Group 1 - The article discusses the performance of the AMLP ETF, which experienced a decline due to Liberation Day, but the underlying companies have maintained steady operations [1] - The author emphasizes a diverse investment strategy that includes cyclical industries, bonds, commodities, and forex, highlighting the potential for significant returns during economic recovery [1] - The author's background in various industries and international education provides a unique perspective on market dynamics and investment opportunities [1] Group 2 - No relevant content available for this section [2][3]

Core Viewpoint - The Zacks Oil and Gas - Pipeline MLP industry faces an uncertain outlook due to conservative capital expenditures by upstream companies and a significant debt burden impacting midstream energy companies' ability to fund new projects and withstand economic downturns [1][4]. Industry Overview - The Zacks Oil and Gas - Pipeline MLP industry consists of master limited partnerships that transport oil, natural gas, refined petroleum products, and natural gas liquids in North America, generating stable fee-based revenues from transportation and storage services [3]. - The industry is capital-intensive, with a debt-to-capitalization ratio of 55%, which can limit financial flexibility for midstream energy companies [4]. Current Challenges - A shift towards renewable energy is expected to reduce demand for oil and natural gas pipeline and storage networks, posing challenges for the industry [5]. - Oil and gas exploration companies are under pressure to prioritize shareholder returns over production growth, negatively impacting the demand for pipeline and storage assets [6]. Industry Ranking and Performance - The Zacks Oil and Gas - Pipeline MLP industry holds a Zacks Industry Rank of 162, placing it in the bottom 34% of over 250 Zacks industries, indicating weak near-term prospects [7][8]. - Despite the challenges, the industry has outperformed the broader Zacks Oil - Energy sector and the S&P 500, with a 17.5% increase over the past year compared to a 4.1% decline in the sector and a 12.4% increase in the S&P 500 [10]. Valuation Metrics - The industry is currently trading at an EV/EBITDA ratio of 11.47X, lower than the S&P 500's 16.51X but significantly above the sector's 4.56X [14]. - Over the past five years, the industry's EV/EBITDA has ranged from a high of 12.88X to a low of 7.48X, with a median of 9.95X [14]. Key Companies - Enterprise Products Partners LP (EPD) has a diversified asset portfolio with over 50,000 miles of pipelines and a storage capacity of 300 million barrels, generating stable fee-based revenues [17]. - Energy Transfer LP (ET) operates a vast pipeline network across 125,000 miles, also generating stable fee-based revenues and expected to see earnings growth of 12.5% this year [21]. - Plains All American Pipeline (PAA) benefits from stable fee-based revenues and is projected to achieve top-line growth of 5.1% in 2025 [24].

[Maui Land & Pineapple Company, Inc. Q1 2025 Results](index=1&type=section&id=Maui%20Land%20%26%20Pineapple%20Company%2C%20Inc.%20Q1%202025%20Results) [Executive Summary & Key Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Key%20Highlights) MLP reports strong Q1 2025 revenue growth and positive Adjusted EBITDA despite a GAAP net loss - Operating revenue saw a **134% year-over-year gain**, primarily driven by significant increases in occupancy and income from commercial real estate leasing[2](index=2&type=chunk) - The company is positioned for improved GAAP income moving forward due to a successful pension restructuring, full settlement of severance obligations to former leaders, and an expected decrease in share-based compensation expenses[2](index=2&type=chunk) Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $5.8M | $2.5M | +134% | | Net Loss (GAAP) | ($8.6M) | ($1.4M) | ($7.2M) | | EPS (Diluted) | ($0.44) | ($0.07) | ($0.37) | | Adjusted EBITDA (Non-GAAP) | $0.2M | ($0.2M) | +$0.4M | [New Agri-Business Venture](index=1&type=section&id=New%20Agri-Business%20Venture) The company launched a new, scalable agricultural initiative focused on cultivating drought-tolerant Agave - MLP is launching a new scalable business initiative to cultivate Agave, a drought-tolerant, low-maintenance crop[3](index=3&type=chunk) - The initiative aims to accelerate the productivity of underutilized croplands, create living wage jobs, and boost environmental and economic sustainability[3](index=3&type=chunk) - The strategy includes potential for revenue upside from vertical integration with on-island distillation, regenerative agri-tourism, and local/global distribution[4](index=4&type=chunk) [Detailed Financial Results (Q1 2025 vs Q1 2024)](index=1&type=section&id=Detailed%20Financial%20Results%20(Q1%202025%20vs%20Q1%202024)) Q1 2025 saw significant revenue growth but a higher GAAP net loss due to non-cash expenses [Operating Revenues](index=1&type=section&id=Operating%20Revenues) Operating revenues grew 134% year-over-year, driven by new land development and increased leasing income Operating Revenues Breakdown (in thousands) | Revenue Source | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Land development and sales | $2,298 | $0 | N/A | | Leasing | $3,219 | $2,216 | +45% | | **Total Operating Revenues** | **$5,804** | **$2,483** | **+134%** | - Land development revenue of **$2,278,000** is attributed to contracting revenues from the Honokeana Homes Relief Housing Project with the State of Hawai'i[6](index=6&type=chunk) - The **45% increase in leasing revenue** was driven by efforts to improve occupancy, bring leases to market rates, and sign new leases for renovated properties[6](index=6&type=chunk) [Costs and Expenses](index=1&type=section&id=Costs%20and%20Expenses) Total operating costs rose significantly due to construction, leasing, G&A, and share-based compensation - Operating costs and expenses increased by **$3.7 million to $7.6 million** in Q1 2025[6](index=6&type=chunk) - Key drivers of the cost increase include: **$2.3M in direct construction costs**, **$372k in leasing costs**, **$460k in G&A expenses**, and **$622k in non-cash share-based compensation**[6](index=6&type=chunk) [Net Loss and Profitability](index=3&type=section&id=Net%20Loss%20and%20Profitability) A large non-cash pension expense drove a GAAP net loss, while Adjusted EBITDA improved year-over-year Profitability Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss (GAAP) | ($8,640,000) | ($1,375,000) | | EPS (Diluted) | ($0.44) | ($0.07) | | Adjusted EBITDA (Non-GAAP) | $200,000 | ($212,000) | - A non-cash GAAP pension expense of approximately **$6,800,000** was recorded due to a pension plan annuitization and is expected to be offset by a corresponding non-cash gain in Q2 2025[7](index=7&type=chunk) - The former CEO's severance payments have been fulfilled and will not be a recurring expense after March 31, 2025[7](index=7&type=chunk) [Liquidity](index=3&type=section&id=Liquidity) The company maintained a stable liquidity position with $9.5 million in cash and convertible investments Cash and Investments Convertible to Cash (Non-GAAP, in thousands) | Date | Amount | | :--- | :--- | | March 31, 2025 | $9,455 | | March 31, 2024 | $9,522 | [Financial Statements (Unaudited)](index=6&type=section&id=Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated statements of operations and balance sheets for Q1 2025 [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) The statement details revenues and expenses, resulting in a net loss of $8.64 million for the quarter Consolidated Statements of Operations (in thousands) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **Total operating revenues** | **$5,804** | **$2,483** | | **Total operating costs and expenses** | **$7,583** | **$3,882** | | **OPERATING LOSS** | **($1,779)** | **($1,399)** | | Pension and other post-retirement expenses | ($6,919) | ($78) | | **NET LOSS** | **($8,640)** | **($1,375)** | | **NET LOSS PER COMMON SHARE-BASIC AND DILUTED** | **($0.44)** | **($0.07)** | [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows total assets of $47.2 million and total stockholders' equity of $26.7 million Consolidated Balance Sheet Highlights (in thousands) | | March 31, 2025 (unaudited) | December 31, 2024 (audited) | | :--- | :--- | :--- | | Total current assets | $12,562 | $15,127 | | **TOTAL ASSETS** | **$47,232** | **$50,139** | | Total current liabilities | $15,753 | $11,197 | | **TOTAL LIABILITIES** | **$20,516** | **$16,958** | | **Total stockholders' equity** | **$26,716** | **$33,181** | [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA and other non-GAAP metrics to clarify core performance and liquidity - The company presents Adjusted EBITDA and Cash and Investments Convertible to Cash to help investors understand financial results, condition, and performance prospects[8](index=8&type=chunk) - Adjusted EBITDA is defined as net income (loss) excluding interest, taxes, depreciation, amortization, and further adjusted for non-cash stock-based compensation, pension expenses, and other non-recurring items[9](index=9&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | **2025** | **2024** | | **NET LOSS** | **($8,640)** | **($1,375)** | | Depreciation | $186 | $172 | | Share-based compensation (total) | $1,579 | $958 | | Pension and other post-retirement expenses | $6,897 | $55 | | Other adjustments | $178 | ($22) | | **ADJUSTED EBITDA (LOSS)** | **$200** | **($212)** | [About the Company & Forward-Looking Statements](index=4&type=section&id=About%20the%20Company%20%26%20Forward-Looking%20Statements) MLP is a land stewardship company managing over 22,000 acres on Maui and provides forward-looking statements - MLP is dedicated to the stewardship of its portfolio, including **over 22,000 acres of land** and approximately **247,000 square feet of commercial real estate**[12](index=12&type=chunk) - Company assets include land within the Kapalua Resort, home to luxury hotels, championship golf courses, and the Pu'u Kukui Watershed, the largest private nature preserve in Hawai'i[13](index=13&type=chunk) - The press release contains forward-looking statements regarding the productive use of land, the Agave venture, and future expenses, which are subject to significant uncertainties and risks[14](index=14&type=chunk)

Core Insights - Maui Land & Pineapple Company, Inc. reported a significant 134% year-over-year increase in operating revenue for Q1 2025, totaling $5,804,000 compared to $2,483,000 in Q1 2024, driven by higher occupancy and commercial real estate leasing income [2][6] - The company is launching a new agriculture-based business venture focused on cultivating Agave, which is expected to enhance productivity of underutilized croplands and create local jobs [3][4] - Despite increased operating expenses, the company maintained strong liquidity and improved Adjusted EBITDA, which was $200,000 for Q1 2025, a favorable increase from a loss of $212,000 in Q1 2024 [2][12] Financial Performance - Operating revenues for Q1 2025 were $5,804,000, a $3,321,000 increase from Q1 2024, with land development and sales revenues at $2,298,000, attributed to the Honokeana Homes Relief Housing Project [6][19] - Leasing revenues increased by 45% to $3,219,000 in Q1 2025 from $2,216,000 in Q1 2024, due to efforts to improve occupancy and market rates [6][19] - Operating costs rose to $7,583,000 in Q1 2025 from $3,882,000 in Q1 2024, primarily due to increased construction costs related to the housing project and higher leasing costs [6][19] Future Outlook - The new Agave venture is seen as a long-term growth opportunity, potentially funded in partnership with mission-aligned partners, and aims to integrate local distillation and agri-tourism [4][3] - The company anticipates improved GAAP income moving forward due to successful pension restructuring and a decrease in share-based compensation expenses [2][12] - The net GAAP loss for Q1 2025 was ($8,640,000), or ($0.44) per share, compared to a net loss of ($1,375,000) or ($0.07) per share in Q1 2024, largely driven by non-cash pension expenses [12][19]

[Cautionary Note Regarding Forward-Looking Statements](index=4&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This section outlines potential risks and uncertainties that could cause actual results to differ from projections, including natural disasters, economic conditions, and financial compliance - **Natural Disasters & Pandemics:** Risks from events like the August 2023 Maui wildfires and contagious diseases[8](index=8&type=chunk) - **Economic & Market Conditions:** Risks related to unstable macroeconomic conditions, including interest rates, inflation, and credit markets[8](index=8&type=chunk) - **Real Estate & Development:** Risks associated with real estate demand in Hawaii, obtaining land use entitlements, and completing development projects on time and within budget[8](index=8&type=chunk) - **Financial & Operational Risks:** Risks include credit concentration, cyber-attacks, compliance with debt covenants, and availability of capital[8](index=8&type=chunk) [PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated interim financial statements for Q1 2025 and 2024, including balance sheets, operations, and cash flows [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $47.2 million, liabilities increased to $20.5 million, and stockholders' equity decreased to $26.7 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 (audited) | | :--- | :--- | :--- | | **Total Assets** | **$47,232** | **$50,139** | | Total Current Assets | $12,562 | $15,127 | | Property & Equipment, Net | $17,350 | $17,401 | | **Total Liabilities** | **$20,516** | **$16,958** | | Total Current Liabilities | $15,753 | $11,197 | | **Total Stockholders' Equity** | **$26,716** | **$33,181** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) In Q1 2025, net loss widened to $8.6 million from $1.4 million in Q1 2024, driven by a $6.9 million pension settlement expense, despite operating revenues doubling Q1 2025 vs. Q1 2024 Statement of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Operating Revenues | $5,804 | $2,483 | | Operating Loss | $(1,779) | $(1,399) | | Pension and other post-retirement expenses | $(6,919) | $(78) | | **Net Loss** | **$(8,640)** | **$(1,375)** | | **Net Loss Per Share** | **$(0.44)** | **$(0.07)** | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash from operations was $157,000, investing provided $1.2 million, and financing used $301,000, increasing cash to $7.9 million Q1 2025 vs. Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash Provided By (Used In) Operating Activities | $157 | $(10) | | Net Cash Provided By (Used In) Investing Activities | $1,191 | $(245) | | Net Cash Used In Financing Activities | $(301) | $(68) | | **Net Increase (Decrease) in Cash** | **$1,047** | **$(323)** | | **Cash and Cash Equivalents at End of Period** | **$7,882** | **$5,377** | [Notes to Condensed Consolidated Interim Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The notes detail the company's 22,300 acres of land, $15 million credit facility, a $6.8 million non-cash pension settlement expense, and its three reportable segments - The company owns approximately **22,300 acres** of land, with over 20,000 acres in West Maui and 1,500 acres in Upcountry Maui[33](index=33&type=chunk) - In Q1 2025, the company recognized a non-cash settlement expense of **$6.8 million** related to the termination of its qualified pension plan, which is expected to be finalized in Q3 2025[46](index=46&type=chunk) - The company has a **$15 million** revolving credit facility with First Hawaiian Bank, of which **$3 million** was outstanding and **$12 million** was available as of March 31, 2025[41](index=41&type=chunk) - The company is working with the Hawaii Department of Health (DOH) to resolve a Notice of Violation regarding its Upcountry Maui wastewater treatment facility and has submitted a corrective action plan[47](index=47&type=chunk)[48](index=48&type=chunk) - Share-based compensation expense increased to **$1.6 million** in Q1 2025 from **$1.0 million** in Q1 2024, primarily due to stock options vesting[61](index=61&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The MD&A details the company's strategic shift to maximize land and commercial assets, discusses segment operational results, and outlines its land utilization and liquidity plans [Overview and Strategic Initiatives](index=21&type=section&id=Overview%20and%20Strategic%20Initiatives) New leadership is maximizing the company's 22,000 acres of land and commercial assets, focusing on increasing occupancy, activating land for housing, and launching an agave cultivation business - A new leadership team appointed in April 2023 is driving a renewed mission to maximize asset value and improve quality of life on Maui[82](index=82&type=chunk) - Commercial property occupancy increased from **72% to 86%** between January 1, 2024, and March 31, 2025[84](index=84&type=chunk) - The company has a strategic plan to activate its land holdings, including providing up to **50 acres** for temporary housing for Lahaina wildfire victims and developing projects for homes, farms, and resort use[87](index=87&type=chunk)[90](index=90&type=chunk) - A new scalable business venture to cultivate agave has been initiated to reactivate dormant croplands, aiming to create jobs and capitalize on growing demand for agave-based products[93](index=93&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) In Q1 2025, net loss widened to $8.6 million due to a $6.9 million pension expense, despite operating revenues increasing to $5.8 million, driven by land development and leasing growth Segment Operating Results (in thousands) | Segment | Q1 2025 Revenue | Q1 2024 Revenue | Q1 2025 Operating Income/(Loss) | Q1 2024 Operating Income/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Land Development & Sales | $2,298 | $0 | $(25) | $(266) | | Leasing | $3,219 | $2,216 | $1,855 | $1,224 | | Resort Amenities & Other | $287 | $267 | $(325) | $(169) | - Land development revenue of **$2.3 million** in Q1 2025 was primarily from the Honokeana Homes project, which supports wildfire relief[96](index=96&type=chunk)[98](index=98&type=chunk) - The increase in leasing revenue reflects a return of tourism to pre-pandemic levels and successful efforts to re-tenant commercial properties at current market rates[101](index=101&type=chunk) - General & administrative and share-based compensation costs increased to **$3.1 million** in Q1 2025 from **$2.0 million** in Q1 2024, driven by higher option valuation expenses[107](index=107&type=chunk)[108](index=108&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by $7.9 million in cash, $1.6 million in investments, and $12.0 million available credit, deemed sufficient for the next twelve months Liquidity Position as of March 31, 2025 (in millions) | Resource | Amount | | :--- | :--- | | Cash and cash equivalents | $7.9 | | Investments in bond fund | $1.6 | | Available Credit Facility | $12.0 | - The company was in compliance with all financial covenants of its credit facility as of March 31, 2025[118](index=118&type=chunk) - Management believes that cash balances, cash from operations, and available borrowings will provide sufficient liquidity for the next twelve months and the foreseeable longer term[121](index=121&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material interest rate or foreign currency risks but is subject to consumer behavior and regulatory risks impacting travel and tourism, potentially affecting rental income - The company states it has no material exposure to interest rate or foreign currency risks[123](index=123&type=chunk) - The company is subject to risks from changes in consumer behavior and travel restrictions due to its location as a vacation destination, which could potentially impact rental income through deferrals and abatements[124](index=124&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no significant changes in internal controls over financial reporting during the quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[127](index=127&type=chunk) - There were no significant changes in internal controls over financial reporting during the first quarter of 2025[128](index=128&type=chunk) [PART II. OTHER INFORMATION](index=30&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) This section details a Notice of Violation from the Hawaii DOH regarding a wastewater treatment facility, for which the company is actively pursuing a corrective action plan - The company is addressing a Notice and Finding of Violation and Order from the Hawaii DOH regarding its Upcountry Maui wastewater treatment facility[47](index=47&type=chunk)[130](index=130&type=chunk) - A corrective action plan has been submitted to the DOH, and the company continues to work towards a resolution[48](index=48&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors described in its Annual Report on Form 10-K during Q1 2025 - There were no material changes to the company's risk factors during the first quarter of 2025[131](index=131&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including certifications by the CEO and CFO, and Inline XBRL financial data files - Certifications by the CEO and CFO (Exhibits 31.1, 31.2, 32.1, 32.2)[134](index=134&type=chunk) - Inline XBRL documents (Exhibits 101 and 104)[134](index=134&type=chunk)

Core Viewpoint - Millennial Potash Corp. has successfully extended drillhole BA-001-EXT at its Banio Potash Project in Gabon, intersecting significant potash resources, which may enhance the project's overall mineral resource estimate and feasibility study [1][2]. Group 1: Drillhole Results - Drillhole BA-001-EXT was extended to approximately 678m, intersecting numerous carnallitite seams within about 290m of interbedded carnallitite and halite from 364m to 657m [1][2]. - The extension of BA-001-EXT exceeded expectations with over 250m of interbedded carnallitite and halite identified [2]. Group 2: Future Plans - Following the completion of BA-001-EXT, the drill rig will move 3.7km east to drillhole BA-004, aimed at evaluating the lateral extent of potash horizons in an untested area [6]. - The Phase 2 drill program is expected to be completed in Q2 2025, followed by a revised Mineral Resource Estimate [8]. Group 3: Resource Estimates - The current Indicated Mineral Resource Estimate (MRE) stands at 657 million tonnes grading 15.9% KCl, while the Inferred MRE is at 1.159 billion tonnes grading 16% KCl [7]. - The identification of additional potash horizons may extend the known mineralization strike length to 8,000m and significantly increase project resources [7].

Group 1 - Millennial Potash Corp. welcomes the election of President Brice Oligui Nguema, who secured 90.35% of the vote in a recent election with a voter turnout of 70.4% [1][2] - President Nguema has been instrumental in guiding Gabon through political and economic transformations since August 2023, focusing on stabilizing the nation and fostering economic growth [2][3] - The election of President Nguema marks a new era for Gabon, with a commitment to infrastructure improvements that align with Millennial Potash's goals for the Banio Potash Project [3][4] Group 2 - Millennial Potash looks forward to continued collaboration with the Gabonese government under President Nguema's leadership to achieve shared objectives and drive sustainable growth [4]

Group 1 - The market experienced a steep decline at the opening on Monday, followed by a significant spike attributed to fake news regarding a 90-day tariff [1] Group 2 - The article emphasizes that past performance is not indicative of future results and does not provide specific investment recommendations [2] - It clarifies that the views expressed may not reflect those of the entire platform and that the analysts involved may not be licensed or certified [2]

Group 1 - The Retirement Forum offers actionable ideas, a high-yield safe retirement portfolio, and macroeconomic outlooks to help maximize capital and income [1] - Alerian MLP ETF (AMLP) is an energy infrastructure MLP fund valued at nearly $9 billion and has outperformed the market by double digits since the last article [2] - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy, which includes analyzing 10Ks, analyst commentary, market reports, and investor presentations [2] Group 2 - The analyst has a beneficial long position in AMLP through stock ownership, options, or other derivatives [3] - Seeking Alpha emphasizes that past performance does not guarantee future results and does not provide specific investment recommendations [4]

Core Viewpoint - Millennial Potash Corp. has initiated its Phase 2 drilling program at the Banio Potash Project in Gabon, aiming to enhance potash resources and prepare for a feasibility study [1][2]. Drilling Program Details - The Phase 2 program includes two potash-specific drill holes totaling approximately 1,100 meters, extending historic hole BA-001 by about 400 meters and drilling a new hole BA-004 to a planned depth of 700 meters [1][2]. - Hole BA-001 was previously drilled to a depth of 364 meters in 2017 and will now be extended to evaluate deeper potash horizons [2][3]. - Hole BA-004 is located approximately 4 kilometers east of BA-001 and is designed to assess the lateral extent of potash horizons in an untested area supported by seismic surveys [3]. Objectives and Expected Outcomes - The objectives of the Phase 2 program are to evaluate the presence of potash-rich horizons at depth and laterally, which may extend the known mineralization strike length to 8,000 meters [4]. - Current Indicated Mineral Resource Estimate (MRE) stands at 657 million tonnes grading 15.9% KCl, while Inferred MRE is at 1.159 billion tonnes grading 16% KCl [4]. - The drilling data may allow for upgrading some resources from Indicated to Measured status and potentially shift Inferred material to Indicated status [4]. Financial Position - Millennial Potash has recently closed a financing round of $4.9 million, ensuring adequate funding for the second drill program and a revised 43-101 resource estimate report [2][4]. Timeline - The Phase 2 drill program is expected to be completed in Q2 2025, followed by a revised Mineral Resource Estimate also planned for completion in Q2 2025 [5].