $227.1 million at the end of the second quarter of 2025.
CareRx Corporation (TSX: CRRX) reported financial results for the second quarter ended June 30, 2025.
Revenue for the quarter was $91.4 million compared to $89.6 million for the first quarter of 2025 and $92 million for the second quarter of 2024:
Increase compared to the first quarter of 2025 was primarily driven by an increase in the average number of beds serviced and one additional weekday; and
Decrease compared to the second quarter of 2024 was primarily due to a change in the mix of branded and generic pharmaceuticals dispensed.
Adjusted EBITDA for the quarter was $8 million compared to $7.8 million for the first quarter of 2025 and $7.5 million for the second quarter of 2024:
Increase compared to the prior quarter was due to the increase in the average number of beds serviced partially offset by non-recurring adjustments in other operating expenses that occurred in the prior quarter; and
Increase compared to the same period in the prior year was primarily due to certain efficiencies and cost savings initiatives.
Net income for the quarter was $0.6 million compared to net income of $0.2 million for the first quarter of 2025 and net loss of $1.4 million for the second quarter of 2024:
Increase in net income compared to the prior quarter was primarily due to an increase in the average number of beds serviced and a slight decrease in transaction costs; and
Elimination of net loss compared to the same period in the prior year was driven primarily by a non-cash adjustment related to an intangible asset impairment recorded during the second quarter of 2024 as a result of the sale of one of their non-core pharmacy locations; and decreases in finance costs, depreciation and amortization expenses; partially offset by increase in transaction, restructuring and other costs.
Cenovus Energy Inc. (TSX: CVE) second-quarter 2025 results.
Total Upstream production was 765,900 BOE/d, a decrease from 818,900 BOE/d in the first quarter.
Christina Lake production was 217,900 bbls/d compared with 237,800 bbls/d in the prior quarter
Production from the Lloydminster thermal assets was 97,800 bbls/d, a decrease from 109,900 bbls/d in the prior quarter.
Total Downstream crude throughput in the second quarter was 665,800 bbls/d, up from 665,400 bbls/d.
Revenues were $12.3 billion, down from $13.3 billion.
Upstream revenues were $6.8 billion, a decrease from $8.3 billion in the previous quarter, while Downstream revenues were $7.7 billion, in line with the previous quarter.
Total operating margin was $2.1 billion, compared with $2.8 billion in the previous quarter.
Cash from operating activities in the second quarter increased to approximately $2.4 billion from $1.3 billion.
Long-term debt, including the current portion, was $7.2 billion as at June 30, 2025. Net debt was $4.9 billion as at June 30, 2025.
Freehold Royalties Ltd. (TSX: FRU) second quarter results for the period ended June 30, 2025.
$78 million in revenue.
$57 million in funds from operations ($0.35/share)
$44 million in dividends paid ($0.27/share)
11,047 bbls/d of total crude oil and natural gas liquids (NGLs) production, a 4% increase from the previous quarter and a 13% increase year-over-year.
67% weighting to liquids, an increase from 64% in the second quarter of 2024.
16,584 boe/d of total production, a 2% increase from the previous quarter and a 9% increase year-over-year.
Gross drilling of 271 wells, comprised of 45 wells in Canada and 226 in the U.S.
Continued active leasing program with 40 new leases signed during the second quarter of 2025 (34 in Canada; 6 in the U.S.) contributing revenue of $1.9 million and $5.8 million in the first half of 2025; and
$50.36/boe average realized price ($57.83/boe in the U.S. and $44.23/boe in Canada);
31% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs.
GFL Environmental Inc. (TSX: GFL) results for the second quarter of 2025.
Revenue of $1,675.2 million, increase of 9.5% excluding the impact of divestitures.
8.3% organic price and volume growth excluding the impact of divestitures, a 170 basis point acceleration over the previous quarter.
Adjusted EBITDA of $515.1 million , increase of 14.6%
Adjusted EBITDA margin of 30.7%, 230 basis points increase over the prior year period.
Solid Waste Adjusted EBITDA margin of 34.7% , highest Q2 margin in Company's history
Adjusted Net Income from continuing operations of $101.5 million
Net income from continuing operations of $274.2 million
Year-to-date completed acquisitions generating approximately $105 million in annualized revenue
Raised full year 2025 Adjusted EBITDA guidance approximately $50 million before considering the effect of foreign currency translation.
Kinross Gold Corporation (TSX: K) results for the second quarter ended June 30, 2025.
Production of 512,574 Au eq. oz.
Production cost of sales of $1,080 per Au eq. oz. sold and attributable production cost of sales of $1,074 per Au eq. oz. sold.
Attributable all-in sustaining cost of $1,493 per Au eq. oz. sold.
Operating cash flow of $992.4 million.
Attributable free cash flow record of $646.6 million.
Margins increased by 68% to $2,204 per Au eq. oz. sold compared with Q2/24, significantly outpacing the rise in the average realized gold price.
Reported earnings of $530.7 million, or $0.43 per share, with adjusted net earnings of $541.0 million, or $0.44 per share.
On track to meet annual guidance: On an attributable basis, Kinross expects to produce 2.0 million Au eq. oz. (+/- 5%) at a production cost of sales per Au eq. oz. of $1,120 (+/- 5%) and all-in sustaining cost of $1,500 (+/- 5%) per ounce sold.
Total attributable capital expenditures are forecast to be $1,150 million (+/- 5%).
Cash and cash equivalents of $1,136.5 million, and total liquidity of approximately $2.8 billion at June 30, 2025, as both increased significantly quarter-over-quarter.
Polaris Renewable Energy Inc. (TSX: PIF) reported results.
Second quarter consolidated energy production totaled 215,797 MWh, representing a 15% increase compared to 186,886 MWh in the same quarter last year.
They generated $21.6 million in revenue from energy sales, compared to $18.7 million in the same period in 2024.
Adjusted EBITDA was $15.4 million, compared to $13.3 million in the same period in 2024.
Net earnings attributable to shareholders ended June 30, 2025 were $2,203 or $0.10 per share - basic, compared to $985 or $0.05 per share - basic in the comparative period of 2024.
They generated $16.5 million in net cash flow from operating activities, ending with a cash position of $90.7 million, including restricted cash.
Cost and G&A management improved year-over-year, (adjusting for Punta Lima Wind Farm acquisition) underscoring strong cost discipline and operational efficiency amid continuing inflationary pressure.
Primaris REIT (TSX: PMZ.UN) results for the second quarter ended June 30, 2025.
$150.8 million total rental revenue.
+5.5% Same Properties Cash NOI growth.
+5.7% Same Properties shopping centres Cash NOI growth.
90.5% committed occupancy, 88.8% in-place occupancy, and 84.8% long-term in-place occupancy.
+6.7% weighted average spread on renewing rents across 407,000 square feet.
+5.5% FFO per average diluted unit growth to $0.445.
52.6% FFO Payout Ratio.
$50.4 million in net income.
$5.0 billion total assets
5.8x Average Net Debt to Adjusted EBITDA.
$584.0 million in liquidity.
$4.4 billion in unencumbered assets.
$21.43 NAV per unit outstanding.
TC Energy Corporation (TSX: TRP) second quarter results.
Comparable EBITDA of $2.6 billion, compared to $2.3 billion.
Comparable earnings of $0.8 billion or $0.82 per common share compared to $0.8 billion or $0.79 per common share.
Net income attributable to common shares of $0.9 billion or $0.83 per common share compared to $0.8 billion or $0.78 per common share.
Segmented earnings of $2.0 billion compared to $1.7 billion.
Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, up 5% compared to second quarter 2024
Total NGTL System receipts set a new record of 15.5 Bcf on April 13, 2025.
Canadian Mainline – Western receipts averaged 4.4 Bcf/d, up 7% compared to second quarter 2024.
U.S. Natural Gas Pipelines daily average flows were 25.7 Bcf/d, in line with second quarter 2024
Deliveries to LNG facilities averaged 3.5 Bcf/d, up 6% compared to second quarter 2024
Mexico Natural Gas Pipelines flows averaged 3.6 Bcf/d, 3% higher than second quarter 2024
Set a daily flow record of 4.4 Bcf on April 22, 2025
Bruce Power achieved 98% availability in second quarter 2025
Cogeneration power plant fleet achieved 93.4% availability in second quarter 2025.
Tourmaline Oil Corp. (TSX: TOU) released results for the second quarter of 2025 and an updated multi-year EP growth plan, announced a new long-term LNG feed gas supply agreement and declare a special dividend.
Second quarter average production was 620,757 boepd, at the mid-point of the guidance range provided on May 7, 2025 and up 10% from the second quarter of 2024.
Second quarter cash flow of $822.8 million ($2.16 per diluted share) on total cash capital expenditures of $505.2 million (EP expenditures of $489.8 million ), generating free cash flow of $316.9 million for the quarter ($0.83 per diluted share).
They have entered into a long-term LNG feed gas supply agreement with Uniper (ETR: UN0) to supply 80,000 mmbtu per day of natural gas in the US Gulf Coast for an 8-year term beginning November 2028 , with international price exposure to Dutch Title Transfer Facility.
Tourmaline has released an updated EP Plan that outlines growth from current production levels of approximately 650,000 boepd to 850,000 boepd early next decade.
This build out is fully funded by cash flow and results in $2.5 to $3.0 billion of annual FCF at flat pricing on a maintenance budget by the end of the EP Plan.
Given the continued strong FCF generation in Q2 2025, they have elected to declare and pay a special dividend of $0.35 /share on August 20, 2025 to shareholders of record on August 8, 2025.
Speculative Stocks
DIRTT Environmental Solutions Ltd. (TSX: DRT) results.
Revenue of $38.9 million, a decrease of 6%, from the second quarter of 2024.
Gross profit margin decreased to 27.8% of revenue from 37.3%.
Adjusted EBITDA was $(2) million, or (5.2%) of revenue, compared to $3.2 million, or 7.7% of revenue, in the second quarter of 2024.
Net loss after tax and net loss margin was $6.6 million and 17%, respectively, compared to a net income after tax and net income margin of $0.6 million and 1.4%, respectively.
Liquidity, comprising of unrestricted cash and available borrowings, was $31.1 million at June 30, 2025, compared to $39.3 million at December 31, 2024.
Flora Growth Corp. (NASDAQ: FLGC) will effect a 1-for-39 share consolidation of the issued and outstanding common shares.
The Share Consolidation will be effective at 5:00 p.m. Eastern Time on August 3, 2025.
The common shares are expected to begin trading on The Nasdaq Capital Market on a post-Share Consolidation basis at the open of trading on August 4, 2025.
Giga Metals Corp. (TSXV: GIGA) announced the closing of the first tranche of their non-brokered private placement financing announced on July 17, 2025.
The Offering consists of both FT Units and HD Units In the first tranche of the Offering, they closed on 3,449,039 FT Units at a price of $0.09 per FT Unit for gross proceeds of $310,414; and 1,950,000 HD Units at a price of $0.08 per HD Unit for gross proceeds of $156,000.
Each FT Unit consists of one flow through common share and one common share purchase warrant.
Each HD Unit consists of one common share and one common share purchase warrant.
Each warrant is exercisable at $0.11 for three years, expiring July 30, 2028.
The securities issued have a hold period expiring 4 months plus one day after issuance, being December 1, 2025.
Proceeds from the flow-through offering will be used to advance the Turnagain project and any other Canadian properties that they may acquire, provided that they will use an amount equal to the gross proceeds received by the Company from the sale of the FT Units to incur eligible “Canadian exploration expenses” that will qualify as “flowthrough mining expenditures”.
Gran Tierra Energy Inc. (TSX: GTE) results for the quarter ended June 30, 2025.
Achieved Record Total Company Average Quarterly Production of 47,196 boepd.
Funds Flow From Operations of $54 million , Adjusted EBITDA of $77 million and Return to Free Cash Flow.
Signed Mandate Letter for Funding of Up to $200 Million.
Entered into Binding Agreement to Exit the UK North Sea.
Achieved Company Record Total of 32 Million Hours Without a Lost Time Injury.
Recorded Operating Costs per boe of $13.42 for the Quarter - the Lowest Since The First Quarter of 2022.
Kiwetinohk Energy Corp. (TSX: KEC) reported second quarter 2025 results and updated annual guidance.
Record production of 33,217 boe/d; low end of annual guidance raised by 1,000 boe/d.
Operating costs of $6.02 /boe; annual guidance lowered by $0.50 /boe.
Transportation expenses of $5.73 /boe; annual guidance lowered by $0.25 /boe.
Upstream capital of $51.1 million; high end of annual guidance reduced by $10 million.
Chicago gas sales priced at 164% premium to AECO for the six-month period ending June 30, 2025: 23% toll reduction on Alliance effective Nov 1, 2025.
Continued Montney outperformance confirms turbidite deposit overlying Simonette Duvernay with 69 high return locations mapped.
New pacesetting drill and completion costs executed in Tony Creek Duvernay and Placid Montney.
Adjusted funds flow from operations of $88.4 million, targeting a full-year 2025 range of $380 - $405 million at current strip pricing.
Free free funds flow from operations of $37.2 million, targeting a full-year 2025 range of $80 - $110 million at current strip pricing.
Restarted NCIB program.
NFI Group Inc. (TSX: NFI) subsidiary New Flyer of America Inc. (New Flyer), announced a firm award from the Regional Transportation Commission of Southern Nevada (RTC) for 46 Xcelsior ® CNG 40-foot transit buses.
The purchase was supported by Federal Transit Administration funds and comes from options included in a contract which were added to New Flyer’s backlog in the first quarter of 2025 for up to 129 Xcelsior ® CNG 40-foot transit buses.
The Xcelsior CNG buses in this order emit 90% less nitrogen oxide (NOx) than diesel engines and meets particulate matter without the need of a filter.
This leads to cleaner, more breathable air for communities that implement them.
Revive Therapeutics Ltd. (CSE: RVV) is proposing to arrange a private placement offering of up to 30,952,381 units, at a price of $0.021 per unit, for gross proceeds to Revive of up to $650,000, and to settle $67,400 owing pursuant to an arm’s length note payable by the issuance of 3,209,523 units, at a price of $0.021 per unit, being the same issue price and security being offering pursuant to the private placement.
Each unit will consist of one common share and one common share purchase warrant.
Each warrant will entitle the holder to acquire one common share at an exercise price of $0.05 for a period of 36 months following the closing.
The issue price per unit is based upon the 20-day VWAP of the shares traded on the CSE at the time that they obtained price protection.
The gross proceeds from the private placement offering will be used for working capital and payment of certain trade payables.
The proposed private placement may close in one or more tranches.
Saturn Oil & Gas Inc. (TSX: SOIL) reported results for the three months ended June 30, 2025.
Production of 40,417 boe/d exceeded high end of guidance.
Net debt reduced to $695 million, a decline of $119 million versus Q1/25.
Adjusted funds flow of $109 million ($0.56/share) was supported by net opex of $18.28/boe that beat guidance.
Record free funds flow of $93 million ($0.48/share) supports Saturn's ongoing financial flexibility.
Continued to enhance per share metrics via share buybacks during and after the quarter end, contributing to Saturn's total return to shareholders of ~$24 million since Aug/24.
Source Energy Services Ltd. (TSX: SHLE) results for the three months ended June 30, 2025.
Realized record sand sales volumes of 1,094,355 MT and sand revenue of $161.5 million, an increase of $21.4 million or 15% from the second quarter of 2024.
Generated total revenue of $201.9 million, a $25.5 million increase from the same period last year.
Realized gross margin of $36.7 million and Adjusted Gross Margin of $48.6 million, increases of 13% and 15%, respectively, when compared to the three months ended June 30, 2024.
Realized Adjusted EBITDA of $35.2 million, a $4.4 million improvement from the second quarter of 2024.
Reported net income of $13.6 million, an increase of $8.9 million from the second quarter of last year.
Delivered record sand volumes to our customer well sites through our "last mile" logistics and realized 83% utilization across the eleven-unit Sahara fleet.
Completed the next phase of the Peace River facility expansion, approaching nameplate capacity of 1,000,000 MT of domestic sand production.
Yangarra Resources Ltd. (TSX: YGR) results for the three months ended June 30, 2025.
Funds flow from operations of $15.5 million ( $0.14 per share – fully diluted), a decrease of 28% from the same period in 2024.
Oil and gas sales of $29.5 million, a decrease of 17% from the same period in 2024.
Adjusted EBITDA of $16.5 million ($0.15 per share – fully diluted), a decrease of 26% from the same period in 2024.
Net income of $6.8 million ($0.06 per share – fully diluted), a decrease of 28% from the same period in 2024.
Average production of 10,560 boe/d (42% liquids), a 7% decrease from the same period in 2024.
Operating costs of $8.87 /boe (including $3.49 /boe of transportation costs).
Operating netback of $19.54 /boe.
Operating margin of 64% and funds flow from operations margin of 53%.
G&A costs of $1.26 /boe.
Royalties at 7% of oil and gas revenue.
All in cash costs of $14.60 /boe.
Capital expenditures of $15 million.
Adjusted net debt to second quarter annualized funds flow from operations of 1.62: 1.
Adjusted net debt was $100.7 million.
Retained earnings of $350.1 million.
Decommissioning liabilities of $17.1 million (discounted).
Charts of the Day
Economics
Canadian GDP declines in May
Canadian real GDP edged down 0.1% in May for the second consecutive month, as goods-producing industries declined while services-producing industries were essentially unchanged.The goods-producing industries edged down in May, driven primarily by a contraction in the mining, quarrying and oil and gas extraction sector, while the manufacturing sector expanded in the month. The services-producing industries were essentially unchanged, as real estate, rental and leasing and transportation and warehousing posted increases while retail trade and public administration contracted. Overall, 7 of 20 industrial sectors expanded in May.
Advance information indicates that real GDP increased 0.1% in June. Increases in retail trade and wholesale trade were partially offset by a decrease in manufacturing.
The manufacturing sector grew 0.7% in May, partially offsetting April's 1.8% decline, as higher inventory accumulation largely contributed to the growth. This was the third increase for the sector in five months, with increases recorded in both durable and non-durable goods manufacturing in May. Activity in the manufacturing sector was 1.1% below the March level, the month when US tariffs on Canadian goods officially took effect.
Durable goods manufacturing industries (+1.2%) rose for the fourth time in five months, as 8 of 10 subsectors expanded in May, led by increased activity in the fabricated metal product manufacturing subsector (+2.8%), which rebounded from the previous month's decline. The machinery manufacturing subsector (-1.7%) tempered the growth in May, posting its fourth decline in five months and bringing activity to its lowest level since March 2022.
Non-durable goods manufacturing industries (+0.2%) increased following two consecutive monthly declines, as activity in most subsectors expanded in May. The chemical manufacturing subsector (+3.2%) led the growth, driven by the pharmaceutical and medicine manufacturing industry (+8.0%) which posted a second consecutive monthly increase. Petroleum refineries (-4.9%) tempered the increase in the non-durable goods manufacturing aggregate in May, since many refining facilities were undergoing maintenance and retooling throughout the month.
Transportation and warehousing increased 0.6% in May, coming off a 0.1% decline in April, as most subsectors expanded in May. Rail transportation (+1.9%) contributed the most to growth in May as volume and tonnage increased.
The mining, quarrying and oil and gas extraction sector contracted 1.0%, following two consecutive monthly increases, as most subsectors declined in May.
The mining and quarrying (except oil and gas) subsector was down 2.1% in May, as all industry groups contracted on broad-based declines across the industries.
The oil and gas extraction subsector contracted 0.8% in May, posting its first back-to-back monthly declines since April and May 2023. Oil sands extraction contracted 3.0% in May, driven by lower crude bitumen extraction as well as lower synthetic crude production as several oil extraction and upgrading facilities in Alberta continued maintenance and turnaround work throughout the month.
Source: Statistics Canada, Trading Economics
Bank of Canada holds it rate
As widely expected, the Bank of Canada (“BOC”) held the overnight rate steady for a third consecutive meeting, while leaving the door open to future cuts -- the overnight rate has remained at 2.75% since March, after 7 consecutive rate cuts lowered it from last year’s peak of 5%.
The message from the rate announcement was nuanced. The BoC acknowledged softening Canadian economic growth since January but also pointed to recent data reports remaining broadly resilient relative to more significant downside scenarios that appeared likely in the spring, and upside inflation surprises as reasons not to reduce interest rates further.
The potential “need for a reduction in the policy interest rate” was again reinforced, if there’s further net downward pressure on inflation stemming from a weakening economy. But it would likely take a significantly larger international trade shock than is currently in place to prompt that reaction, and the central bank will also need to continue to take into account fiscal policy loosening, which is better suited to deliver targeted relief to trade impacted sectors than interest rate policy.
Source: RBC Economics Research
Markets
Utilities
Share prices of Canadian-listed large cap utilities have increased by 3%, on average, since the end of Q1. This compares with an average increase of 16% for Canadian-listed renewable IPPs, and average share price increases of 27% for Canadian gas-weighted IPPs. Over this time period, North American utilities are down 2%, on average. Canadian listed large cap utilities outperformed all U.S. utility subsectors, with U.S. electric and multiutilities both down 2%, on average. Canadian Utilities (CU-T) and Emera (EMA-T,N) have been the best performing large-cap Canadian Utilities since March 31 (both up 5%).
Canadian large-cap utility valuation expansion has modestly outpaced other utility subsectors. Based on one-year forward consensus P/E, average Canadian large-cap utility valuation has increased to 18.8x, from 18.5x at the end of March. Average valuations of North American electric utilities (17.5x) and multi-utilities (17.8x) are flat relative to the end of March, with valuations of gas utilities (16.4x) having contracted by ~0.5x.
We believe that key themes are supportive of further valuation expansion for the sector.
A return to electric load growth as a result of data centre demand, re-shoring of manufacturing, and electrification.
Investments to support growth must be made with a view to customer affordability.
Governments are incentivized to expand energy infrastructure that supports economic growth.
Ongoing decarbonization through investments for ratepayer benefit (lower costs & volatility).
We expect gas utilities will remain essential for meeting winter peaks
Source: TD Cowan
