Core Insights - Argo Gold Inc. reported an oil production of 2,076 barrels in December 2025, averaging 67 barrels per day, with oil prices averaging CAD$54 per barrel [1] - The company's total oil revenue for December 2025 was CAD$112,655, and the net operating cash flow was CAD$68,646 [1] Production Details - Lindbergh 1 (37.5% interest) produced 74 barrels per day, contributing CAD$47,006 to revenue and CAD$30,803 to net operating cash flow [1] - Lloyd 1 (18.75% interest) produced 71 barrels per day, contributing CAD$22,672 to revenue and CAD$13,531 to net operating cash flow [1] - Lindbergh 2 (37.5% interest) produced 39 barrels per day, contributing CAD$23,130 to revenue and CAD$12,776 to net operating cash flow [1] - Lindbergh 3 (18.75% interest) produced 59 barrels per day, contributing CAD$19,847 to revenue and CAD$11,536 to net operating cash flow [1] Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production [2]

Core Insights - Argo Gold Inc. reported oil production of 1,970 barrels in November 2025, averaging 66 barrels per day, with oil prices averaging CAD$58 per barrel [1] - The company's oil revenue for November 2025 was CAD$114,287, and net operating cash flow was CAD$71,735 [1] Oil Production Details - Lindbergh 1 (37.5% interest): 44.5 bbl/day production, generating CAD$29,047 in revenue and CAD$18,810 in cash flow [1] - Lloyd 1 (18.75% interest): 76 bbl/day production, generating CAD$24,849 in revenue and CAD$15,316 in cash flow [1] - Lindbergh 2 (37.5% interest): 54.5 bbl/day production, generating CAD$35,548 in revenue and CAD$22,381 in cash flow [1] - Lindbergh 3 (18.75% interest): 76 bbl/day production, generating CAD$24,844 in revenue and CAD$15,228 in cash flow [1] Marketing Contract - Argo Gold disclosed a marketing contract with 1001103323 Ontario Inc. on January 19, 2026 [1]

Core Viewpoint - Argo Gold Inc. has signed a 60-day advertising and e-marketing contract with 1001103323 Ontario Inc. for marketing services, including social media engagement, at a cost of CAD$20,000 [1]. Company Overview - Argo Gold is a Canadian mineral exploration and development company, as well as an oil producer. The company is listed on the Canadian Securities Exchange under the ticker CSE: ARQ and also trades on OTC and various European exchanges [2].

Core Insights - Minot Light Capital Partners reported a net return of 7.6% for Q3 2025, which underperformed against benchmarks, particularly the micro-cap benchmark's return of 17.1% [1] - The fund's top five holdings are highlighted as key investment picks for 2025 [1] Company Overview: Arq, Inc. (NASDAQ:ARQ) - Arq, Inc. is identified as one of the largest producers of activated carbons in the United States, which are utilized across various industries for purifying and removing contaminants in water, air, and soil [3] - The company owns the Five Forks Mine in Saline, LA, primarily producing lignite coal, a key input for its powdered activated carbon (PAC) products [3] - In 2023, Arq acquired feedstock in Corbin, KY, enhancing its access to high-quality recovered bituminous coal reserves, essential for its granulated activated carbon (GAC) products [3] - Arq is noted for having a fully vertically integrated supply chain, positioning it well in the current market environment [3] Financial Performance - Arq, Inc. reported revenues of $35.1 million in Q3 2025 [4] - The stock experienced a one-month return of -9.14% and a significant decline of 53.28% over the past 52 weeks, closing at $3.28 per share with a market capitalization of $140.036 million as of December 23, 2025 [2] Hedge Fund Interest - Arq, Inc. was held by 14 hedge fund portfolios at the end of Q3 2025, an increase from 11 in the previous quarter, indicating growing interest among institutional investors [4]

Core Insights - Argo Gold Inc. reported an oil production of 1,800 barrels in October 2025, averaging 58 barrels per day, with oil prices averaging CAD$59 per barrel [1] - The company's total oil revenue for October 2025 was $107,021, and the net operating cash flow was $57,435 [1] Production Details - Lindbergh 1 (37.5% interest): 52 bbl/day production, $35,729 revenue, $22,012 cash flow [1] - Lloyd 1 (18.75% interest): 73 bbl/day production, $25,041 revenue, $13,142 cash flow [1] - Lindbergh 2 (37.5% interest): 43 bbl/day production, $25,841 revenue, $11,125 cash flow [1] - Lindbergh 3 (18.75% interest): 60 bbl/day production, $20,410 revenue, $11,156 cash flow [1]

Core Insights - Arq, Inc. (NASDAQ:ARQ) is recognized as one of the best micro-cap stocks to invest in according to analysts [1] - Clear Street has reiterated a Buy rating for Arq, while lowering the price target from $9 to $8 due to production line issues expected to persist until mid-2026 [2] - The company reported a Q3 2025 loss per share of $0.02, missing estimates by $0.04, with revenue of $35 million, slightly up year-over-year but missing expectations by $0.6 million [3] Company Performance - Arq's new Granular Activated Carbon production line is facing ongoing issues, which will delay the ramp-up to over 95% utilization and the addition of a second line, impacting revenue forecasts for 2027 [2] - The company operates in the environmental technology sector, focusing on air, water, and soil treatment solutions based on activated carbon in the U.S. and Canada [3]

Core Insights - Argo Gold Inc reported a total oil production of 24,003 barrels from January 1, 2025, to September 30, 2025, averaging 88 barrels per day [1] - The average oil price during this period was CAD$68 per barrel, resulting in oil revenue of CAD$1,631,714 and net operating cash flow of CAD$913,157 [1] Production Details - Lloyd 2 experienced a collapse after six weeks of production in Q4 2024 and was shut down in June 2025 due to low oil prices [2] - The planned drilling of Lloyd 3 was not completed in 2025 [2] Monthly Production Breakdown - **June 2025**: Total production was 75 barrels per day, with oil revenue of CAD$156,069 and net operating cash flow of CAD$57,489 [3] - **July 2025**: Total production increased to 80 barrels per day, generating oil revenue of CAD$178,304 and net operating cash flow of CAD$112,342 [3] - **August 2025**: Total production decreased to 65.5 barrels per day, with oil revenue of CAD$132,961 and net operating cash flow of CAD$67,867 [4] - **September 2025**: Total production remained at 65.5 barrels per day, resulting in oil revenue of CAD$123,733 and net operating cash flow of CAD$73,475 [4] Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production [5]

Group 1 - The analyst team has a proven track record of outperforming across all market conditions, achieving an annualized return of almost 40% over the past decade with a long-only model portfolio return of over 23 times [1] - The focus of the research includes energy, shipping, and offshore markets, indicating a specialization in sectors that may offer significant investment opportunities [1] - The analyst has expanded coverage to include offshore drilling, supply industry, and shipping, reflecting a broadening of focus beyond just technology stocks [2] Group 2 - The analyst has a background in auditing with PricewaterhouseCoopers and has experience navigating major market events such as the dotcom bubble and the subprime crisis, which adds credibility to the research [2] - The analyst emphasizes the importance of delivering high-quality research to the investment community, indicating a commitment to providing valuable insights [2]

Financial Performance & Growth - Total revenue reached $35.1 million, a 1% year-over-year increase, driven by strong pricing in the foundational Powdered Activated Carbon (PAC) business[7, 12] - Adjusted EBITDA was $5.2 million, marking the 6th consecutive quarter of positive Adjusted EBITDA, though negatively impacted by low volume and early Granular Activated Carbon (GAC) ramp-up[7, 12] - PAC pricing grew by 7% year-over-year, with an approximate 15% average quarterly growth in PAC Average Sales Price (ASP) since Q2 2023, showing strong visibility in PAC contract renewals into 2026 and beyond[8] - A $25+ million Adjusted EBITDA improvement has been achieved since Q3 2023 on a trailing twelve-month basis, driven by the PAC turnaround and cost management[7] GAC Business & Strategy - Initial commercial phase GAC production and sales were achieved, with robust GAC market dynamics[7] - The company is exploring blending or replacing Corbin GAC feedstock and advancing alternative product developments for Corbin feedstock[9] - The Final Investment Decision (FID) for Phase II is now anticipated to coincide with reaching Phase I GAC nameplate capacity around mid-2026[36] Market & Regulatory Landscape - Regulations could boost municipal water market demand 3-5x from approximately 170 million lb/year, serving as a major catalyst for demand and potential supply shortages[88] - The company expects the annual GAC market to grow approximately 75% to over 700 million lbs, resulting in an approximate 370 million lbs supply shortfall by 2030[103] - Approximately 35% of the approximately 153,000 public water systems in the U S are estimated to require PFAS treatment facilities by 2030[101]

Core Insights - Arq, Inc. reported a quarterly loss of $0.02 per share, matching the Zacks Consensus Estimate, but down from earnings of $0.04 per share a year ago, indicating an earnings surprise of -200.00% [1] - The company generated revenues of $35.07 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 4.07%, but showing a slight increase from $34.77 million year-over-year [2] - Arq, Inc. shares have declined approximately 15.3% year-to-date, contrasting with the S&P 500's gain of 15.1% [3] Earnings Outlook - The future performance of Arq, Inc. stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.03 on revenues of $32.53 million, and for the current fiscal year, it is $0.01 on revenues of $124.95 million [7] Industry Context - The Chemical - Specialty industry, to which Arq, Inc. belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - The correlation between near-term stock movements and earnings estimate revisions is significant, indicating that investors should monitor these revisions closely [5][6]