Core Viewpoint - American Creek Resources Ltd. announces the commencement of the 2025 exploration drill program at the Treaty Creek Project, aiming to expand high-grade gold resources in the Goldstorm Deposit [1][2]. Exploration Program - Phase 1 drilling consists of seven holes totaling approximately 6,000 meters at the Goldstorm Deposit, focusing on expanding the high-grade gold Supercell-One system (SC-1) discovered in 2024 [2]. - The SC-1 system is a gold-dominant, quartz-sulphide, breccia-hosted structural corridor, with potential for further high-grade discoveries in a 600 m by 400 m area [2]. Drill Results - Notable high-grade gold intercepts from SC-1 include: - GS-23-176-W1: 15.00 m @ 15.64 grams/tonne (g/t) AuEQ [5] - GS-22-134: 25.50 m @ 9.96 g/t AuEQ, including 4.50 m @ 20.86 g/t AuEQ [5] - GS-23-179: 12.00 m @ 10.07 g/t AuEQ [5] - Additional high-grade intercepts from the 300H and 300N Domains were also reported [3]. Future Phases - Phase 2 will involve an additional 1,600 meters of drilling, contingent on Phase 1 success [8]. - Phase 3 will focus on underground exploration with two geotechnical diamond drill holes totaling approximately 500 meters [8]. Project Overview - The Treaty Creek Project hosts the Goldstorm Deposit, which has an Indicated Mineral Resource of 27.87 million ounces (Moz) of AuEQ grading 1.19 g/t AuEQ [11]. - The Goldstorm Deposit remains open in all directions, indicating the need for further exploration [12]. Joint Venture Structure - American Creek holds a 20% carried interest in the Treaty Creek Project, while Tudor Gold holds a 60% interest and acts as the operator [14]. - A recent Binding Letter of Intent indicates Tudor's intention to acquire all outstanding shares of American Creek, which would increase Tudor's interest in the project to 80% [14].

Core Insights - AssetMark, Inc. has been awarded the ThinkAdvisor 2024 Luminaries Award for Innovation in the Business Development segment for its Tax Management Services (TMS) [1][3] - The Tax Management Services aim to enhance investment outcomes for clients by effectively managing taxes, combining advanced technology with sophisticated strategies [2][5] - The award highlights the commitment of AssetMark to innovation and excellence in financial services, as recognized by a panel of independent judges [4][5] Company Overview - AssetMark operates a wealth management platform that supports over 9,000 financial advisors and more than 263,000 investor households [6] - As of September 30, 2024, AssetMark had over $127 billion in platform assets [7] - The company is focused on empowering financial advisors with flexible, purpose-built solutions to enhance client engagement and drive efficiency [5][6] Future Initiatives - Looking ahead to 2025, AssetMark plans to introduce an advanced planning offering that will provide tailored strategies for estate planning, tax efficiency, retirement planning, and multi-generational wealth transfer [4][5] - This initiative aims to deepen client relationships and offer comprehensive financial strategies that address evolving client needs [4][5]

Core Insights - AssetMark and Cheetah have successfully collaborated to provide a unified wealth management solution that enhances growth, efficiency, and profitability for financial institutions like First State Bank (FSB) [1][4] - FSB has experienced significant operational improvements since adopting the integrated solution in January 2024, positioning the bank for future expansion [2][4] Company Overview - AssetMark operates a wealth management platform aimed at helping financial advisors and their clients, serving over 9,000 financial advisors and more than 263,000 investor households, with over $127 billion in platform assets as of September 30, 2024 [7][8] - Cheetah offers a cloud-based trust management platform that modernizes the trust industry by providing innovative digital solutions for wealth managers [8] Strategic Collaboration - The partnership between AssetMark and Cheetah has allowed FSB to transition its trust services to a more integrated platform, which has been described as a "game changer" by FSB's Senior Vice President of Wealth Management & Trust [3][4] - The collaboration combines AssetMark's industry expertise with Cheetah's advanced automation, significantly strengthening FSB's competitive position in the wealth management sector [4][5] Operational Efficiency - The integration has streamlined FSB's operations by reducing manual tasks and enhancing data management, enabling the bank to focus on building stronger client relationships and driving business growth [5] - The collaboration is viewed as a cost-effective force multiplier for FSB, enhancing its competitive edge in the market [5]

Core Viewpoint - American Creek Resources Ltd. and its joint venture partner Tudor Gold have announced positive results from metallurgical testing on the Goldstorm Deposit at Treaty Creek, indicating high recoveries of copper, gold, and silver, which support the project's economic viability [1][2]. Metallurgical Testing Results - Flotation recoveries from the Lower CS-600 sub-domain reached up to 88.1% for copper, 63.8% for gold, and 51.3% for silver [2]. - A high-grade copper concentrate was produced, exceeding 29% copper with gold and silver grades of 33 g/t and 96 g/t, respectively [2][6]. - The testing program supports previously reported gold recoveries of 90% for the Lower CS-600 domain, indicating strong potential for a future Preliminary Economic Assessment (PEA) [2][4]. Project Development Insights - The CS-600L sub-domain is estimated to contain over 50% of the CS-600 Domain, and the results significantly de-risk the Goldstorm project regarding metallurgical characteristics [3][4]. - The project aims to produce at least 500,000 AuEQ ounces per year, with the lower portion of CS-600 having sufficient volume to support mining and processing of 40,000 tons per day over 17 years [5][10]. - The Goldstorm Deposit has an Indicated Mineral Resource of 27.87 million ounces of AuEQ, with a grading of 1.19 g/t AuEQ [10][11]. Future Focus and Recommendations - The engineering team recommends initial metallurgical tests on material from the newly discovered Supercell-1 (SC-1) high-grade gold complex [3][4]. - Additional tests are planned for the northernmost part of CS-600 and continued testing on the upper CS-600 [5]. - The favorable metallurgical results will guide trade-off studies for recovery versus costs, aiming to optimize the project's economic path forward [5][9].

Core Insights - AssetMark Financial Holdings, Inc. has completed its acquisition by GTCR, marking a new phase of strategic growth and independence for the company [1][5] - The acquisition is valued at approximately $2.7 billion, with shareholders receiving $35.25 per share in cash [5] - AssetMark will now operate as a privately owned company after concluding its partnership with Huatai Securities [1] Leadership Changes - Lou Maiuri has been appointed as Chairman and Group CEO of AssetMark, bringing over 30 years of experience in asset management and financial services [2][3] - Michael Kim will continue as President and CEO, and both will join the Board of Directors [2] - The leadership team aims to expand client offerings and maintain high service standards [2][4] Strategic Focus - Under the new leadership and partnership with GTCR, AssetMark plans to enhance its technology and product capabilities [2][4] - The company aims to leverage GTCR's expertise in asset management and wealth technology to drive further growth [4][8] - AssetMark's unique combination of service and technology positions it as a leader in the wealth management industry [4] Company Background - AssetMark operates a wealth management platform serving over 9,200 financial advisors and more than 261,000 investor households [7] - As of June 30, 2024, AssetMark had over $119 billion in platform assets [7] - The company has a history dating back to 1996 and employs over 1,000 people [7] GTCR Overview - GTCR is a leading private equity firm focused on transformative growth in various sectors, including financial services and technology [8] - Since its inception, GTCR has invested over $25 billion in more than 280 companies and currently manages $40 billion in equity capital [8]

Company Performance - AssetMark Financial Holdings, Inc. reported platform assets of $122.2 billion at the end of July 2024, reflecting an 18.4% increase year-over-year [1][2] - The company experienced net flows of $437 million in July 2024, which is a decrease of 19.1% year-over-year [1][2] - Client cash at AssetMark Trust Company was $2.75 billion, down 1.4% year-over-year [1][2] - The number of households served by AssetMark increased by 5.0% year-over-year, reaching 261,271 at the end of July [1][2] Historical Metrics - The platform assets have shown a consistent upward trend, increasing from $103.2 billion in July 2023 to $122.2 billion in July 2024 [2] - Net flows fluctuated over the past year, with a peak of $540 million in July 2023, but declining to $437 million in July 2024 [2] - Client cash has seen a slight decrease from $2.79 billion in July 2023 to $2.75 billion in July 2024 [2] Company Overview - AssetMark operates a wealth management platform that supports independent financial advisors and their clients, providing flexible solutions to enhance client engagement and efficiency [3] - The company, founded in 1996 and based in Concord, California, employs over 1,000 individuals and had approximately $119 billion in platform assets as of the second quarter of 2024 [3]

Core Insights - AssetMark has expanded its Cash Solutions suite by adding FDIC-insured certificates of deposit (CD Plus) and purchased Money Market Funds (MMFs), targeting an estimated $8 billion share of wallet opportunity in the wealth client cash holding space [1][2] Group 1: Product Offerings - The newly launched CD Plus offers FDIC insurance on multi-million-dollar cash balances, competitive rates, flexible terms, and convenient account management, allowing clients to save smarter [2][3] - AssetMark's Cash Solutions suite includes a range of cash and short-term liquidity products, enabling advisors to create customized solutions that cater to various return, risk, and liquidity profiles [2][3] Group 2: Market Context - Elevated interest rates present a unique opportunity for advisors to help clients improve their financial outcomes by leveraging cash management strategies [2][3] - The integration of cash management into wealth planning discussions can enhance the strategic value of advisors and strengthen client relationships [2][3] Group 3: Company Overview - AssetMark operates a wealth management platform that supports over 9,200 financial advisors and more than 261,000 investor households, with platform assets totaling $119.4 billion as of June 30, 2024 [4]

Financial Position - Total assets as of June 30, 2024, were $1,617,413,000, a slight decrease from $1,620,563,000 as of December 31, 2023[12] - Current assets decreased from $291,111,000 as of December 31, 2023, to $274,815,000 as of June 30, 2024, primarily due to a reduction in cash and cash equivalents[12] - Total liabilities decreased from $353,181,000 as of December 31, 2023, to $271,750,000 as of June 30, 2024, reflecting a reduction in long-term debt[12] - Stockholders' equity increased from $1,267,382,000 as of December 31, 2023, to $1,345,663,000 as of June 30, 2024, driven by retained earnings growth[12] Revenue and Income - The company reported a net income of $70,278,000 for the six months ended June 30, 2024, compared to $50,000,000 for the same period in 2023, representing a 40.56% increase[13] - Total revenue for Q2 2024 reached $198,491 thousand, a 13% increase from $175,521 thousand in Q2 2023[14] - Asset-based revenue increased to $158,878 thousand, up 15.7% from $137,336 thousand year-over-year[14] - Subscription-based revenue rose to $4,306 thousand, reflecting a 16.6% increase compared to $3,693 thousand in the same period last year[14] - Net income for Q2 2024 was $32,314 thousand, slightly down from $32,877 thousand in Q2 2023, representing a decrease of 1.7%[14] - Basic net income per share for Q2 2024 was $0.43, unchanged from Q2 2023[14] Expenses - Total operating expenses increased to $151,439 thousand, a 17.3% rise from $129,145 thousand in Q2 2023[14] - Employee compensation expenses rose to $51,902 thousand, up 8.5% from $48,099 thousand year-over-year[14] - Total asset-based expenses for the six months ended June 30, 2024, were $93,200, up from $76,778 for the same period in 2023, representing an increase of approximately 21.4%[63] Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2024, was $99,436, slightly down from $105,479 in 2023, a decrease of 5.4%[21] - The company reported a net cash used in investing activities of $32,684 for the six months ended June 30, 2024, compared to $29,935 in 2023, an increase of 9.2%[21] - The company experienced a net change in cash of $(26,998) for the six months ended June 30, 2024, compared to an increase of $50,544 for the same period in 2023[21] Merger and Acquisition - The company entered into a merger agreement valued at approximately $2,622,573 with GTCR Everest Borrower, LLC, with the transaction subject to customary closing conditions[28] - The company incurred transaction costs associated with the merger of approximately $10,952 for the six months ended June 30, 2024[31] - The Company entered into an Asset Purchase Agreement with Morningstar, Inc. to acquire client advisory agreements, pending regulatory approval[41] Risks and Regulatory Matters - The company is exposed to various risks, including market fluctuations and cybersecurity threats, which could adversely affect its business operations[7] - The company has significant exposure to risks related to the pending merger, which could adversely affect its financial condition and operations[7] - The company is subject to various regulatory inquiries and litigation risks that could adversely affect its business and financial condition[77] - The company continues to comply with certain undertakings under the SEC settlement reached in September 2023[78] Shareholder Information - The weighted average number of common shares outstanding increased to 74,743,985 in Q2 2024 from 74,172,080 in Q2 2023[14] - Total stockholders' equity as of June 30, 2024, was $1,345,663 thousand, an increase from $1,184,439 thousand as of June 30, 2023[17] - The balance of common shares increased to 74,743,985 as of June 30, 2024, from 74,172,080 as of June 30, 2023, marking an increase of 0.8%[18] Accounting and Compliance - The company is evaluating the impact of new accounting standards issued by FASB, which will affect financial disclosures starting in 2024 and 2025[36] - The company performed an annual test for intangible assets impairment and determined that intangible assets were not impaired as of June 30, 2024[47] Taxation - The effective income tax rate was 28.3% for Q2 2024, compared to 26.2% for Q2 2023, and 25.8% for the first half of 2024, down from 26.8% for the same period in 2023[80]

Core Insights - AssetMark Financial reported revenue of $198.49 million for the quarter ended June 2024, reflecting an 8.3% increase year-over-year and exceeding the Zacks Consensus Estimate of $193.28 million by 2.70% [1] - Earnings per share (EPS) for the quarter was $0.66, up from $0.55 in the same quarter last year, aligning with the consensus EPS estimate [1] Financial Performance Metrics - Assets in custody at ATC at period-end were 88,681, surpassing the two-analyst average estimate of 88,154 [2] - Ending platform assets totaled $119.39 billion, slightly below the average estimate of $119.61 billion [2] - Asset-based revenue reached $158.88 million, a 15.7% increase year-over-year, but below the average estimate of $159.12 million [2] - Spread-based revenue was reported at $28.85 million, down 22.6% year-over-year, and below the average estimate of $29.47 million [2] - Subscription-based revenue increased to $4.31 million, a 16.6% year-over-year change, exceeding the average estimate of $4.26 million [2] - Other revenue was $6.45 million, significantly higher than the three-analyst average estimate of $5.67 million, representing a 30.9% year-over-year increase [2] Stock Performance - Over the past month, shares of AssetMark Financial have returned +0.4%, compared to a +2.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]

Financial Performance - AssetMark Financial reported quarterly earnings of $0.66 per share, matching the Zacks Consensus Estimate, and an increase from $0.55 per share a year ago [1] - The company posted revenues of $198.49 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 2.70%, compared to $183.23 million in the same quarter last year [1] - Over the last four quarters, AssetMark has surpassed consensus EPS estimates two times and revenue estimates three times [1] Market Performance - AssetMark Financial shares have increased by approximately 14.9% since the beginning of the year, while the S&P 500 has gained 17.2% [2] - The stock is currently rated Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.69 on revenues of $197.43 million, and for the current fiscal year, it is $2.65 on revenues of $777.06 million [4] - The trend for estimate revisions ahead of the earnings release was favorable, which may influence future stock performance [4] Industry Context - The Financial - Investment Management industry is currently ranked in the bottom 35% of over 250 Zacks industries, which may impact stock performance [5] - Another company in the same industry, BrightSphere Investment Group, is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year increase of 50% [5][6]