Tree Island Renews Normal Course Issuer Bid

Executive Summary

• Tree Island Steel received TSX approval to renew its normal‑course issuer bid (NCIB), allowing the purchase of up to 1,290,000 common shares (≈5% of outstanding shares) from 2025‑11‑12 to 2026‑11‑11.
• The board determined that repurchasing shares at current market prices is a desirable use of capital and in shareholders’ best interests.
• Prior NCIB activity: 108,571 shares bought at a weighted‑average price of $2.5623 per share; the previous 2024 NCIB expired on 2025‑11‑10.

Key Details

• Authorized Repurchase Amount: Up to 1,290,000 common shares (≈5% of total issued and outstanding shares).
• Purchase Window: 12 November 2025 – 11 November 2026 (or earlier if the full amount is bought).
• Trading Mechanism: Purchases will be executed through TSX facilities or any Canadian alternative trading system.
• Daily Purchase Limit: Maximum of 2,177 shares per trading day (25% of the average daily volume of 8,708 shares over the prior six months).
• Share Cancellation: All shares acquired under the NCIB will be cancelled, reducing the float.
• Current Share Statistics (as of 31 Oct 2025): 25,909,295 common shares issued and outstanding; 9,307,399 shares constitute the public float.
• Historical NCIB Activity: Under the 2024 NCIB, Tree Island Steel purchased 108,571 shares at a weighted‑average price of $2.5623 per share; the prior program allowed up to 1,300,000 shares and expired on 10 Nov 2025.
• Board Rationale: The board concluded that, given prevailing market prices, the repurchase represents an optimal allocation of capital for the company and its shareholders.

Notable Quotes

(No direct quotes were provided in the release.)