CNX Resources Corporation (NYSE: CNX ) has had problems recently, with negative earnings in several quarters until turning around in the latest earnings report, Q2-2025 . That's led to a loss of investor confidenceRobert F. Abbott has been investing his family’s accounts since 1995, and in 2010 added options, mainly covered calls and collars with long stocks. He is a freelance writer, and his projects include a website that provides information for new and intermediate-level mutual fund investors. A residen ...

Core Viewpoint - Callinex Mines Inc. has changed its name to Visionary Copper and Gold Mines Inc. to better reflect its focus on copper and gold projects in Canada, with trading under the new name starting on August 28, 2025 [1][2]. Company Overview - Callinex Mines Inc. is advancing a portfolio of base and precious metals deposits located in established Canadian mining jurisdictions, with a focus on the 100% owned Point Leamington Deposit in Newfoundland, which has an Indicated Mineral Resource of 5.0 million tonnes grading 2.5 g/t AuEq for 402,000 ounces AuEq [3]. - The company also has an Inferred Mineral Resource of 13.7 million tonnes grading 2.24 g/t AuEq for 986,500 ounces AuEq at the Point Leamington Deposit, and an out-of-pit Inferred Mineral Resource of 1.7 million tonnes grading 3.06 g/t AuEq for 168,500 ounces AuEq [3]. - Additionally, the Rainbow deposit at the Pine Bay Project has an indicated mineral resource of 3.44 million tonnes grading 3.59% CuEq for 272.4 million pounds CuEq, and an inferred mineral resource of 1.28 million tonnes grading 2.95% CuEq containing 83.4 million pounds CuEq [3]. - The Nash Creek Project in the Bathurst Mining District has a 2018 Preliminary Economic Assessment (PEA) indicating a pre-tax Internal Rate of Return (IRR) of 34.1% and a Net Present Value (NPV) of $230 million at $1.25 Zinc [3].

Core Viewpoint - Callinex Mines Inc. has established a wholly-owned subsidiary, Osawi Gold Corp., to focus on advancing its gold projects in Manitoba, specifically the Gossan Hill and Island Lake Gold Projects, while maintaining its core operations in base and precious metals [2][3][9]. Group 1: Formation of Osawi Gold Corp. - The creation of Osawi Gold Corp. aims to unlock the potential of Callinex's gold assets and enhance focus on high-grade gold exploration in Manitoba [2][3]. - The subsidiary will allow Callinex to explore strategic initiatives that could deliver significant value to shareholders without diluting existing shares [3][18]. Group 2: Gossan Hill Gold Project Overview - The Gossan Hill Gold Project spans 2,935 hectares and includes the historic Gurney Gold Mine, which produced 25,164 ounces of gold at an average grade of 8.64 g/t from 90,500 tonnes of material [4]. - The project features a high silver-to-gold ratio of 2.86:1, indicating potential for valuable silver alongside gold [4]. - Historical drilling has shown promising results, with mineralization remaining open along strike and at depth, suggesting opportunities for resource expansion [6][9]. Group 3: Island Lake Gold Project Overview - The Island Lake Gold Project covers approximately 40,000 hectares and has a significant strike length of 72 km within the Island Lake Greenstone Belt, which has hosted historic gold mines [12][13]. - The project includes the Ministik deposit, which has a reported historic resource of 166,439 ounces of gold at a grade of 0.39 oz/ton (13.37 g/t) [14]. - Previous exploration efforts have indicated potential for high-grade gold and other critical minerals, with numerous occurrences of gold found within the project area [12][14]. Group 4: Strategic Initiatives and Community Engagement - Callinex is evaluating strategic initiatives to enhance the value of its gold projects, including fostering relationships with stakeholders [18]. - The company emphasizes the importance of building a working relationship with the Garden Hill First Nation, ensuring that exploration aligns with community values and priorities [16][17].

Core Viewpoint - Callinex Mines Inc. has appointed Dr. Stephen Piercey, an experienced geologist specializing in volcanogenic massive sulphide (VMS) deposits, to enhance its technical team and advance the Point Leamington Project in Newfoundland [2][3]. Company Overview - Callinex Mines Inc. is focused on developing a portfolio of base and precious metals deposits in established Canadian mining jurisdictions, with a significant emphasis on the Point Leamington Deposit, which is located in a rich VMS and Gold District in Canada [9]. - The company has reported a pit constrained Indicated Mineral Resource of 5.0 million tonnes grading 2.5 g/t AuEq, equating to 402,000 ounces of AuEq, and an Inferred Mineral Resource of 13.7 million tonnes grading 2.24 g/t AuEq, equating to 986,500 ounces of AuEq [9]. Appointment of Dr. Stephen Piercey - Dr. Piercey brings over 25 years of experience in VMS deposits and has worked in some of Canada's most prolific VMS districts [2][3]. - His expertise is expected to significantly enhance the exploration efforts at the Point Leamington Project, which has not been fully evaluated with modern integrated exploration approaches [3][7]. - Dr. Piercey has received multiple awards, including the Duncan R. Derry Medal, recognizing his contributions to economic geology in Canada [4][5]. Exploration and Development Focus - The company aims to utilize a modern integrated exploration approach to drive resource growth at the Point Leamington project, with Dr. Piercey providing oversight in the next stages of exploration [7]. - The Point Leamington deposit is noted for its high tonnage potential and geological similarities to other productive VMS districts globally, indicating significant exploration opportunities [3][9].

Company Overview - Callinex Mines Inc. plans to change its name to "Visionary Copper and Gold Mines Inc." to better reflect its commitment to sustainable mining and value creation through the discovery and development of copper and gold mines in Canada [1][2] - The new stock symbol is anticipated to be "VCG," with the name change expected to occur in early September 2025 [3] Shareholder Information - Existing shareholders will not need to exchange their share certificates, and the name change will not affect the company's share structure or shareholder rights [4] Mineral Resource Highlights - The company has a portfolio that includes the Point Leamington Deposit, which has an Indicated Mineral Resource of 5.0 million tonnes grading 2.5 g/t AuEq, totaling 402,000 ounces AuEq [5] - The Inferred Mineral Resource at Point Leamington is 13.7 million tonnes grading 2.24 g/t AuEq, totaling 986,500 ounces AuEq [5] - The Rainbow deposit at the Pine Bay Project has an Indicated Mineral Resource of 3.44 million tonnes grading 3.59% CuEq, totaling 272.4 million pounds CuEq [5] - The Nash Creek Project has a pre-tax IRR of 34.1% and an NPV8% of $230 million at a zinc price of $1.25 [5]

VANCOUVER, British Columbia, July 30, 2025 (GLOBE NEWSWIRE) -- Callinex Mines Inc. (the "Company" or "Callinex") (TSX-V: CNX; OTCQX: CLLXF) is pleased to announce that it has appointed Professional Geologist (P.Geo) and exploration consultant, Mr. Peter Dimmell to the Company's Board of Directors as the lead director on the technical committee. Mr. Dimmell, while working with Noranda, was part of the discovery and delineation team of the gold, copper, zinc and silver rich Pt. Leamington volcanogenic massive ...

PART I FINANCIAL INFORMATION [Item 1. Unaudited Condensed Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Presents CNX Resources Corporation's unaudited interim financial statements for Q2 2025 and 2024, with detailed notes on accounting policies, acquisitions, and debt [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) CNX reported a **net income of $432.5 million** in Q2 2025, reversing a **net loss of $18.3 million** in Q2 2024, driven by derivative gains and increased revenue | Indicator | 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) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue and Other Operating Income** | $962,422 | $321,443 | $1,044,811 | $705,995 | | **Net Income (Loss)** | $432,521 | $(18,261) | $234,806 | $(11,410) | | **Diluted Earnings (Loss) per Share** | $2.53 | $(0.12) | $1.37 | $(0.07) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$8.99 billion** as of June 30, 2025, from **$8.51 billion** at year-end 2024, driven by property, plant, and equipment | Balance Sheet Item | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $394,225 | $370,635 | | **Total Property, Plant and Equipment—Net** | $7,858,604 | $7,384,111 | | **TOTAL ASSETS** | **$8,987,867** | **$8,511,903** | | **Total Current Liabilities** | $1,197,683 | $1,122,578 | | **Total Non-Current Liabilities** | $3,697,471 | $3,291,295 | | **TOTAL LIABILITIES** | **$4,895,154** | **$4,413,873** | | **TOTAL STOCKHOLDERS' EQUITY** | **$4,092,713** | **$4,098,030** | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$498.1 million** for H1 2025, while investing activities used **$728.5 million** due to the Apex acquisition | Cash Flow Activity (Six Months Ended June 30) | 2025 (in thousands) | 2024 (in thousands) | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $498,147 | $376,830 | | **Net Cash Used in Investing Activities** | $(728,519) | $(304,199) | | **Net Cash Provided by (Used in) Financing Activities** | $191,190 | $(69,151) | | **Net (Decrease) Increase in Cash** | $(39,182) | $3,480 | [Notes to Unaudited Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Details key accounting policies, the **$517.6 million Apex Energy II acquisition**, a **$200 million senior note offering**, derivative instruments, and the ongoing share repurchase program - On January 27, 2025, the company completed the acquisition of Apex Energy II, LLC for approximately **$517.6 million** in cash, net of cash received, expanding CNX's undeveloped leasehold in central Pennsylvania[79](index=79&type=chunk) - During the first six months of 2025, CNX issued an additional **$200 million** of its 7.25% senior notes due 2032[104](index=104&type=chunk) - The company repurchased and retired **7.8 million shares** for **$241.6 million** in the first six months of 2025, with **$711.6 million** remaining available under the board-approved repurchase program as of June 30, 2025[161](index=161&type=chunk)[162](index=162&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=33&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the shift to **net income in Q2 2025**, driven by higher natural gas prices, production volumes, and derivative gains, alongside liquidity and capital resources [Results of Operations](index=35&type=section&id=Results%20of%20Operations) CNX reported **Q2 2025 net income of $433 million**, a significant improvement from a **$18 million net loss** in Q2 2024, driven by derivative gains and increased sales volumes | Metric (Q2 2025 vs Q2 2024) | Q2 2025 | Q2 2024 | Variance | | :--- | :--- | :--- | :--- | | **Net Income (Loss) (in millions)** | $433 | $(18) | +$451 | | **Total Sales Volumes (Bcfe)** | 167.6 | 134.0 | +33.6 | | **Average Natural Gas Sales Price ($/Mcf)** | $2.84 | $1.60 | +$1.24 | | **Cash Settlement on Derivatives (in millions)** | $(35) | $110 | $(145) | - The increase in sales volumes was primarily attributed to the Apex Transaction completed in Q1 2025 and the timing of new wells being turned-in-line[185](index=185&type=chunk) - The Shale segment's earnings before tax rose to **$196 million** in Q2 2025 from **$143 million** in Q2 2024, driven by a **27.4% increase** in sales volumes and an **80% increase** in the average natural gas sales price[190](index=190&type=chunk)[191](index=191&type=chunk)[193](index=193&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) CNX maintains sufficient liquidity for the next twelve months, with **$450-$500 million** in forecasted 2025 capital expenditures and compliance with all debt covenants - The company expects capital expenditures to range between **$450 million** and **$500 million** for the full year 2025, with **$245 million** expended in the first six months[276](index=276&type=chunk) - As of June 30, 2025, CNX was in compliance with all debt covenants and expects to remain so even with potential commodity price declines[274](index=274&type=chunk) | Cash Flow (Six Months Ended June 30, 2025) | Amount (in millions) | | :--- | :--- | | **Cash Provided by Operating Activities** | $498 | | **Cash Used in Investing Activities** | $(729) | | **Cash Provided by Financing Activities** | $191 | | Obligation Type | Total Amount (in thousands) | | :--- | :--- | | **Purchase Order Firm Commitments** | $14,787 | | **Gas Firm Transportation and Processing** | $1,445,620 | | **Long-Term Debt** | $2,624,887 | | **Interest on Long-Term Debt** | $822,515 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) CNX manages commodity price and interest rate risks using derivatives, with open derivative instruments in a **$471 million net liability** position as of June 30, 2025 - The company's open derivative instruments had a net liability fair value of **$471 million** at June 30, 2025[295](index=295&type=chunk) - A hypothetical **10% increase** in future natural gas prices would decrease the fair value of open derivative instruments by **$508 million** as of June 30, 2025[295](index=295&type=chunk) - A hypothetical **100 basis-point increase** in interest rates would decrease pre-tax future earnings by **$3 million** on an annualized basis, based on variable-rate debt outstanding at June 30, 2025[296](index=296&type=chunk) | Period | Hedged Bcf | Weighted Average Hedge Price per Mcf | | :--- | :--- | :--- | | **Q3 2025** | 121.9 | $2.56 | | **Q4 2025** | 121.9 | $2.55 | | **Full Year 2026** | 437.7 | $2.70 | | **Full Year 2027** | 339.7 | $3.26 | [Item 4. Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[299](index=299&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[300](index=300&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) Incorporates legal proceedings from Note 11 of the financial statements, with no other significant legal or governmental proceedings expected to materially affect financial results - The company refers to Note 11 for details on commitments and contingent liabilities, which includes information on lawsuits related to the UMWA 1992 Benefit Plan and the 1974 Pension Plan[302](index=302&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) [Item 1A. Risk Factors](index=65&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the 2024 Form 10-K, except for a previously disclosed risk factor in the Q1 2025 Form 10-Q - There have been no material changes to the Company's risk factors as set forth in the 2024 Form 10-K, other than what was disclosed in the Q1 2025 Form 10-Q[304](index=304&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) CNX repurchased **3,658,251 shares** in Q2 2025, with **$711.6 million** remaining available under the share repurchase program as of June 30, 2025 | Period (2025) | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | **April** | 1,436,840 | $29.92 | | **May** | 1,306,351 | $31.60 | | **June** | 915,060 | $32.78 | | **Q2 Total** | **3,658,251** | N/A | - As of the end of June 2025, approximately **$711.6 million** remained available for purchase under the company's share repurchase program[305](index=305&type=chunk) [Item 5. Other Information](index=65&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q2 2025 - No directors or officers modified or terminated any Rule 10b5-1 trading arrangements during the second quarter of 2025[307](index=307&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents

Core Insights - CNX Resources Corporation (CNX) reported second-quarter 2025 operating earnings of 59 cents per share, exceeding the Zacks Consensus Estimate of 39 cents by 51.3% and increasing 63.9% from 36 cents in the same quarter last year [1][8] CNX's Revenues - The company reported revenues of $450 million, missing the Zacks Consensus Estimate of $457 million by 1.4%, but showing a 30.1% increase from $346 million in the prior-year quarter [2] Highlights of CNX's Q2 Release - The average selling price in the quarter was $2.68 per thousand cubic feet equivalent (Mcfe), up 3.9% from $2.58 a year ago - Total production cost was $1.67 per Mcfe, down 2.3% year over year - Total production volumes were 167.6 billion cubic feet equivalent (Bcfe), up 25.1% year over year - Interest expenses totaled $44 million, up 13.9% year over year [3][8] Share Repurchase and Debt Management - During the second quarter, CNX repurchased 3.7 million shares at an average price of $31.24 per share for a total cost of $114 million, representing approximately 40% of its outstanding shares over the past 19 quarters - CNX's adjusted net debt decreased by $69 million [4][8] Financial Update - As of June 30, 2025, CNX had cash and cash equivalents of $3.39 million, down from $17.2 million as of December 31, 2024 - Long-term debt increased to $2.29 billion from $1.84 billion as of December 31, 2024 - Cash from operating activities for the first six months of 2025 totaled $282.5 million compared to $191.8 million in the year-ago period, with free cash flow amounting to $188 million [5] Capital Expenditure - Capital expenditure for the first six months totaled $113.6 million, down from $151.9 million in the year-ago period [6] CNX's Guidance - CNX expects total capital expenditure for 2025 to be between $450 million and $500 million - The company anticipates 2025 production volume to be in the range of 615-620 Bcfe, an increase from the previous guidance of 605-620 Bcfe - Total free cash flow is expected to be $575 million [7][9]

Financial Data and Key Metrics Changes - The company reported a production efficiency gain contributing to overall outperformance in production, driven by new well performance and operational execution [46] - The capital efficiency ratio is approximately $0.85 per million, with a targeted production of $580 million over a $500 million CapEx [11] Business Line Data and Key Metrics Changes - The E&P business is maintaining initial activity levels due to expected storage levels creeping towards 4 TCF, with no changes anticipated at this time [10] - The company plans to continue its one rig program for drilling, with completion activities expected to pick up in the fall [19] Market Data and Key Metrics Changes - The company is optimistic about the potential of the 45Z tax credit program, with eligibility starting in 2025 and a potential annual run rate of $30 million [8][28] - The market for renewable energy credits is seen as a significant opportunity, with the company focusing on maximizing value from various markets [52] Company Strategy and Development Direction - The company is focused on optimizing operational efficiency in the Utica play while continuing to develop its core Southwest PA field [23] - There is an emphasis on balancing the harvesting of fully developed fields with new opportunities in the Utica area [60] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious optimism regarding in-basin demand for natural gas, which is expected to positively impact long-term pricing [41][42] - The company is in a wait-and-see mode regarding the timing of new demand projects and their impact on capital allocation [44] Other Important Information - The company is actively engaging in discussions about the RMG product as a sustainable energy solution, particularly in relation to data centers [36] - The management highlighted the importance of sustainability solutions in the context of growing demand for natural gas [54] Q&A Session Summary Question: Details on the 45Z tax credit timing and eligibility - The first year eligibility to claim credits would be in 2025, with a potential annual run rate of $30 million starting in 2026 [7][8] Question: Plans for E&P business volume growth - The company plans to maintain initial activity levels due to current storage forecasts, with no changes expected [10] Question: Drilling and completion activity levels in the second half - The bulk of turn-in-lines were weighted towards the first half of the year, with a sequential decline in production expected in Q3 and Q4 [17] Question: Cost competitiveness of the Utica play - Current costs make the Utica wells competitive with the best in-basin opportunities, with a focus on improving operational efficiency [51] Question: Impact of in-basin demand on long-term natural gas prices - In-basin demand is expected to be bullish for natural gas prices, but the company remains cautious about locking in long-term agreements until more data centers are connected [41][62]

Financial Data and Key Metrics Changes - The company reported a production efficiency gain contributing to overall outperformance in production, driven by new well performance and operational execution [46] - The capital efficiency ratio is approximately $0.85 per million, with a production target of $580 million against a capital expenditure of $500 million [10][11] Business Line Data and Key Metrics Changes - The company plans to maintain initial activity levels in the E&P business, with no changes expected at the current time due to storage levels approaching four trillion cubic feet [9] - The Utica wells are performing slightly above expectations, with ongoing efforts to improve operational efficiency and reduce costs [22][23] Market Data and Key Metrics Changes - The company anticipates a sequential decline in production for Q3 and Q4, with a potential increase in activity levels in late 2025 as they prepare for winter [17][19] - The market for renewable natural gas (RMG) is expected to grow, with discussions ongoing with tech companies regarding sustainable energy solutions [35][54] Company Strategy and Development Direction - The company is focused on balancing the development of its core Southwest PA field while also exploring opportunities in the Utica region [60] - There is an emphasis on leveraging AI and energy solutions to enhance the value of RMG products in the market [35][54] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the 45Z tax credit program, with expectations for a $30 million annual run rate starting in 2026 [5][28] - The company remains cautious about locking in long-term agreements until there is more clarity on in-basin demand and the connection of data centers to natural gas projects [63][64] Other Important Information - The company is actively working on optimizing drilling and completion operations to improve performance and reduce costs in the Utica play [21] - The management highlighted the importance of sustainability solutions in the context of growing demand for natural gas, particularly from the tech industry [54] Q&A Session Summary Question: Details on the 45Z tax credit timing and eligibility - The first year eligibility to claim credits would be in 2025, with a potential run rate of $30 million starting in 2026 [5][6] Question: Plans for E&P business activity levels - The company will maintain initial activity levels, with no changes expected at this time due to current storage levels [9] Question: Drilling and completion activity levels in the second half - A sequential decline in production is expected for Q3 and Q4, with a potential increase in activity levels in late 2025 [17][19] Question: Cost competitiveness of Utica wells - Current cost structures make Utica wells competitive with Marcellus opportunities, with a focus on improving repeatability of results [51][60] Question: Impact of in-basin demand on long-term natural gas prices - In-basin demand is expected to be bullish for natural gas prices, but the company is cautious about its hedging strategy in the short term [41][42] Question: Recognition of gas value in voluntary carbon markets - The company will sell gas to whichever market recognizes the highest value, with expectations for voluntary pricing to rival regulatory pathways in the long term [52][54]