Core Points - Argo Gold Inc. has adopted an advance notice bylaw to provide a clear framework for director nominations, aiming to facilitate orderly meetings and ensure adequate notice for shareholders [1][2] - The bylaw establishes specific deadlines for shareholders to submit nominations for directors, ensuring that no person is eligible for election unless nominated according to the bylaw [2][3] - For annual meetings, the notice deadline is at least 30 days prior, or 40 days if notice and access is used, with specific provisions if the meeting is announced less than 50 days in advance [3] - For special meetings, the notice must be provided no later than the close of business on the 15th day following the public announcement of the meeting date [4] - The bylaw will be ratified at the next annual general and special meeting of shareholders and is effective as of August 22, 2025 [5] Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production, with listings on the Canadian Securities Exchange and other international exchanges [6]

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in stock prices for short-term investing, highlighting that while trends can be profitable, ensuring their longevity is crucial for success [1][2]. Group 1: Stock Performance - Arq, Inc. (ARQ) has shown a significant price increase of 69.2% over the past 12 weeks, indicating strong investor interest and potential upside [4]. - In addition to the long-term trend, ARQ has experienced a price increase of 29.9% over the last four weeks, suggesting that the upward momentum is still intact [5]. - ARQ is currently trading at 92% of its 52-week high-low range, indicating it may be on the verge of a breakout [5]. Group 2: Fundamental Strength - ARQ holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term performance [7]. Group 3: Investment Strategy - The article suggests that investors can utilize the "Recent Price Strength" screen to identify stocks like ARQ that are on an upward trend supported by strong fundamentals [3][8]. - It also mentions that there are over 45 Zacks Premium Screens available for investors to find stocks that align with their investment strategies [8].

Nasdaq: ARQ Q2 2025 Earnings Call August 12, 2025 Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, which provides a "safe harbor" for such statements in certain circumstances. When used in this presentation, the words "anticipates," "may," "believes," "expects," "intends," "plans," "estimates," "predicts," the negative expressions of such words, or similar ...

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%202025%20Highlights) Overview of Arq's strong Q2 2025 financial performance, key business achievements, and CEO commentary on market outlook [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Arq reported strong Q2 2025 financial performance with significant revenue growth and improved profitability, marking its fifth consecutive quarter of positive Adjusted EBITDA Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | Notes | | :-------------------- | :------ | :------ | :--------- | :---- | | Revenue | $28.6M | $25.4M | +13% | Driven by higher ASP and volumes | | Average Sales Price (ASP) | ~9% increase | - | +9% | Over prior year period | | Gross Margin | 33.3% | 32.2% | +110 bps | Improved pricing and volume, partially offset by GAC line start-up costs | | Adjusted EBITDA | $3.7M | $1.1M | +236% | Fifth consecutive quarter of positive Adjusted EBITDA | - Exited Q2 2025 with cash and restricted cash of **$15.4 million**[5](index=5&type=chunk) - Capital expenditures forecast for full year 2025 remain in line with previous guidance of **$8 - $12 million**[5](index=5&type=chunk) [Recent Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) The company achieved a major milestone with the commissioning of its first Granular Activated Carbon (GAC) line at Red River, advancing its transformation into higher-growth businesses, and initiated testing of Arq Wetcake for asphalt products - Completed Red River plant commissioning with first commercial GAC production and sales, continuing transformation into new **higher growth, higher margin businesses**[5](index=5&type=chunk) - Expect to accelerate development planning for a second line of **25 million pounds** of GAC production at Red River and make a financial investment decision prior to year-end 2025[5](index=5&type=chunk) - Testing of Arq Wetcake as a feedstock for various asphalt related products with a leading US asphalt company has begun[5](index=5&type=chunk) [CEO Commentary and Market Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Market%20Outlook) CEO Bob Rasmus highlighted the successful GAC line commissioning and solid PAC business performance, emphasizing favorable GAC market conditions driven by steady demand, EPA regulations, and new growth drivers like renewable natural gas, leading to an accelerated Final Investment Decision (FID) for a second GAC line - The GAC market continues to show strength with steady demand and minimal new capacity entering the market, creating **favorable conditions for pricing**[6](index=6&type=chunk) - Expected **3-5% annual growth** from existing demand drivers alone, with the potential for a **3-5x increase in demand** driven by recent EPA regulatory changes[6](index=6&type=chunk) - Capitalizing on additional growth drivers like renewable natural gas (RNG) and already sold initial Phase 1 GAC product to RNG customers in Q3 2025[6](index=6&type=chunk) - Given continued favorable market dynamics, Arq now expects to make a Final Investment Decision on a second GAC line prior to the end of 2025[6](index=6&type=chunk) [Second Quarter 2025 Financial Performance](index=2&type=section&id=Second%20Quarter%202025%20Results) Details Arq's Q2 2025 financial results, covering revenue, costs, operating expenses, and profitability metrics [Revenue and Cost of Revenue](index=2&type=section&id=Revenue%20and%20Cost%20of%20Revenue) Arq's Q2 2025 revenue increased by 13% year-over-year, primarily due to higher average sales prices and increased volumes, while costs of revenue also rose due to higher volumes and GAC line start-up expenses Revenue and Cost of Revenue (in millions) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :------------- | :------ | :------ | :--------- | | Revenue | $28.6M | $25.4M | +13% | | Cost of Revenue | $19.1M | $17.2M | +11% | - Average Sales Price (ASP) for Q2 2025 was up approximately **9%** compared to the prior year period[7](index=7&type=chunk) - Increase in costs of revenue was principally driven by an increase in volumes and associated revenue, as well as start-up costs associated with the GAC line at Red River[8](index=8&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Selling, general, and administrative (SG&A) expenses decreased significantly, while research and development (R&D) costs saw a substantial increase due to non-recurring pre-production testing expenses for the GAC facility Operating Expenses (in millions) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :-------------------------------- | :------ | :------ | :--------- | | Selling, general and administrative | $5.9M | $7.0M | -16% | | Research and development | $2.7M | $0.9M | +200% | - The reduction in SG&A expenses was primarily driven by lower payroll and benefits and G&A expenses, partly reflecting the capitalization of payroll and benefits associated with the Corbin Facility[10](index=10&type=chunk) - The increase in R&D costs was primarily due to non-recurring expenses relating to feedstock utilized in pre-production testing of the GAC Facility[11](index=11&type=chunk) [Profitability](index=2&type=section&id=Profitability) Gross margin improved slightly, but operating loss and net loss widened year-over-year. However, Adjusted EBITDA saw a significant increase, marking the fifth consecutive quarter of positive Adjusted EBITDA Profitability Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :-------------- | :------ | :------ | :----- | | Gross Margin | 33.3% | 32.2% | +110 bps | | Operating Loss | ($1.6M) | ($1.4M) | Widened | | Net Loss | ($2.1M) | ($2.0M) | Widened | | Adjusted EBITDA | $3.7M | $1.1M | +236% | - Gross margin increased as higher pricing and volume were partially offset by start-up costs associated with the GAC line at Red River[9](index=9&type=chunk) - Adjusted EBITDA increase was primarily driven by **higher revenues**[12](index=12&type=chunk) [Capital Expenditures and Balance Sheet Overview](index=2&type=section&id=Capex%20and%20Balance%20Sheet) Overview of Arq's capital expenditures, cash position, and debt structure as of Q2 2025 [Capital Expenditures](index=2&type=section&id=Capital%20Expenditures) Capital expenditures for Q2 2025 were $1.9 million, in line with management expectations, and the full-year 2025 forecast remains consistent with previous guidance of $8 - $12 million Capital Expenditures (in millions) | Metric | Q2 2025 | | :------------- | :------ | | Capex | $1.9M | - Capital expenditures forecast for full year 2025 remain in line with previous guidance of **$8 - $12 million**[14](index=14&type=chunk) [Cash and Liquidity](index=2&type=section&id=Cash%20and%20Liquidity) Cash and restricted cash decreased to $15.4 million as of June 30, 2025, primarily due to GAC facility capex, trade accounts payable, and inventory build-up Cash and Restricted Cash (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Cash and Restricted Cash | $15.4M | $22.2M | - The decrease in cash was largely caused by capex relating to the GAC Facility at Red River, trade accounts payable, as well as build-up of inventory and spare parts at the Corbin Facility[15](index=15&type=chunk) [Debt](index=2&type=section&id=Debt) Total debt, including financing leases, increased to $28.7 million as of June 30, 2025, driven by an increase in the outstanding principal balance of the revolving credit facility Total Debt (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--------- | :------------ | :---------------- | | Total Debt | $28.7M | $24.8M | - The increase in total debt was driven by an increase in the outstanding principal balance of the Company's revolving credit facility[16](index=16&type=chunk) [About Arq](index=3&type=section&id=About%20Arq) Overview of Arq as a diversified environmental technology company, focusing on activated carbon products and purification solutions [Company Overview](index=3&type=section&id=Company%20Overview) Arq is a diversified environmental technology company and the sole vertically integrated producer of activated carbon products in North America, focusing on innovative solutions for purification and sustainable materials - Arq (NASDAQ: ARQ) is a diversified, environmental technology company with products that enable a cleaner and safer planet while actively reducing environmental impact[19](index=19&type=chunk) - As the only vertically integrated producer of activated carbon products in North America, Arq delivers a reliable domestic supply of innovative, hard-to-source, high-demand products[19](index=19&type=chunk) - The company applies its expertise to develop groundbreaking solutions to remove harmful chemicals and pollutants from water, land, and air[19](index=19&type=chunk) [Caution on Forward-Looking Statements](index=3&type=section&id=Caution%20on%20Forward-Looking%20Statements) This section outlines the disclaimer regarding forward-looking statements, emphasizing inherent risks and uncertainties that could impact actual financial results [Disclaimer and Risk Factors](index=3&type=section&id=Disclaimer%20and%20Risk%20Factors) This section provides a comprehensive disclaimer regarding forward-looking statements, outlining various risks and uncertainties that could cause actual results to differ

Core Insights - Company reported a 13% year-over-year increase in revenue, reaching $28.6 million in Q2 2025, driven by higher average sales prices and increased volumes sold [6][9] - Achieved a significant milestone with the commissioning of the first Granular Activated Carbon (GAC) line at Red River, contributing to a positive financial outlook [5][7] - Company has maintained five consecutive quarters of positive Adjusted EBITDA, which reached $3.7 million in Q2 2025, compared to $1.1 million in the prior year [14][39] Financial Highlights - Revenue for Q2 2025 was $28.6 million, up from $25.4 million in Q2 2024, primarily due to a 9% increase in average sales price [6][9] - Gross margin improved to 33.3% in Q2 2025 from 32.2% in the prior year, attributed to better pricing and higher volume, despite start-up costs for the GAC line [11][14] - Total debt increased to $28.7 million as of June 30, 2025, compared to $24.8 million at the end of 2024, mainly due to a rise in the revolving credit facility balance [18] Operational Highlights - The successful commissioning of the GAC line at Red River marks a pivotal point in the company's transition to higher growth and margin businesses [5][7] - The company plans to make a final investment decision for a second GAC line by the end of 2025, targeting a production capacity of 25 million pounds [7][8] - Company is exploring additional growth opportunities in renewable natural gas, having already sold initial GAC products to RNG customers [8] Cost Management - Selling, general, and administrative expenses decreased by 16% to $5.9 million in Q2 2025, down from $7.0 million in the prior year, due to lower payroll and benefits [12] - Research and development costs rose to $2.7 million in Q2 2025, up from $0.9 million in the prior year, primarily due to non-recurring expenses related to GAC facility testing [13] Cash Flow and Capital Expenditures - Cash and restricted cash totaled $15.4 million as of June 30, 2025, down from $22.2 million at the end of 2024, largely due to capital expenditures for the GAC facility [17] - Capital expenditures for the full year 2025 are expected to remain between $8 million and $12 million [16]

PART I. - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited consolidated financial statements and notes detail balance sheets, operations, equity, cash flows, organization, and accounting policies [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20and%20December%2031%2C%202024) Assets and liabilities slightly increased, equity decreased, cash significantly reduced, and receivables/inventories rose from December 2024 to June 2025 Condensed Consolidated Balance Sheets Data | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | **ASSETS** | | | | Cash | $6,957 | $13,516 | | Receivables, net | $15,547 | $14,876 | | Inventories, net | $20,778 | $19,314 | | Total current assets | $50,664 | $52,356 | | Total Assets | $284,541 | $284,368 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | $46,168 | $44,653 | | Total Liabilities | $67,773 | $67,092 | | Total Stockholders' Equity | $216,768 | $217,276 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) The company reported improved net losses for both three and six months ended June 30, 2025, driven by increased revenue despite rising operating expenses Condensed Consolidated Statements of Operations Data | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Revenue | $28,584 | $25,405 | $55,831 | $47,145 | | Cost of revenue, exclusive of depreciation and amortization | $19,066 | $17,227 | $36,398 | $30,940 | | Selling, general and administrative | $5,918 | $7,011 | $11,971 | $14,677 | | Research and development | $2,697 | $929 | $3,571 | $2,554 | | Depreciation, amortization, depletion and accretion | $2,485 | $1,658 | $4,666 | $3,374 | | Operating loss | $(1,555) | $(1,420) | $(893) | $(4,400) | | Net loss | $(2,133) | $(1,968) | $(1,930) | $(5,387) | | Loss per common share (Basic) | $(0.05) | $(0.06) | $(0.05) | $(0.16) | | Loss per common share (Diluted) | $(0.05) | $(0.06) | $(0.05) | $(0.16) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) Total stockholders' equity slightly decreased from January 1, 2025, to June 30, 2025, due to net loss, partially offset by stock-based compensation Condensed Consolidated Statements of Changes in Stockholders' Equity Data | Metric | Balances, January 1, 2025 (in thousands) | Balances, June 30, 2025 (in thousands) | Balances, January 1, 2024 (in thousands) | Balances, June 30, 2024 (in thousands) | | :------------------------ | :--------------------------------------- | :------------------------------------- | :--------------------------------------- | :------------------------------------- | | Total Stockholders' Equity | $217,276 | $216,768 | $178,400 | $189,600 | | Stock-based compensation (6 months) | N/A | $1,470 | N/A | $1,435 | | Net loss (6 months) | N/A | $(1,930) | N/A | $(5,387) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) Cash and restricted cash decreased due to increased operating cash outflow and reduced financing cash inflow, despite lower investing cash outflow Condensed Consolidated Statements of Cash Flows Data | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Net cash used in operating activities | $(5,276) | $(2,424) | | Net cash used in investing activities | $(5,530) | $(28,851) | | Net cash provided by financing activities | $3,995 | $14,319 | | Decrease in Cash and Restricted Cash | $(6,811) | $(16,956) | | Cash and Restricted Cash, end of period | $15,424 | $37,197 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering business, accounting policies, and specific financial line items [Note 1 - Organization and Basis of Presentation](index=7&type=section&id=Note%201%20-%20Organization%20and%20Basis%20of%20Presentation) Arq, Inc. is an environmental technology company focused on activated carbon products for air, water, and soil treatment, operating in the APT market - Arq, Inc. is an environmental technology company principally engaged in the sale of consumable air, water, and soil treatment solutions, primarily based on activated carbon (AC)[22](index=22&type=chunk) - The company's primary products are powdered activated carbon (PAC) and granular activated carbon (GAC), and it owns the Five Forks Mine (lignite coal) and a manufacturing facility in Corbin, Kentucky[23](index=23&type=chunk) Note 1 - Organization and Basis of Presentation Data | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Loss per share - basic | $(0.05) | $(0.06) | $(0.05) | $(0.16) | | Loss per share - diluted | $(0.05) | $(0.06) | $(0.05) | $(0.16) | - Revenue is generally higher in the first and third fiscal quarters due to weather-dependent power generation and increased demand for water purification products during summer/rainy seasons[35](index=35&type=chunk)[37](index=37&type=chunk) [Note 2 - Inventories, net](index=9&type=section&id=Note%202%20-%20Inventories%2C%20net) Total inventories, net, increased from $19,314 thousand at December 31, 2024, to $20,778 thousand at June 30, 2025, due to increases in product and raw material inventory Note 2 - Inventories, net Data | Inventory Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------- | :----------------------------- | :------------------------------- | | Product inventory, net | $11,813 | $11,166 | | Raw material inventory | $8,965 | $8,148 | | Total inventories, net | $20,778 | $19,314 | [Note 3 - Revenue](index=9&type=section&id=Note%203%20-%20Revenue) All material revenue performance obligations were satisfied at a point in time, with trade receivables increasing and no material contract assets or liabilities outstanding - All material performance obligations related to revenue recognized were satisfied at a point in time[43](index=43&type=chunk) Note 3 - Revenue Data | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------- | :----------------------------- | :------------------------------- | | Trade receivables, net | $1

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Core Insights - New analyst coverage is essential in navigating heightened economic uncertainty, providing updated insights into company fundamentals and risk exposures [2][3] - Recent initiations of coverage on companies like KALA BIO, Graham Corporation, Arq, and Hawkins reflect the growing need for sharper analysis amid inflationary pressures and weakening demand [3][10] Analyst Coverage Importance - Analysts possess specialized knowledge that offers critical insights into a company's financial health, growth potential, and industry trends, which are often difficult for individual investors to acquire independently [4] - New coverage typically indicates a higher investor inclination towards a stock, as it suggests that the company holds potential value [5][7] Value Creation by Analysts - Analysts create value for companies by initiating coverage, acting as intermediaries with extensive access to relevant data, which helps mitigate inefficiencies in the market [6] - Stocks chosen for new coverage usually reflect a positive outlook envisioned by analysts, often leading to more favorable ratings compared to continuously covered stocks [7][8] Market Impact of New Coverage - New analyst coverage can lead to immediate stock price volatility, with positive ratings attracting bullish sentiment and driving share prices higher, while negative ratings may trigger sell-offs [9] - Favorable coverage from multiple analysts can enhance investor confidence, leading to sustained upward momentum in stock valuations [9] Recent Stock Performances - KALA BIO shares increased by 96.1% over the past three months, with a narrowing loss per share estimate for 2025 [10][15] - Graham Corporation shares rose by 75.2% in the same period, with an increasing EPS estimate for fiscal 2026 [10][16] - Arq shares gained 57%, with an unchanged EPS estimate indicating improvement from the previous year's loss [10][17] - Hawkins shares saw a 25.6% increase, despite an unchanged EPS estimate indicating a year-over-year decline [10][18] Screening Criteria for Investment - Stocks with increased analyst coverage and improving average ratings are prioritized, alongside other parameters such as price and average daily volume [12][13]

Company Overview - Argo Gold Inc. is a Canadian mineral exploration and development company, also involved in oil production [3]. Oil Production and Financial Performance - In May 2025, Argo Gold produced a total of 2,725 barrels of oil, averaging 88 barrels per day [1][2]. - The average oil price for May 2025 was CDN $61.50 per barrel, resulting in total oil revenue of $167,534 [1][2]. - The net operating cash flow for the month was $84,600 [1][2]. Production Breakdown by Asset - Lindbergh 1: 91 bbl/day production, 34 bbl/day interest, generating $65,101 in revenue and $34,490 in cash flow [2]. - Lloyd 1: 91 bbl/day production, 17 bbl/day interest, generating $33,938 in revenue and $13,212 in cash flow [2]. - Lindbergh 2: 50 bbl/day production, 19 bbl/day interest, generating $35,914 in revenue and $16,829 in cash flow [2]. - Lloyd 2: 12 bbl/day production, 3 bbl/day interest, generating $4,335 in revenue and $559 in cash flow [2]. - Lindbergh 3: 79 bbl/day production, 15 bbl/day interest, generating $28,246 in revenue and $15,509 in cash flow [2].

Core Viewpoint - Arq, Inc. will release its second quarter 2025 financial results on August 11, 2025, and will hold a conference call to discuss the results on August 12, 2025 [1]. Financial Results Announcement - The financial results for the period ended June 30, 2025, will be filed in the Quarterly Report on Form 10-Q [1]. - The conference call is scheduled for 8:30 a.m. Eastern Time on August 12, 2025 [1]. Conference Call Participation - Interested parties can access the conference call via the Investor Resources section of Arq's website or by registering through a provided link [2]. - The live conference call can also be accessed by dialing specific phone numbers and referencing Arq [2]. Supplemental Information - A supplemental investor presentation will be available on the Company's website prior to the conference call [3]. - A replay of the conference call will be accessible shortly after the event, with specific dial-in details provided [3]. Company Overview - Arq is a diversified environmental technology company focused on producing activated carbon and other environmentally efficient products [4]. - The company is the only vertically integrated producer of activated carbon products in North America, ensuring a reliable domestic supply [4]. - Arq aims to develop innovative solutions to remove harmful chemicals and pollutants from water, land, and air [4].