🇨🇦 RECOMMANDATIONS 🇨🇦 du 03 juin 2026 $AAUC.TO, $ARTG.V, $DPM.TO, $FM.TO, $GMIN.TO, $ISC.TO, $LUG.TO, $OGC.TO, $PXT.TO

Canadian Earnings — Last Week's Winners May 18–24 Sector winners who delivered at least one of: ✓ Revenue growth ✓ Margin expansion ✓ Guidance raise ✓ Capital action ⛏️ MINING & METALS $IPT.V — IMPACT Silver Revenue $31.2M, up 192% YoY. Gross profit up 843% to $20.3M. Net income $11.3M versus a small loss a year ago, on silver production up 80% and a realized price up 147%. Debt-free with $49M in cash and GICs. $SCZ.V — Santacruz Silver Mining Revenue $127.5M, up 81% YoY. Net income up 201%. $THX.V — Thor Explorations Revenue $74.3M, up 16% YoY. Net income $46.8M ( 36%), EBITDA $55.8M ( 28%). Paid a quarterly plus bonus dividend, returning $13.2M to shareholders in the quarter. 🏭 INDUSTRIALS $ZDC.V — Zedcor Revenue $19.4M, up 69% YoY. Adjusted EBITDA $7.6M ( 86%), with the EBITDA margin expanding about 300 bps to 39%. MobileyeZ fleet up 108% YoY. 💻 TECHNOLOGY $LSPD.TO — Lightspeed Commerce FY2026 revenue $1.23B, up 14% YoY. Gross margin expanded 110 bps to 42.9%. Adjusted EBITDA $72.5M versus $53.7M, and operating cash flow turned positive. About $86M of stock repurchased and cancelled in the period. $CMG.TO — Computer Modelling Group Q4 FY2026 adjusted EBITDA margin expanded about 400 bps to 35%, with Q4 EPS up 17%. $20.5M of shares repurchased and cancelled during the year. Note: full-year headline revenue and EBITDA were down — the win is in the Q4 margin and the buyback, not full-year scale. 🔬 HEALTHCARE $DB.V — Decibel Cannabis Net revenue $29.8M, up 41% YoY — a record quarter. Adjusted EBITDA $6.9M ( 100%), gross margin up to 51% from 50%. International revenue up 330% on first GMP shipments into Germany. Refinanced into a new $61M facility with maturities pushed to 2030. The IFRS net loss reflects a one-time $3.4M impairment. $MPH.V — Medicure Revenue $7.9M, up 45% YoY. Adjusted EBITDA $280K versus $28K a year ago, and the net loss narrowed. Pharmacy segment up 73%. Note: gross margin slipped on mix shift toward the pharmacy channel. $COV.V — Covalon Technologies Q2 FY2026 revenue $8.7M, up 15% YoY. Gross margin expanded 690 bps to 61.5%, net income $1.1M ( 155%), adjusted EBITDA $1.3M ( 127%). Note: first-half revenue was roughly flat as Q1 was soft. $NXG.V — NexgenRx Revenue $5.0M, up 11.6% YoY. Net income $1.23M ( 133%), EBITDA $1.44M ( 75%). Effectively debt-free. $WOLF.V — Grey Wolf Animal Health Revenue $8.8M, up 10.5% YoY. Gross margin expanded about 150 bps to 54.1%, and adjusted EBITDA grew 16.6%. Net income grew roughly 5x off a small base. 🏢 REAL ESTATE $YEG.V — Yorkton Equity Group Rental revenue $3.36M, up 33% YoY, with NOI up 40%, driven by the Crystallina 184-unit acquisition closed in January and consolidated this quarter. Note: net result was near breakeven as higher financing costs offset the NOI gain. $NET-UN.V — Canadian Net REIT Raised the annual distribution 3% to $0.36 per unit. FFO, AFFO and NOI each grew about 1%; occupancy 100%. Note: the win is the distribution increase — operating metrics were broadly flat. 💰 FINANCIALS $ISC.TO — Information Services Corporation Adjusted EBITDA margin expanded about 250 bps to 39.2%, with net income up 22% and adjusted EBITDA up 11%. Operating cash flow up 137% YoY. 🛒 CONSUMER $JSDA.CN — Jones Soda Revenue $12.4M, up 194% YoY — the first quarter above $10M in years — and a return to profitability with net income $0.1M. Note: the surge leaned on one club-channel product line, and a going-concern qualification remains in effect. $EPF.V — Everyday People Financial Revenue $20.4M, up 35% YoY from continuing operations, with the ACT acquisition consolidated in the period. Note: adjusted EBITDA fell and the net loss widened — the win is top-line, not earnings. $EQ.V — EQ Inc. Revenue $1.88M, up 31% YoY. Note: the company remains loss-making with a going-concern note; the win is revenue growth only. The takeaway: the print of the week was IMPACT Silver — revenue up 192% with gross profit up 843% as silver prices and grades both ran. IPT, LSPD and ZDC each hit three criteria (revenue, margin, and either a buyback or an EBITDA inflection). Decibel and Covalon paired double-digit revenue growth with margin expansion. Silver names led the tape: IPT and SCZ both posted triple-digit revenue growth. Full breakdowns: investorlens.io #TSX #CanadianStocks #Earnings #FinTwit #SmallCap

Another one from our potential takeouts portfolio $ISC.TO. See link below for the full list. 👇

Posible primera privatización de una de nuestras empresas en cartera. Se trata de $ISC.TO, Information Services, una joya oculta con un activo casi monopolístico: el derecho exclusivo a gestionar y operar los registros de la propiedad, garantías mobiliarias y mercantiles de Saskatchewan, provincia de Canadá, hasta el año 2053. Una pena, porque no es nada fácil encontrar negocios de esta calidad. es.investing.com/news/pro/pl…

Information Services Corp to be acquired by Plenary Americas (an infrastructure developer owned by the Caisse) for $51 in cash. A little less than what was being reported as a possible price a few months ago, but still a fine outcome. I'll gladly take it. $ISC.TO

$ISC.to officially acquired at C$51/share. 55% premium to unaffected price. Near-monopoly registry business, recurring cash flows, low CAPEX, high margins. This always looked like the kind of asset private equity would eventually go after. Congrats to long-term holders!

CB Daily Brief 19/05/26 $EUR.AX: merger with $CRML at 0.035x shares $ISC.TO: acquisition by Plenary Americas for C$51

🚨 Information Services Corporation $ISC.TO to be Acquired by Plenary Americas 🚨 Plenary Americas, a public infrastructure investor principally owned by La Caisse (formerly CDPQ), will buy ISC in an all-cash deal valued at $1.2 billion. The $51/share consideration represents a 10% premium over the last closing share price, but a 55% premium over the unaffected market price prior to the strategic review announcement in September 2025.

Decent outcome for shareholders. SK deciding to hold the golden share and putting Strict employment rules in place definitely dampened the price potential. $ISC.TO

That's the exact reason the Sask Govt chose the Caisse. It doesn't have Terranet so it won't cut staff by leveraging potential synergies. It keeps the $ISC.TO "duplication" & the jobs the SaskParty wants OMERS would have offered $2-3 more but Caisse offer was "politically adroit"

The Saskatchewan Legislature ends sitting on May 20. legassembly.sk.ca/media/bdcj… As a session item, it will be voted & carried ON or BEFORE May 20 Once voted on (votes in-hand), the Plenary bid for $ISC $ISC.TO will be made public. Proclamation = closing condition. Done deal IMO

OMERS already own the Ontario and Manitoba registries would love to own this asset. Saskatchewan will have one of the fastest growing economies in Canada and also has some of the lowest housing prices which provides imbedded up side given how the revenue model works. $ISC.TO

$ISC.TO — Information Services Corporation | FY 2025 Results Saskatchewan's registry operator just posted its best year ever — record revenue and EBITDA in 2025. 📊 FY 2025 Highlights: • Revenue: $257.8M ( 4% YoY) • Net Income: $26.8M ( 32% YoY) • EPS (diluted): $1.43 vs $1.11 in 2024 • Adjusted EBITDA: $103.1M (40% margin, up from 37%) • Operating Cash Flow: $77.6M ( 9% YoY) • Adjusted Free Cash Flow: $74.7M ( $18.3M YoY) ⚡ Q4 2025: • Revenue: $65.5M ( 5% YoY) • Net Income: $4.9M (down slightly — share-based comp spike) • Operating Cash Flow: $26.3M ( $4.0M YoY) • Adjusted EBITDA: $27.1M (41% margin vs 34% Q4 2024) 💰 Capital Allocation: • Paid down $47M on credit facility during 2025 • Achieved long-term net leverage target of 2.0x–2.5x (6 months ahead of plan) • Net leverage: 2.25x at year-end • Quarterly dividend: $0.23/share declared March 19, 2026 🔮 2026 Guidance: • Revenue: $273M–$283M • Adjusted EBITDA: $100M–$107M • Ongoing Strategic Review underway — potential sale/acquisition on the table isc had a clean year. the land registry drove the bulk of the upside, with higher real estate values and record high-value Saskatchewan property registrations. services held steady and recovery solutions is quietly becoming a margin driver. the big story heading into 2026 isn't guidance — it's the strategic review. the board is actively looking at options including a potential sale. that's the wildcard investors should be watching. Full analysis: investorlens.io/stocks/ISC.T… #TSX #CanadianStocks #Dividends #RegistryServices #SmallCap

Canadian dividend stocks with earnings this week: Monday - $FEC.to Tuesday - $ATD.to - $HMM.A - $NET.un - $TNT.un Wednesday - $BYD.to - $NRR.un - $POW.to Thursday - $HPS.A - $ISC.to - $KBL.to - $PBH.to (Yeah, that's right kids. I'm back)

$ISC.TO bidding war

$ISC.TO 🇨🇦 Globe & Mail article: "Australian funds battle Canadian pension plans for ISC" "RBC Capital Markets and law firm Stikeman Elliott LLP are running ISC’s strategic review and are pushing bidders to offer at least $60 a share, which would value the company at $1.11 Bn"

Added back $MJS.V two days ago. Also increased position in $AMZE, new position in $ALYA.TO, $M.C, $NGC.V, $UCU.V and $INTC. Added back $IOT.V and increased position in $ISC.TO and $BOGO.V. For now sold out of $CPER.V, $MILI.V, $ZOMD.V, $NCI.V, $RW.V. Sold some $SSV.V and $WGO.V.

FY2025 portfolio review is out on Substack. Performance, what worked, what didn’t (yes, $DAVA again), Q4 moves, and how my risk framework is evolving as the portfolio grows. Tickers discussed: $FTK $GAMA $GAMA.L $SES $SES.MI $ISC.TO $NOMD $TTNM $TTNM.TO $DAVA $TEP Link in bio.

🚨 New Ideas Radar 🚨 $DWS.V $DBO.TO $MCB.TO $RW.V $VQS.V $VNP.TO Takeouts Portfolio $PNG.V $MDI.TO $MAL.TO $ISC.TO $ZDC.V $KITS.TO $NOA.TO $VLN.TO $HBFG.CN $FTG.TO $GRID.TO $FAR.TO $GSI.V $DRT.TO $DRX.TO $HAI.TO $SYZ.TO $E.TO $HMM.A $BQE.V $TTNM.TO $BEW.V $COV.V $SECU.V $WOLF.V $BRM.V $NPTH.V $OML.V $TMG.V $CNO.V $FRSH.V $ZTE.CN $CTX.TO

Information Services Corporation $ISC.to: The Globe reports 4 preliminary takeover offers, incl. OMERS & pensions, up to ~$58/sh. Boring cash flows attract serious capital. $ISC $ISC.to 🔗theglobeandmail.com/business…