Calfrac Well Services' Q1 Net Income Surges 142% YoY

Calfrac Well Services (CFW.TO) reported a 142% jump in net income year over year in the first quarter despite lower revenue, the company said on Tuesday.

Net income was C$18.9 million, or $0.19 per share, up from $7.8 million, or $0.09 per share.

Revenue was $305.4 million, down from $370.1 million. The results reflected the normalization of spot pricing in Argentina combined with lower North American activity.

Adjusted EBITDA was $50.1 million, down from $55.3 million.

In North America, the company achieved its highest first-quarter margins in the past three years, despite the North American onshore rig count declining by about 30% over that same period.

Calfrac said it has made progress strengthening its balance sheet, reducing net debt to its lowest level in recent years.

Bunker Hill Mining Confirms Discovery of New High-Grade Silver-Lead Veins With Second Drill Intercept

Bunker Hill Mining (BNKR.V) discovered two high-grade silver-lead veins (galena-siderite) within a 28.6-feet mineralized zone near existing underground infrastructure from the ongoing underground exploration drill program on the Cate-Eight Vein Target at the Bunker Hill Mine, it said Tuesday.Drillhole BHE26-02 returned continuous mineralization over 28.6-feet grading 3.02 ounces (oz) per ton (103.39 grams per tonne (g/t)) silver, 7.44% lead and 0.85% zinc (173.5 g/t silver equivalent (AgEq)) starting at 453 ft downhole, including 17.1 ft at 4.19 oz/ton (143.64 g/t) silver, 10.67% lead and 0.73% zinc (238.05 g/t AgEq).The company said mineralization remains open in all directions and occurs within 40 feet of existing mine development, highlighting significant near-mine expansion potential in the underexplored upper mine area. Drilling also extends known mineralization about 340 feet up-dip from intercepts reported in BHE26-01, it said.Initial target interpretation suggested a single vein, the company said. The ongoing drill hole, BHE26-03 has intersected additional mineralization in projections of the new veins and is currently being logged and sampled.Shares of the company closed up 5.4% to $6.27 on Monday on the Toronto Stock Exchange.

$BNKR.V

Calfrac Well Services' Q1 Net Income Surges 142% YoY

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