Core Points - Midland Exploration Inc. has completed a non-brokered private placement, issuing a total of 4,972,876 flow-through shares at $0.56 each and 550,000 common shares at $0.46 each, raising total gross proceeds of $3,037,811 [1][2] - Centerra Gold Inc. has exercised its right to maintain approximately 9.9% ownership by acquiring 550,000 shares as part of the private placement [2] - Insiders participated in the private placement, acquiring 443,500 flow-through shares for total gross proceeds of $348,360, which is classified as a related party transaction [3] - Following the private placement, Midland has 112,973,453 common shares issued and outstanding, and the transaction is subject to final acceptance by the TSX Venture Exchange [4] Financial Details - The total gross proceeds from the private placement amount to $3,037,811, with $348,360 raised from insider participation [1][3] - Finder's fees totaling $116,485 were paid to third parties in connection with the private placement [4] Company Strategy - Midland plans to use the proceeds from the private placement to fund exploration activities on its properties in Quebec and for general corporate purposes [2] - The company is focused on discovering new world-class deposits of gold and critical metals in Quebec and aims to build its portfolio through partnerships and additional agreements [5]

Figure 1 Labrador Trough Alliance Nachicapau Project Figure 2 2025 Best Result on the Nachicapau Project Figure 3 Location of the 2025 Orevision Induced Polarization Survey on Nachicapau Project Figure 4 2025 Rock Samples Collected on the Nachicapau Project MONTREAL, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Midland Exploration Inc. (“Midland”) (TSX-V: MD), in partnership with SOQUEM Inc. (“SOQUEM”), is pleased to announce the results of the 2025 exploration campaign on the Nachicapau project. T ...

Core Viewpoint - Pediatrix Medical Group (MD) has shown strong stock performance, with a 36.6% increase over the past month and an 81.6% gain since the start of the year, outperforming the Zacks Medical sector and Zacks Medical Services industry [1][2]. Financial Performance - The company has consistently exceeded earnings expectations, reporting an EPS of $0.67 against a consensus estimate of $0.46 in its last earnings report [2]. - For the current fiscal year, Pediatrix Medical Group is projected to achieve earnings of $2.06 per share on revenues of $1.91 billion, reflecting a 36.42% increase in EPS but a 5.04% decrease in revenues [3]. - The next fiscal year is expected to see earnings of $2.08 per share on revenues of $1.98 billion, indicating a year-over-year change of 0.68% in EPS and 3.33% in revenues [3]. Valuation Metrics - The stock trades at 11.6 times the current fiscal year EPS estimates, below the peer industry average of 16 times [7]. - On a trailing cash flow basis, it trades at 13.5 times compared to the peer group's average of 10.1 times, suggesting it is not among the top value stocks [7]. Zacks Rank and Style Scores - Pediatrix Medical Group holds a Zacks Rank of 1 (Strong Buy) due to a favorable earnings estimate revision trend [8]. - The company has a Value Score of B, a Growth Score of B, and a Momentum Score of A, resulting in a combined VGM Score of A [6][9]. Competitive Landscape - In comparison to industry peers, Progyny, Inc. (PGNY) also shows strong performance with a Zacks Rank of 2 (Buy) and similar style scores [10]. - PGNY is expected to post earnings of $1.93 per share on revenues of $1.27 billion for the current fiscal year, having beaten consensus estimates by 15.38% last quarter [11].

Core Viewpoint - Pediatrix Medical Group, Inc. (NYSE:MD) is identified as a promising small-cap stock, with a price target increase from $17 to $24 by Truist Financial, maintaining a Buy rating [1]. Financial Performance - The company experienced a 33.59% increase in share price following the release of its fiscal Q3 2025 results, which showed quarterly revenue of $492.88 million, a decrease of 3.58% year-over-year, but exceeding analysts' estimates by $16.43 million [2]. - Earnings per share (EPS) for the quarter was $0.67, surpassing consensus estimates by $0.20 [2]. Revenue Analysis - The revenue decline was attributed to a portfolio restructuring activity costing approximately $54 million. However, this was mitigated by an 8% growth in same-unit performance, a 7.5% increase in same-unit pricing, and a 40 basis points rise in patient service volumes [3]. EBITDA and Guidance - Adjusted EBITDA for the quarter reached $87 million, exceeding management's expectations, driven by positive pricing outcomes, collections, and expense controls [4]. - The company raised its full-year adjusted EBITDA guidance to a range of $270 million to $290 million, up from the previous range of $245 million to $255 million [4]. Company Overview - Pediatrix Medical Group, Inc. is a leading provider of specialized physician services for women, babies, and children, focusing on newborn, maternal-fetal, and pediatric subspecialty care [5].

Core Viewpoint - Midland Exploration Inc. has signed a definitive option agreement with Barrick Mining Corporation for the Lewis gold property, allowing Barrick to acquire up to a 75% interest in the property through cash payments and exploration work [1][2]. Option Agreement Details - Barrick can acquire a 75% interest in the Lewis property by making total cash payments of $750,000 and funding exploration work of $12,000,000 by December 31, 2032 [2]. - An initial 51% interest can be earned by Barrick through a cash payment of $250,000 and funding at least $3,000,000 in exploration work, including a guaranteed $200,000 by December 31, 2028, leading to a joint venture [3]. - An additional 9% interest can be earned by making cash payments of $200,000 and funding at least $1,500,000 in exploration work by December 31, 2030 [4]. - A further 15% interest can be earned by making cash payments of $300,000 and funding at least $7,500,000 in exploration work by December 31, 2032 [4]. Joint Venture and Ownership Adjustments - If Barrick does not complete the funding options, the joint venture interests will be subject to adjustments based on funding and dilution terms, with dilution below 10% converting to a 2% net smelter return royalty [5]. About the Lewis Property - The Lewis property consists of 154 exclusive exploration rights covering 86 km and is strategically located near significant geological features, including the Nelligan deposit, which has inferred resources of 106.395 million tonnes grading 0.96 g/t Au [6]. - The property is also near the former Lac Shortt mine, which historically produced 2.7 million tonnes at a grade of 4.6 g/t Au [6]. Company Overview - Midland targets mineral potential in Quebec, aiming to discover new world-class deposits of gold and critical metals, and collaborates with reputable partners including Barrick and others [7].

Core Insights - Pediatrix Medical Group, Inc. (MD) reported a third-quarter 2025 adjusted earnings per share (EPS) of 67 cents, exceeding the Zacks Consensus Estimate by 45.7% and reflecting a year-over-year increase of 52.3% [1][9] - Net revenues decreased by 3.6% year over year to $492.9 million, although this figure surpassed the consensus mark by 1.8% [1][2] Financial Performance - The quarterly results benefited from higher collection activity, improved patient acuity, a favorable payor mix, and a significant reduction in operating expenses [2] - Same-unit revenues increased by 8% year over year, outperforming the growth estimate of 3.4%, with patient volume contributing a 0.4% rise [3] - Same-unit revenues from net reimbursement-related factors grew by 7.6% year over year, driven by improved patient acuity and higher administrative fees [3] - Total operating expenses fell by 11% year over year to $424.8 million, which was lower than the estimated $425.1 million [4] - Practice salaries and benefits decreased by 8.9% year over year to $332.3 million, influenced by practice dispositions [5] - Net income reached $71.7 million, a significant increase from $19.4 million in the prior-year quarter, while adjusted EBITDA rose by 45% year over year to $87.3 million, exceeding the estimate of $59.9 million [5][9] Cash and Debt Position - As of September 30, 2025, Pediatrix Medical had cash and cash equivalents of $340.1 million, a 47.9% increase from the end of 2024 [6] - Total assets rose by 2.2% to $2.2 billion, while total debt decreased by 2.5% to $602.5 million [6] - Total shareholders' equity improved by 16.4% to $890.7 million [7] Share Repurchase Program - In the first nine months of 2025, Pediatrix Medical repurchased common shares worth $20.9 million, with a remaining capacity of $229.1 million under its $250 million repurchase program [8] Future Guidance - Management has revised the adjusted EBITDA projection for 2025 to a range of $270-$290 million, up from the previous estimate of $245-$255 million [10] - Net income is now expected to be between $155.90 million and $170.50 million, higher than the earlier guidance of $126.02-$133.32 million [10]

Core Insights - Midland Exploration Inc. and SOQUEM Inc. announced new assay results from the Malaco Mountain project, confirming the area's potential for copper, gold, and rare earth elements (REE) [3][4][12] - The exploration campaign in September 2025 involved rock sampling that yielded significant grades of copper and gold, indicating strong mineralization [4][7][9] Summary by Category Exploration Results - In June 2025, three rock samples from the Malaco Mountain project showed high grades: 31.60% Cu, 6.92 g/t Au, and 0.16% REE; 12.30% Cu, 0.36 g/t Au, and 0.57% REE; and 0.65% Cu, 0.05 g/t Au, and 0.39% REE [4][9] - A follow-up sampling campaign in September 2025 included two transects of 10 and 13 meters, collecting 25 grab samples, with the best results showing up to 27.60% Cu and 0.88 g/t Au [5][7] Mineralization Characteristics - A total of 18 samples yielded grades above 0.1% Cu, with 10 samples exceeding 1% Cu, and gold grades ranging from 61 to 877 ppb Au [9] - The mineralization is characterized by chalcopyrite and malachite in altered siltstones and mudstones, with veining observed [9] Strategic Alliance - The Strategic Alliance between Midland and SOQUEM aims to explore the Labrador Trough, with a commitment of up to $5 million over four years, including $2 million in the first two years [12] - The joint annual budget for exploration in 2025 was set at $1 million, shared equally between Midland and SOQUEM [12] Quality Control - Rock samples are analyzed at Actlabs in Ontario, employing industry-standard quality assurance and control practices [10]

Financial Data and Key Metrics Changes - The adjusted EBITDA for Q3 2025 was $87 million, exceeding expectations, with a full-year adjusted EBITDA outlook of $270-$290 million [4][6] - Consolidated revenue decreased by just under $54 million due to portfolio restructuring, partially offset by strong same-unit growth of 8% and same-unit pricing up about 7.5% [6][8] - Operating cash flow generated in Q3 was $138 million, compared to $96 million in the prior year, driven by higher earnings and increased cash flow from accounts receivable [8][9] Business Line Data and Key Metrics Changes - Same-unit pricing increase was driven by solid revenue cycle management (RCM) cash collections, increased patient acuity in neonatology, and an increase in contract administrative fees [6][28] - Salary growth for the third quarter was modestly below the previous five-quarter average of 3-3.5% [7] - A net gain on investments in divested businesses was $21 million, contributing to other non-operating income [7] Market Data and Key Metrics Changes - The company maintained a strong market position with over 1,300 physicians and 1,170 advanced practice providers across 322 locations in 33 states [11] - The company has a comprehensive clinical data warehouse with 37 million patient days and 2 million NICU admissions, supporting its research productivity [11] Company Strategy and Development Direction - The company is focused on enhancing technological support and has developed a proprietary system called BabySTEPS to assist clinicians in caring for high-risk NICU patients [12][13] - The company aims to strengthen its operations in pediatric surgery, neurology, and cardiac intensive care, while continuing to build partnerships with hospital systems [16][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant healthcare headwinds but sees many opportunities to strengthen operations and results [17] - The company is optimistic about the potential benefits of exchange credits for expecting mothers, although the exact impact remains uncertain [37] Other Important Information - The company repurchased 1.2 million shares in the quarter, totaling 1.7 million shares to date [4] - The company ended the quarter with cash of $340 million and net debt of just over $260 million, reflecting a net leverage of just under one times [9] Q&A Session Summary Question: Thoughts on capital deployment and share repurchase - Management has been aggressively buying back shares and is exploring various opportunities for growth, both internally and externally [20] Question: Impact of portfolio restructuring on market dynamics - Management believes the restructuring has strengthened the company’s focus and improved the environment for recruiting new practices [21][22] Question: Breakdown of strong pricing in the quarter - Strong pricing was driven by RCM collections, increased acuity, and contract administrative fees, with expectations for stability in payer mix [27][28] Question: Guidance on seasonality and volume factors - Management indicated that there are no significant changes in volumes expected, but variability may arise as the year ends [30][31] Question: Long-term outlook and potential opportunities - Management is optimistic about future partnerships with hospital systems and believes financial strength will provide additional opportunities [38][40]

Financial Performance - Net revenue for the three months ended September 30, 2025, was $492.9 million, a decrease of $18.3 million, or 3.6%, compared to $511.2 million in the same period in 2024[77]. - Same-unit net revenue increased by $35.6 million, or 8.0%, driven by a $33.9 million increase from net reimbursement-related factors and a $1.7 million increase from patient service volumes[77]. - Income from operations increased by $34.3 million, or 101.2%, to $68.1 million for the three months ended September 30, 2025, with an operating margin of 13.8% compared to 6.6% in 2024[85]. - Adjusted EBITDA for the three months ended September 30, 2025, was $87.3 million, compared to $60.2 million for the same period in 2024[88]. - Net income for the three months ended September 30, 2025, was $71.7 million, compared to $19.4 million in 2024[88]. - For the nine months ended September 30, 2025, net revenue was $1.42 billion, a decrease of $90.5 million, or 6.0%, compared to $1.51 billion in 2024[90]. - Adjusted EPS for the three months ended September 30, 2025, was $0.67, compared to $0.44 for the same period in 2024[89]. - Total non-operating income was $19.7 million for the three months ended September 30, 2025, compared to total non-operating expenses of $8.6 million in 2024[86]. - Income from operations increased by $268.0 million, or 248.2%, to $160.0 million for the nine months ended September 30, 2025, compared to a loss of $108.0 million in 2024[98]. - Net income was $131.7 million for the nine months ended September 30, 2025, compared to a net loss of $129.5 million for the same period in 2024[101]. - Adjusted EBITDA rose to $209.7 million for the nine months ended September 30, 2025, from $155.3 million in 2024[101]. - Cash provided by operating activities was $160.1 million for the nine months ended September 30, 2025, compared to $82.4 million for the same period in 2024[106]. - Days sales outstanding (DSO) improved to 43.1 days at September 30, 2025, down from 51.6 days at September 30, 2024[108]. - Total non-operating income was $10.8 million for the nine months ended September 30, 2025, compared to net non-operating expenses of $26.7 million in 2024[99]. Operational Changes - As of December 31, 2024, the exits of pediatric office-based practices were completed, with a focus returning to hospital-based and maternal-fetal medicine services[66]. - The company exited its primary and urgent care service line during 2024 due to the high costs and time required to scale[66]. - The company operates a national network of affiliated physicians providing services in 37 states, focusing on neonatal and maternal-fetal care[64]. - The company is transitioning to a hybrid revenue cycle management model, which is part of its transformation initiatives[124]. - The company is focusing on growth strategies for its hospital-based and maternal-fetal businesses[124]. - The company is assessing the timing and contribution of future acquisitions or organic growth initiatives[124]. Regulatory and Market Risks - The No Surprises Act, effective January 1, 2022, limits out-of-network providers from sending surprise medical bills, which could materially affect the company's financial condition and results of operations[67][69]. - The Patient Protection and Affordable Care Act has altered healthcare delivery and reimbursement, with potential changes that could adversely impact the company's business[70]. - The One Big Beautiful Bill Act, signed into law on July 4, 2025, reforms the Medicaid program, which may affect reimbursements for services provided by the company[72]. - The effects of economic conditions and healthcare reforms, including the Medicare Access and CHIP Reauthorization Act, are being monitored for their impact on the business[124]. - Relationships with government-sponsored healthcare programs and managed care organizations are critical to the company's operations[124]. - The company is facing risks related to state budgetary constraints and uncertainty over the future of Medicaid[124]. - The company is subject to market risk primarily from exposure to changes in interest rates due to its financing and investing activities[125]. - A 1% change in interest rates would result in an impact to income before taxes of approximately $2.0 million per year[125]. - The company intends to manage interest rate risk through a combination of fixed rate and variable rate debt[125]. Cost Management - The company has experienced rising costs of managed care premiums and patient responsibility amounts, leading to increased bad debt[65]. - General and administrative expenses were $60.8 million for the three months ended September 30, 2025, an increase of $2.7 million from $58.1 million in 2024, with expenses as a percentage of net revenue rising to 12.3% from 11.4%[81]. - Practice salaries and benefits decreased by $32.6 million, or 8.9%, to $332.3 million for the three months ended September 30, 2025[79]. - Transformational and restructuring related expenses were $16.4 million for the nine months ended September 30, 2025, down from $40.6 million for the same period in 2024[96]. Cash and Debt Management - As of September 30, 2025, cash and cash equivalents were $340.1 million, up from $229.9 million at December 31, 2024[104]. - The company had an outstanding principal balance of $201.6 million on the Amended Credit Agreement as of September 30, 2025[116]. - The company anticipates that funds generated from operations will be sufficient to finance working capital requirements and fund anticipated acquisitions for at least the next 12 months[121]. - The company had an outstanding principal balance of $201.6 million on its Amended Credit Agreement under the Term A Loan as of September 30, 2025[125].

Revenue Performance - Pediatrix reported net revenue of $492.9 million for Q3 2025, a decrease from $511.2 million in Q3 2024, reflecting a non-same unit activity impact[2] - Net revenue for Q3 2025 was $492.9 million, a decrease of 3.5% from $511.2 million in Q3 2024[25] - For the nine months ended September 30, 2025, Pediatrix generated revenue of $1.42 billion, down from $1.51 billion in the prior-year period[14] Income and Earnings - The company achieved a net income of $72 million, or $0.84 per diluted share, compared to $19.4 million, or $0.23 per diluted share, in the prior-year period[12] - Net income for Q3 2025 was $71.7 million, compared to $19.4 million in Q3 2024, representing a significant increase[25] - For the nine months ended September 30, 2025, net income was $131.7 million, a turnaround from a loss of $129.5 million in the same period of 2024[30] Adjusted EBITDA - Adjusted EBITDA for Q3 2025 was $87.3 million, up from $60.2 million in Q3 2024, driven by favorable same-unit results and practice disposition activity[9] - Adjusted EBITDA for Q3 2025 was $87.3 million, up 45% from $60.2 million in Q3 2024[27] - The company raised its full-year 2025 Adjusted EBITDA outlook to a range of $270 million to $290 million[18] - The company expects adjusted EBITDA for the year ending December 31, 2025, to be in the range of $270 million to $290 million[34] Cash Flow and Liquidity - Cash from operating activities for Q3 2025 was $138.1 million, compared to $95.7 million in Q3 2024[16] - Cash and cash equivalents increased to $340.1 million from $229.9 million at the end of 2024, reflecting improved liquidity[32] Debt and Liabilities - Total debt outstanding as of September 30, 2025, was $602 million, with no outstanding borrowings under its $450 million revolving line of credit[17] - Total liabilities decreased to $1.3 billion from $1.39 billion at the end of 2024, indicating a reduction in financial obligations[32] Expenses - General and administrative expenses increased to $60.8 million in Q3 2025 from $58.1 million in Q3 2024, primarily due to higher incentive compensation[7] - Operating expenses totaled $424.8 million in Q3 2025, down 11% from $477.3 million in Q3 2024[25] Investments - The company recognized a net gain on investments in divested businesses of $20.9 million during Q3 2025[12] Assets - Total assets as of September 30, 2025, were $2.2 billion, an increase from $2.15 billion as of December 31, 2024[32]