Financial Data and Key Metrics Changes - Mount Gibson Iron reported sales for the year at 2,610,000 wet metric tonnes, down from 4,100,000 tonnes in the previous year, reflecting weaker prices and challenging mining conditions [4] - Sales revenue totaled AUD 330.5 million, with cash operating costs increasing to AUD 101 per wet metric ton, compared to AUD 74 in the prior year [4] - The company recorded a net loss after tax of AUD 82.2 million, compared to a net profit of AUD 6.4 million in the previous year, largely due to non-cash accounting impairments totaling AUD 90.4 million [5] Business Line Data and Key Metrics Changes - Coolin Island generated operating cash flow of AUD 26.5 million, with a profit before interest, tax, and impairments of AUD 29.3 million, but recorded a loss before interest and tax of AUD 61.1 million after impairment expenses [9] - The average waste to ore strip ratio increased to 3:1 in fiscal '25, but is expected to decrease to approximately 1.3:1 in the remaining mine life, which will enhance future sales and reduce unit costs [8] Market Data and Key Metrics Changes - The 62% FE Platts Index averaged USD 101 per dry metric ton, down from USD 119 per ton in the prior year, with high-grade 65% FE fines averaging USD 114 per ton compared to USD 131 per ton previously [10] - The average price for Pullen Island Fines rated 64.5% FE was USD 83 per ton FOB, down from USD 110 per ton for slightly higher material at 65.3% in the prior year [11] Company Strategy and Development Direction - The company is targeting strong cash flow over the next 12 to 18 months at Coolin Island, while also pursuing the acquisition of a 50% interest in the Central Tanami gold project, which is seen as a significant growth opportunity [6][13] - The focus remains on maximizing production and cash flow from Coolin Island while exploring organic growth and external investment opportunities in the mineral sector [12][17] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment was impacted by global uncertainties, including conflicts in Europe and the Middle East, which affected pricing [10] - The company expressed confidence in the upcoming fiscal year, anticipating higher-grade iron ore sales and improved cash flow following the completion of current mining activities [9][17] Other Important Information - The company has initiated a share buyback program, aiming to repurchase up to 10% of its issued capital, reflecting its strong cash position and focus on capital growth [16] - The share buyback program has seen 38.8 million shares repurchased at an average price of AUD 0.313 per share [16] Q&A Session Summary Question: Were there any questions from participants? - There were no questions from participants during the call [18]

Metagenomi shares have lost about 49.3% since the beginning of the year versus the S&P 500's gain of 8.4%. What's Next for Metagenomi? While Metagenomi has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s) ...

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents Metagenomi's unaudited condensed financial statements for Q2 and H1 2025, detailing financial position, operations, equity, and cash flows [Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents Metagenomi's unaudited condensed financial statements for Q2 and H1 2025, including balance sheets, statements of operations, equity, and cash flows [Condensed Balance Sheets](index=6&type=section&id=Condensed%20Balance%20Sheets) Provides a snapshot of Metagenomi's financial position, including assets, liabilities, and stockholders' equity as of June 30, 2025, and December 31, 2024 Condensed Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $26,850 | $27,386 | | Available-for-sale marketable securities | $178,143 | $220,921 | | Total current assets | $211,681 | $257,960 | | Total assets | $272,284 | $324,599 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $33,265 | $37,309 | | Total liabilities | $76,453 | $89,742 | | Accumulated deficit | $(267,949) | $(223,002) | | Total stockholders' equity | $195,831 | $234,857 | [Condensed Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Details Metagenomi's financial performance, including revenue, expenses, and net loss for the three and six months ended June 30, 2025 and 2024 Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Collaboration revenue | $8,513 | $20,008 | $12,640 | $31,167 | | Research and development | $22,507 | $28,320 | $47,649 | $59,759 | | General and administrative | $6,993 | $8,551 | $13,798 | $17,303 | | Loss from operations | $(20,987) | $(16,863) | $(48,807) | $(45,895) | | Net loss | $(19,908) | $(10,739) | $(44,947) | $(35,887) | | Net loss per share | $(0.54) | $(0.29) | $(1.21) | $(1.24) | [Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity](index=8&type=section&id=Condensed%20Statements%20of%20Redeemable%20Convertible%20Preferred%20Stock%20and%20Stockholders'%20Equity) Outlines changes in Metagenomi's equity structure, including the accumulated deficit and the conversion of preferred stock post-IPO - The company's accumulated deficit increased from **$223.0 million** at the end of 2024 to **$267.9 million** as of June 30, 2025, primarily driven by the net loss incurred during the period[28](index=28&type=chunk) - Following the company's IPO in February 2024, all outstanding redeemable convertible preferred stock was converted into **23,935,594 shares of common stock**[28](index=28&type=chunk)[85](index=85&type=chunk) [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Summarizes Metagenomi's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 and 2024 Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(44,093) | $(56,159) | | Net cash provided by (used in) investing activities | $43,800 | $(107,768) | | Net cash provided by (used in) financing activities | $(243) | $84,505 | | **Net (decrease) in cash, cash equivalents and restricted cash** | **$(536)** | **$(79,422)** | - Financing activities in the first six months of 2024 were primarily driven by **$84.5 million** in net proceeds from the company's Initial Public Offering (IPO)[30](index=30&type=chunk) [Notes to Unaudited Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) Provides detailed explanations of Metagenomi's accounting policies, significant agreements, and other financial disclosures supporting the condensed statements - The company had an accumulated deficit of **$267.9 million** as of June 30, 2025. Management believes its existing cash, cash equivalents, and marketable securities of **$205.0 million** are sufficient to fund operations for at least the next 12 months[37](index=37&type=chunk) - The collaboration agreement with Moderna was mutually terminated on April 26, 2024, with the company regaining full rights to its base editing and RNA-mediated integration systems that were subject to the agreement[59](index=59&type=chunk) - A securities class action lawsuit was filed against the company in September 2024, alleging misleading statements regarding the Moderna collaboration. The company has filed a motion to dismiss the claims[82](index=82&type=chunk) - In March 2025, the company established an At-The-Market (ATM) offering program to sell up to **$75.0 million** of its common stock. As of June 30, 2025, no shares have been sold under this program[88](index=88&type=chunk)[89](index=89&type=chunk) [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 Metagenomi's financial condition, operational results, and strategic focus on genome editing therapies and collaborations [Overview](index=27&type=section&id=Overview) Introduces Metagenomi's core business as a precision gene editing company, highlighting its lead program MGX-001 and key collaborations - The company is a precision gene editing company developing curative therapeutics using a proprietary, metagenomics-derived genome editing toolbox[99](index=99&type=chunk) - The lead wholly-owned program, MGX-001 for hemophilia A, is designed to insert a Factor VIII DNA cassette into a 'safe harbor location' of the albumin gene. Emerging data from NHP studies showed higher than expected FVIII activity, prompting additional studies. IND and CTA submissions are planned for 2026[102](index=102&type=chunk)[106](index=106&type=chunk) - The collaboration with Ionis focuses on cardiometabolic diseases, with all four Wave 1 targets achieving in vivo rodent proof-of-concept in 2024. The company plans to nominate one to two development candidates in 2025[108](index=108&type=chunk) - On April 14, 2025, collaboration partner Affini-T exercised an option for a non-exclusive license for one of its pre-specified targets, triggering a **$0.3 million** payment to Metagenomi[109](index=109&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Analyzes Metagenomi's financial performance, focusing on changes in collaboration revenue, operating expenses, and net loss for the first half of 2025 Comparison of Results for the Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change ($) | | :--- | :--- | :--- | :--- | | Collaboration revenue | $12,640 | $31,167 | $(18,527) | | Research and development | $47,649 | $59,759 | $(12,110) | | General and administrative | $13,798 | $17,303 | $(3,505) | | Net loss | $(44,947) | $(35,887) | $(9,060) | - The decrease in collaboration revenue for the first six months of 2025 was primarily due to an **$18.7 million** reduction in revenue from the Moderna agreement, which was terminated in April 2024[134](index=134&type=chunk) - Research and development expenses decreased by **$12.1 million** in the first half of 2025 compared to the same period in 2024, driven by reductions in R&D supplies, stock-based compensation, and employee-related costs[136](index=136&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses Metagenomi's financial resources, including cash position and management's outlook on funding future operations - As of June 30, 2025, the company had **$205.0 million** in cash, cash equivalents, and available-for-sale marketable securities[145](index=145&type=chunk) - Management estimates that existing cash will be sufficient to fund projected operating expenses and capital expenditure requirements for at least the next 12 months[145](index=145&type=chunk) - Net cash used in operating activities decreased to **$44.1 million** for the first six months of 2025 from **$56.2 million** in the same period of 2024[147](index=147&type=chunk)[148](index=148&type=chunk)[150](index=150&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company, as a smaller reporting company, is not required to provide the information for this item - Metagenomi is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is therefore not required to provide the information under this item[158](index=158&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of June 30, 2025. No material changes were made to the company's internal control over financial reporting during the quarter - The company's management, including the principal executive officer and principal financial officer, concluded that disclosure controls and procedures were effective as of June 30, 2025[159](index=159&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[160](index=160&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) Contains additional disclosures not included in the financial statements, covering legal, risk, equity, and other corporate matters [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to a securities class action lawsuit filed in September 2024, as detailed in Note 8 of the financial statements. The company believes the final outcome of ordinary course legal matters will not have a material adverse effect on its business - The company refers to Note 8 of its financial statements for information regarding a securities class action lawsuit filed in September 2024[82](index=82&type=chunk)[162](index=162&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) Details significant risks to Metagenomi's business, including financial position, early-stage development, competition, regulatory challenges, and intellectual property [Risks Related to Financial Position and Need for Capital](index=44&type=section&id=Risks%20Related%20to%20Financial%20Position%20and%20Need%20for%20Capital) Highlights Metagenomi's history of losses, accumulated deficit, and ongoing need for substantial additional funding to support operations - The company has incurred significant losses since inception, with a net loss of **$44.9 million** for the six months ended June 30, 2025, and an accumulated deficit of **$267.9 million**. Profitability is not expected in the foreseeable future[167](index=167&type=chunk) - Substantial additional funding is required for operations. Failure to raise capital on acceptable terms could force the company to delay, reduce, or terminate research and development programs[177](index=177&type=chunk) [Risks Related to Business, Technology, and Industry](index=50&type=section&id=Risks%20Related%20to%20Business,%20Technology,%20and%20Industry) Addresses risks associated with Metagenomi's early-stage development, novel genome editing technology, and intense competition in the biotech industry - The company is in a very early stage of development, with all programs in the research or lead optimization phase. It will be many years, if ever, before a product is commercialized[188](index=188&type=chunk) - The novel nature of genome editing technology subjects the company to risks such as uncertain regulatory guidance, potential for unintended editing events, and immunological reactions[192](index=192&type=chunk)[193](index=193&type=chunk) - The company faces significant competition from major pharmaceutical companies, specialty biotech firms, and academic institutions in the rapidly evolving genome editing field[221](index=221&type=chunk) [Risks Related to Regulatory, Legal, and Clinical Trials](index=68&type=section&id=Risks%20Related%20to%20Regulatory,%20Legal,%20and%20Clinical%20Trials) Covers challenges related to the lengthy and uncertain regulatory approval process, data privacy laws, and potential cybersecurity incidents - The regulatory approval process for novel genome editing product candidates is lengthy, expensive, and uncertain, with a high failure rate in clinical trials[195](index=195&type=chunk) - The company is subject to stringent and evolving data privacy and security laws (e.g., GDPR, CCPA), and failure to comply could result in significant penalties and reputational harm[305](index=305&type=chunk) - Cybersecurity incidents or data breaches could disrupt product development, compromise confidential information, and expose the company to liability[296](index=296&type=chunk) [Risks Related to Third Party Relationships](index=85&type=section&id=Risks%20Related%20to%20Third%20Party%20Relationships) Discusses risks arising from Metagenomi's reliance on collaborations and third-party contract manufacturing organizations for development and supply - The company relies on collaborations with third parties like Ionis and Affini-T and has limited control over the resources they dedicate, which could adversely affect development and commercialization[320](index=320&type=chunk) - Reliance on third-party contract manufacturing organizations (CMOs) for materials and future products increases risks related to supply sufficiency, cost, quality, and regulatory compliance[337](index=337&type=chunk) [Risks Related to Personnel, Operations, and Growth](index=94&type=section&id=Risks%20Related%20to%20Personnel,%20Operations,%20and%20Growth) Focuses on the critical importance of retaining key personnel and the challenges associated with managing future operational expansion - Future success is highly dependent on the ability to retain the CEO and other key executives and to attract and motivate qualified scientific and clinical personnel in a competitive market[350](index=350&type=chunk) - The company expects to expand its operations and may encounter difficulties in managing growth, which could disrupt operations and strain resources[352](index=352&type=chunk) [Risks Related to Our Intellectual Property](index=96&type=section&id=Risks%20Related%20to%20Our%20Intellectual%20Property) Addresses the complexities and uncertainties in obtaining, maintaining, and enforcing intellectual property rights in the competitive CRISPR field - Commercial success depends on the ability to obtain, maintain, and enforce intellectual property rights for its proprietary genome editing systems, which is uncertain and complex[357](index=357&type=chunk)[358](index=358&type=chunk) - The company may be sued for infringing on the intellectual property rights of third parties, which could be costly and prevent or delay the development and commercialization of its products[404](index=404&type=chunk) - The CRISPR technology field is subject to extensive patent filings and complex litigation, creating a risk of infringement claims and challenges to the company's own patents[407](index=407&type=chunk)[408](index=408&type=chunk) [Risks Related to our Common Stock, and Operating as a Public Company](index=114&type=section&id=Risks%20Related%20to%20our%20Common%20Stock,%20and%20Operating%20as%20a%20Public%20Company) Examines risks concerning stock price volatility, ongoing litigation, and reduced disclosure requirements as an emerging growth company - The market price of the company's common stock has been and may continue to be volatile, which could result in substantial losses for investors[428](index=428&type=chunk) - The company is currently subject to a securities class action lawsuit, which is expensive and could divert management's attention and result in substantial damages[430](index=430&type=chunk)[431](index=431&type=chunk) - As an "emerging growth company" and "smaller reporting company," Metagenomi is subject to reduced disclosure requirements, which may make its common stock less attractive to some investors[441](index=441&type=chunk)[442](index=442&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=123&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - None reported[462](index=462&type=chunk) [Defaults Upon Senior Securities](index=123&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported[463](index=463&type=chunk) [Mine Safety Disclosures](index=123&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[464](index=464&type=chunk) [Other Information](index=123&type=section&id=Item%205.%20Other%20Information) Discloses the recent appointment of Laurence Reid, Ph.D., to Metagenomi's Board of Directors, including his role and compensation - On August 11, 2025, Laurence Reid, Ph.D., was appointed to the Board of Directors and will serve as a member of the Research and Development Committee[465](index=465&type=chunk) - In connection with his appointment, Dr. Reid will be granted a non-statutory stock option to purchase **42,000 shares of common stock**, vesting over a three-year period[468](index=468&type=chunk) [Exhibits](index=125&type=section&id=Item%206.%20Exhibits) Lists all documents filed as exhibits with the Form 10-Q, including corporate governance documents and officer certifications - The report includes key corporate documents and officer certifications as exhibits, such as the Amended and Restated Certificate of Incorporation and Bylaws, and Sarbanes-Oxley Act certifications[471](index=471&type=chunk)

[Business Updates](index=1&type=section&id=Business%20Updates) Metagenomi advanced its MGX-001 Hemophilia A program, showcased platform technology, and strengthened its board and R&D committee [MGX-001 Hemophilia A Program](index=1&type=section&id=MGX-001%20Hemophilia%20A%20Program) MGX-001 demonstrated durable FVIII activity in NHP studies, with IND/CTA submissions planned for 2026, and alternative constructs under evaluation - The company plans to submit an **Investigational New Drug (IND)** and **Clinical Trial Application (CTA)** for its Hemophilia A program in 2026[3](index=3&type=chunk) Long-Term NHP Study FVIII Activity Levels (Months 12-19) | Animal ID | Mean FVIII Activity | | :--- | :--- | | 1001 | 75% | | 1002 | 8% | | 1003 | 29% | - Emerging data from a bioengineered FVIII construct showed **higher than expected activity**, prompting additional studies and consideration of alternatives[3](index=3&type=chunk) [Platform Technology Updates](index=2&type=section&id=Platform%20Technology%20Updates) Metagenomi presented early proof-of-concept data for compact nucleases and novel CAST systems at ASGCT and TIDES conferences - Presented three abstracts at the **ASGCT 28th Annual Meeting in May 2025**, highlighting early proof-of-concept data for compact nucleases and novel CAST systems for large genomic integrations[8](index=8&type=chunk) - Delivered an oral presentation at **TIDES 2025** on the use of AI to systematically identify and optimize efficient compact gene editing systems[8](index=8&type=chunk) [Corporate Updates](index=2&type=section&id=Corporate%20Updates) The company appointed Dr. Laurence Reid to its Board of Directors and established a new R&D Committee for strategic insights - In August 2025, **Laurence Reid, Ph.D.**, was appointed to the Board of Directors[8](index=8&type=chunk) - A new **Research and Development (R&D) Committee** was established within the Board of Directors to provide scientific and clinical strategy insights[8](index=8&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) Metagenomi reported a **$205.0 million** cash position, reduced R&D and G&A expenses, and a **$19.9 million** net loss for Q2 2025 [Financial Performance Summary](index=2&type=section&id=Financial%20Performance%20Summary) The company maintained a **$205.0 million** cash position as of June 30, 2025, with reduced R&D and G&A expenses year-over-year - Cash, cash equivalents, and available-for-sale marketable securities totaled **$205.0 million** as of June 30, 2025, anticipated to support operations into 2027[1](index=1&type=chunk)[6](index=6&type=chunk) Quarterly Operating Expenses (YoY Comparison) | Expense Category | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | R&D Expenses | $22.5M | $28.3M | ($5.8M) | | G&A Expenses | $7.0M | $8.6M | ($1.6M) | [Condensed Financial Statements](index=5&type=section&id=Condensed%20Financial%20Statements) The condensed balance sheet shows total assets of **$272.3 million** and total stockholders' equity of **$195.8 million** as of June 30, 2025, both decreasing from year-end 2024; Q2 2025 operations reported **$8.5 million** in collaboration revenue and a **$19.9 million** net loss Condensed Balance Sheet Data (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and marketable securities | $204,993 | $248,307 | | Total assets | $272,284 | $324,599 | | Total liabilities | $76,453 | $89,742 | | Total stockholders' equity | $195,831 | $234,857 | Condensed Statements of Operations (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Collaboration revenue | $8,513 | $20,008 | | Total operating expenses | $29,500 | $36,871 | | Loss from operations | $(20,987) | $(16,863) | | Net loss | $(19,908) | $(10,739) | | Net loss per share | $(0.54) | $(0.29) | [Company Overview](index=3&type=section&id=Company%20Overview) Metagenomi is a precision gene editing company leveraging an AI-driven platform to develop genome editing therapeutics, with a lead program targeting Hemophilia A - Metagenomi is a precision gene editing company utilizing **AI and machine learning** to develop next-generation genome editing therapeutics[10](index=10&type=chunk) - The company's platform encompasses a full spectrum of gene editing technologies, including **ultra-small nucleases, base editors, and CRISPR-associated transposase (CAST) systems**[10](index=10&type=chunk) - The lead development program targets **Hemophilia A**, an X-linked inherited bleeding disorder affecting over **500,000 patients globally**[9](index=9&type=chunk)[10](index=10&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding product development, regulatory filings, and financial runway, subject to various risks and uncertainties - The press release contains forward-looking statements regarding product development programs, timing of regulatory filings, potential therapies, and the company's anticipated cash runway[11](index=11&type=chunk) - Actual results may differ materially due to risks and uncertainties, including those related to **R&D activities, clinical testing, third-party supplier dependence, competition, and macroeconomic factors**[11](index=11&type=chunk)[12](index=12&type=chunk)

Core Insights - Metagenomi, Inc. presented three abstracts at the American Society of Gene & Cell Therapy (ASGCT), showcasing early proof-of-concept data across multiple gene editing technologies [1] - The company reported a strong cash position of $205.0 million as of June 30, 2025, which is expected to support operations into 2027 [1][8] - The company is advancing its MGX-001 program for hemophilia A towards pre-IND and ex-U.S. regulatory meetings in 2025 [2] Financial Results - For the quarter ended June 30, 2025, research and development (R&D) expenses were $22.5 million, down from $28.3 million in the same period of 2024 [8] - General and administrative (G&A) expenses were $7.0 million for the quarter ended June 30, 2025, compared to $8.6 million for the same period in 2024 [8] - The net loss for the quarter was $19.9 million, compared to a net loss of $10.7 million in the same quarter of 2024 [15] Program Updates - The MGX-001 program for hemophilia A demonstrated durable FVIII activity levels through approximately 19 months, with mean FVIII activity of 75%, 8%, and 29% in three nonhuman primate subjects [7] - The company plans to submit an investigational new drug (IND) application in 2026 based on current data [7] - Key advancements in the gene editing platform were presented at ASGCT, including compact nucleases for extrahepatic gene editing and CRISPR-associated transposases (CAST) for large therapeutic gene integration [2][7] Corporate Developments - Laurence Reid, Ph.D., was appointed to the Board of Directors, bringing extensive experience in biotech [7] - A Research and Development Committee was established within the Board to provide insights on scientific and clinical strategies [7] Market Context - Hemophilia A is the most common X-linked inherited bleeding disorder, with an estimated prevalence of up to 26,500 patients in the U.S. and over 500,000 globally [9] - Metagenomi's gene editing toolbox has analyzed over 7.4 billion proteins, indicating its potential to target various genetic mutations across the human genome [10]

Core Insights - Metagenomi, Inc. has appointed Dr. Laurence Reid to its Board of Directors, bringing 30 years of experience in building biotech companies and shaping business strategies [1][2] - Dr. Reid's expertise is expected to enhance Metagenomi's efforts in advancing its proprietary gene editing technologies and developing curative genetic medicines [2] Company Overview - Metagenomi is a precision gene editing company utilizing artificial intelligence and machine learning to create potentially curative genome editing therapeutics [3] - The company’s gene editing toolbox has analyzed over 7.4 billion proteins, enabling it to target various genetic mutations across the human genome [3] - Metagenomi's lead program focuses on Hemophilia A, aiming to provide lifelong protection from bleeding events and joint damage [3] Leadership Background - Dr. Reid has a strong track record as a biotech executive, having served in leadership roles at several companies, including Decibel Therapeutics and Warp Drive Bio [2] - He is currently the chairperson of Broken String Biosciences and serves on the boards of KalVista Pharmaceuticals and other private biotech firms [2] - Dr. Reid holds a B.A. in natural sciences from Cambridge University and a Ph.D. in biochemistry from King's College, London University [2]

Financial Data and Key Metrics Changes - The company faced challenges in June due to weaker iron ore prices, resulting in a cash outflow of AUD 15 million for the quarter [4][10] - The average realized price of Coolin Island fines decreased by 29% to USD 68 per dry metric tonne [9] - Total cash flow generated for the full fiscal year was AUD 29 million, with revenue of AUD 359 million and cash operating costs of AUD 264 million [11] Business Line Data and Key Metrics Changes - Total material movement was 2.2 million tonnes, with ore mining increasing by 22% to 680,000 tonnes [7] - June ore processing increased by 14% to 811,000 tonnes, with total annual processing at 2.6 million tonnes [7] - Eight shipments were completed in the quarter, totaling 632,000 wet metric tonnes at an average grade of 63.9% [8] Market Data and Key Metrics Changes - The benchmark 62% FE iron ore index averaged USD 98 per dry metric tonne, down from USD 104 [9] - The high-grade 65 index averaged USD 108 in the quarter, with a recent increase to USD 118 per dry metric tonne [9] - The Australian dollar strengthened, averaging USD 0.641 compared to USD 0.627 in the previous quarter [10] Company Strategy and Development Direction - The company is focused on maximizing cash flow from Kulin over the next 12 to 18 months and advancing the AUD 50 million acquisition of a half interest in the Central Tanami gold project [5][12] - The acquisition is seen as a critical step to reposition the company as a diversified long-life minerals producer [5] - The company aims to enter the gold sector and build a profitable gold business, with a target for a development decision within 12 to 18 months [12][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the operational challenges due to weather and pricing but expressed optimism for fiscal 2026, targeting sales of 3 million to 3.2 million tonnes [4][8] - The company anticipates a stronger performance through fiscal 2026, with a focus on safely maximizing production and cash flow generation [17] - Management highlighted the potential for resource growth through further drilling in the Central Tanami project [14] Other Important Information - The company has paused its share buyback program during negotiations and is reassessing it ahead of the full-year results [16] - The company has made strategic investments in other mining companies, including a 9.8% stake in Fenix Resources and a 5.4% stake in AIC Mines [16] Q&A Session Summary - No questions were asked during the Q&A session, and the company encouraged participants to reach out for any inquiries regarding the announcements [19][20]

Summary of Mount Gibson Iron (MGX) Teleconference - July 15, 2025 Company and Industry - **Company**: Mount Gibson Iron (MGX) - **Industry**: Mining, specifically focusing on gold and iron ore Core Points and Arguments 1. **Acquisition Announcement**: Mount Gibson announced the acquisition of a 50% interest in the Central Tanami Gold Project for AUD 50 million from Northern Star Resources Limited, marking a strategic entry into the gold sector [2][3][4] 2. **Diversification Strategy**: The acquisition is part of Mount Gibson's strategy to diversify its operations as its primary iron ore mine, Coolin Island, approaches the end of its life cycle [2][3][13] 3. **Gold Project Details**: The Central Tanami project is one of Australia's largest undeveloped gold projects, with a total gold inventory exceeding 2.6 million ounces at an average grade of 3.2 grams per tonne [4][5] 4. **Infrastructure and Resources**: The project includes a non-operating gold ore processing plant, accommodation camp, airstrip, and extensive technical data, which will facilitate a faster development timeline [5][6] 5. **Valuation Metrics**: The acquisition price equates to approximately AUD 61 per ounce of contained gold based on current resources, dropping to around AUD 38 per ounce when including historical estimates [7][8] 6. **Development Timeline**: Mount Gibson aims to fast-track the project towards a development decision within 12 to 18 months, leveraging existing resources and infrastructure [6][8][10] 7. **Joint Venture Dynamics**: The company plans to collaborate closely with Tanami Gold, which shares a major shareholder, to align development objectives [8][9] 8. **Regulatory Approvals**: The transaction is subject to several conditions, including approval from the Foreign Investment Review Board and other typical pre-completion conditions [11][12] Additional Important Content 1. **Market Conditions**: The management is cautious about the gold price, acknowledging current favorable conditions but not assuming they will last indefinitely [20][21] 2. **Buyback Program**: Mount Gibson has a buyback program in place, which is currently on hold due to confidentiality surrounding the acquisition [16][19] 3. **Long-term Strategy**: The acquisition is seen as a step towards transitioning from a single commodity producer to a diversified multi-commodity producer, with ongoing investments in junior resource companies [13][14] This summary encapsulates the key points discussed during the teleconference, highlighting Mount Gibson's strategic move into the gold sector and its implications for future growth and diversification.

Transaction Overview - Mount Gibson Iron (MGX) is acquiring a 50% interest in the Central Tanami Project JV (CTPJV) from Northern Star Resources Ltd (NST)[10] - The acquisition cost is $50 million, plus adjustments[10] - The transaction is conditional and expected to be completed by March 31, 2026[26] Central Tanami Gold Project (CTPJV) - The CTPJV has a significant Mineral Resource of 1.6 million ounces of gold (100% basis)[10] - The project area covers approximately 5,700 square kilometers[10] - The Groundrush gold deposit within the CTPJV produced over 600,000 ounces of gold between 2001 and 2005 at 4 g/t Au[24,36] - The CTPJV includes a non-operating 1.2 Mtpa Carbon-in-Leach processing plant[24] Mount Gibson Iron (MGX) - MGX has substantial cash and investment reserves of $460 million as of March 31, 2025[16] - MGX has shipped over 40 million tonnes of iron ore since 2007 from Koolan Island[16] - MGX's Koolan Island mine is in its final 12-18 months of mine life[16] Valuation and Comparables - The acquisition multiple is $61/oz based on JORC 2012 Mineral Resource or $38/oz including historical (JORC 2004) estimates[29] - The average comparable transaction multiple is $174/oz[29]

Company Vision and Strategy - Metagenomi's vision is to harness its metagenomics platform to create curative genetic medicines for patients[8] - The company's strategy involves using a diverse and modular genome editing toolbox to precisely target any site in the human genome, addressing the full spectrum of genetic diseases[9] - Metagenomi focuses on investments in development and manufacturing across gene editing technologies to enable rapid advancement to the clinic[11] Disease Targets and Pipeline - Hundreds of millions of people worldwide have diseases potentially treatable with gene editing, including over 180 million with rare diseases of genetic origin and over 200 million with cardiovascular disease tied to genetic risk factors[14] - The company's pipeline includes programs targeting Hemophilia A (affecting more than 500,000 patients globally), Transthyretin Amyloidosis (TTR) (affecting 300,000–500,000 patients globally), and Refractory Hypertension (affecting 900,000 patients in the US)[14, 19] - Metagenomi's Hemophilia A program, MGX-001, has demonstrated sustained Factor VIII activity in non-human primate (NHP) studies for more than 16 months[53] Technology and Platform - Metagenomi's metagenomics platform is the foundation of its gene editing toolbox, involving proprietary sampling, AI-powered screening, and engineering & optimization[20, 22, 24, 25] - The company has a proprietary library of highly precise and efficient nucleases, including ultra-small systems (SMARTs), providing a programmable chassis for other gene editing tools[31] - Metagenomi's base editing platform achieves efficient multiplex editing for cell engineering, with reprogrammed chassis increasing genome targetability[112, 113] Partnerships and Corporate Overview - Metagenomi has strategic collaborations, including one with Ionis focusing on cardiometabolic diseases, with up to 8 targets and potential milestone payments and royalties up to $2.9 billion[50] - The company is well-capitalized with a cash runway into 2027[135]