Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” third-quarter 2025 investor letter. The letter can be downloaded here. The fund returned -0.33% in the third quarter, compared to the S&P 500’s 8.12 % return and the Russell 1000 Value’s 5.33% return. The firm is not happy with the flat performance of the portfolio, emphasizing its investments in real assets and brands that generate growing free cash flow (FCF) per share. Despite facing market pressures from speculati ...

Core Insights - CNX Resources Corporation is identified as a cheap stock with potential for the next five years, despite Barclays lowering its price target to $32 from $33 while maintaining an Equal Weight rating [1] Company Performance - In Q2 2025, CNX Resources reported a one-rig drilling schedule and anticipates a strong capital efficiency ratio of approximately $0.85 per Mcf moving forward [2] - Sequential production declines are expected in Q3 and Q4 of 2025 due to a front-loaded turn-in-line schedule earlier in the year, leading to a temporary lull before new wells come online in late Q4 [2] - Capital expenditures are projected to be lighter in Q3 but expected to increase again in Q4 as drilling and completion activities resume [3] Operational Highlights - The performance of Utica wells was slightly above expectations in Q2, with all wells meeting internal targets and costs currently below target [3] - The Utica wells are now considered competitive with Marcellus opportunities based on internal rate of return [3] Company Overview - CNX Resources Corporation is an independent natural gas and midstream company focused on acquiring, exploring, developing, and producing natural gas properties in the Appalachian Basin [4]

Core Insights - CNX Resources Corp. will announce its Q3 2025 financial results on October 30 at 6:45 a.m. Eastern Time, followed by a Q&A conference call and webcast [1][2][3] Company Overview - CNX Resources Corporation is a premier ultra-low carbon intensive natural gas development, production, midstream, and technology company based in Appalachia, a region rich in energy resources [2] - The company has a 161-year legacy, a substantial asset base, and focuses on technology development and innovation, along with astute capital allocation methodologies [2] - As of December 31, 2024, CNX had 8.54 trillion cubic feet equivalent of proved natural gas reserves [2]

Management Changes - Steve Kinsey, CFO of Flowers Foods, will retire at the end of the year after 26 years with the company, including 18 years as CFO, and will continue in an advisory role post-retirement [2] - James Shen has been appointed as interim CFO of GitLab, having previously served as vice president of finance since January 2021, replacing Brian Robins who resigned to join Snowflake [3] - Alan Shepard, currently president and CFO of CNX Resources, will become CEO effective January 1, while retaining his role as president; he succeeds Nick Deiuliis, who will retire after 35 years [4] - Josh Greear has been named finance chief of Authority Brands, previously serving as CFO of Primrose Schools and holding various financial leadership roles at Cracker Barrel and The Home Depot [5] - Brett Summerer has been appointed CFO of Accel Entertainment, effective September 22, previously serving as CFO of Verano Holdings and holding leadership roles at Kraft Heinz, Corning, and General Motors [6]

Group 1 - The article discusses the trend of CFOs transitioning to CEO roles, highlighting an increase in such movements in 2025 [3][4] - Approximately 7.5% of current CEOs in Fortune 500 and S&P 500 companies have previously served as CFOs, marking an increase from 7.1% in 2024 and 6.5% in 2015 [4] - The article mentions Alan K. Shepard's promotion to CEO of CNX Resources, effective January 1, following the retirement of Nick Deiuliis [7] Group 2 - Alan K. Shepard has over 20 years of experience in the energy sector, including roles such as CFO and finance director at EdgeMarc Energy Holdings [5] - Nick Deiuliis, the outgoing CEO, has been with CNX Resources for 35 years and will continue to serve on the board after his retirement [6][7] - The company is expected to appoint a new CFO by the end of the year following Shepard's promotion [7]

Core Viewpoint - CNX Resources announced that Alan Shepard will become President and CEO effective January 1, 2026, succeeding Nick Deiuliis, who will retire at the end of 2025 [3] Company Leadership Transition - Alan Shepard, the current President and CFO, will take over as President and CEO [3] - Nick Deiuliis will retire from his role as CEO at the end of 2025 [3] - Shepard has over 20 years of experience in the industry [3]

Leadership Transition - Alan Shepard will become the President and CEO of CNX Resources Corporation effective January 1, 2026, succeeding Nick Deiuliis, who will retire at the end of 2025 after 35 years with the company [1][2] - Nick Deiuliis will remain engaged with CNX as a member of its Board of Directors after his retirement [1] - Alan Shepard has over 20 years of experience in the energy sector and has been with CNX since 2020, serving as CFO since June 2022 and President since June 2025 [1][2] Company Strategy and Vision - Alan Shepard emphasized the company's commitment to optimizing long-term per-share value, prudent capital allocation, and innovation to deliver value for stakeholders [2] - CNX Resources Corporation focuses on being a leading Appalachian energy company with a sustainable business model [2] Company Overview - CNX Resources Corporation is a premier, ultra-low carbon intensive natural gas development and production company based in Appalachia, with a significant asset base and a legacy of 161 years [3] - As of December 31, 2024, CNX had 8.54 trillion cubic feet equivalent of proved natural gas reserves [3]

Core Insights - CNX Resources Corporation (NYSE: CNX) has faced challenges with negative earnings in several quarters but has shown improvement in the latest earnings report for Q2-2025, which has contributed to a recovery in investor confidence [1] Company Performance - The company reported a turnaround in its earnings in Q2-2025 after experiencing negative earnings in previous quarters, indicating a potential recovery phase [1] Investor Sentiment - The recent positive earnings report has led to a restoration of investor confidence, which had been shaken due to prior negative performance [1]

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].