Core Viewpoint - Blue Moon Metals Inc. has announced a maiden mineral resource estimate for the Sulitjelma VMS deposit in Norway, indicating significant potential for further exploration and development in a historically productive mining district [1][2][6]. Mineral Resource Estimate - The maiden mineral resource estimate includes 17 million tonnes grading 1.06% Cu and 0.21% Zn in the inferred category, excluding gold, silver, and sulfur which were historically recovered as by-products [2][11]. - The resource estimate is classified entirely as Inferred Mineral Resources, which are considered too speculative to have economic viability applied [11][12]. Project Development Plans - The company plans to focus on the Rupsi and Dypet deposits, with government approval to extend an existing mine tunnel by up to 1 km and conduct 10,000 meters of underground drilling, with a budget of approximately 37 million NOK (~US$3.4 million) [3][6]. - Exploration activities will target mineral potential, with current underground workings in good condition, ending approximately 200 meters from the resource estimate outline [3][23]. Historical Context and Infrastructure - The Sulitjelma Project is located in a significant mining district with historical production of 26 million tonnes of copper at a grade of 1.80% from 1891 to 1991 [1][6]. - Blue Moon holds exclusive options to purchase historical processing plant infrastructure for a nominal value of 1 NOK (~US$0.1) and has access to numerous historical mining tunnels for efficient exploration [6][30]. Exploration Strategy - The exploration program aims to expand known mineralized zones and enhance resource confidence through systematic drilling, geological mapping, and geophysical surveys [23][24]. - The company anticipates that results from the exploration program will significantly advance the understanding and potential of the Sulitjelma Project [24][30].

Core Viewpoint - Thor Explorations Ltd. reported strong financial and operational results for FY 2024, achieving record revenues and profits, while also announcing its maiden dividend, reflecting confidence in the company's growth and sustainability [2][21][48]. Financial Highlights - FY 2024 gold sales reached 84,965 ounces, up from 73,356 ounces in FY 2023, with an average gold price of US$2,288 per ounce compared to US$1,907 in FY 2023 [6]. - Revenue for FY 2024 was US$193.1 million, a significant increase from US$141.2 million in FY 2023 [6]. - EBITDA for FY 2024 was US$133.3 million, compared to US$55.3 million in FY 2023 [6]. - Net profit for FY 2024 was US$91.1 million, up from US$10.8 million in FY 2023 [6]. - Cash and cash equivalents at year-end were US$12 million, an increase from US$7.8 million in FY 2023 [6]. Dividend Announcement - The company announced a maiden dividend payment of C$0.0125 per share per quarter, with the first payment scheduled for May 16, 2025 [6][53]. - The dividend policy aims to balance growth ambitions with returning value to shareholders and will be reviewed in two years [6][54]. Operational Highlights - The Segilola Gold Mine produced 85,057 ounces of gold in FY 2024, with a recovery rate of 90.75% [12]. - A total of 858,966 tonnes of ore were processed at an average grade of 3.14 g/t Au [12]. - Near-mine exploration confirmed mineralization below the current pit design, indicating potential for resource extensions [12]. - Regional exploration efforts identified a 10 by 5 km area of gold anomalism approximately 52 km south of Segilola [12]. Strategic Outlook - The company plans to focus on extending the Segilola mine life and advancing the Douta Project in Senegal in 2025 [22][43]. - Exploration expenditure is budgeted at US$7.5 million - US$10 million in Nigeria and US$5 million - US$7.5 million across West Africa for 2025 [28]. - The company aims to enhance shareholder value through its exploration activities and maintain strong ESG commitments [25][40].

Financial Performance - Non-GAAP book value decreased by 52.4% to $1.52 per common share, while GAAP book value decreased by 81.5% to $0.46 per common share as of December 31, 2024[40]. - The alternative investment portfolio decreased by 18.6% during 2024, producing a positive net return of 3.5% compared to 8.0% in 2023[41][42]. - An underwriting loss of $197.4 million was reported for 2024, primarily due to adverse prior year reserve development of $154.4 million from the AmTrust Reinsurance segment[43]. - Net premiums earned for Diversified Reinsurance segment increased to $35.787 million (72.3% of total) in 2024 from $29.039 million (66.0% of total) in 2023[52]. - Net premiums written by the Diversified Reinsurance segment totaled $34.749 million in 2024, up from $27.104 million in 2023[53]. Shareholder Actions - Maiden Reinsurance repurchased 1,871,755 common shares during 2024, owning 31.1% of the total outstanding common shares as of December 31, 2024[44]. - The company has suspended its share repurchase program in connection with the pending transaction with Kestrel[44]. Regulatory and Compliance - The company is subject to regulatory oversight and must file detailed financial statements with the Vermont Department of Financial Regulation (DFR)[78]. - The company believes it is in compliance with all applicable laws and regulations that could materially affect its financial position[102]. - Regulatory scrutiny may increase due to potential federal initiatives impacting the insurance industry[98]. - The company is not actively underwriting reinsurance on new prospective risks, focusing on compliance with existing regulations[95]. Risk Management - The company’s Enterprise Risk Management framework includes a three lines of defense approach to manage risks effectively[62][63]. - The company must establish a risk governance structure with clearly defined roles and responsibilities to manage risks within its risk appetite[66]. - The loss reserves on the balance sheet represent management's best estimate of outstanding liabilities associated with earned premiums, with reserves established based on internal and external actuarial analyses[69]. - The company is required to establish loss reserves to cover estimated liabilities for loss and loss adjustment expenses (LAE) incurred with respect to premiums earned[69]. - The Audit Committee meets at least quarterly to assess whether management is addressing risk issues in a timely manner, receiving updates on capital and risk management[68]. Employment and Operations - The company has approximately 42 full-time and part-time employees across multiple countries, with a transition of 15 employees expected upon the sale of Swedish subsidiaries[76]. - The company entered into an agreement to sell its Swedish subsidiaries, Maiden LF and Maiden GF, awaiting regulatory approval[55]. - No new premium was written in the AmTrust Reinsurance segment during 2024, following the termination of active reinsurance contracts effective January 1, 2019[56]. Taxation and Financial Regulations - Maiden Holdings has received assurance from Bermuda's Minister of Finance that no new taxes will apply until March 31, 2035[109]. - The Corporate Income Tax Act 2023 in Bermuda imposes a 15% tax on multi-national groups with consolidated revenues of at least €750 million, effective from January 1, 2025[110]. - Maiden LF and Maiden GF are subject to a 20.6% tax rate on net profits in Sweden[111]. - Maiden Global, Maiden LF U.K. Branch, and Maiden GF U.K. Branch are subject to a U.K. corporation tax rate of 25% on their trading and taxable profits[112]. - The U.S. corporate tax rate was reduced to 21% under the Tax Cuts and Jobs Act, impacting the taxation of U.S. property/casualty insurance companies[113]. - The maximum effective federal tax rate for U.S. branches of foreign corporations can reach 44.7% on net income connected with a U.S. trade or business[114]. - Foreign corporations not engaged in a U.S. trade are subject to U.S. income tax through withholding on certain income, such as dividends and interest[115]. - An excise tax of 1% applies to reinsurance premiums paid to foreign insurers for risks associated with U.S. persons[115]. - Maiden Reinsurance is subject to U.S. taxation since its re-domestication, while other subsidiaries operate to avoid being treated as engaged in U.S. trade[114]. - The company anticipates no requirement to pay U.S. corporate income taxes, aside from withholding and excise taxes[114]. - The 2017 Act introduced provisions that could affect the economic feasibility of affiliate reinsurance between U.S. and non-U.S. members[113]. - The company is monitoring potential future legislation that could adversely impact its operations[113]. - The U.S. Treasury Department has issued regulations clarifying the classification of non-U.S. insurers as passive foreign investment companies (PFICs)[113]. Capital Management - Maiden Reinsurance's RBC levels exceed Vermont's RBC requirements, indicating adequate capital management[90]. - The company is able to take credit for all reinsurance purchased, enhancing its financial stability[91]. - Maiden Reinsurance's re-domestication to Vermont in 2020 may result in unusual NAIC ratios due to the lack of prior year statutory data[93]. Legislative Updates - The Terrorism Risk Insurance Program Reauthorization Act of 2019 extends the federal terrorism risk insurance program through December 31, 2027[107].

Financial Performance - Net loss attributable to Maiden common shareholders was $158.0 million or $1.59 per diluted common share for the fourth quarter of 2024 [18]. - Underwriting loss for the fourth quarter of 2024 was $161.3 million compared to an underwriting loss of $21.1 million in the same period in 2023, largely due to adverse prior year loss development of $129.4 million [18]. - Net loss and LAE increased by $115.9 million during Q4 2024 compared to Q4 2023, impacted by net adverse PPD of $129.4 million [29]. - Underwriting loss for the year ended December 31, 2024 was $197.4 million, compared to a loss of $49.5 million in 2023, largely due to adverse PPD of $154.4 million [35]. - Non-GAAP operating loss was $181.2 million or $1.81 per diluted common share for the year ended December 31, 2024, compared to a loss of $23.0 million or $0.23 per diluted common share in 2023 [51]. - The net loss for the year ended December 31, 2024, was $(200,969) million, compared to a net loss of $(38,569) million in 2023, indicating a significant increase in losses [73]. - The basic and diluted loss per share attributable to common shareholders for the year ended December 31, 2024, was $(2.01), compared to $(0.38) in 2023, indicating a worsening of loss per share [71]. - The net loss and loss adjustment expenses for the year ended December 31, 2024, totaled $186,127 million, significantly higher than $61,228 million in 2023, an increase of 204.5% [73]. Premiums and Underwriting - Net premiums written for the three months ended December 31, 2024 were $7.6 million, an increase from $6.9 million for the same period in 2023 [22]. - Net premiums written in the Diversified Reinsurance segment increased by $1.6 million or 22.4% for the three months ended December 31, 2024 compared to the same period in 2023 [22]. - Net premiums written for the year ended December 31, 2024 increased by $9.9 million or 42.7% to $33.1 million compared to $23.2 million in 2023 [34]. - Gross premiums written increased to $7,563,000 in Q4 2024 from $7,095,000 in Q4 2023, representing a growth of 6.6% [75]. - Net premiums earned rose to $11,586,000 in Q4 2024, up from $11,449,000 in Q4 2023, indicating a year-over-year increase of 1.2% [75]. Investment Performance - Investment results decreased to $4.1 million for the fourth quarter of 2024 compared to $14.6 million in the fourth quarter of 2023 [18]. - Net investment income decreased by $2.3 million or 27.2% for Q4 2024 compared to Q4 2023, primarily due to lower interest income from funds withheld receivable [25]. - Net investment income decreased by $11.8 million or 31.7% for the year ended December 31, 2024, due to lower interest income from funds withheld balance [40]. - Net realized and unrealized investment losses for Q4 2024 were $0.8 million, compared to net gains of $5.5 million in Q4 2023, largely due to a smaller alternative asset portfolio [28]. - Total investable assets decreased to $699,423,000 as of December 31, 2024, down from $914,278,000 in 2023, reflecting a decline of 23.5% [77]. Shareholder Equity - Book value per common share decreased 81.5% to $0.46 and adjusted book value per common share decreased 52.4% to $1.52 at December 31, 2024 compared to December 31, 2023 [18]. - Shareholders' equity dropped to $45.2 million at December 31, 2024, compared to $249.2 million at December 31, 2023 [56]. - Adjusted shareholders' equity was $150.1 million at December 31, 2024, down from $320.1 million at December 31, 2023 [57]. - Total shareholders' equity fell to $45,193,000 in 2024 from $249,160,000 in 2023, a decrease of 81.9% [77]. Corporate Actions and Strategic Initiatives - The Company entered into a combination agreement with the Kestrel Group to form a new publicly listed specialty program group [18]. - The Company targets completing the sale of its Swedish subsidiaries during the second quarter of 2025 [18]. - The company repurchased 383,355 common shares at an average price per share of $1.57 under its share repurchase plan prior to the announcement of the transaction with Kestrel [19]. - The company did not authorize any quarterly dividends on its common shares during the three and twelve months ended December 31, 2024 [61]. Other Financial Metrics - The annualized return on average common equity for the year ended December 31, 2024, was (136.5)%, compared to (14.5)% in 2023, showing a substantial decline in profitability [71]. - The total expenses for the year ended December 31, 2024, were $245,785 million, compared to $111,486 million in 2023, an increase of 120.2% [71]. - Approximately $42.0 million or 32.5% of the total adverse PPD for Q4 2024 is recoverable under the LPT/ADC Agreement, expected to be recognized as future GAAP income [31]. - The unamortized deferred gain on retroactive reinsurance under the LPT/ADC Agreement increased to $105.0 million as of December 31, 2024, from $70.9 million at December 31, 2023, reflecting a net increase of $34.0 million [52]. - The reinsurance recoverable on unpaid losses under the LPT/ADC Agreement increased to $532.9 million at December 31, 2024, from $515.5 million at December 31, 2023 [53].

Core Insights - DLP Resources Inc. has reported a maiden inferred mineral resource of over 1 billion tonnes at the Aurora Project in Peru, indicating a significant deposit of copper and molybdenum [1][4][3] Mineral Resource Summary - The inferred mineral resource totals 1,050 million tonnes with a grade of 0.20% copper, 0.05% molybdenum, and 2.4 g/t silver, equating to 4,650 million pounds of copper, 1,110 million pounds of molybdenum, and 80 million ounces of silver [4][10] - The resource is categorized into copper-rich and molybdenum-rich zones, with consistent mineralization distribution and potential for further expansion [4][6] Technical Report and Methodology - The mineral resource estimates were prepared in accordance with CIM Definition Standards and were based on 24 diamond drill holes totaling 18,400 meters [5][6] - The estimates utilized Leapfrog Edge software and ordinary kriging for grade estimation, with a net smelter return (NSR) cut-off value of $5.75 per tonne applied [7][10] Next Steps - The company plans to conduct further drilling to enhance geological and grade confidence in the existing mineral resources and to evaluate mineralized extensions [11]

Core Viewpoint - West Point Gold has resumed its maiden resource drill program at the Gold Chain Project in Arizona, aiming to generate data for a maiden resource estimate from the Tyro Main Zone [1][4]. Drilling Program - The current phase of reverse circulation drilling is planned to consist of at least 3,000 meters, focusing on the Tyro Main Zone and reducing the spacing between existing holes [2][3]. - The drill program will target specific holes, including GC23-24 (25.9m at 2.27 g/t Au), GC23-23 (44.2m at 2.01 g/t Au), and GC24-30 (89.5m at 1.08 g/t Au), as well as the area north of hole GC24-34, which returned 42.8m at 2.50 g/t Au [3]. Appointment of New Director - Conrad Nest has been appointed as an independent director, bringing over 25 years of experience in corporate governance, mergers and acquisitions, and securities law [5][7]. - Peter Mercer has stepped down from the Board but will continue as an advisor to the Company [5]. Upcoming Presentation - West Point Gold CEO, Quentin Mai, is scheduled to present at the Metals Investor Forum on March 1, 2025, at 3:30 PM ET [9]. Company Overview - West Point Gold Corp. focuses on gold discovery and development at four projects in the Walker Lane Trend, covering Nevada and Arizona, with a strategic emphasis on developing a maiden resource at the Gold Chain project [11].

Core Insights - Verde AgriTech Ltd has announced a maiden mineral resource estimate of 1.35 billion tons at 3,437 ppm of Total Rare Earth Oxides (TREO) and 793 ppm of Magnetic Rare Earth Oxides (MREO) for the Man of War Rare Earths Project, establishing it as one of the world's largest rare earths projects [1][2][7] Resource Estimate Details - The Reasonable Prospects for Eventual Economic Extraction (RPEE) is calculated with a 1,000 ppm TREO cut-off, and the estimate includes three targets: Nau de Guerra, Bálsamo, and Alto da Serra located in São Gotardo, Brazil [1][4][8] - The in-situ resource is reported as 1.50 billion tons with 3,430 ppm of TREO and 791 ppm of MREO, indicating a significant potential for the project [3][9] - The resource estimates are compliant with JORC and NI 43-101 standards, prepared under the supervision of Dr. Volodymyr Myadzel, a Qualified Person [10][21] Highlights by Target - Nau de Guerra: 120.09 million tons at 3,628 ppm TREO and 846 ppm MREO - Alto da Serra: 230.21 million tons at 3,684 ppm TREO and 875 ppm MREO - Balsamo: 1,145.62 million tons at 3,358 ppm TREO and 769 ppm MREO - Total: 1,495.93 million tons at 3,430 ppm TREO and 791 ppm MREO [8][9] Project Development and Spin-off - The spin-off of Oby Rare Earths Pty. Ltd. will facilitate focused development of the Man of War project, with a Special General Meeting scheduled for December 20, 2024, for shareholders to vote on the spin-off [6][7] - Oby plans to raise funds in Q1 2025 to advance the project, primarily for a scoping study and environmental impact assessment [6] Economic Potential - The discovery of a significant rare earth resource in Brazil is expected to redefine the global supply chain for critical minerals, positioning the Man of War Project as a key contributor to modern technologies [7]

Core Viewpoint - Titan Mining Corporation has successfully completed its maiden mineral resource estimate for the Kilbourne Graphite Project, indicating significant potential for graphite production in the U.S. supply chain [1][2]. Mineral Resource Estimate - The inferred mineral resource estimate is 22 million US short tons at an average grade of 2.91% Cg, containing 653,000 tons of graphite, based on a cut-off grade of 1.50% [2][5]. - The estimate is based on 45 diamond drill holes totaling 29,699 ft, representing a small subset of the total graphite-bearing unit identified [2][3]. - The mineral resource estimate covers a strike length of 7,000 ft out of a total of 25,000 ft, with potential for expansion along strike and down dip [2][12]. Project Development Plans - The Kilbourne Project is targeted for fast-tracking to commercial production, leveraging existing infrastructure and operational talent at the Empire State Mine (ESM) [2][17]. - A commercial demonstration plant is expected to produce concentrate in 2025, marking it as the first of its kind in full run-time in the U.S. [2][17]. - Preparations for an NI 43-101 Preliminary Economic Assessment will begin in early 2025 to define project economics [2][18]. Future Exploration and Testing - Phase II drilling is planned for H1 2025, aiming to increase mineral resource confidence from Inferred to Measured/Indicated status and extend high-grade mineralization zones [12][13]. - A Phase III test program is underway at SGS Lakefield to de-risk metallurgy and define product segmentation for the commercial demonstration plant [14][16]. Operational Synergies - The Kilbourne Project benefits from being co-located within the existing ESM mill facilities, which provides shared infrastructure and operational efficiencies [2][17]. - The company aims to maximize pricing for its products by aligning production capacity with market demand [3][25].

Core Viewpoint - Usha Resources Ltd. has finalized plans for an Induced Polarization (IP) survey at its Southern Arm polymetallic VMS property in Quebec, aiming to identify chargeability and resistivity anomalies associated with sulphides, which will inform a planned drill program [1][3][5]. Company Overview - Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on developing critical metal properties, including the Southern Arm copper-gold VMS project in Quebec, a lithium brine project in Nevada, and a lithium pegmatite project in Ontario [7]. Survey Details - The IP survey will be conducted by Geophysique TMC over the Hollywood trend of metal anomalies within the Southern Arm claim block, targeting depths of over 350 meters [3][5]. - Field crews are set to begin the survey in mid-November, with results to be interpreted alongside a biogeochemical survey announced earlier [3][5]. Geological Context - The Southern Arm property is located in a mineral-rich region known for its precious and base metals, with notable nearby projects including the B26 deposit and the historic Selbaie mine [3][4]. - The property features a 7.3-kilometer conductive copper-gold trend along the Bapst fault, with geological formations similar to those of the Selbaie mine [4]. Future Plans - The results from the IP survey will be used to establish high-priority targets for a planned 3,000-meter maiden drill program scheduled to commence in winter 2024-2025 [3][5].

Investment Performance - Maiden Holdings has invested approximately $253.4 million into alternative investments, including equity securities and other asset classes, with an expectation to exceed the benchmark cost of capital [115]. - The company has achieved an internal rate of return of 24.4% and a capital multiple of 1.77x on $9.5 million invested in insurance distribution platforms [112]. - The alternative investments portfolio decreased by 24.8% during the three months ended September 30, 2024, due to sales and redemptions of private equity and private credit funds [112]. - The alternative investment portfolio decreased by 18.0% primarily due to sales and redemptions, but produced a positive net return of 4.1% during the nine months ended September 30, 2024 [119]. - The company reported net unrealized losses of $9.190 million on other investments, including equities, for the three months ended September 30, 2024 [193]. - Total net realized gains for the three months ended September 30, 2024, were $5.386 million, compared to a loss of $301,000 in the same period of 2023 [193]. - The internal rate of return for active alternative investments as of September 30, 2024, was 4.0%, with a multiple on invested capital of 1.10 [200]. - Private equity investments produced a total investment return of $10.4 million, with an internal rate of return (IRR) of 10.5% and a multiple on invested capital (MOIC) of 1.33 [201]. - Private credit investments generated a total investment return of $1.4 million, with an IRR of 5.2% and a MOIC of 1.10 [201]. - Alternative investments yielded a total investment return of $1.4 million, with an IRR of 4.8% and a MOIC of 1.12; however, fund investments showed an IRR of (7.9)% and a MOIC of 0.92 [201]. - Venture capital investments produced a total return of $0.5 million, with an IRR of 7.6% and a MOIC of 1.19; direct investments had an IRR of 13.1% and a MOIC of 1.46 [202]. - Total investment return for alternative investments for the nine months ended September 30, 2024, was $13,611,000, compared to $14,159,000 in 2023, reflecting a decrease of 3.9% [198]. Financial Performance - The company reported a net loss of $42.98 million for the nine months ended September 30, 2024, compared to a net loss of $17.79 million for the same period in 2023 [122]. - The company's book value decreased by 15.7% to $2.09 per common share, while non-GAAP book value decreased by 6.6% to $2.98 per common share at the same date [118]. - The run-off of historic reinsurance programs resulted in an underwriting loss of $36.0 million for the nine months ended September 30, 2024, driven by adverse prior year reserve development of $25.1 million [118]. - Net loss for the three months ended September 30, 2024, was $34.468 million, compared to a net loss of $3.527 million for the same period in 2023, indicating a significant decline in financial performance [132]. - Non-GAAP operating loss for the three months ended September 30, 2024, was $15.68 million, compared to $11.75 million for the same period in 2023, indicating a worsening of approximately 33% [215]. - Non-GAAP diluted operating loss per share attributable to common shareholders was $(0.16) for the three months ended September 30, 2024, compared to $(0.12) for the same period in 2023 [215]. - The company reported net loss and loss adjustment expenses (LAE) increased by $4.7 million for the third quarter of 2024 compared to the same period in 2023, with net adverse prior period development (PPD) of $11.7 million [144]. - The company reported a net decrease in non-USD denominated fixed maturities primarily due to sales and maturities of euro denominated corporate bonds during the nine months ended September 30, 2024 [186]. Premiums and Underwriting - Gross premiums written increased by $9.26 million to $25.63 million for the nine months ended September 30, 2024, compared to $16.37 million in 2023 [122]. - Gross premiums written for the three months ended September 30, 2024, were $8.861 million, compared to $8.660 million for the same period in 2023, representing an increase of 2.3% [131]. - Net premiums earned increased by $0.9 million (7.4%) and $5.4 million (16.5%) for the three and nine months ended September 30, 2024, respectively, driven by growth in Credit Life programs [135]. - The AmTrust Reinsurance segment reported an underwriting loss of $17.8 million for the three months ended September 30, 2024, compared to an underwriting loss of $8.4 million for the same period in 2023 [156]. - Underwriting loss for the nine months ended September 30, 2024, was $36.0 million, compared to an underwriting loss of $28.4 million for the same period in 2023, primarily due to adverse PPD of $25.1 million in 2024 [133]. Capital Management - The weighted average effective interest rate on the company's debt capital is 7.6%, influencing its strategic decisions [112]. - The ratio of debt to total capital resources increased to 55.8% as of September 30, 2024, compared to 51.3% at the end of 2023 [124]. - The company repurchased 1,488,400 common shares during the nine months ended September 30, 2024, as part of its capital management strategy [118]. - The company has a remaining authorization of $68.7 million for common share repurchases as of September 30, 2024 [208]. - Total capital resources decreased by $41.0 million to $470.5 million, primarily due to a net loss of $43.0 million for the nine months ended September 30, 2024 [206]. Liquidity and Cash Flow - Cash flows used in operating activities for the nine months ended September 30, 2024 was $19.2 million, a decrease from $66.0 million in the same period in 2023 [167]. - Cash flows provided by investing activities were $107.1 million for the nine months ended September 30, 2024, compared to $51.1 million for the same period in 2023 [168]. - At September 30, 2024, unrestricted cash, cash equivalents, and fixed maturity investments were $139.8 million, an increase of $66.4 million from December 31, 2023 [165]. - The total increase in cash, restricted cash, and cash equivalents for the nine months ended September 30, 2024 was $85.1 million [166]. - Investable assets decreased by $124.6 million during the nine months ended September 30, 2024, totaling $789.7 million [163]. Foreign Exchange and Inflation - The company’s non-USD denominated liabilities at September 30, 2024, included a reserve for net loss and LAE of $258.4 million, while foreign currency asset exposures included $149.5 million of fixed maturity securities [226]. - The decrease in foreign currency translation adjustments of $0.2 million for the nine months ended September 30, 2024, was primarily driven by exposures to euro and British pound [226]. - Inflation is explicitly considered in the pricing of insured exposures, impacting reserves for loss and LAE, with potential changes in earnings based on actual claim costs [227]. - The company has not observed significant impacts from elevated inflation levels on its long-tailed lines of business, which include workers' compensation and general liability [227]. - The anticipated effects of inflation may lead to increased wage pressures, impacting net operating results, as salaries and incentive compensation costs comprise less than half of total general and administrative expenses [227]. Strategic Initiatives - Maiden Holdings is actively exploring fee-based and distribution opportunities that are non-risk bearing and capital efficient [112]. - The company has begun to reduce investments in alternative assets as part of a strategic initiative to strengthen liquidity and reposition the balance sheet [172]. - The company is pursuing finality solutions for AmTrust liabilities not covered by the Loss Portfolio Transfer/Adverse Development Cover Agreement, which may involve significant charges [112]. - Maiden Holdings has fulfilled its capital commitment to Genesis Legacy Solutions and does not anticipate further contracts in the legacy management segment [110].