Core Viewpoint - Graphano Energy Ltd. has received the necessary "Autorisation de Travaux à Impact" (ATI) for its exploration properties in Québec, allowing the company to advance its exploration initiatives and capitalize on its graphite assets [1][2]. Government Authorizations for Exploration - In May 2024, Québec implemented new exploration permitting requirements aimed at enhancing transparency and incorporating community feedback into mineral exploration activities. Companies must obtain ATI from the Ministère des Ressources naturelles et des Forêts (MRNF) before conducting exploration activities that may impact the land [3]. 2025 Exploration Program - Graphano is set to begin its exploration campaigns this quarter, focusing on trenching, targeted sampling, and drilling to further delineate graphite mineralization across its properties. The company emphasizes responsible operations and ongoing engagement with local communities and stakeholders [4]. About Graphano Energy - Graphano Energy Ltd. is dedicated to evaluating, acquiring, and developing energy metals resources, transitioning from exploration to production [5]. Industry Context - Graphite is increasingly in demand as a critical mineral for green technologies, particularly in lithium batteries for electric vehicles and energy storage solutions. The Lac Aux Bouleaux property is strategically located near Canada's only producing graphite mine, highlighting its potential in meeting future graphite demands [6].

Vancouver, British Columbia--(Newsfile Corp. - April 11, 2025) - Graphano Energy Ltd. (TSXV: GEL) (OTC Pink: GELEF) (FSE: 97G0) ("Graphano" or the "Company") announces that it intends to extend the expiry date of an aggregate of 12,607,317 common share purchase warrants (the "Warrants") by an additional 12 months to August 27, 2026 (the "Warrant Extension").The Warrants were originally issued pursuant to private placements of subscription receipts (the "Subscription Receipts") that closed on December 22, 2 ...

Mineral Resources and Reserves - As of December 31, 2024, the company holds mineral leases covering a total area of 87,637 acres across 23 townships, primarily in the "Westvaco" and "Granger" blocks[289]. - The U.S. Geological Survey estimates that the trona deposits in the Green River Basin contain a cumulative resource of over 100 billion tons of trona[287]. - The company’s trona mining operations exploit three trona beds, with reserves contained in four trona beds[287]. - The mineral resources and reserves are classified according to subpart 1300 of Regulation S-K, which requires disclosure of both mineral resources and mineral reserves[279]. - The company’s mineral resources do not have demonstrated economic value unless classified as mineral reserves[280]. - The company has not filed a new technical report summary as there was no material change in mineral reserves or resources since the last report[281]. - Total measured and indicated mineral resources for the Granger Contiguous Leases remained stable at 762 million short tons with a grade of 85% trona as of December 31, 2024[317]. - Total measured and indicated mineral resources for the Westvaco Contiguous Leases also remained stable at 1,225 million short tons with a grade of 87% trona as of December 31, 2024[317]. - Total trona reserves decreased by approximately 7 million short tons, or 0.8%, from 865 million short tons in 2023 to 858 million short tons in 2024[321]. - Dry mining reserves at year-end 2024 were approximately 4 million short tons lower than 2023 due to extraction activities[321]. - Brine mining reserves at year-end 2024 decreased by approximately 3 million short tons, or 0.7%, compared to 2023[322]. Mining Operations and Facilities - The Westvaco site has been in continuous operation since 1947, initially established by Westvaco Chemical Corporation[297]. - The Westvaco facility has a processing capacity of 300,000 tons per year for refined soda ash, utilizing a sesquicarbonate process[297]. - The Granger site transitioned from underground mining to brine (solution) mining in 2005, enhancing operational efficiency[301]. - The Granger facility has been operational for over 35 years, with well-developed infrastructure including rail loadout and product storage facilities[302]. - The Westvaco site is strategically located 18 miles west of Green River, Wyoming, with access to Interstate 80 and the Union Pacific Railroad[296]. - The Granger site is accessible via a spur line connecting to the Union Pacific Railroad, facilitating transportation logistics[300]. - The area surrounding both sites provides a sufficient talent pool for staffing and management needs[296][300]. - The Westvaco site includes comprehensive infrastructure such as electrical generation, natural gas pipelines, and water distribution facilities[298]. - The Granger site has ample buildings for offices, labs, and maintenance shops, supporting operational needs[302]. - The acquisition of both facilities by Genesis Alkali Wyoming, LP occurred in September 2017, following their previous ownership by Tronox Alkali[297][301]. Production and Financial Performance - The total production from the trona property for the fiscal year ended December 31, 2024, was 4,405,000 tons, an increase of approximately 13.2% from 3,889,000 tons in 2023[316]. - The Granger Optimization Project achieved first production in Q4 2023, with an estimated incremental annual production capacity of 750,000 tons in 2024[316]. - The total book value of the Westvaco and Granger sites as of December 31, 2024, was approximately $1,657 million, down from $1,668 million in 2023[315]. - The Westvaco site has been profitably mining and processing trona ore for over 75 years, with ongoing capital expenditures to sustain operations[311]. - The Granger site has been profitably mining and processing trona ore for over 35 years, with capital expenditures focused on sustaining production and completing the Granger Optimization Project[314]. Financial Management and Risk - The company’s senior secured credit facility is guaranteed by substantially all restricted subsidiaries and secured by liens on a significant portion of its assets, including trona leases[290]. - As of December 31, 2024, the company had $291.0 million of debt outstanding under its senior secured credit facility, with a 10% change in the Term SOFR rate resulting in an immaterial impact on net loss[503]. - The economic analysis of mineral reserves is based on 2022 dollars with an annual inflation rate of 2.5% applied to revenue, operating costs, and capital spending[326]. - Cash production costs encompass dry mining, brine mining, processing, royalties, production taxes, insurance, and administrative costs, with historical averages used for operating costs[326]. - Capital expenditures are primarily for sustaining production, assumed to be similar to recent history with inflation aligned to product pricing escalation[326]. - The company utilizes various derivative instruments to manage commodity price risk, including crude oil, natural gas, and freight rates[497]. - The company has entered into derivative instruments that will settle between January 2025 and June 2025, related to its Alkali Business sold on February 28, 2025[497]. - The company manages risks of volatility in NaOH prices by indexing prices for NaHS sales to the market price for NaOH in most contracts[501]. Regulatory and Operational Compliance - Royalty payments for mineral leases range from 2% to 8% of the sales value of soda ash products[289]. - All leases and permits remain valid throughout the life of the operation, with new permits to be obtained for reserves outside current mining permit areas[326]. - The production schedule for mining and processing remaining reserves is based on existing production capacity[326]. - Future secondary brine mining recoveries are expected to be similar to those demonstrated in certain areas of the Westvaco mine[326].

Core Viewpoint - Genesis Energy (NYSE: GEL) is focused on long-term growth by building necessary midstream infrastructure, although the stock has remained relatively flat since the last analysis [1]. Company Analysis - The management of Genesis Energy is strategically investing in infrastructure to support several years of growth [1]. - The stock performance has been stable, indicating a potential opportunity for investors looking for long-term value [1]. Investment Perspective - The article reflects an investment philosophy that emphasizes finding bargains in various markets, particularly in emerging markets [1]. - The author expresses admiration for renowned investors and adopts an owner-mindset, focusing on individual company performance rather than macroeconomic factors [1].

Core Viewpoint - Graphano Energy Ltd. is advancing its graphite assets in Québec, Canada, amidst rising geopolitical uncertainty and the need for a resilient supply chain in critical minerals [2][6]. Group 1: Exploration and Resource Development - The company plans to publish an initial resource estimate for the Lac Aux Bouleaux and Standard Mine Projects in 2025, which will clarify the potential of these projects [3]. - Graphano is expanding its metallurgical work to optimize the production of high-quality graphite concentrate for battery applications and industrial uses [4]. Group 2: Strategic Initiatives - Graphano is actively seeking strategic partnerships to accelerate the development of its graphite assets, focusing on project financing and technical development [5]. - The company is committed to responsible and sustainable development while maintaining strong community relationships and regulatory compliance [8]. Group 3: Ongoing Activities - Graphano will continue basic prospecting activities in unexplored areas and has submitted applications for Authorization for Impact-Causing Exploration Work (ATI) as per Quebec's new permitting requirements [7]. - The company emphasizes the importance of domestic critical materials production for supporting global net-zero targets and aims to be a key supplier of clean graphite worldwide [6][11].

Financial Data and Key Metrics Changes - The company is approaching a significant inflection point where it will complete its major capital spending program and expects to generate cash from operations exceeding cash costs [8][19] - Adjusted EBITDA is projected to be around $700 million in 2025 and could reach $800 million in 2026, even without significant improvement in the soda ash business [40][41] Business Segment Data and Key Metrics Changes - The Offshore Pipeline Transportation segment is expected to see over 20% sequential growth in 2025 due to new contracted offshore volumes [11][13] - The Marine Transportation segment is anticipated to deliver record results in 2025, driven by increased operational days and steady to rising day rates [13][14] - The Soda and Sulfur Services segment is expected to maintain segment margins similar to 2024 due to ongoing market challenges [16][36] Market Data and Key Metrics Changes - The soda ash market is currently well-supplied, with mixed demand, particularly outside of China, which is expected to keep prices low in the short term [15][33] - Recent supply reductions in synthetic soda ash production are anticipated to help balance the market and potentially improve prices in 2025 and beyond [35][36] Company Strategy and Development Direction - The company is committed to not pursuing capital-intensive projects in the near future and plans to use excess cash flow to pay down debt and return capital to unitholders [18][19] - Future developments, including Shenandoah and Salamanca, are expected to significantly enhance cash flows and production capabilities [26][30] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the long-term prospects of the company, focusing on growth driven by new offshore volumes and structural tailwinds in the marine segment [11][39] - The company expects to begin harvesting significant cash flows above operational costs starting later this year [39][41] Other Important Information - The company is experiencing mechanical issues affecting offshore production, but operators expect no long-term negative impacts, with production levels anticipated to return to previous rates [20][21] - The company is actively working on optimizing operating performance and reducing costs in response to current market conditions [32] Q&A Session Summary Question: Challenges faced by offshore producers and potential cash flow impacts - Management indicated that the guidance incorporates expected outcomes, estimating a cash flow impact of $5 million to $10 million if production remains offline throughout 2025 [46] Question: 2026 EBITDA forecast assumptions - The EBITDA forecast for 2026 is considered reasonably flat compared to 2025, with potential for upside depending on market conditions [48] Question: Capital allocation priorities and bank perspectives - Management clarified that banks treat the company's capital structure with 100% equity treatment, allowing flexibility in capital allocation as they approach their long-term leverage targets [53][55] Question: Timing and magnitude of potential distribution increases - The board will evaluate capital allocation at the appropriate time, with a focus on multiple uses of excess cash flow [58] Question: Contracting season and end market demand for soda ash - The contracting season went as expected, with management anticipating price increases in 2025 due to supply reductions and demand recovery [60][62]

4Q 2024 Earnings Supplement Forward-Looking Statements This presentation includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Actual results may vary materially. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in t ...

Financial Performance - Genesis Energy reported a net loss of $49.4 million for Q4 2024, compared to a net income of $12.0 million in Q4 2023[4]. - Revenues for the 2024 Quarter were $725.6 million, down from $774.1 million in the 2023 Quarter, representing a decrease of approximately 6.7%[30]. - Operating income for the 2024 Quarter was $32.1 million, a decrease from $65.6 million in the 2023 Quarter[30]. - Net income attributable to Genesis Energy, L.P. for Q4 2024 was $(49,379) thousand, a decrease from $11,950 thousand in Q4 2023[35]. - Adjusted EBITDA for Q4 2024 was $160,607 thousand, compared to $188,749 thousand in Q4 2023, reflecting a decrease of 14.9%[38]. - Interest expense for Q4 2024 increased to $75,647 thousand from $60,606 thousand in Q4 2023, marking a rise of 24.5%[38]. - Available Cash before Reserves for Q4 2024 was $43,282 thousand, significantly lower than $88,259 thousand in Q4 2023[38]. - Total cash flows from operating activities for Q4 2024 were $73,968 thousand, down from $124,762 thousand in Q4 2023[40]. Segment Performance - Total segment margin for Q4 2024 was $172.5 million, down from $209.4 million in Q4 2023, reflecting a decrease of approximately 18%[20]. - The offshore pipeline transportation segment margin decreased by $29.5 million, or 28%, primarily due to producer underperformance and increased operating costs[21]. - Soda and sulfur services segment margin decreased by $6.4 million, or 10%, in the 2024 Quarter compared to the 2023 Quarter, primarily due to lower export pricing and NaHS sales volumes[22]. - Marine transportation segment margin decreased by $0.8 million, or 3%, in the 2024 Quarter, attributed to increased regulatory dry-docking days[23]. - Onshore facilities and transportation segment margin decreased by $0.2 million, or 3%, in the 2024 Quarter, mainly due to a decrease in volumes on onshore crude oil pipeline systems[24]. - Segment Margin for Q4 2024 was $172,524 thousand, down 17.6% from $209,418 thousand in Q4 2023[35]. Future Outlook - Genesis Energy expects to achieve cash flow positivity in the second half of 2025 as capital-intensive projects are completed[4]. - The company anticipates an Adjusted EBITDA of around $700 million for 2025 and $800 million for 2026, assuming no significant improvement in the soda ash business[19]. - The new Shenandoah and Salamanca developments are expected to add upwards of 200,000 barrels per day of incremental production capacity, with first production scheduled for late Q2 2025[7]. - The soda ash market is expected to remain challenging through at least the first half of 2025, with prices under pressure due to oversupply and weak global demand[8]. Impairment and Expenses - Impairment expense of $43.0 million was recorded in the 2024 Quarter due to the termination of an ongoing project related to corporate enterprise resource planning systems[26]. - Corporate general and administrative expenses for Q4 2024 were $8,698 thousand, a decrease from $21,296 thousand in Q4 2023[35]. - Maintenance capital expenditures for Q4 2024 were $44.2 million, up from $38.1 million in Q4 2023[39]. - Impairment expense for Q4 2024 was $43,003 thousand, with no impairment recorded in Q4 2023[35]. Cash Flow and Capital Expenditures - The company’s ability to generate cash is crucial for meeting non-discretionary cash requirements, including maintenance capital expenditures[59]. - The transition to discretionary maintenance capital expenditures may lead to increased operating expenses if expenditures are deferred[53]. - Maintenance capital expenditures have shifted from being predominantly non-discretionary to a significant portion being discretionary since 2014, impacting the analysis of Available Cash before Reserves[53]. - The maintenance capital utilized measure reflects only expenditures incurred since December 31, 2013, highlighting a shift in financial reporting practices[56]. - The maintenance capital utilized measure is defined as the portion of previously incurred maintenance capital expenditures utilized during the quarter, reflecting a more accurate assessment of cash availability[55]. Market Conditions - The average daily utilization percentage for the inland fleet was 96.7% in the 2024 Quarter, down from 100.0% in the 2023 Quarter[32]. - Soda ash volumes sold increased to 993,237 short tons in the 2024 Quarter, up from 901,874 short tons in the 2023 Quarter, reflecting a growth of approximately 10.1%[32]. - Unrealized losses on derivative transactions for the year ended December 31, 2023, amounted to $36,688, indicating volatility in financial results[58].

Core Insights - Genesis Energy (NYSE: GEL) is identified as a disappointing player in the midstream industry, with its stock price remaining significantly below pre-Covid-19 levels [1]. Company Summary - Genesis Energy's stock performance has not recovered post-Covid-19, indicating potential challenges in its operational or market strategy [1].

Genesis Energy, L.P. 3Q 2024 Earnings Supplement October 31, 2024 Forward-Looking Statements This presentation includes forward-looking statements as defined under federal law. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Actual results may vary materially. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believ ...