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CALGARY, Alberta, Aug. 11, 2026 (GLOBE NEWSWIRE) — Computer Modelling Group Ltd. (“CMG Group” or the “Company”) announces its financial results for the three months ended June 30, 2026, and the approval by its Board of Directors (the “Board”) of the payment of a cash dividend of $0.01 per Common Share for the first quarter ended June 30, 2026.
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FIRST QUARTER 2027 CONSOLIDATED HIGHLIGHTS
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Select financial highlights
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- Total revenue decreased by 6% (16% Organic decline(1) and 10% growth from acquisitions) to $27.8 million;
- Recurring revenue(2) decreased by 3% (12% Organic decline and 9% growth from acquisitions) to $20.3 million;
- Adjusted EBITDA(1) decreased by 10% to $6.4 million;
- Adjusted EBITDA Margin(1) was 23%, compared to 24% in the comparative period;
- Earnings per share was $0.02, a 50% decrease;
- Free Cash Flow(1) decreased by 22% to $3.5 million; Free Cash flow per share decreased to $0.04 from $0.05
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(1) Organic growth/decline, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring revenue, Free Cash Flow and Free Cash Flow per share are not standardized financial measures and might not be comparable to measures disclosed by other issuers. For more description see under Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” heading.
(2) Recurring revenue includes Annuity/maintenance licenses and Annuity license fee and excludes Perpetual licenses and Professional Services
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OVERVIEW
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On August 11, 2026, the company announced that the board of directors has approved a substantial issuer bid (SIB) pursuant to which the Company will offer to purchase for cancellation up to $20,000,000 of its common shares. It is anticipated that the SIB will commence on August 14, 2026, and will expire on September 21, 2026, unless extended, varied or withdrawn.
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In the first quarter of 2027, total revenue declined 6%. Total Recurring revenue declined 3%, as 9% growth from acquisitions was offset by 12% negative organic growth. The organic decline reflects primarily the previously disclosed customer loss incurred in the second quarter of fiscal 2026. The current quarter represents the final quarter lapping that contract loss after which year-over-year comparisons are expected to normalize.
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Professional services revenue declined 16%, with a 29% organic decline partially offset by 13% growth from acquisitions. The organic decline was driven by previously disclosed factors including the absence of CoFlow related development funding in the current quarter but that was recognized in the prior year, and the ongoing reduction in non-core professional services activity at Bluware.
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Adjusted EBITDA for the quarter declined to $6.4 million, a result of lower revenue and partially offset by disciplined cost management. Both acquisitions completed in fiscal 2026 (SeisWare and Rose & Associates) contributed positively to Adjusted EBITDA in the quarter, despite the seasonal weighting of their software revenue recognition to the second half of the year.
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Free Cash Flow declined to $3.5 million, impacted by lower revenue and higher income taxes which had a negative impact on net income.
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In the second quarter, we expect Recurring revenue to increase sequentially from Q1 driven by a higher renewal cycle in Q2 relative to Q1.
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Professional services revenue is expected to decline sequentially in the second quarter, and to represent the lowest quarter of the fiscal year. This reflects the completion of the wind down of the non-core services at Bluware and lower activity levels during the summer months.
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Adjusted EBITDA and Adjusted EBITDA margins in the second quarter are expected to decline sequentially reflecting the trough in professional services revenue and an expected increase in sales and marketing expense tied to agent commissions paid on contract renewals that happen regularly in Q2.
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For fiscal 2027, we are updating our outlook for professional services revenue which is now expected to decline between $6-7 million relative to fiscal 2026 (previously expected to be $6 million).
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For fiscal 2027, relative to the prior year and excluding the impact of future acquisitions, we continue to expect organic Recurring revenue to be stable, no decline in Adjusted EBITDA, and improved Free Cash Flow.
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Q1 2026 Dividend
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Computer Modelling Group’s Board approved a cash dividend of $0.01 per Common Share. The dividend will be paid on September 15, 2026, to shareholders of record at the close of business on September 4, 2026.
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All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated.
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Substantial Issuer Bid
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On August 11, 2026, the Company announced that the Board had approved a substantial issuer bid (the “SIB”) under which the Company will offer to repurchase for cancellation up to $20 million of its Shares at a price of not less than CAD $4.00 and not more than CAD$4.50 per share (the “Offer”). It is anticipated that the SIB will commence on August 14, 2026, and expire on September 21, 2026, unless extended, varied or withdrawn. Additional information on the SIB is disclosed in a separate press release issued on August 11, 2026.
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Conference Call
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Management will host a webcast and conference call to discuss the results for the first quarter ending June 30, 2026 on August 12, 2026 at 7 am Mountain Time. The webcast and archived recording can be accessed here or in the investors section of the company website.
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To access the conference call via telephone, please complete the online registration form here. Conference call pre-registration is recommended.
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| SUMMARY OF FINANCIAL PERFORMANCE | |||
| Three months ended June 30, | |||
| ($ thousands, except per share data) | 2026 | 2025 | % change |
| Annuity/maintenance licenses | 19,248 | 20,334 | (5)% |
| Annuity license fee | 1,041 | 518 | 101% |
| Recurring revenue(1)(2) | 20,289 | 20,852 | (3)% |
| Perpetual license | 497 | 378 | 31% |
| Total software license revenue | 20,786 | 21,230 | (2)% |
| Professional services | 7,059 | 8,403 | (16)% |
| Total Revenue | 27,845 | 29,633 | (6)% |
| Cost of revenue | 5,661 | 5,958 | (5)% |
| Operating expenses | |||
| Sales & marketing | 4,519 | 4,610 | (2)% |
| Research and development | 7,779 | 8,033 | (3)% |
| General & administrative | 5,621 | 5,739 | (2)% |
| Operating expenses | 17,919 | 18,382 | (3)% |
| Operating profit | 4,265 | 5,293 | (19)% |
| Net income | 1,326 | 3,309 | (60)% |
| Adjusted EBITDA (1) | 6,389 | 7,074 | (10)% |
| Adjusted EBITDA Margin (1) | 23% | 24% | (1)% |
| Earnings per share — basic & diluted | 0.02 | 0.04 | (50)% |
| Funds flow from operations per share – basic | 0.06 | 0.07 | (14)% |
| Free Cash Flow per share — basic (1) | 0.04 | 0.05 | (20)% |
| (1) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” section. | |||
| (2) Included in the number is a reduction of $0.3 million for the three months ended June 30, 2026, respectively ($0.2 million for the three months ended June 30, 2025), attributed to the amortization of a deferred revenue fair value reduction recognized on acquisitions. | |||
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NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES
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Non-IFRS Measures
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In this press release, reference is made to Organic growth/decline, Adjusted EBITDA, Adjusted EBITDA Margin, Recurring revenue, Free Cash Flow and Free Cash Flow per share, which are not measures of financial performance under IFRS Accounting Standards (“IFRS”). These metrics and measures are not recognized measures under IFRS, do not have meanings prescribed under IFRS, and are unlikely to be comparable to similar measures presented by other reporting issuers. These measures are provided as information complementary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of a review of our financial information reported under IFRS. Definitions and reconciliations for all terms above can be found in the “Non-IFRS Financial Measures and Reconciliation of Non-IFRS Measures” section of the Company’s Management’s Discussion and Analysis for the three months ended June 30, 2026 (the “MD&A”), filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.
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Free Cash Flow Reconciliation to Funds Flow from Operations
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Free Cash Flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow’s most directly comparable IFRS measure is funds flow from operations.Free Cash Flow per share is calculated by dividing Free Cash Flow by the number of weighted average outstanding shares during the period. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods. Management uses Free Cash Flow and Free Cash Flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities.
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| Fiscal 2025 | Fiscal 2026 | Fiscal 2027 | ||||||
| ($ thousands, unless otherwise stated) | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
| Funds flow from operations | 7,101 | 9,937 | 8,227 | 5,524 | 3,588 | 7,068 | 9,701 | 4,336 |
| Capital expenditures | (236) | (432) | (661) | (542) | (1,080) | (723) | (215) | (280) |
| Repayment of lease liabilities | (769) | (689) | (549) | (526) | (541) | (539) | (736) | (583) |
| Free Cash Flow | 6,096 | 8,816 | 7,017 | 4,456 | 1,967 | 5,806 | 8,750 | 3,473 |
| Weighted average shares – basic (thousands) | 81,887 | 82,753 | 83,064 | 83,090 | 84,058 | 82,957 | 80,511 | 78,013 |
| Free Cash Flow per share – basic | 0.07 | 0.11 | 0.08 | 0.05 | 0.02 | 0.07 | 0.11 | 0.04 |
| Funds flow from operations per share- basic | 0.09 | 0.12 | 0.10 | 0.07 | 0.04 | 0.09 | 0.12 | 0.06 |
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Free Cash Flow decreased by 22% for the three months ended June 30, 2026 compared to the same period of the previous fiscal year primarily due to lower funds flow from operations in the quarter.
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Adjusted EBITDA and Adjusted EBITDA Margin
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Adjusted EBITDA and Adjusted EBITDA Margin refers to net income before adjusting for depreciation and amortization expense, interest income, income and other taxes, stock-based compensation, retirement allowance for senior management, restructuring cost, foreign exchange gains and losses, repayment of lease obligations, asset impairments, acquisition related costs and other expenses directly related to business combinations, including compensation expenses and gains or losses on contingent consideration. Adjusted EBITDA is most directly comparable to IFRS measures operating income, net income, or liquidity but should not be construed as an alternative to such financial measures. Adjusted EBITDA Margin is most directly comparable to IFRS measure net income divided by revenue but should not be construed as an alternative thereof. The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin are useful supplemental measures as they provide an indication of the results generated by the Company’s main business activities prior to consideration of how those activities are amortized, financed or taxed. In addition, management has determined that Adjusted EBITDA and Adjusted EBITDA Margin is a more accurate measurement of the Company’s operating performance and our ability to generate earnings as compared to EBITDA and EBITDA Margin.
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| Three months ended June 30, | ||
| ($ thousands) | 2026 | 2025 |
| Net income (loss) | 1,326 | 3,309 |
| Add (deduct): | ||
| Depreciation and amortization | 2,725 | 2,415 |
| Acquisition costs | 82 | 36 |
| Stock-based compensation | 82 | 177 |
| Deferred revenue amortization on acquisition fair value reduction | 271 | 150 |
| Income and other tax expense (recovery) | 1,549 | 917 |
| Interest income | (41) | (314) |
| Interest expense | 205 | — |
| Foreign exchange loss (gain) | 773 | 911 |
| Repayment of lease liabilities | (583) | (526) |
| Adjusted EBITDA (1) | 6,389 | 7,074 |
| Adjusted EBITDA Margin (1) | 23% | 24% |
| (1) This is a non-IFRS financial measure. Refer to definition of the measures above. | ||
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Adjusted EBITDA decreased by 10% during the three months ended June 30, 2026, compared to the same period of the previous year. The decrease was primarily driven by lower net income during the quarter.
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Organic Growth/ Organic Decline
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Organic growth and organic decline are not standardized financial measures and might not be comparable to measures disclosed by other issuers. Organic growth/decline on a quarterly and year-to-date basis is most directly comparable to IFRS measure revenue and net income of businesses under CMG Group’s ownership for a year or longer beginning from the first full quarter in the current and comparative period. The Company measures organic growth/ organic decline on a quarterly and year-to-date basis at the revenue and Adjusted EBITDA levels and includes revenue and Adjusted EBITDA under CMG Group’s ownership for a year or longer, beginning from the first full quarter of CMG Group’s ownership in the current and comparative period(s). For example, Bluware-Headwave Ventures Inc. (“BHV”) was acquired on September 25, 2023 (Q2 2024). September 25, 2024, marked one full year of ownership under CMG Group and on October 1, 2024 (Q3 2025), which is the first full quarter under CMG Group’s ownership in the current and comparative period, started being tracked under Organic growth. Any revenue and Adjusted EBITDA generated by BHV prior to October 1, 2024, would not be included in Organic growth/ organic decline. Sharp was acquired on November 12, 2024 (Q3 2025) and has marked one full year of ownership under CMG Group and hence is included in organic growth/decline from January 1, 2026 (Q4 2026). SeisWare International Inc. was acquired on July 30, 2025 and will start contributing to Organic growth/ organic decline on October 1, 2026. Rose & Associates, LLP was acquired on March 25, 2026 and will start contributing to Organic growth/ organic decline on April 1, 2027.
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For further clarity, current statements include Organic growth from the following:
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- CMG, BHV and Sharp revenue and Adjusted EBITDA
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Recurring Revenue
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Recurring revenue represents the revenue recognized during the period from contracts that are recurring in nature and includes revenue recognized as “Annuity/maintenance licenses” and “Annuity license fee”. We believe that Recurring revenue is an indicator of business expansion and provides management with visibility into our ability to generate predictable cash flows.
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The table under “Revenue” heading reconciles Recurring revenue to total revenue for the periods indicated.
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| REVENUE | |||
| Three months ended June 30, | |||
| ($ thousands) | 2026 | 2025 | % change |
| Annuity/maintenance licenses | 19,248 | 20,334 | (5)% |
| Annuity license fee | 1,041 | 518 | 101% |
| Recurring revenue(1) (2) | 20,289 | 20,852 | (3)% |
| Perpetual licenses | 497 | 378 | 31% |
| Total software license revenue | 20,786 | 21,230 | (2)% |
| Professional services | 7,059 | 8,403 | (16)% |
| Total revenue | 27,845 | 29,633 | (6)% |
| (1) This is a non-IFRS financial measure. | |||
| (2) Recurring revenue includes the amortization of a fair value reduction of deferred revenue recognized on acquisition, which has reduced post acquisition revenues by $0.3 million for the three months ended June 30, 2026, ($0.5 million for the three months ended June 30, 2025). | |||
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| Condensed Consolidated Statements of Financial Position | ||
| June 30, 2026 | March 31, 2026 | |
| UNAUDITED (thousands of Canadian $) | ||
| Assets | ||
| Current assets: | ||
| Cash | 17,669 | 24,100 |
| Restricted cash | 148 | 146 |
| Short-term investment | 3,700 | 3,700 |
| Trade and other receivables | 23,494 | 29,159 |
| Prepaid expenses | 3,514 | 3,659 |
| Prepaid income taxes | 3,794 | 3,671 |
| 52,319 | 64,435 | |
| Other long-term asset | 1,302 | 1,324 |
| Intangible assets | 68,065 | 68,876 |
| Right-of-use assets | 25,541 | 26,252 |
| Property and equipment | 10,994 | 11,175 |
| Goodwill | 25,422 | 25,032 |
| Deferred tax asset | 98 | 212 |
| Total assets | 183,741 | 197,306 |
| Liabilities and shareholders’ equity | ||
| Current liabilities: | ||
| Trade payables and accrued liabilities | 9,496 | 16,749 |
| Income taxes payable | 2,256 | 2,280 |
| Acquisition holdback payable | 2,979 | 3,008 |
| Deferred revenue | 31,605 | 39,294 |
| Lease liabilities | 2,594 | 2,549 |
| Government loan | 325 | 320 |
| 49,255 | 64,200 | |
| Lease liabilities | 32,050 | 32,656 |
| Revolving credit facility | 7,800 | 6,628 |
| Government loan | 974 | 1,119 |
| Other long-term liabilities | 863 | 838 |
| Deferred tax liabilities | 13,259 | 13,534 |
| Total liabilities | 104,201 | 118,975 |
| Shareholders’ equity: | ||
| Share capital | 91,153 | 91,453 |
| Contributed surplus | 16,059 | 15,922 |
| Cumulative translation adjustment | 7,176 | 5,386 |
| Deficit | (34,848) | (34,430) |
| Total shareholders’ equity | 79,540 | 78,331 |
| Total liabilities and shareholders’ equity | 183,741 | 197,306 |
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| Condensed Consolidated Statements of Operations and Comprehensive Income | ||
| Three months ended June 30, | 2026 | 2025 |
| UNAUDITED (thousands of Canadian $ except per share amounts) | ||
| Revenue | 27,845 | 29,633 |
| Cost of revenue | 5,661 | 5,958 |
| Gross profit | 22,184 | 23,675 |
| Operating expenses | ||
| Sales and marketing | 4,519 | 4,610 |
| Research and development | 7,779 | 8,033 |
| General and administrative | 5,621 | 5,739 |
| 17,919 | 18,382 | |
| Operating profit | 4,265 | 5,293 |
| Finance income | 41 | 314 |
| Finance costs | (1,430) | (1,381) |
| Profit before income and other taxes | 2,875 | 4,226 |
| Income and other taxes | 1,549 | 917 |
| Net income | 1,326 | 3,309 |
| Other comprehensive income: | ||
| Foreign currency translation adjustment | 1,790 | (1,013) |
| Other comprehensive income | 1,790 | (1,013) |
| Total comprehensive income | 3,116 | 2,296 |
| Net income per share – basic & diluted | 0.02 | 0.04 |
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| Condensed Consolidated Statements of Cash Flows | ||
| Three months ended June 30, | 2026 | 2025 |
| UNAUDITED (thousands of Canadian $) | ||
| Operating activities | ||
| Net income | 1,326 | 3,309 |
| Adjustments for: | ||
| Depreciation and amortization of property, equipment, right-of-use assets (notes 7 & 8) | 1,135 | 1,062 |
| Amortization of intangible assets | 1,590 | 1,354 |
| Deferred income tax expense (recovery) | (330) | (383) |
| Stock-based compensation | 82 | 149 |
| Foreign exchange and other non-cash items | 533 | 33 |
| Funds flow from operations | 4,336 | 5,524 |
| Movement in non-cash working capital: | ||
| Trade and other receivables | 5,665 | 12,149 |
| Trade payables and accrued liabilities | (6,962) | (2,267) |
| Prepaid expenses and other assets | 167 | (549) |
| Income taxes receivable (payable) | 239 | (968) |
| Deferred revenue | (7,690) | (7,290) |
| Change in non-cash working capital | (8,581) | 1,075 |
| Net cash provided by operating activities | (4,245) | 6,599 |
| Financing activities | ||
| Repayment of government loan | (162) | (80) |
| Proceeds from issuance of common shares | — | 212 |
| Repurchase of shares | (1,878) | — |
| Repayment of lease liabilities | (583) | (526) |
| Proceeds from credit facility | 5,100 | — |
| Repayment of credit facility | (3,869) | — |
| Dividends paid | (779) | (4,135) |
| Net cash used in financing activities | (2,171) | (4,529) |
| Investing activities | ||
| Property and equipment additions, net of disposals | (280) | (542) |
| Net cash used in investing activities | (280) | (542) |
| (Decrease) in cash | (6,696) | 1,528 |
| Effect of foreign exchange on cash | 265 | (1,386) |
| Cash, beginning of year | 24,100 | 43,884 |
| Cash, end of year | 17,669 | 44,026 |
| Supplementary cash flow information | ||
| Interest received | 41 | 314 |
| Interest paid | 524 | 470 |
| Income taxes paid | 1,279 | 1,779 |
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CORPORATE PROFILE
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CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca.
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QUARTERLY FILINGS AND RELATED QUARTERLY FINANCIAL INFORMATION
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Management’s Discussion and Analysis (“MD&A”) and condensed consolidated interim financial statements and the notes thereto for the three months ended June 30, 2026, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group’s SEDAR+ profile www.sedarplus.ca.
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Cautionary Note Regarding Forward-Looking Statements
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Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information, including statements regarding the Company’s expectations with respect to professional services revenue declining sequentially in the second quarter and representing the lowest quarter of the fiscal year, Adjusted EBITDA and Adjusted EBITDA margins in the second quarter declining sequentially reflecting the trough in professional services revenue and an increase in sales and marketing expense tied to agent commissions paid on contract renewals that happen regularly in Q2, organic Recurring revenue being stable, no decline in Adjusted EBITDA and improved Free Cash Flow. (collectively, “Forward-Looking Information“).
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Forward-Looking Information is necessarily based on a number of opinions, estimates, and assumptions that the Company considered appropriate and reasonable as of the date such statements are made. Although the Forward-Looking Information contained herein is based upon what the Company believes are reasonable assumptions, actual results may vary from the Forward-Looking Information contained herein. Certain assumptions made in preparing the Forward-Looking Information contained herein include, without limitation: the Company’s future growth, cash flow generation, results of operations, trends in software licence sales, development plans and the status of the Company’s software development projects, future capital and other expenditures (including the amount, nature and sources of funding thereof), availability of government grants, competitive advantages, plans for and results of research and development activity, the availability of qualified personnel and general business strategies, prospects and opportunities. Additional assumptions include sufficient liquidity and free cash flow to fund potential dividends and share repurchases; favourable market conditions; continued compliance with applicable solvency tests and debt covenants; and the absence of changes to applicable laws, regulations or policies affecting issuer bids, or capital return programs.
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Inherent in the Forward-Looking Information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such Forward-Looking Information. Those risks include, but are not limited to: economic conditions in the energy industry; reliance on key customers; lack of availability of qualified personnel or management; foreign exchange; commodity price risk; geopolitical risk, including the war in Ukraine and the conflict in the Middle East; tariff risk; tax liability; sales variability; mix of revenues and potential variances from period to period; economic and political risks in countries where the Company currently does or proposes to do business; demand for the Company’s software; increased competition from other industry participants; domestic and international governmental regulation; general state of the economy; reliance on employees with specialized skills or knowledge; protection of intellectual property and other proprietary rights; interest rate risk on variable rate indebtedness; artificial intelligence risk; credit and liquidity; non-compliance with anti-corruptions and anti-bribery laws; information security breaches or other cyber-security threats; ability to successfully execute on acquisitions and to integrate acquired businesses and assets; unanticipated acquisition-related expenses; potential restrictions around asset ownership and control in foreign jurisdictions; litigation; significant obligations on CMG as a publicly traded company; price volatility of the Shares; and fraudulent and illegal activities by employees, contractors and consultants, as well as those described in the Company’s annual publicly filed documents. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that any Forward-Looking Information in this press release will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on Forward-Looking Information as a prediction of actual results.
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The Forward-Looking Information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although the Company has attempted to identify important factors that could cause actual results to differ materially from the Forward-Looking Information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The Forward-Looking Information contained herein is current as of the date hereof and, except as required under applicable law, the Company does not undertake to update or revise it to reflect new events or circumstances. Additionally, the Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of CMG, its financial or operating results, or its securities.
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This press release should be read in conjunction with the Management Discussion & Analysis and condensed consolidated financial statements and notes thereto as at and for the three months ended June 30, 2026. Readers should also refer to the section “Non-IFRS Measures” in this press release. Additional information about CMG is available on the Company’s profile on SEDAR+ at www.sedar.com, including the Company’s Annual Information Form for the year ended March 31, 2026 and dated May 21, 2026.
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