Headwater Exploration Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	172.8	188.03	156.07	162.11	45.83	6.71
Depreciation & Amortization	128.98	124.88	120.2	79.41	28.44	-5.17
Asset Writedown & Restructuring Costs	-	-	-	-	-	0.01
Stock-Based Compensation	18.68	12	5.24	4.09	2.73	1.48
Other Operating Activities	0.63	3.92	14.76	48.52	40.93	-1.57
Change in Accounts Receivable	2.02	-14.15	-3.5	-12.66	-25.13	-1.99
Change in Inventory	-0.22	-0.41	0.46	-0.58	-0.17	-0.27
Change in Accounts Payable	-8.67	3.75	10.91	3.56	19.08	1.28
Change in Other Net Operating Assets	-13.73	-1.3	-0.81	-0.5	-0.04	-0.24
Operating Cash Flow	300.49	316.74	303.32	283.93	111.66	0.23
Operating Cash Flow Growth	-9.33%	4.42%	6.83%	154.28%	48446.09%	-97.40%
Capital Expenditures	-230.91	-222.87	-240.07	-248.92	-140.39	-2.28
Sale of Property, Plant & Equipment	-	-	3.75	-	-	-
Cash Acquisitions	-	-	-	-	-	-32.78
Other Investing Activities	18.21	-3.99	-7.39	16.87	31.26	0.65
Investing Cash Flow	-212.7	-226.85	-243.71	-232.06	-109.13	-34.4
Long-Term Debt Issued	-	1.42	4.8	7.95	35.72	-
Long-Term Debt Repaid	-	-0.29	-0.66	-0.92	-0.34	-0.11
Net Debt Issued (Repaid)	-2.26	1.13	4.14	7.03	35.38	-0.11
Issuance of Common Stock	-	0.55	1.01	1.84	0.02	52.14
Repurchase of Common Stock	-0.27	-	-	-	-	-
Common Dividends Paid	-99.85	-94.92	-94.16	-	-	-
Other Financing Activities	-	-	-	-	-	-2.04
Financing Cash Flow	-102.38	-93.24	-89	8.88	35.4	49.99
Net Cash Flow	-14.6	-3.36	-29.4	60.74	37.93	15.82
Free Cash Flow	69.58	93.87	63.25	35	-28.73	-2.05
Free Cash Flow Growth	-42.48%	48.42%	80.69%	-	-	-
Free Cash Flow Margin	13.33%	18.35%	14.86%	9.38%	-17.41%	-23.15%
Free Cash Flow Per Share	0.29	0.40	0.27	0.15	-0.13	-0.01
Cash Income Tax Paid	55.94	59.69	28.99	-	-	-
Levered Free Cash Flow	73.79	59.78	10.39	6.11	-39.22	10.01
Unlevered Free Cash Flow	74.47	60.4	10.73	6.23	-39.2	10.01
Change in Working Capital	-20.6	-12.1	7.05	-10.2	-6.26	-1.22

Source: S&P Global Market Intelligence. Standard template. Financial Sources.