CMG Amends Normal Course Issuer Bid

Executive Summary

• The Toronto Stock Exchange approved CMG’s amendment to its Normal Course Issuer Bid (NCIB), raising the maximum repurchasable shares from 4,136,475 (≈5% of outstanding) to 4,791,369 (10% of public float).
• As of Feb. 20 2026, CMG had already bought back 3,031,900 shares under the NCIB; the amendment expands future repurchase capacity through Nov. 13 2026.
• The Board views share repurchases as a desirable use of corporate funds to align market price with underlying value and to benefit remaining shareholders.

Key Details

• Amendment Scope: Increase in maximum NCIB shares from 4,136,475 to 4,791,369, representing an increase from ~5% to 10% of the public float as of Nov. 3 2025.
• Current Repurchases: 3,031,900 shares purchased under the NCIB as of Feb. 20 2026.
• Purchase Limits: Daily purchases (excluding block trades) capped at 53,297 shares – 25% of average daily volume (213,191 shares) for the six months ended Oct. 31 2025.
• Program Timeline: Purchases began Nov. 14 2025 and must conclude no later than Nov. 13 2026.
• Automatic Share Purchase Plan (ASPP): Remains in place with designated broker to facilitate ongoing repurchases.
• Cancellation of Shares: All shares bought under the NCIB will be cancelled, reducing outstanding share count.
• Rationale: Board believes market price may not fully reflect CMG’s intrinsic value; repurchases are deemed a desirable use of corporate funds and beneficial to remaining shareholders.
• Execution Venues: Purchases may occur on TSX, other designated exchanges, or alternative Canadian trading systems at prevailing market prices, subject to regulatory approvals.

Notable Quotes

(No direct quotes were provided in the release.)