Core Viewpoint - Nexcel Metals Corp. has filed an independent NI 43-101 technical report for its Burnt Hill Tungsten Project, indicating a commitment to advancing exploration and development in the tungsten mining sector [1][2]. Project Overview - The Burnt Hill Tungsten Project is located approximately 95 kilometers north of Fredericton, New Brunswick, covering about 1,540 hectares across 70 mining cells [3]. - The project is situated in a historically significant tungsten mining district, with tungsten mineralization first discovered in the late 1800s and documented production occurring in 1915 and between 1952 and 1956 [4]. Mineralization Details - Tungsten mineralization at Burnt Hill is found in quartz veins associated with granitic intrusions, with key minerals including wolframite, molybdenite, cassiterite, and pyrrhotite [5]. Recommended Work Program - The technical report recommends a two-phase exploration program aimed at modernizing historical data, verifying past results, and supporting future exploration targeting [7][16]. - **Phase 1** involves data compilation and GIS integration [16]. - **Phase 2** includes geological mapping, surface sampling, and geophysical surveys [16]. Technical Report Availability - The technical report is accessible under the company's profile on SEDAR+ and can be requested directly from the company [8]. Company Background - Nexcel Metals Corp. is a junior mining company focused on the acquisition, exploration, and development of mineral properties, with current projects including the Lac Ducharme Project in Québec and the Burnt Hill Project in New Brunswick [14].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission file number 1-1043 Brunswick Corporation (Exact name of registrant as specified in its charter) Delaware 36-0848180 (State or othe ...

Core Insights - Brunswick Corporation has been recognized in Newsweek's America's Greatest Workplaces for Women 2026 list, achieving a four-and-a-half-star rating for its commitment to an inclusive environment for women [1][3][4] Group 1: Recognition and Evaluation - The 2026 ranking was conducted by Newsweek in partnership with Plant-A Insights Group, evaluating over one million company reviews from female employees and assessing workplace equity, fairness, leadership representation, and employee satisfaction [2] - Brunswick's high rating reflects its industry-leading programs in leadership development, mentoring, work-life balance, and comprehensive benefits that support professional growth [3] Group 2: Company Commitment - Jill Wrobel, CHRO of Brunswick Corporation, emphasized the company's dedication to creating a workplace where women are valued and supported, aiming to expand opportunities for women globally [4] - Brunswick Corporation is a leader in marine recreation, focusing on innovation and technology-driven solutions, and operates with approximately 14,000 employees across 26 countries [5]

Core Viewpoint - Brunswick Exploration Inc. has staked new high-priority lithium targets in Eastern Greenland, reinforcing its position as the only company exploring for lithium in the region and controlling the only two known lithium discoveries in Greenland [1][2]. Company Developments - The newly staked Clavering and Hudson Land licence comprises five blocks, covering an area of 13,862 hectares, located approximately 360 kilometers north of Ittoqqortoormiit [3][4]. - The company has announced an Inferred Resource of 52.2 million tonnes (Mt) grading 1.08% lithium oxide (Li2O) at its Mirage project, which is one of the largest undeveloped hard-rock lithium resources in the Americas [2][11]. - Drilling is expected to begin shortly at the Anatacau project, and a small drill program at the Nuuk Lithium project is anticipated to start in late Q3 2026 [2][7]. Geological Insights - The licence area hosts numerous pegmatite outcrops, some extending to kilometric scale, providing a robust geological framework for lithium-cesium-tantalum (LCT) pegmatite systems [4]. - Historical regional stream-sediment surveys have identified exceptionally high rubidium (Rb) values in the new claims, indicating the potential for evolved pegmatite systems that host lithium mineralization [5]. Exploration Plans - The company plans to conduct field activities in the Clavering and Hudson Land area in Q3 2026, supported by helicopter, lasting approximately two weeks [7]. - Prospecting activities are expected to take place at Clavering, Hudson Land, and the Hinks Land licence during the summer [2][7].

Core Viewpoint - The investment strategy focuses on long-term investments while also utilizing short-term shorts to identify alpha opportunities through bottom-up analysis of individual companies' fundamentals [1] Group 1: Investment Approach - The investment approach emphasizes a medium to long-term duration, aiming to identify companies with strong fundamentals, sustainable competitive advantages, and growth potential [1]

Core Viewpoint - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation. Group 1: Investment Philosophy - The investment strategy revolves around generating great returns by identifying mispriced securities [1] - The methodology is flexible, not confined to traditional value, dividend, or growth investing, but considers all prospects of a stock to assess risk-to-reward [1] Group 2: Market Focus - The investment focus includes markets in the US, Canada, and Europe, indicating a broad geographical scope for potential opportunities [1]

Core Viewpoint - The article emphasizes the investment philosophy focused on identifying mispriced securities through understanding the financial drivers of companies, often revealed by DCF model valuation [1]. Group 1: Investment Philosophy - The investment approach is centered on small cap companies across US, Canadian, and European markets [1]. - The methodology allows for flexibility beyond traditional investment categories such as value, dividend, or growth investing, considering all prospects of a stock to assess risk-to-reward [1].

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - Brunswick Corporation reported fourth-quarter earnings that slightly exceeded expectations, with revenue significantly surpassing forecasts, yet shares fell more than 5% intraday [1][2]. Financial Performance - The company posted adjusted earnings per share of $0.58, narrowly beating the consensus estimate of $0.57 [1]. - Revenue totaled $1.33 billion, roughly 10% above analyst expectations of $1.21 billion [1]. Stock Market Reaction - Despite the top-line outperformance, the stock reaction indicated that investors had already priced in the stronger results [2]. Long-term Financial Outlook - Brunswick projected earnings per share between $3.80 and $4.40, with the midpoint of $4.10 modestly below the analyst consensus of $4.19 [2]. - Revenue was expected to range from $5.6 billion to $5.8 billion, with the midpoint exceeding consensus expectations of $5.54 billion [2]. Management's Perspective - Management's outlook reflected confidence in revenue growth while maintaining a more cautious stance on earnings over the longer term [3].

Financial Data and Key Metrics Changes - Brunswick finished 2025 with net sales of $5.4 billion, up 2% year-over-year, marking the first full-year net sales growth in three years [4][15] - Adjusted earnings per share (EPS) for the year was $3.27, impacted by tariff headwinds, with free cash flow generation reaching $442 million, up 56% year-over-year [4][17] - The company reported a 41% increase in Q4 earnings compared to the prior year, driven by higher sales and operational improvements [15] Business Line Data and Key Metrics Changes - The propulsion segment saw a 23% increase in sales, with double-digit growth across all product categories, driven by strong OEM orders [17][19] - The aftermarket parts and accessories (P&A) business grew sales by 15% in Q4, marking the third consecutive quarter of growth [19] - The boat segment reported an 11% sales increase, with growth across premium, core, and value categories [22] Market Data and Key Metrics Changes - The U.S. retail boat market finished 2025 down approximately 9% in units, while Brunswick's global retail unit sales were down only 5% [3][10] - Dealer inventories remained low, with a high percentage of recent model year products, supporting a favorable retail environment [4][10] - Brunswick's market share in the U.S. outboard segment remained stable at approximately 47%, with gains in higher horsepower engines [11] Company Strategy and Development Direction - Brunswick plans to continue driving operational efficiencies and is encouraged by the strong reception of new products, with a focus on ultra-high horsepower engines [23][89] - The company aims for revenue growth in 2026, projecting net sales between $5.6 billion and $5.8 billion, with adjusted operating margins between 7.5% and 8% [24] - Brunswick's strategy includes significant investments in new product development and technology, alongside returning capital to shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improved market conditions for 2026, supported by falling interest rates and strong retail demand [5][8] - The company anticipates a flat to slightly up U.S. retail boat market, with expectations for wholesale sales to closely match retail [23][24] - Management noted that tariff mitigation actions successfully offset over half of the gross dollar exposure, with expectations of further incremental tariff costs in 2026 [9][28] Other Important Information - Brunswick's liquidity at year-end was $1.3 billion, including access to an undrawn revolving credit facility [13] - The company plans to retire approximately $160 million of debt in 2026, contributing to a net debt leverage target of 2.5x or lower [29] - Brunswick received multiple awards for its products and innovations at recent trade shows, highlighting its commitment to quality and technology [31][35] Q&A Session Summary Question: What was the retail performance in the fourth quarter? - Management indicated that retail performance was flat, with continued strength in premium and core brands, which represent a significant portion of their portfolio [41] Question: What gives confidence for flat to up retail in 2026? - Management cited expected interest rate cuts and improving retail financing conditions as key factors supporting their outlook for 2026 [43][44] Question: How should we think about inventory levels for 2026? - Management expects pipeline units to be flat to slightly reduced, aiming to match wholesale and retail [46][48] Question: How is the company addressing competitive inventory levels? - Management noted solid ordering and a healthy pipeline, indicating no evidence of dealers holding back on orders [49] Question: What are the dynamics affecting retail sales and replacement rates? - Management highlighted a significant gap between new boat sales and replacement rates, suggesting a natural pull for retail sales [53] Question: How is the propulsion business performing with OEM customers? - Management reported strong performance and share gains in the propulsion segment, with new multi-year agreements with OEMs [61][62]