Core Insights - Extendicare Inc. reported strong financial results for Q2 2025, with significant growth in revenue and adjusted EBITDA, driven by strategic acquisitions and increased demand for services [3][8][14]. Financial Performance - Revenue for Q2 2025 increased by $35.0 million to $383.4 million, representing an 11.4% growth when excluding out-of-period funding from Q2 2024 [14]. - Adjusted EBITDA rose by $5.3 million or 15.4% to $39.8 million, reflecting growth in home health care and improvements in long-term care [8][14]. - Net earnings increased by $6.0 million to $31.9 million, supported by higher adjusted EBITDA and other income [14][21]. Acquisitions and Transactions - The company completed the acquisition of Closing the Gap for approximately $75.1 million, expected to add 1.1 million service hours to the home health care segment [3][9]. - Extendicare acquired nine long-term care homes from Revera for approximately $41.3 million, enhancing its portfolio [6][14]. - The sale of three long-term care projects to Axium JV generated net cash proceeds of $56.3 million, resulting in a gain of $11.1 million [4][14]. Operational Highlights - Home health care average daily volume (ADV) increased to 33,310, a 10.9% rise from Q2 2024 [8][22]. - Long-term care average occupancy improved to 98.3%, up 50 basis points from the previous year [17]. - The number of third-party and joint venture beds serviced by SGP reached approximately 149,300, a 5.9% increase from the prior year [23]. Strategic Initiatives - The Ontario government announced a new capital funding policy for long-term care homes, providing greater funding flexibility for redevelopment projects [5]. - Extendicare is advancing 18 redevelopment projects to align with the new funding program [5]. Financial Position - As of June 30, 2025, Extendicare had cash and cash equivalents of $72.6 million, with access to an additional $152.2 million under its revolving facility [25]. - The company increased its senior secured credit facility to $375.0 million, enhancing its liquidity position [3][8]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.042 per share for August 2025, payable on September 15, 2025 [30].

Market Overview - The S&P 500 index has experienced an increase of over 8% year-to-date despite a significant decline in early April due to tariff announcements from the Trump administration, indicating underlying market uncertainty [1] - Investor sentiment was affected in late July following the Federal Reserve's decision to maintain interest rates amid persistent inflation [1] Qifu Technology - Qifu Technology Inc. (NASDAQ: QFIN) is undergoing a rebranding to Qfin Holdings and has shown strong year-over-year profit growth, with a non-GAAP net income increase of 59.9% in the latest quarter [3] - The company has established new partnerships with mid-to-large municipal banks in China, resulting in a 144% year-over-year growth in loan volume for its technology solutions business [4] - Current stock price is $33.65, with a 12-month price forecast of $51.73, indicating a potential upside of 53.74% [2] Expand Energy - Expand Energy Corp. (formerly Chesapeake, NASDAQ: EXE) is positioned to benefit from increasing natural gas demand, particularly in the AI and data center sectors [7] - The company reported revenue of $3.7 billion, significantly exceeding analyst expectations of $2.1 billion, although it missed EPS estimates by 4 cents [8] - Current stock price is $101.97, with a 12-month price forecast of $129.50, suggesting a 27% upside potential [6] FTAI Aviation - FTAI Aviation Ltd. (NASDAQ: FTAI) has transitioned from losses to profitability, reporting a major EPS beat of 24 cents per share, driven by strong aerospace product performance [11] - The company has increased revenue by over 52% in the last year and is expected to continue double-digit growth [11] - Current stock price is $137.32, with a 12-month price forecast of $174.33, indicating a potential upside of 26.95% [10]

Core Insights - Expand Energy Corporation (EXE) reported second-quarter 2025 adjusted earnings per share of $1.10, missing the Zacks Consensus Estimate of $1.14, but surpassing the year-ago adjusted profit of 1 cent due to strong production and higher natural gas prices [1][9] - The company's revenues from 'natural gas, oil and NGL' totaled $2 billion, falling short of the Zacks Consensus Estimate by $74 million, yet significantly higher than the year-ago figure of $378 million [2] Production & Price Realizations - Average daily production for the second quarter was 7,202 million cubic feet of gas equivalent (MMcfe/day), a 162% increase from the year-ago level of 2,745 MMcfe/day, exceeding the Zacks Consensus Estimate of 7,150 MMcfe/day [3][9] - Natural gas volume for the period was 6,596 MMcf/day, up 140% year over year, slightly below the consensus mark of 6,600 MMcf/day [3] - The average sales price for natural gas was $2.98 per Mcf, an 18.7% increase from the prior-year realization of $2.51 per Mcf, but below the consensus mark of $3.02 [4] Costs & Expenses - Total operating expenses rose to $2.4 billion from $799 million in the year-ago quarter, primarily due to a nearly threefold increase in gathering, processing, and transportation costs to $563 million [5] - Marketing costs also rose significantly to $791 million from $141 million year over year [5] Dividend and Share Repurchases - In the second quarter, the company returned a total of $448 million to shareholders through a quarterly base dividend of $137 million, a variable dividend of $211 million, and share repurchases totaling $100 million [6] Financial Position - Cash flow from operations totaled $1.3 billion, a significant increase from $209 million in the prior-year quarter, while capital expenditure was $657 million, resulting in a free cash flow of $665 million [7][9] - As of June 30, 2025, the company had $731 million in cash and cash equivalents and long-term debt of $5.1 billion, reflecting a debt-to-capitalization ratio of 22.2% [7] Guidance - Expand Energy is targeting an average daily production range of 7,150-7,250 MMcfe for the third quarter and 7,000-7,200 MMcfe for the full year 2025 [10] - The company has budgeted capital spending between $760 million and $840 million for the upcoming quarter, and between $2.9 billion and $3 billion for 2025 [10]

Core Insights - The article promotes a free two-week trial for the investment group Distressed Value Investing, which provides exclusive research on various companies and investment opportunities [1] - The group has a significant focus on value opportunities and distressed plays, particularly in the energy sector [2] Group 1 - The author, Aaron Chow, has over 15 years of analytical experience and is recognized as a top-rated analyst on TipRanks [2] - Chow co-founded a mobile gaming company that was acquired by PENN Entertainment, showcasing his experience in the gaming industry [2] - The investment group Distressed Value Investing includes over 1,000 reports on more than 100 companies, indicating a comprehensive research portfolio [1][2] Group 2 - The article emphasizes that past performance is not indicative of future results, highlighting the importance of careful investment consideration [3] - It clarifies that no specific investment recommendations are being made, and the views expressed may not represent the broader platform [3]

Financial Data and Key Metrics Changes - The company expects to recognize approximately a 50% increase in annual synergies, translating to an additional $425 million in free cash flow for 2025 and $500 million for 2026 before accounting for NYMEX price changes [6][11] - Capital investments for 2025 have been reduced by approximately $100 million while maintaining production of approximately 7.1 Bcfe per day [9][10] - The company plans to return $585 million to shareholders in the first half of the year through dividends and share repurchases [11] Business Line Data and Key Metrics Changes - In Southwest Appalachia, the company drilled the longest lateral well and improved drilled footage per day by 62% in Northeast Appalachia and 25% in Haynesville [7][8] - The company has achieved a 25% improvement in footage drilled per day since the merger, with well costs in Haynesville around $1,300 per foot [78][79] Market Data and Key Metrics Changes - The company retains operational leverage to the largest gas demand center in North America through its Haynesville position, with over 12 Bcf per day of LNG demand under construction [9][10] - The company expects market volatility to remain a prevailing theme, but believes its investment-grade balance sheet is a strategic asset [11] Company Strategy and Development Direction - The merger aims to create long-term value through cost reduction and a geographically diverse portfolio serving premium markets [6] - The company is focused on optimizing contracts to reduce cash flow volatility and enhance pricing mechanisms [15][16] - The company is exploring various structures for gas sales, including direct sales and partnerships, to maximize value [22] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the long-term demand outlook for the industry and sees opportunities in LNG and power generation [10][11] - The company is prepared to adjust its operations based on market conditions while maintaining a focus on long-term fundamentals [92] Other Important Information - The company has improved its operational efficiency through the innovative use of AI and machine learning [7][8] - The company is actively engaged in discussions for potential agreements related to LNG and power that would be accretive to shareholders [10] Q&A Session Summary Question: Can you talk about Expand's strategy regarding gas contracts related to power growth opportunities? - Management is excited about opportunities in this space and aims to reduce cash flow volatility through long-term contracts [15][16] Question: What is the duration of the 70% deferred cash tax guidance for 2026? - The duration of tax savings is expected to be long as long as capital spending remains consistent [29] Question: What is the company's appetite for reducing net debt versus returning cash to shareholders? - The company believes strengthening the balance sheet benefits equity holders and will continue to reduce net debt while assessing market conditions [31][32] Question: What has driven the significant increases in footage drilled per day? - The increases are attributed to better integration of data sets and collaboration among teams, with AI playing a key role in optimizing performance [38][39] Question: How does the company view the balance between LNG contracts and other delivery methods? - The company is positioned to respond to various elements of growing demand, including LNG and data center contracts, without favoring one over the other [102][105]

Financial Data and Key Metrics Changes - The company expects to recognize approximately a 50% increase in annual synergies, translating to an additional $425 million in free cash flow for 2025 and $500 million for 2026 before accounting for NYMEX price changes [5][11] - Capital investments for 2025 have been reduced by approximately $100 million while maintaining production at approximately 7.1 Bcfe per day [8][11] - The company plans to return $585 million to shareholders in the first half of the year through dividends and share repurchases [11] Business Line Data and Key Metrics Changes - In Southwest Appalachia, the company improved drilled footage per day by 62%, while in the Haynesville, footage drilled per day improved by 25% [7][8] - The company has achieved a 25% improvement in footage drilled per day since the merger, with well costs in Haynesville around $1,300 per foot [73][74] Market Data and Key Metrics Changes - The company retains operational leverage to the largest gas demand center in North America through its Haynesville position, with over 12 Bcf per day of LNG demand under construction [9][10] - The company expects market volatility to remain a prevailing theme, but believes its investment-grade balance sheet is a strategic asset [11] Company Strategy and Development Direction - The company aims to create long-term value through cost reduction and developing a geographically diverse portfolio serving premium markets [5] - The focus is on optimizing contracts to reduce cash flow volatility and participate in upside opportunities [15][17] - The company is actively engaged in discussions for LNG and power-related agreements that will be accretive to shareholders [10][12] Management's Comments on Operating Environment and Future Outlook - Management is encouraged by the long-term demand outlook for the industry and believes the current macro landscape allows for sustainable value creation [8][12] - The company views the current market conditions as an opportunity to strengthen its balance sheet and enhance shareholder value [11][29] Other Important Information - The company has successfully integrated data sets across the combined companies, leading to improved drilling performance [34] - The company is focused on maintaining flexibility in capital allocation to adapt to market conditions while pursuing long-term growth [87] Q&A Session Summary Question: Can you talk about Expand's strategy regarding gas contracts related to power growth opportunities? - The company is focused on reducing cash flow volatility through long-term contracts and optimizing pricing mechanisms [14][15] Question: Is there urgency in signing deals compared to peers? - Management indicated there is no urgency and is taking a long-term view on LNG and power markets [20] Question: What is the duration of cash tax savings? - The company expects the duration of tax savings to be fairly long as long as capital investment continues at a similar cadence [26] Question: What is the appetite for reducing net debt? - The company is committed to strengthening its balance sheet and will continue to reduce net debt until better opportunities arise [28] Question: What is driving the increase in footage drilled per day? - The increase is attributed to better integration of data sets and the use of AI for optimization [34][36] Question: How does the company view the reporting issues in Louisiana? - Management believes the reporting issues are specific to the state and is working closely with agencies to resolve them [56][101] Question: What is the balance between LNG contracts and data center contracts? - The company is positioned to respond to both LNG and data center demands, leveraging its flexible portfolio [99]

Financial Performance - The company reported approximately $12 billion of adjusted EBITDAX for 2Q25[8] - Capital expenditures totaled approximately $727 million in 2Q25[8] - The company expects to increase net debt paydown to $1 billion in 2025[9] - $585 million was returned to shareholders through dividends and share repurchases in 1H25[9] - The company anticipates approximately $425 million improvement in FCF for 2025[8, 14] Operational Highlights - The company is the largest domestic natural gas producer, with production of approximately 72 Bcfe/d[8] - The company achieved its fastest drilling quarter in company history during 2Q25[9] - The company's annual synergy outlook increased to $600 million, expected by YE26[8] Production and Capital Allocation - The company anticipates full year 2025 production of approximately 71 Bcfe/d[12, 21] - The company reduced FY25 D&C capex spend by approximately $100 million[22] - The company has approximately 19 million net acres and approximately 71 Bcfe/d in 2025[12]

Group 1 - The article highlights an increasing imbalance in electricity demand driven by climate change, decarbonization, electrification, and the expansion of AI/Data Centers, leading to a projected 4-5% increase in load compared to the historical 1-2% [1] - The author emphasizes the importance of experience in analyzing diverse industries such as airlines, oil, retail, mining, fintech, and e-commerce, along with macroeconomic, monetary, and political factors [1] - The author reflects on their extensive experience through various crises, including the tequila crisis, Asian financial crisis, dot-com bubble, 9/11, the Great Recession, and the COVID-19 pandemic, which provides a strong foundation for understanding multiple disciplines [1]

Group 1: Earnings Performance - Expand Energy reported quarterly earnings of $1.1 per share, missing the Zacks Consensus Estimate of $1.14 per share, compared to earnings of $0.01 per share a year ago, representing an earnings surprise of -3.51% [1] - The company posted revenues of $2.02 billion for the quarter ended June 2025, missing the Zacks Consensus Estimate by 3.53%, and this compares to year-ago revenues of $378 million [2] - Over the last four quarters, Expand Energy has surpassed consensus EPS estimates three times [2] Group 2: Stock Performance and Outlook - Expand Energy shares have lost about 1.4% since the beginning of the year, while the S&P 500 has gained 8.6% [3] - The current consensus EPS estimate for the coming quarter is $1.48 on $2.21 billion in revenues, and for the current fiscal year, it is $6.62 on $8.97 billion in revenues [7] - The company's earnings outlook and estimate revisions will be crucial for future stock performance, with the current Zacks Rank being 3 (Hold), indicating expected performance in line with the market [6] Group 3: Industry Context - The Alternative Energy - Other industry, to which Expand Energy belongs, is currently in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor decisions [5]

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Presents unaudited condensed consolidated financial statements, including balance sheets, operations, cash flows, and equity, with detailed notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to **$27.77 billion**, while liabilities fell to **$9.83 billion**, leading to an increase in stockholders' equity to **$17.94 billion** Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $731 | $317 | | Total current assets | $2,272 | $1,997 | | Total property and equipment, net | $24,172 | $24,282 | | **Total assets** | **$27,768** | **$27,894** | | **Liabilities & Equity** | | | | Total current liabilities | $2,924 | $3,123 | | Long-term debt, net | $5,122 | $5,291 | | **Total liabilities** | **$9,831** | **$10,329** | | **Total stockholders' equity** | **$17,937** | **$17,565** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net income for six months ended June 30, 2025, was **$719 million**, a turnaround from a **$201 million** loss, driven by **$5.89 billion** in revenues Six Months Ended June 30, Financial Performance (in millions, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total revenues and other | $5,886 | $1,586 | | Income (loss) from operations | $1,001 | $(262) | | Net income (loss) | $719 | $(201) | | Diluted earnings (loss) per share | $2.99 | $(1.53) | Three Months Ended June 30, Financial Performance (in millions, except per share data) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total revenues and other | $3,690 | $505 | | Income (loss) from operations | $1,269 | $(294) | | Net income (loss) | $968 | $(227) | | Diluted earnings (loss) per share | $4.02 | $(1.73) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow surged to **$2.42 billion**, while investing and financing activities used **$1.10 billion** and **$909 million** respectively, increasing cash by **$411 million** Six Months Ended June 30, Cash Flow Summary (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,418 | $761 | | Net cash used in investing activities | $(1,098) | $(640) | | Net cash used in financing activities | $(909) | $(179) | | **Net increase (decrease) in cash** | **$411** | **$(58)** | | **Cash, cash equivalents and restricted cash, end of period** | **$806** | **$1,095** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides critical details on financial statements, including Southwestern Merger accounting, debt structure, revenue streams, derivative positions, and service commitments - Expand Energy is now the largest natural gas producer in the U.S. by net daily production, with operations in Louisiana, Pennsylvania, West Virginia, and Ohio[34](index=34&type=chunk) - The Southwestern Merger closed on October 1, 2024, with Expand Energy (formerly Chesapeake) as the accounting acquirer. The total consideration was approximately **$8.47 billion**[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - The company has a **35% interest** in a joint venture with Momentum Sustainable Ventures LLC to build a new natural gas gathering pipeline and carbon capture project in the Haynesville Shale, with a carrying value of **$314 million** as of June 30, 2025[110](index=110&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operational results, highlighting the Southwestern Merger's impact, liquidity, capital resources, and detailed operational performance - Following the Southwestern Merger, Chesapeake Energy Corporation changed its name to Expand Energy Corporation and is now the largest independent natural gas producer in the U.S[118](index=118&type=chunk)[119](index=119&type=chunk) - The company achieved investment-grade ratings from S&P, Fitch, and Moody's, leading to less restrictive covenants on its Credit Facility[123](index=123&type=chunk) - An enhanced capital returns framework was announced, prioritizing a base dividend, **$1.0 billion** in annual net debt reduction for 2025, and returning **75%** of remaining free cash flow to shareholders[126](index=126&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity of **$3.2 billion**, with planned 2025 capital expenditures of **$2.85–$3.0 billion** and significant cash uses for debt and shareholder returns - Total liquidity as of June 30, 2025, was **$3.2 billion**, including **$0.7 billion** cash and **$2.5 billion** unused credit facility capacity[130](index=130&type=chunk) - The 2025 capital expenditure budget is projected to be between **$2.85 billion** and **$3.0 billion**, targeting **250 to 280** gross wells[138](index=138&type=chunk) Sources and Uses of Cash - Six Months Ended June 30, 2025 (in millions) | Item | Amount | | :--- | :--- | | Cash provided by operating activities | $2,418 | | Capital expenditures | $(1,220) | | Cash paid to purchase debt | $(553) | | Cash paid for common stock dividends & repurchases | $(378) | | **Net increase in cash** | **$411** | [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Operational results for H1 2025 show total production averaging **6,996 MMcfe/day** and sales surging to **$4.32 billion**, with commensurate increases in operating expenses Average Daily Production (Six Months Ended June 30) | Period | Natural Gas (MMcf/d) | Oil (MBbl/d) | NGL (MBbl/d) | Total (MMcfe/d) | | :--- | :--- | :--- | :--- | :--- | | **2025** | 6,426 | 16 | 79 | **6,996** | | **2024** | 2,971 | — | — | **2,971** | Natural Gas, Oil and NGL Sales (Six Months Ended June 30, in millions) | Period | 2025 | 2024 | | :--- | :--- | :--- | | **Total Sales** | **$4,321** | **$967** | Key Operating Expenses per Mcfe (Six Months Ended June 30) | Expense Category | 2025 ($/Mcfe) | 2024 ($/Mcfe) | | :--- | :--- | :--- | | Production | $0.24 | $0.20 | | Gathering, Processing & Transportation | $0.89 | $0.60 | | DD&A | $1.17 | $1.38 | - The increase in sales for the first half of 2025 was driven by a **$2.43 billion** increase from higher volumes due to the Southwestern Merger and an **$837 million** increase from higher average commodity prices[149](index=149&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risk from volatile commodity prices and interest rates, using derivatives to mitigate price risk, with minimal interest rate exposure - The company's main market risks are commodity price volatility and interest rate changes[169](index=169&type=chunk) - A **10%** fluctuation in forward natural gas prices would change the fair value of the company's gas derivatives by approximately **$500 million**[172](index=172&type=chunk) - Based on H1 2025 production, a **10%** change in prices would have altered revenues by **$377 million** for natural gas, **$16 million** for oil, and **$38 million** for NGL[172](index=172&type=chunk) - Interest rate risk is minimal as of June 30, 2025, with no outstanding borrowings under the floating-rate Credit Facility[173](index=173&type=chunk) [Item 4. Controls and Procedures](index=41&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 - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[175](index=175&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter[176](index=176&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with pre-petition matters resolved via Chapter 11, and no expected material adverse financial impact - The company is involved in ordinary course litigation. Pre-petition Chesapeake legal matters are being handled through the bankruptcy court's claims process[179](index=179&type=chunk) - Management does not expect current legal proceedings to have a material adverse impact on the company's financials[180](index=180&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors are reported, with readers directed to the 2024 Form 10-K for detailed discussion - The company refers to the risk factors disclosed in its 2024 Form 10-K, indicating no material changes during the quarter[182](index=182&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Details the **$1.0 billion** share repurchase program, with **851,661** shares repurchased for **$100 million** in Q2 2025, leaving **$900 million** available Share Repurchases for the Quarter Ended June 30, 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Value Remaining (millions) | | :--- | :--- | :--- | :--- | | April 2025 | — | $— | $1,000 | | May 2025 | 144,583 | $116.17 | $983 | | June 2025 | 707,078 | $117.65 | $900 | | **Total** | **851,661** | **$117.40** | **$900** | [Item 3. Defaults Upon Senior Securities](index=43&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[186](index=186&type=chunk) [Item 4. Mine Safety Disclosures](index=43&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures, as required by the Dodd-Frank Act, are included in Exhibit 95.1 of this Form 10-Q - Mine safety disclosures are provided in Exhibit 95.1[187](index=187&type=chunk) [Item 5. Other Information](index=43&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025 - No director or officer adopted or terminated a Rule 10b5-1 trading plan during the quarter[188](index=188&type=chunk) [Item 6. Exhibits](index=44&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including Sarbanes-Oxley certifications and XBRL data files - Lists all exhibits filed with the report, including Sarbanes-Oxley certifications (31.1, 31.2, 32.1, 32.2) and XBRL data files[189](index=189&type=chunk)[191](index=191&type=chunk)