New Risk • Feb 25
New major risk - Revenue and earnings growth Earnings have declined by 16% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 16% per year over the past 5 years. Market cap is less than US$10m (CA$3.12m market cap, or US$2.28m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$875k). Revenue is less than US$5m (CA$3.2m revenue, or US$2.3m). New Risk • Nov 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.0m free cash flow). Share price has been highly volatile over the past 3 months (28% average weekly change). Market cap is less than US$10m (CA$2.68m market cap, or US$1.92m). Minor Risk Revenue is less than US$5m (CA$2.9m revenue, or US$2.1m). Reported Earnings • Nov 30
Second quarter 2026 earnings released: CA$0.004 loss per share (vs CA$0.003 loss in 2Q 2025) Second quarter 2026 results: CA$0.004 loss per share (further deteriorated from CA$0.003 loss in 2Q 2025). Revenue: CA$683.5k (down 26% from 2Q 2025). Net loss: CA$192.7k (loss widened 42% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Board Change • Nov 14
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Interim CEO, Interim President & Chairman Leo N. Berezan is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Sep 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 157% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (47% average weekly change). Market cap is less than US$10m (CA$3.57m market cap, or US$2.57m). Minor Risks High level of debt (157% net debt to equity). Revenue is less than US$5m (CA$3.1m revenue, or US$2.2m). Announcement • Sep 17
WesCan Energy Corp., Annual General Meeting, Nov 14, 2025 WesCan Energy Corp., Annual General Meeting, Nov 14, 2025. Location: alberta, calgary Canada Reported Earnings • Aug 29
First quarter 2026 earnings released: CA$0.003 loss per share (vs CA$0.004 loss in 1Q 2025) First quarter 2026 results: CA$0.003 loss per share (improved from CA$0.004 loss in 1Q 2025). Revenue: CA$594.5k (down 43% from 1Q 2025). Net loss: CA$151.0k (loss narrowed 3.0% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 18
Full year 2025 earnings released: CA$0.019 loss per share (vs CA$0.006 profit in FY 2024) Full year 2025 results: CA$0.019 loss per share (down from CA$0.006 profit in FY 2024). Revenue: CA$3.55m (up 39% from FY 2024). Net loss: CA$800.0k (down 442% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Board Change • Apr 24
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Interim CEO, Interim President & Chairman Leo N. Berezan is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Mar 05
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Interim CEO, Interim President & Chairman Leo N. Berezan is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 26
Third quarter 2025 earnings released: CA$0.005 loss per share (vs CA$0.004 profit in 3Q 2024) Third quarter 2025 results: CA$0.005 loss per share (down from CA$0.004 profit in 3Q 2024). Revenue: CA$833.7k (up 49% from 3Q 2024). Net loss: CA$215.3k (down 217% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Announcement • Dec 31
WesCan Energy Corp. Appoints Sarshar Ahmad to the Board of Directors WesCan Energy Corp. announced the appointment of Sarshar Ahmad to the Board of Directors of the Company effective December 30, 2024. With over two decades of experience as a geoscientist, Mr. Ahmad brings exceptional subsurface expertise to the Company. During his extensive tenure with Canadian Natural Resources Ltd. (CNRL), Sarshar Ahmad developed proficiency in the Western Canadian Sedimentary Basin, where Sarshar Ahmad led numerous exploration and development plays. Mr. Ahmad has also overseen the successful drilling of more than 400 wells, further demonstrating his technical acumen and hands-on leadership. Mr. Ahmads wealth of industry knowledge and contacts will be instrumental in guiding the Company into realizing its next stage of development. Reported Earnings • Nov 30
Second quarter 2025 earnings released: CA$0.003 loss per share (vs CA$0 in 2Q 2024) Second quarter 2025 results: CA$0.003 loss per share (further deteriorated from CA$0 in 2Q 2024). Revenue: CA$917.9k (up 36% from 2Q 2024). Net loss: CA$135.5k (down CA$139.1k from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Sep 23
WesCan Energy Corp., Annual General Meeting, Nov 15, 2024 WesCan Energy Corp., Annual General Meeting, Nov 15, 2024. Location: alberta, calgary Canada New Risk • Sep 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.006x net interest cover). Share price has been highly volatile over the past 3 months (19% average weekly change). Market cap is less than US$10m (CA$4.02m market cap, or US$2.96m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Revenue is less than US$5m (CA$2.9m revenue, or US$2.1m). Reported Earnings • Sep 05
First quarter 2025 earnings released: CA$0.004 loss per share (vs CA$0 in 1Q 2024) First quarter 2025 results: CA$0.004 loss per share (further deteriorated from CA$0 in 1Q 2024). Revenue: CA$1.04m (up 53% from 1Q 2024). Net loss: CA$155.7k (down CA$157.6k from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Aug 15
WesCan Energy Corp. announced that it expects to receive CAD 0.23625 million in funding WesCan Energy Corp announced a non-brokered private placement financing of 3,150,000 shares at a subscription price of CAD 0.075 per share for gross proceeds CAD 236,250 on August 13, 2024. Closing of the offering and the terms of the offering are subject to the acceptance and approval of the TSX Venture Exchange. Closing is expected to occur on or about August 16, 2024, or such other date or dates as the company may determine in its sole discretion. Reported Earnings • Aug 01
Full year 2024 earnings released: EPS: CA$0.006 (vs CA$0.003 loss in FY 2023) Full year 2024 results: EPS: CA$0.006 (up from CA$0.003 loss in FY 2023). Revenue: CA$2.55m (down 15% from FY 2023). Net income: CA$233.9k (up CA$369.5k from FY 2023). Profit margin: 9.2% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 01
Third quarter 2024 earnings released: EPS: CA$0.004 (vs CA$0.009 loss in 3Q 2023) Third quarter 2024 results: EPS: CA$0.004 (up from CA$0.009 loss in 3Q 2023). Revenue: CA$560.7k (down 16% from 3Q 2023). Net income: CA$183.9k (up CA$565.6k from 3Q 2023). Profit margin: 33% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 30
Second quarter 2024 earnings released: EPS: CA$0 (vs CA$0.002 in 2Q 2023) Second quarter 2024 results: EPS: CA$0 (down from CA$0.002 in 2Q 2023). Revenue: CA$676.8k (up 2.3% from 2Q 2023). Net income: CA$3.7k (down 96% from 2Q 2023). Profit margin: 0.5% (down from 13% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Board Change • Oct 05
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Interim CEO & Chairman Leo N. Berezan is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Announcement • Sep 28
Wescan Energy Corp. Announces Resignation of Greg T. Busby as Chief Executive Officer, Effective November 24, 2023 WesCan Energy Corp. announced that it received a letter of resignation from its Chief Executive Officer, Greg T. Busby. Mr. Busby's resignation as Chief Executive Officer of the Company will take effect on November 24, 2023 or such earlier date that the Board of Directors may determine. Mr. Busby has advised the Board of Directors of his willingness to support WesCan during this period of transition to ensure an orderly leadership transition to his successor. The Board of Directors of the Company thanks Mr. Busby for his dedication and service over the period of his employment and wishes him the best in his future endeavours. The Board of Directors of the Company will commence a search for a new Chief Executive Officer immediately following the Company's annual general and special meeting to be held on September 28, 2023. Reported Earnings • Aug 25
First quarter 2024 earnings released: EPS: CA$0 (vs CA$0.002 in 1Q 2023) First quarter 2024 results: EPS: CA$0 (down from CA$0.002 in 1Q 2023). Revenue: CA$680.2k (down 25% from 1Q 2023). Net income: CA$1.9k (down 97% from 1Q 2023). Profit margin: 0.3% (down from 7.9% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Board Change • Aug 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Chairman of the Board Rick Orman was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 17
Leo Berezan Announces Nomination of Directors to the Board of Directors of WesCan Energy Corp On August 15, 2023, Leo Berezan announced that on August 8, 2023, he has delivered a notice to WesCan Energy Corp to nominate 4 independent directors including him to the Company board in accordance with the Company's advance notice bylaw, for election at the upcoming Annual General and Special Meeting of shareholders scheduled to be held on September 28, 2023. In addition, Leo Berezan stated that while no meeting materials have been issued and no proxy is being solicited at this time, he wanted to share this update with the market and fellow shareholders, he has concerns regarding Company's under-performance and governance. Reported Earnings • Aug 13
Full year 2023 earnings released: CA$0.003 loss per share (vs CA$0.003 profit in FY 2022) Full year 2023 results: CA$0.003 loss per share (down from CA$0.003 profit in FY 2022). Revenue: CA$3.00m (up 126% from FY 2022). Net loss: CA$135.6k (down 233% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Aug 05
WesCan Energy Corp., Annual General Meeting, Sep 28, 2023 WesCan Energy Corp., Annual General Meeting, Sep 28, 2023. Announcement • May 27
Wescan Energy Corp. Appoints Leo Berezan to the Board of Directors of the Company WesCan Energy Corp. announce the appointment of Leo Berezan to the Board of Directors of the Company effective May 25, 2023. Mr. Berezan is a Vancouver-based businessman and major shareholder of the Company. He has extensive real estate holdings in British Columbia, Alberta and Manitoba as well as in the Dallas/Fort Worth area of Texas. He has also been a director and co-owner of R.M. Berezan &Son Ltd. for over 45 years that is involved in the ownership and leasing on a diverse landscape of commercial real estate. Mr. Berezan has served on numerous other boards of public companies, including Rainy River Resources Ltd. from 1999 to 2013 and as chair from 2007 until it was acquired by New Gold Inc. in 2013. The Company welcomes Mr. Berezan to the board of directors and management looks forward to working with him as his business experience and leadership are expected to contribute to WesCan's future strategic plans and growth of the Company. Reported Earnings • Mar 03
Third quarter 2023 earnings released: CA$0.009 loss per share (vs CA$0.007 loss in 3Q 2022) Third quarter 2023 results: CA$0.009 loss per share (further deteriorated from CA$0.007 loss in 3Q 2022). Revenue: CA$664.0k (up 109% from 3Q 2022). Net loss: CA$381.8k (loss widened 61% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
WesCan Energy Corp. (TSXV:WCE) acquired Additional Lands at Provost, Alberta. WesCan Energy Corp. (TSXV:WCE) acquired Additional Lands at Provost, Alberta on February 13, 2023.WesCan Energy Corp. (TSXV:WCE) completed the acquisition of Additional Lands at Provost, Alberta on February 13, 2023. Reported Earnings • Dec 02
Second quarter 2023 earnings released: EPS: CA$0.002 (vs CA$0.002 loss in 2Q 2022) Second quarter 2023 results: EPS: CA$0.002 (up from CA$0.002 loss in 2Q 2022). Revenue: CA$661.4k (up 110% from 2Q 2022). Net income: CA$88.7k (up CA$142.4k from 2Q 2022). Profit margin: 13% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Chairman of the Board Rick Orman was the last director to join the board, commencing their role in 2012. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 30
First quarter 2023 earnings released: EPS: CA$0.002 (vs CA$0 in 1Q 2022) First quarter 2023 results: EPS: CA$0.002 (up from CA$0 in 1Q 2022). Revenue: CA$906.3k (up 184% from 1Q 2022). Net income: CA$71.3k (up CA$68.2k from 1Q 2022). Profit margin: 7.9% (up from 1.0% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 61% per year whereas the company’s share price has increased by 63% per year. Reported Earnings • Jul 30
Full year 2022 earnings released: EPS: CA$0.003 (vs CA$0.014 in FY 2021) Full year 2022 results: EPS: CA$0.003 (down from CA$0.014 in FY 2021). Revenue: CA$1.33m (up 79% from FY 2021). Net income: CA$102.1k (down 76% from FY 2021). Profit margin: 7.7% (down from 58% in FY 2021). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 3 highly experienced directors. Independent Chairman of the Board Rick Orman was the last director to join the board, commencing their role in 2012. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 24
WesCan Energy Corp., Annual General Meeting, Jun 15, 2022 WesCan Energy Corp., Annual General Meeting, Jun 15, 2022. Reported Earnings • Mar 04
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: CA$0.007 loss per share (up from CA$0.011 loss in 3Q 2021). Revenue: CA$318.2k (up 73% from 3Q 2021). Net loss: CA$236.7k (loss narrowed 33% from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 16
WesCan Energy Corp. announced that it expects to receive CAD 1 million in funding Wescan Energy Corp announced a private placement of common shares at an issue price of CAD 0.10 per share and debt for gross proceeds of up to CAD 1,000,000 on February 15, 2022. The Company expects to raise an equal proportion of the debt and equity however, the Company may alter such proportion at its discretion subject to the demand of the Offering and current market conditions. The Common Shares issued under the Offering will be subject to a four-month plus one day hold period from the date of closing. Closing of the Offering and the terms of the Offering, including the commercial terms of any debt that is issued, are subject to the acceptance and approval of the TSX Venture Exchange. Reported Earnings • Dec 02
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: CA$0.002 loss per share (up from CA$0.004 loss in 2Q 2021). Revenue: CA$315.4k (up 35% from 2Q 2021). Net loss: CA$53.6k (loss narrowed 54% from 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Board Change • Sep 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Chairman of the Board Rick Orman was the last director to join the board, commencing their role in 2012. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 01
Full year 2021 earnings released: EPS CA$0.014 (vs CA$0.094 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: CA$742.2k (down 42% from FY 2020). Net income: CA$432.8k (up CA$3.38m from FY 2020). Profit margin: 58% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Mar 17
WesCan Energy Corp. announced that it has received CAD 0.2 million in funding On March 15, 2021, WesCan Energy Corp. (TSXV:WCE) closed the transaction. The common shares are subject to a four month hold from the date of issuance, expiring July 16, 2021. No commissions or finders fees were paid pursuant to the transaction. TSX Venture Exchange has accepted for filing documentation with respect to offering. The transaction included participation from eight places. The transaction included participation from insiders, including Greg Busby for 500,000 shares, John Cassels for 500,000 shares, Perry Miller for 500,000 shares and Leo Berezan for 2,000,000 shares. Reported Earnings • Mar 04
Third quarter 2021 earnings released: CA$0.011 loss per share (vs CA$0.005 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: CA$184.4k (down 38% from 3Q 2020). Net loss: CA$354.7k (loss widened 125% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 86% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Mar 03
WesCan Energy Corp. announced that it expects to receive CAD 0.2 million in funding Wescan Energy Corp. (TSXV:WCE) announced a non-brokered private placement of up to 4,000,000 common shares at a price of CAD 0.05 per share for gross proceeds of up to CAD 200,000 on March 1, 2021. The securities issued are subject to a hold period of four-month and one day from the date of closing. Closing of the transaction is subject to acceptance from the TSX Venture Exchange. Reported Earnings • Nov 29
Second quarter 2021 earnings released: CA$0.004 loss per share The company reported a soft second quarter result with weaker revenues and control over expenses, though losses reduced. Second quarter 2021 results: Revenue: CA$233.8k (down 38% from 2Q 2020). Net loss: CA$115.7k (loss narrowed 36% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 101% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 11
First quarter earnings released Over the last 12 months the company has reported total losses of CA$2.99m, with losses widening by 371% from the prior year. Total revenue was CA$995.5k over the last 12 months, down 37% from the prior year. 