Announcement • May 30
Mazarin inc. Announces Board Appointments Mazarin inc. announced that, at its Annual Meeting of Shareholders held on May 27, 2026 in Thetford Mines, Quebec, Messrs. Casey Balardo and Jean-François Boulet were elected to the Board of Directors. Mr. Casey Balardo brings a strong blend of technical expertise and strategic investment experience. A dual Interprovincial Red Seal–certified Industrial and Heavy Duty Mechanic, he has over 25 years of experience in industrial manufacturing and agriculture. He spent 14 years with Owens-Illinois developing expertise in equipment performance and operational efficiency, and since 2008 has worked with Prairie Coast Equipment (John Deere), advising some of Canada’s largest fruit growers on crop protection, technical optimization, and risk mitigation. In parallel, he maintains a diversified investment portfolio across heavy industry, real estate, agriculture, and natural resources. He has developed particular depth in critical and rare earth minerals, with a focus on North American deposits, including their geological quality, distribution, and strategic supply importance. Mr. Jean-François Boulet holds of a bachelor’s degree in human resources management from Université Laval. He began his career as a professor of administration at Thetford Mines College from 1980 to 1982. Subsequently, he was employed by Inglis /Whirlpool from 1982 to 1996 where he held the positions of Director of Human Resources, Director of Technology, then Director of Gas Stove Production. From 1996 to 2000, he held the position of Vice-President, Human Resources and Communications at Desjardins General Insurance Group. From 2000 to 2003, he served as Vice-President of Human Resources, Communications and Customer Services in the high-tech sector at EXFO. From 2003 to 2021, he held various responsibilities as Vice-President and then Executive Vice-President, Customer & Employee Experience, responsible for continuous improvement and brand strategy within IA Financial Group. He is member of advisory committees at Restaurant Normandin since 2015 and at Arsenal Conseils since 2021. Involved in the community, he was Chairman of the Board and a founding member of Bénévole d’expertise. For the past year, he has been supporting manufacturing business leaders in their strategic thinking on organizational transformation. He is also a director of Asbestos Corporation Limited. Reported Earnings • May 01
Full year 2025 earnings released: CA$0.33 loss per share (vs CA$0.028 profit in FY 2024) Full year 2025 results: CA$0.33 loss per share (down from CA$0.028 profit in FY 2024). Net loss: CA$16.7m (down CA$18.2m 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 104 percentage points per year, which is a significant difference in performance. Announcement • Mar 31
Mazarin Inc., Annual General Meeting, May 27, 2026 Mazarin Inc., Annual General Meeting, May 27, 2026. Location: quebec, thetford mines Canada Reported Earnings • Nov 27
Third quarter 2025 earnings released: CA$0.21 loss per share (vs CA$0.02 profit in 3Q 2024) Third quarter 2025 results: CA$0.21 loss per share (down from CA$0.02 profit in 3Q 2024). Net loss: CA$6.56m (down CA$7.36m 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 49 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 31
Second quarter 2025 earnings released: CA$0.08 loss per share (vs CA$0.015 profit in 2Q 2024) Second quarter 2025 results: CA$0.08 loss per share (down from CA$0.015 profit in 2Q 2024). Net loss: CA$3.90m (down CA$4.57m from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • May 30
First quarter 2025 earnings released: CA$0.01 loss per share (vs CA$0.005 profit in 1Q 2024) First quarter 2025 results: CA$0.01 loss per share (down from CA$0.005 profit in 1Q 2024). Revenue: CA$821.0k (down 35% from 1Q 2024). Net loss: CA$527.0k (down 335% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Apr 01
Mazarin Inc., Annual General Meeting, May 28, 2025 Mazarin Inc., Annual General Meeting, May 28, 2025. Location: quebec, thetford mines Canada Board Change • Mar 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Robert Tremblay was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Robert Tremblay was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 27
Third quarter 2024 earnings released: EPS: CA$0.02 (vs CA$0.04 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.02 (down from CA$0.04 in 3Q 2023). Revenue: CA$2.42m (up 136% from 3Q 2023). Net income: CA$802.0k (down 49% from 3Q 2023). Profit margin: 33% (down from 152% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Nov 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Robert Tremblay was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: CA$0.02 (vs CA$0.004 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0.02 (up from CA$0.004 loss in 2Q 2023). Revenue: CA$2.81m (up CA$2.44m from 2Q 2023). Net income: CA$668.0k (up CA$862.0k from 2Q 2023). Profit margin: 24% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Jun 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 24% per year over the past 5 years. High level of non-cash earnings (36% accrual ratio). Market cap is less than US$10m (CA$7.29m market cap, or US$5.32m). Minor Risks Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Revenue is less than US$5m (CA$5.2m revenue, or US$3.8m). Board Change • Jun 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Robert Tremblay was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 30
Mazarin inc. Elects Marcel Groleau to the Board of Directors Mazarin inc. announced that, at its Annual Meeting of Shareholders held on May 29, 2024 in Thetford Mines, Quebec, Mr. Marcel Groleau was elected to the Board of Directors. Mr. Marcel Groleau is a director of agricultural and food organizations. He was President of Les Producteurs de lait du Québec from 2004 to 2011, before becoming President of L'Union des producteurs agricoles (UPA), a position he held until December 2021. Mr. Groleau's involvement in the agricultural sector has extended well beyond the framework of the presidency of the UPA and has continued through several of his mandates, including those as President of UPA Développement International, President of AgriCord (an international organization of twelve agri-agencies supporting the development of farmers' organizations in less developed countries) and President of the Coalition Nourrir l'humanité durablement. In addition, Mr. Groleau has participated in numerous missions abroad in the context of monitoring bilateral and multilateral trade agreement negotiations or international meetings of agricultural organizations. He also participated in the NAFTA renegotiation advisory committee. Mr. Groleau is also a member of the Board of Directors of the ITHQ (Institut de tourisme et d'hôtellerie du Québec) and the BAQ (Les Banques alimentaires du Québec). New Risk • May 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% 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 Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (CA$6.28m market cap, or US$4.60m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Revenue is less than US$5m (CA$3.3m revenue, or US$2.4m). New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 41% 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 Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (CA$5.97m market cap, or US$4.36m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (CA$5.2m revenue, or US$3.8m). Board Change • Apr 02
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. 3 experienced directors. 2 highly experienced directors. Independent Director Robert Tremblay was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 30
Mazarin Inc., Annual General Meeting, May 29, 2024 Mazarin Inc., Annual General Meeting, May 29, 2024. Board Change • Dec 30
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. 3 experienced directors. 2 highly experienced directors. Independent Director Robert Tremblay was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 23
Third quarter 2023 earnings released: EPS: CA$0.04 (vs CA$0.001 loss in 3Q 2022) Third quarter 2023 results: EPS: CA$0.04 (up from CA$0.001 loss in 3Q 2022). Revenue: CA$1.22m (up 188% from 3Q 2022). Net income: CA$1.56m (up CA$1.60m from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. Board Change • Oct 30
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. 3 experienced directors. 2 highly experienced directors. Independent Director Robert Tremblay was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 06
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. 3 experienced directors. 2 highly experienced directors. Independent Director Robert Tremblay was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 26
Second quarter 2023 earnings released: CA$0.01 loss per share (vs CA$0.004 loss in 2Q 2022) Second quarter 2023 results: CA$0.01 loss per share (further deteriorated from CA$0.004 loss in 2Q 2022). Net loss: CA$194.0k (loss widened 7.2% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Aug 11
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. 3 experienced directors. 2 highly experienced directors. Independent Director Robert Tremblay was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 27
First quarter 2023 earnings released First quarter 2023 results: Net loss: CA$119.0k (loss narrowed 34% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 27
Full year 2022 earnings released: CA$0.01 loss per share (vs CA$0.017 profit in FY 2021) Full year 2022 results: CA$0.01 loss per share (down from CA$0.017 profit in FY 2021). Revenue: CA$1.47m (down 37% from FY 2021). Net loss: CA$386.0k (down 147% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Board Change • Dec 02
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. 3 experienced directors. 2 highly experienced directors. Independent Director Robert Tremblay was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 18
Third quarter 2022 earnings released: CA$0.001 loss per share (vs CA$0.004 profit in 3Q 2021) Third quarter 2022 results: CA$0.001 loss per share (down from CA$0.004 profit in 3Q 2021). Net loss: CA$39.0k (down 121% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Reported Earnings • Aug 29
Second quarter 2022 earnings released: CA$0.01 loss per share (vs CA$0.01 profit in 2Q 2021) Second quarter 2022 results: CA$0.01 loss per share (down from CA$0.01 profit in 2Q 2021). Revenue: CA$387.0k (up 9.9% from 2Q 2021). Net loss: CA$181.0k (down 142% from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • May 28
First quarter 2022 earnings released First quarter 2022 results: Revenue: -CA$65.0k (down 117% from 1Q 2021). Net loss: CA$179.0k (loss widened 83% from 1Q 2021). Reported Earnings • Apr 27
Full year 2021 earnings released: EPS: CA$0.02 (vs CA$0.004 loss in FY 2020) Full year 2021 results: EPS: CA$0.02 (up from CA$0.004 loss in FY 2020). Revenue: CA$5.45m (up 254% from FY 2020). Net income: CA$826.0k (up CA$1.03m from FY 2020). Profit margin: 15% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 20
Third quarter 2021 earnings released: EPS CA$0.004 (vs CA$0.001 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$1.20m (up 176% from 3Q 2020). Net income: CA$190.0k (up CA$217.0k from 3Q 2020). Profit margin: 16% (up from net loss in 3Q 2020). 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 • Aug 26
Second quarter 2021 earnings released: EPS CA$0.009 (vs CA$0.001 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$515.0k (up 145% from 2Q 2020). Net income: CA$427.0k (up CA$489.0k from 2Q 2020). Profit margin: 83% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Apr 24
Full year 2020 earnings released: CA$0.004 loss per share (vs CA$0.012 profit in FY 2019) Full year 2020 results: Net loss: CA$207.0k (down 135% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • Nov 22
Third quarter 2020 earnings released: CA$0.001 loss per share Third quarter 2020 results: Net loss: CA$27.0k (loss narrowed 43% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 29
Mazarin Inc. and Asbestos Corporation Limited Appoint Guy Bérard as President Mazarin Inc. and subsidiary Asbestos Corporation Limited announced the appointment of Mr. Guy Bérard as President. The appointment was approved during a Board of Directors meeting held on August 26, 2020. Guy was elected to the Board of Directors of Mazarin Inc. in May 2018 and has been Executive Vice President of both entities since August 27, 2019. During the past year, he made an important contribution as a senior executive. Announcement • Aug 28
Mazarin Inc. Appoints Mr. Guy Bérard as President Mazarin Inc. announced the appointment of Mr. Guy Bérard as President. The appointment was approved during a Board of Directors meeting held on August 26, 2020.