Core Points - Galaxy Digital Inc. will report its second quarter 2025 financial results on August 5th, 2025, before the opening of Nasdaq and the Toronto Stock Exchange [1] - A conference call will be hosted by CEO Michael Novogratz and management at 8:30 AM Eastern Time on the same day to update investors and analysts [1] Company Overview - Galaxy Digital Inc. is a global leader in digital assets and data center infrastructure, providing solutions that enhance progress in finance and artificial intelligence [3] - The company's digital assets platform offers institutional access to various services including trading, advisory, asset management, staking, self-custody, and tokenization technology [3] - Galaxy also invests in and operates advanced data center infrastructure to support AI and high-performance computing, addressing the increasing demand for scalable energy and compute solutions in the U.S. [3] - The company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia [3]

Core Insights - YZi Labs supports 10X Capital in establishing the BNB Treasury Company, aimed at digital asset treasury management on BNB Chain [1][2] - The BNB Treasury Company plans to pursue a public listing on a major U.S. stock exchange, providing U.S. investors exposure to BNB, the 4th largest digital asset by market cap [2] - The initiative is led by a seasoned management team with extensive experience in digital assets and institutional investment [3] Company Overview - YZi Labs manages over $10 billion in assets globally, focusing on impact investments in Web3, AI, and biotech, with a portfolio of over 300 projects across six continents [6] - 10X Capital is a next-generation investment firm concentrating on digital transformation, bringing institutional capital to opportunities in digital assets and infrastructure [7][8] Strategic Goals - The BNB Treasury Company aims to enhance institutional access to the BNB ecosystem, which is one of the largest and highest-performing digital asset ecosystems globally [5] - The company emphasizes transparency, verification of holdings, and strong engagement with the BNB community, with financing expected to close soon [5]

Core Insights - Galaxy Ventures has successfully closed its inaugural venture fund, Galaxy Ventures Fund I, LP, with over $175 million in capital commitments, surpassing its initial target of $150 million, indicating strong investor interest in the digital asset venture ecosystem [1][3][4] Investment Focus - The Fund aims to invest in early-stage companies that are developing essential infrastructure and applications for the onchain economy, focusing on areas such as stablecoins, payments, and tokenization, along with the necessary supporting infrastructure [2][5] Historical Context - This marks a significant milestone for Galaxy Ventures, which had previously operated by investing from Galaxy's balance sheet since 2018, and has now backed over 120 companies in the digital asset space [3][4] Team and Support Structure - The Galaxy Ventures team, led by Will Nuelle and Mike Giampapa, is supported by a dedicated Ventures Platform that provides portfolio companies with resources and connectivity to Galaxy's broader business lines, enhancing their growth opportunities [4][5] Market Outlook - The blockchain infrastructure is anticipated to transform global financial markets, with increasing adoption from both institutional and retail users, particularly in payments and financial services [5]

[Financial Performance](index=3&type=section&id=Financial%20Performance) [Consolidated Statements of Operations](index=3&type=section&id=Consolidated%20Statements%20of%20Operations%20(Unaudited)) Galaxy Digital reported a Q1 2025 net loss of $295.4 million, a sharp reversal from prior period net incomes, driven by reduced revenues and elevated expenses Consolidated Statements of Operations | Financial Metric ($ in thousands) | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Revenues and gains / (losses) from operations** | $12,855,875 | $16,352,386 | $9,828,423 | | **Total operating expenses** | $13,247,697 | $16,222,765 | $9,421,489 | | **Net income / (loss) before taxes** | ($301,544) | $113,184 | $397,454 | | **Net Income / (loss)** | **($295,432)** | **$117,521** | **$388,127** | [Segment Performance Analysis](index=5&type=section&id=Statements%20of%20Operations%20by%20Segment%20(Unaudited)) In Q1 2025, the Digital Assets segment generated a small operating income, while Data Centers and Treasury & Corporate segments recorded significant operating losses Operating Income / (Loss) by Segment | Operating Income / (Loss) by Segment ($ in thousands) | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Digital Assets | $3,529 | $29,407 | | Data Centers | ($2,899) | ($2,148) | | Treasury and Corporate | ($392,452) | $102,342 | | **Total Operating Income / (Loss)** | **($391,822)** | **$129,601** | [Digital Assets Segment](index=5&type=section&id=Digital%20Assets) The Digital Assets segment reported an operating income of $3.5 million in Q1 2025, a notable decrease from Q4 2024, despite high revenues from digital asset sales - The segment's revenue is predominantly from **Digital asset sales ($12.85 billion)** and **Blockchain rewards ($80.7 million)**[11](index=11&type=chunk) Digital Assets Segment | Digital Assets Segment ($ in thousands) | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Revenues and gains / (losses) from operations | $13,063,899 | $15,888,009 | | Total operating expenses | $13,060,370 | $15,858,602 | | **Operating Income** | **$3,529** | **$29,407** | [Data Centers Segment](index=5&type=section&id=Data%20Centers) The Data Centers segment consistently reported an operating loss of $2.9 million in Q1 2025, with no revenues recorded for the period - The segment reported an **operating loss of $2.9 million** in Q1 2025, with **no revenues recorded** [7](index=7&type=chunk) [Treasury and Corporate Segment](index=7&type=section&id=Treasury%20and%20Corporate) The Treasury and Corporate segment incurred a substantial operating loss of $392.5 million in Q1 2025, a sharp reversal from prior quarter's income, driven by significant losses on digital assets and investments Treasury and Corporate Segment | Treasury and Corporate Segment ($ in thousands) | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Revenues and gains / (losses) from operations | ($208,024) | $464,357 | | Total operating expenses | $184,428 | $362,015 | | **Operating Income / (Loss)** | **($392,452)** | **$102,342** | - Key drivers of the negative performance in Q1 2025 were a **net loss on digital assets of $70.4 million** and a **net loss on investments of $112.8 million**[7](index=7&type=chunk) [Financial Position](index=21&type=section&id=Financial%20Position) [Consolidated Statements of Financial Position](index=21&type=section&id=Consolidated%20Statements%20of%20Financial%20Position%20(Unaudited)) As of March 31, 2025, total assets decreased to $6.34 billion, primarily due to reduced digital intangible assets, leading to a decline in total equity to $1.90 billion Balance Sheet Highlights | Balance Sheet Highlights ($ in thousands) | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$6,336,192** | **$7,119,855** | | Cash and cash equivalents | $509,438 | $462,103 | | Digital intangible assets | $2,123,860 | $2,547,581 | | **Total Liabilities** | **$4,434,548** | **$4,925,503** | | Digital assets borrowed | $1,760,455 | $1,497,609 | | Collateral payable | $943,513 | $1,399,655 | | **Total Equity** | **$1,901,644** | **$2,194,352** | [Segment Financial Position](index=23&type=section&id=Statements%20of%20Financial%20Position%20by%20Segment%20(Unaudited)) As of March 31, 2025, the Digital Assets segment held the largest share of assets and liabilities, with both major segments experiencing a decrease in total assets from year-end 2024 Segment Assets & Liabilities | Segment Assets & Liabilities ($ in thousands) | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Digital Assets** | | | | Total assets | $3,169,254 | $3,723,814 | | Total liabilities | $2,691,823 | $3,163,499 | | **Data Centers** | | | | Total assets | $264,600 | $199,694 | | Total liabilities | - | - | | **Treasury and Corporate** | | | | Total assets | $2,902,338 | $3,196,347 | | Total liabilities | $1,742,725 | $1,762,004 | [Non-GAAP Financial Measures](index=19&type=section&id=Non-GAAP%20Financial%20Measures) [Reconciliation of Non-GAAP Adjusted Gross Profit](index=19&type=section&id=Reconciliation%20of%20Non-GAAP%20Adjusted%20Gross%20Profit%20(Unaudited)) In Q1 2025, total adjusted gross profit was a loss of $203.6 million, a sharp reversal from Q4 2024, primarily driven by a significant adjusted gross loss in the Treasury and Corporate segment Adjusted Gross Profit by Segment | Adjusted Gross Profit by Segment ($ in thousands) | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | Digital Assets | $64,731 | $100,954 | | Treasury and Corporate | ($268,295) | $359,636 | | **Total Adjusted Gross Profit** | **($203,564)** | **$460,590** |

[Part I - Financial Information](index=8&type=section&id=Part%20I%20-%20Financial%20Information) [Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) The report details condensed interim financial statements for GDI and GDH LP, highlighting GDH LP's Q1 2025 net loss of **$295.4 million** driven by investment losses and asset impairments [Galaxy Digital Holdings LP - Financial Performance](index=15&type=section&id=Galaxy%20Digital%20Holdings%20LP%20-%20Financial%20Performance) GDH LP reported a Q1 2025 net loss of **$295.4 million**, a reversal from prior year's income, with total assets decreasing to **$6.3 billion** and equity to **$1.9 billion** Financial Performance (in thousands) | Financial Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Revenues and gains / (losses) from operations** | **$12,855,875** | **$9,828,423** | | Total operating expenses | $13,247,697 | $9,421,469 | | **Net income / (loss)** | **$(295,432)** | **$388,127** | Balance Sheet Summary (in thousands) | Balance Sheet Item | As of March 31, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $5,093,001 | $5,880,890 | | **Total assets** | **$6,336,192** | **$7,119,855** | | Total current liabilities | $3,502,033 | $3,887,925 | | **Total liabilities** | **$4,434,548** | **$4,925,503** | | **Total equity** | **$1,901,644** | **$2,194,352** | Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by / (used in) operating activities | $159,413 | $75,059 | | Net cash provided by / (used in) investing activities | $64,100 | $(366,742) | | Net cash provided by / (used in) financing activities | $(176,178) | $222,305 | | **Net increase / (decrease) in cash** | **$47,335** | **$(69,378)** | [Notes to Financial Statements (Selected)](index=24&type=section&id=Notes%20to%20Financial%20Statements%20(Selected)) Key notes detail acquisitions, **$2.65 billion** in digital assets (Bitcoin largest), a **$186 million** LUNA settlement provision, and a **$713.1 million** Helios data center commitment - The company acquired Fierce Technology, Inc. for approximately **$12.5 million** and the assets of CryptoManufaktur LLC for approximately **$12.4 million**, contributing to goodwill and intangible assets[77](index=77&type=chunk)[81](index=81&type=chunk) - Total digital assets were **$2.65 billion** as of March 31, 2025, down from **$2.93 billion** at year-end 2024; Bitcoin remains the most significant holding at **$1.06 billion**[97](index=97&type=chunk)[114](index=114&type=chunk) - The company has an outstanding commitment of **$713.1 million** for the construction of improvements at its Helios facility[179](index=179&type=chunk) - A legal provision of **$186 million** was accrued related to a settlement with the New York State Attorney General concerning the LUNA digital asset; the undiscounted settlement amount is **$200 million**, payable between 2025 and 2028[186](index=186&type=chunk) [Management's Discussion and Analysis (MD&A)](index=74&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A discusses the strategic pivot to AI/HPC data centers, analyzes the Q1 2025 net loss of **$295.4 million** due to investment losses and impairment, and reviews new business segments [Overview and Strategic Highlights](index=74&type=section&id=Overview%20and%20Strategic%20Highlights) Galaxy strategically focuses on digital assets and AI/HPC data centers, highlighted by a 15-year CoreWeave agreement for **393 MW** at Helios, and completed U.S. domestication - The company is strategically focused on bridging traditional finance with the digital economy and developing High-Performance Computing (HPC) data center infrastructure to meet rising AI demand[293](index=293&type=chunk) - Galaxy entered into a 15-year lease agreement with CoreWeave to deliver **133 MW** of critical IT load at its Helios data center; CoreWeave has also committed to an additional **260 MW**, expected to bring total capacity to **393 MW** by 2027[295](index=295&type=chunk)[296](index=296&type=chunk)[300](index=300&type=chunk) - In May 2025, the company completed a corporate reorganization, resulting in Galaxy Digital Inc. (GDI) becoming the U.S. public successor company to enhance shareholder value and access to U.S. capital markets[296](index=296&type=chunk)[304](index=304&type=chunk) [Business Segments Review](index=75&type=section&id=Business%20Segments%20Review) The company reports three segments: Digital Assets (with **$7.0 billion** on platform, **$2.3 billion** AUS), Data Centers (developing Helios for HPC, no current revenue), and Treasury & Corporate (proprietary investments, mining) - **Digital Assets:** This segment provides trading, lending, advisory, and asset management services; as of March 31, 2025, it had over **1,300** trading counterparties, approximately **$7.0 billion** in assets on its platform, **$4.7 billion** in Assets Under Management (AUM) (a **40%** decrease YoY), and approximately **$2.3 billion** in Assets Under Stake (AUS) (down from **$4.2 billion** at YE 2024)[302](index=302&type=chunk)[303](index=303&type=chunk)[306](index=306&type=chunk) - **Data Centers:** This segment is developing the Helios campus for HPC infrastructure; it does not currently earn revenue but expects to become a significant source of long-term, predictable revenue starting in 2026 with the CoreWeave lease[306](index=306&type=chunk)[312](index=312&type=chunk) - **Treasury and Corporate:** This segment includes the company's proprietary trading, bitcoin mining operations, and its diversified portfolio of digital assets and venture investments held on its balance sheet[308](index=308&type=chunk)[313](index=313&type=chunk) [Results of Operations (Q1 2025 vs Q1 2024)](index=81&type=section&id=Results%20of%20Operations%20(Q1%202025%20vs%20Q1%202024)) The company reported a Q1 2025 net loss of **$295.4 million** (vs. **$388.1 million** income in Q1 2024), driven by **$133.2 million** investment losses and **$57.0 million** mining equipment impairment, despite **39%** revenue growth Financial Performance Comparison (in thousands) | (in thousands) | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | % Change | | :--- | :--- | :--- | :--- | | Total revenues | $12,976,206 | $9,335,372 | 39% | | Net gain / (loss) on investments | $(133,167) | $63,018 | (311)% | | Total operating expenses | $13,247,697 | $9,421,469 | 41% | | **Net income / (loss)** | **$(295,432)** | **$388,127** | **(176)%** | - The net loss was primarily driven by a **$133.2 million** net loss on investments (mainly from bitcoin ETFs and a sponsored fund) and a **$57.0 million** impairment and loss on disposal of mining equipment[348](index=348&type=chunk)[361](index=361&type=chunk) - Digital assets sales increased by **$3.6 billion**, but this was almost entirely offset by a corresponding **$3.6 billion** increase in digital assets sales costs, reflecting high-volume, low-margin trading activity[337](index=337&type=chunk)[353](index=353&type=chunk) - Blockchain rewards revenue surged to **$71.1 million** from **$10.3 million** YoY, driven by the growth of validator operation services launched in late 2023[341](index=341&type=chunk) [Liquidity and Capital Resources](index=89&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held **$509.4 million** cash and **$1.6 billion** working capital, but requires additional financing for its **$713.1 million** Helios data center commitment and AI/HPC conversion - Held **$509.4 million** in cash and cash equivalents as of March 31, 2025, an increase of **10.2%** from December 31, 2024[374](index=374&type=chunk) - Working capital was **$1.6 billion** and Unit holders' capital was **$1.9 billion** as of March 31, 2025[374](index=374&type=chunk) Contractual Obligations (in thousands) | Contractual Obligation | Total (in thousands) | Less than 1 year (in thousands) | | :--- | :--- | :--- | | Loans and collateral payable | $3,055,820 | $3,049,217 | | Notes payable | $854,923 | $7,423 | | **Data Center** | **$713,073** | **$711,343** | | Legal settlement | $160,000 | $40,000 | - Additional debt, equity, or equity-linked financing will be needed to meet the capital expenditure requirements for the conversion of the Helios campus to AI/HPC data center infrastructure[382](index=382&type=chunk) [Market Risk Disclosures](index=91&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include digital asset price risk (affecting **+/- $181.6 million**), equity price risk (affecting **+/- $242.5 million**), and significant counterparty exposure (**$739.7 million** on platforms), alongside DeFi protocol risks - **Digital Asset Price Risk:** A hypothetical **+/- 20%** change in the market prices of digital assets would have an estimated effect of **+/- $181.6 million** on the company's financials as of March 31, 2025[390](index=390&type=chunk) - **Equity Price Risk:** A hypothetical **+/- 20%** change in the market prices of the company's investments would have an estimated effect of **+/- $242.5 million** as of March 31, 2025[392](index=392&type=chunk) - **Counterparty Risk:** The company has significant credit risk exposure to digital asset trading platforms; as of March 31, 2025, it held a total of **$739.7 million** on major platforms, including **$402.6 million** at Coinbase and **$196.3 million** at Binance[397](index=397&type=chunk) - **DeFi Risk:** The company's participation in DeFi protocols exposes it to smart contract and counterparty risks; as of March 31, 2025, five protocols (Coinbase wrapped bitcoin, Aave, Pendle, Kamino, and Lombard) represented **70%** of the company's digital assets associated with DeFi[278](index=278&type=chunk) [Controls and Procedures](index=93&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[403](index=403&type=chunk) - No material changes to the company's internal control over financial reporting were identified during the most recent fiscal quarter[405](index=405&type=chunk) [Part II - Other Information](index=95&type=section&id=Part%20II%20-%20Other%20Information) [Legal Proceedings](index=95&type=section&id=Item%201.%20Legal%20Proceedings) The company settled LUNA claims with the NY AG for **$200 million** (**$186 million** provision), faces an ongoing LUNA class action in Ontario, and had SEC investigations concluded without charges - **Luna Settlement:** The company reached an agreement with the New York State Attorney General to resolve civil claims related to the LUNA digital asset; it has accrued a legal provision of **$186 million** for an undiscounted settlement of **$200 million**, which is payable between 2025 and 2028[409](index=409&type=chunk) - **Luna Class Action:** A proposed class action was filed in Ontario in December 2022 regarding public disclosures on LUNA investments; the proceedings are in early stages, and the company cannot estimate the potential impact[410](index=410&type=chunk) - **SEC Matters Concluded:** In February 2025, the company received termination letters from the SEC's Division of Enforcement, concluding investigations into whether certain traded digital assets were securities and whether off-channel communications were properly captured, without any charges being filed[408](index=408&type=chunk) [Risk Factors](index=95&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from digital asset volatility, unproven business lines, regulatory uncertainty (especially security classification), key personnel dependence, capital-intensive AI/HPC expansion, cybersecurity threats, and complex data privacy laws [Risks Related to Operations](index=97&type=section&id=Risks%20Related%20to%20Our%20Operations) Operational risks include limited operating history, cryptocurrency volatility, high dependence on its Founder, intense competition, and the capital-intensive, uncertain expansion into the AI/HPC data center business - The company has a limited operating history, and its business lines are nascent, unproven, and not guaranteed to be profitable[414](index=414&type=chunk) - The business is highly dependent on key personnel, particularly its Founder, Michael Novogratz, exposing it to material 'key man' risk[454](index=454&type=chunk)[455](index=455&type=chunk) - The strategic expansion into the AI/HPC data center business is a capital-intensive project with no guarantee of success and may divert resources from existing businesses[531](index=531&type=chunk)[532](index=532&type=chunk) - The company faces intense competition from unregulated or less-regulated companies and those with greater financial and other resources, which may adversely affect business and operating results[467](index=467&type=chunk) [Risks Related to Cryptocurrencies and Digital Assets](index=127&type=section&id=Risks%20Related%20to%20Cryptocurrencies%20and%20Digital%20Assets) Risks include extreme digital asset price volatility, uncertain mainstream adoption, technical issues like blockchain forks and 51% attacks, smart contract vulnerabilities, and evolving DeFi risks including impermanent loss and regulatory scrutiny - The prices of digital assets are extraordinarily volatile, and this volatility can significantly and adversely affect the company's operating results and financial condition[574](index=574&type=chunk) - A temporary or permanent 'fork' in a blockchain network could disrupt operations, create new security concerns, and adversely affect the value of the related digital asset[619](index=619&type=chunk)[620](index=620&type=chunk) - DeFi activities subject the company to evolving risks, including insecure smart contracts, default risk in lending pools, and heightened, uncertain regulatory concerns[627](index=627&type=chunk)[628](index=628&type=chunk)[630](index=630&type=chunk) - The loss, theft, or destruction of private keys required to access cryptocurrency holdings could result in the complete and irretrievable loss of those assets[660](index=660&type=chunk) [Risks Related to Regulation, Information Systems, and Privacy](index=146&type=section&id=Risks%20Related%20to%20Regulation,%20Information%20Systems,%20and%20Privacy) Regulatory risks include digital asset security classification, extensive compliance requirements, new AI regulations, constant cybersecurity threats, and complex global data privacy laws like GDPR and CCPA - A determination by regulators that a digital asset is a 'security' could adversely affect its value and subject the company to severe regulatory consequences, including liability for acting as an unregistered broker-dealer or exchange[428](index=428&type=chunk)[438](index=438&type=chunk) - The company is subject to extensive and changing regulation by the SEC, CFTC, FINRA, and various state agencies; failure to comply could result in fines, sanctions, or the revocation of licenses[662](index=662&type=chunk)[667](index=667&type=chunk)[671](index=671&type=chunk) - Cybersecurity incidents and cyberattacks are a major threat; a breach of the company's or its third-party providers' systems could lead to significant financial loss, reputational harm, and regulatory action[713](index=713&type=chunk)[714](index=714&type=chunk) - The company is subject to complex and evolving data privacy laws, such as the GDPR in Europe and the CCPA in California; non-compliance carries the risk of substantial penalties and reputational damage[726](index=726&type=chunk)[733](index=733&type=chunk) [Risks Related to Organizational Structure and Ownership](index=167&type=section&id=Risks%20Related%20to%20Our%20Organizational%20Structure%20and%20Ownership) Organizational risks include GDI's dependence on GDH LP distributions, Founder's controlling interest (**~59.9%**) creating 'controlled company' status, substantial Tax Receivable Agreement payments, and potential stock price dilution from future sales or exchanges - GDI is a holding company whose principal asset is its ownership in GDH LP, making it dependent on distributions from GDH LP to pay taxes, dividends, and other expenses[774](index=774&type=chunk) - The Founder controls approximately **59.9%** of the total voting power, making Galaxy a 'controlled company'; this concentration of ownership may lead to conflicts of interest and prevent new investors from influencing significant corporate decisions[776](index=776&type=chunk) - The company is party to a Tax Receivable Agreement that requires potentially material payments to certain pre-reorganization partners for realized tax benefits[806](index=806&type=chunk) - The market price of Class A common stock may be subject to downward pressure due to future sales by insiders or the potential dilution from the redemption or exchange of LP Units and Exchangeable Notes[788](index=788&type=chunk)[791](index=791&type=chunk) [Other Information](index=182&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales or defaults on senior securities, confirmed mine safety disclosures are not applicable, and listed filed exhibits - There were no unregistered sales of equity securities or use of proceeds to report[854](index=854&type=chunk) - There were no defaults upon senior securities[855](index=855&type=chunk) - Mine safety disclosures are not applicable to the company[856](index=856&type=chunk)