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IW Business Bulletin – October 22, 2021

Whitecap Resources Inc. and Federated Co-operatives Ltd. Partner on Carbon Capture

Calgary-based Whitecap Resources Inc. has signed a Memorandum of Understanding with Federated Co-operatives Limited (FCL), where FCL will use Whitecap’s carbon capture utilization and storage (CCUS) capabilities to help FCL reach their emissions targets in Saskatchewan. The MOU covers carbon capture at FCL’s Co-op Refinery in Regina and at its Co-op Ethanol Complex at Belle Plaine, Sask.

CO2 would be captured, compressed and sequestered by Whitecap at its Weyburn-based CO2 Enhanced Oil Recovery (EOR) operation or “by injecting into a new saline storage facility.” Whitecap’s Weyburn facility currently sequesters 2 million tonnes of CO2 annually and the FCL project would add another 500,000 additional tonnes annually.

“The pathway to a lower carbon economy is through carbon capture and we are excited to partner with FCL to support their plans for decarbonization,” said Grant Fagerheim, Whitecap CEO. “The Government of Saskatchewan has taken a leadership role for CCUS, most recently with its announcement on September 7, 2021, and their support, along with that of the Petroleum Technology Research Centre, CCS Knowledge Centre and the Saskatchewan Ministry of Energy and Resources, will allow the FCL Project to meet its environmental goals and provide significant economic benefits to the Province of Saskatchewan.”

Whitecap will commence a study to provide compression, transportation and sequestration services to FCL, and FCL expects carbon capture facilities at both the Co-op Refinery and the Ethanol Complex to be completed by 2024 and 2026 respectively.

“The transition to a low-carbon economy is one of the largest, but most necessary, shifts we’ll have to make in our long history,” said FCL CEO Scott Banda. “Carbon capture and the work we’re doing with Whitecap is just one of multiple paths we’re exploring as part of a strategic plan to integrate sustainable solutions into our operations to improve environmental performance.”

Prompt Payment Legislation in Force on March 1, 2022

The Government of Saskatchewan announced on October 20 that on March 1, 2022, The Builders’ Lien (Prompt Payment) Amendment Act, 2019 will be proclaimed into force. The new legislation “will protect and define the rights and obligations of owners, developers, contractors and subcontractors by establishing reasonable payment timelines for construction projects and introducing an interim adjudication process as an alternative to arbitration and litigation.”

As of March 1, 2022 owners and developers must provide payment within 28 days of receiving a proper invoice for construction services, and contractors will have seven days to provide payment to subcontractors after receiving payment from said owners and/or developers.

“We’re elated beyond words to see this amendment to the Builders’ Lien Act,” said Mark Cooper, CEO at the Saskatchewan Construction Association (SKCA). “Systemic late payment in the construction industry stems from the complexity of projects, the long line of consultants, contractors, and suppliers waiting to be paid, and the notion that contractors cannot walk off a project for which they have not been paid – none of these are acceptable excuses to avoid paying for work completed on time and to specification.”

Cameco 2020 ESG Report Released

On October 21, Cameco Corp. released its 2020 ESG (environmental, social and governance) Report. The report shows how the company uses ESG “principles and practices” within Cameco, and includes metrics on its performance in ESG.

“This is the 16th annual report on our sustainability performance, in a year that was truly like no other due to the COVID-19 pandemic,” said Tim Gitzel, Cameco president and CEO. “Despite the challenges the world experienced in 2020, Cameco was resilient. We kept our focus on ensuring the safety of our workers, protecting the environment and supporting our partner communities. In fact, we received positive recognition for our performance on a number of ESG fronts last year, demonstrating the success of our programs and practices and the value we are creating.”

Helium Still Rising

Global Helium Corp. announced October 19 that the company is beginning a seismic and remote sensing program across its three core areas in southern Saskatchewan. The program will deliver data to better define additional drilling targets in the core areas.

“We are excited to be undertaking a large assessment of our three core areas. The combination of multiple technologies will give us the best resolution and information upon which to make technical and operational decisions. This program is expected to produce several drill-ready prospects and advance a number of other prospects closer to drill-ready stages,” said Wes Siemens, Global Helium president.

Global Helium has accumulated 100 per cent working interest over 1,000,000 hectares in Saskatchewan’s helium fairway since March 2021.

Mining Moves

Vancouver’s Standard Uranium Ltd. has signed an agreement with Ya’thi Néné Land and Resource Office, and will begin a winter exploration program at its Sun Dog Project located near Uranium City, Sask.

“Signing the Engagement Agreement with our First Nations and northern community representatives is a milestone event for our team at Standard Uranium and a step towards building strong relationships with local stakeholders. We have been anxiously awaiting the opportunity to explore the Sun Dog Project knowing the potential for high-grade uranium discoveries in this region. Working closely with our local stakeholders, we have the potential to bring opportunities back to this incredible region,” said Jon Bey, Standard Uranium CEO and president.

Acquisitions in Saskatoon and Swift Current

St. Catharines, Ont. based Right Time Group of Companies has announced the acquisition of Saskatoon’s furnaceguys Home Heating & Cooling. This is the 10th acquistion by Right Time and Gryphon Investors, and the first in Saskatchewan.

“Right Time is impressed with the business that owners Dennis McKee and his wife Kathleen Brannen have built. We look forward to continuing to deliver the high level of customer service that the furnaceguys brand is known for. furnaceguys will continue to remain a local company, committed to the community and people of Saskatoon,” said Craig Goettler, Right Time CEO.

DexKo Global Inc., and its wholly-owned subsidiary Dexter Axle Company (Dexter) announced on October 18 that the company has acquired National Trailer Parts Warehouse, Ltd. (National Trailer Parts) in Swift Current. According to DexKo, “National Trailer Parts supports manufacturers, dealers, and service centers in Western Canada offering the top brand trailer components in the industry. Employing over 20 people, National Trailer Parts services customers directly from their warehouse in Swift Current with their own fleet of trucks focusing on offering a wide selection of top brand trailer components with a knowledgeable, professional staff.”

Dexter, the DexKo subsidiary, is based in Elkhart, Indiana and employs 3,800 people across Canada and the U.S., and owns 17 manufacturing facilities and 32 distribution locations.

ISC 3rd Quarter Results Coming in November

Information Services Corporation (ISC) will announce release its financial results for the third quarter ended September 30, 2021 on Wednesday, November 3, 2021 after market close. An investor conference call An investor conference call will be held on Thursday, November 4, 2021 at 11.00 a.m. ET to discuss the results.

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