Core Points - Reykjavík Energy is conducting a bond auction on October 8, 2025, offering three classes of green bonds [1][2][3] - The bonds include OR031033 GB with an 8.30% fixed nominal interest, maturing on October 3, 2033 [1] - OR0280845 GB carries a 3.70% fixed interest, redeemable in 2037, with a final maturity date of August 28, 2045 [2] - OR180255 GB has fixed indexed interest, maturing on February 18, 2055, with previously issued bonds totaling ISK 39,421 million [3] - Fossar Investment Bank hf. is responsible for overseeing the issuance and trading of these bonds on Nasdaq Iceland [3] Bond Details - OR031033 GB: 8.30% fixed nominal interest, equal payments every six months, ISK 9,950 million previously issued [1] - OR0280845 GB: 3.70% fixed interest, equal payments every six months, ISK 9,000 million previously issued [2] - OR180255 GB: Fixed indexed interest, equal payments every six months, ISK 39,421 million previously issued [3] Auction Information - Bids must be submitted by October 8, 2025, before UTC 17:00 [4] - Transactions will be settled on October 15, 2025 [4] - Contact information for CFO Snorri Hafsteinn Þorkelsson and Matei Manolescu from Fossar Investment Bank is provided for inquiries [4]

Core Insights - The precious metals market has experienced significant gains in 2025, with gold, silver, and platinum prices rising substantially, indicating a strong trend in hard assets [4][22]. Precious Metals Performance - Gold started the year at $2,645 per ounce and has risen to over $3,850, marking a gain of over 47% [4]. - Silver began at $29.60 per ounce and is now over $47, reflecting a gain of about 58% [4]. - Platinum started at $995 per ounce and is currently in the $1,600 range, achieving a gain of 60% [4]. Investment Considerations - The increase in precious metal prices is attributed to the declining value of the dollar, a trend that has been ongoing since the U.S. left the gold standard in 1971 [7][22]. - Investors are advised to hold physical metals rather than selling them, as they represent real money and are not subject to the liabilities associated with financial instruments [10][12]. Mining and Royalty Companies - The rise in precious metal prices has positively impacted mining and royalty companies, leading to significant stock price increases for several key players: - Franco Nevada Corp. (FNV) rose from $125 to $225 [15]. - Royal Gold, Inc. (RGLD) increased from $134 to $198 [15]. - Osisko Royalties (OR) went from $18 to over $39 [15]. - Wheaton Precious Metals (WPM) climbed from $56 to $110 [15]. - Major mining companies also saw substantial gains: - Barrick Mining (B) increased from $14 to $33 [18]. - Newmont Mining (NEM) rose from $38 to $84 [18]. - Agnico Eagle Mines (AEM) moved from $83 to $166 [19]. - Kinross Gold (KGC) increased from $9.50 to over $24 [19]. Market Outlook - The ongoing trend suggests that as long as precious metal prices continue to rise, royalty plays and mining companies will benefit from increased cash flow and profitability [16][24]. - The potential for a global recovery in faith in the dollar could impact precious metal prices, but such a scenario seems unlikely given current government spending trends [17][22].

Core Insights - L'Oréal announced significant changes within its Executive Committee, effective January 1, 2026, with transitions starting from October 1, 2025 [1] Leadership Appointments - David Greenberg will become Chairman of L'Oréal USA, a newly created role aimed at enhancing the Group's reputation and stakeholder engagement in its largest market [2][4] - Alexis Perakis-Valat will succeed Greenberg as CEO of L'Oréal USA and President of North America, having previously transformed the Consumer Products Division, increasing sales from €12 billion to €16 billion [5][6] - Fabrice Megarbane will take over as President of the Consumer Products Division, previously serving as Chief Global Growth Officer, where he drove significant e-commerce expansion [9][10] - Vianney Derville will be appointed Chief Growth Officer, leveraging his experience from leading the European zone, which generated over €11.4 billion in sales last year [12][13] - Emmanuel Goulin will become President of Europe, transitioning from his role in Travel Retail, where he led significant transformations post-COVID [16][18] - Eva Yu will be appointed President of Travel Retail, joining the Extended Executive Committee, and will focus on growth and transformation in the evolving travel retail landscape [20][21] Strategic Importance - The appointments reflect L'Oréal's strategic focus on enhancing leadership in key markets, particularly the U.S. and Europe, to drive future growth [4][12] - The new roles emphasize the importance of engaging with stakeholders and adapting to market changes, particularly in the context of regulatory landscapes and consumer trends [14][15]

Core Insights - OR Royalties Inc. is experiencing positive momentum across its portfolio of development and exploration assets, with significant advancements in projects such as Cascabel, Cariboo, Marimaca MOD, Spring Valley, Dalgaranga, and Windfall [2][3][10][21][25][29] Cascabel Project - SolGold plc has outlined an updated execution plan for the Cascabel copper-gold project in Ecuador, with first production expected as early as 2028 [3] - The project will prioritize near-term cash flow through phased development, starting with the Tandayama-Ameríca open pit in January 2028, followed by underground ore from the Alpala Sub-Level Cave in Q4 2028 [3] - OR Royalties holds a 0.6% net smelter return (NSR) royalty over the entire Cascabel property and a 6% stream of contained gold produced until 225,000 ounces are delivered [8][9] Cariboo Project - Osisko Development Corp. secured a $450 million credit facility for the development of the Cariboo Gold Project, with an initial draw of $100 million already completed [10][11] - The project is fully permitted, with first gold production expected as early as the second half of 2027 [14] - OR Royalties owns a 5.0% NSR royalty on the Cariboo property [14] Marimaca MOD Project - Marimaca Copper Corp. announced a Definitive Feasibility Study (DFS) for the Marimaca Oxide Deposit, projecting steady-state production of approximately 49ktpa of copper cathode [15][16] - OR Royalties holds a 1% NSR royalty on Marimaca, covering all known resources [20] Spring Valley Project - The Spring Valley gold project is now fully-permitted and "shovel-ready," pending full project financing [21] - The project has received a Letter of Interest from the Export-Import Bank of the United States for potential financing of up to $835 million [22] - OR Royalties owns a 2.0% to 3.5% NSR royalty on the core of the Spring Valley deposit [24] Dalgaranga Project - Ramelius Resources Ltd. aims to become a 500koz gold producer by FY2030, with a new 5-Year Plan expected in December 2025 [25][26] - OR Royalties owns a 1.44% gross revenue royalty (GRR) on Dalgaranga [28] Windfall Project - Gold Fields Ltd. is progressing with the environmental permitting process for the Windfall gold project, with final permits expected in Q1 2026 [30][31] - OR Royalties holds a 2-3% NSR royalty on the Windfall project [31] AuWEST Project - TDG Gold Corp. reported significant drill results from the AuWEST target, with intersections of 100.0m grading 2.24 g/t Au and 0.38% Cu [36][37] - OR Royalties owns a 1.0% NSR royalty on AuWEST [38]

Core Insights - Three stocks in the materials sector are showing signs of being overbought, which may concern momentum-focused investors [1][2]. Company Summaries - **OR Royalties Inc (OR)**: - Achieved quarterly earnings in line with expectations, with a projected annual guidance of 80,000-88,000 GEOs for 2025. - The stock increased by approximately 13% over the past month, reaching a 52-week high of $35.44. - Current RSI value is 82.8, and the stock closed at $34.61, down 1.1% [8]. - **Iamgold Corp (IAG)**: - Reported weaker-than-expected quarterly earnings but is positioned to generate significant cash flows moving forward. - The stock rose around 33% in the last month, with a 52-week high of $10.27. - Current RSI value is 78, and the stock closed at $10.02, down 0.6% [8]. - **Equinox Gold Corp (EQX)**: - Delivered better-than-expected second-quarter results, entering a pivotal growth phase with significant increases in mining and processing rates. - The stock surged approximately 50% over the past month, achieving a 52-week high of $10.00. - Current RSI value is 85.8, and the stock closed at $9.95, up 1.2% [8].

Company Overview - L'Oréal is the world's leading beauty player with a history of 115 years, focusing on fulfilling global beauty aspirations and committed to social and environmental sustainability [2] - The company has a diverse portfolio of 37 international brands and aims to provide quality, efficacy, safety, sincerity, and responsibility in its products [2] Financial Performance - In 2024, L'Oréal generated sales of 43.48 billion euros, supported by over 90,000 employees and a balanced geographical footprint across various distribution networks [3] Innovation and Recognition - In 2025, L'Oréal was named the most innovative company in Europe by Fortune magazine, ranking among 300 companies across 21 countries and 16 industries [4]

Core Insights - Reykjavík Energy reported a profit of ISK 4.9 billion in the first half of the year, an increase from ISK 4.3 billion in the same period last year [1][2] - Operating expenses rose by ISK 340 million, while operating revenues increased by ISK 973 million, despite a decline in revenues in Q2 [2] - Significant investments totaling ISK 12.9 billion were made in infrastructure, focusing on utility system maintenance and development [3] Financial Performance - Cash flow from operations increased to ISK 15.9 billion in the first half of the year, aiding in funding investments [4] - High interest expenses on investment loans continue to impact results, but discussions for favorable financing for green projects are ongoing [4] Green Initiatives - ON Power's Hellisheiði Power Plant operations became nearly carbon neutral, contributing to around 10% of Iceland's climate targets [5] - Research into wind energy utilization and further geothermal development is underway, highlighting the company's commitment to sustainable energy [6] Operational Metrics - The company has seen a reduction in accidents per million working hours, with a ratio of 4.5 in the latest reporting period [9] - Hot water distribution reached 61.5 million m³, while electricity distribution was 566 GWh [9] - The company aims to avoid CO2 emissions through its operations, with significant reductions projected in future years [9]

Core Viewpoint - Reykjavík Energy is conducting a bond auction on August 28, 2025, offering three classes of green bonds with varying interest rates and maturity dates [1][2][3]. Group 1: Bond Offerings - The bond class OR031033 GB has a fixed nominal interest rate of 8.30%, with equal semi-annual payments and a maturity date of October 3, 2033. Previously issued bonds in this class totaled ISK 9,650 million [1]. - The bond class OR280845 GB features a fixed interest rate of 3.70%, with equal semi-annual payments and a maturity date of August 28, 2045. This bond is redeemable in 2037, with previous issuances amounting to ISK 8,600 million [2]. - The bond class OR180255 GB carries a fixed indexed interest rate of 2.60%, with equal semi-annual payments and a maturity date of February 18, 2055. Prior issuances in this class reached ISK 38,921 million [3]. Group 2: Auction Details - Bids for the bonds must be submitted via email before UTC 17:00 on August 28, 2025, with transactions set to be settled on September 4, 2025 [4]. - Fossar Investment Bank hf. is responsible for overseeing the issuance, sale, and admission of the bonds to trading on the Nasdaq sustainable bonds market in Iceland [3].

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the aim of buying high and selling even higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps define momentum characteristics, with OR Royalties currently holding a Momentum Style Score of B [2] - Style Scores complement the Zacks Rank, which has a strong track record of outperformance; OR Royalties has a Zacks Rank of 2 (Buy) [3] Group 2: OR Royalties Performance Metrics - OR Royalties shares have increased by 0.07% over the past week, while the Zacks Mining - Miscellaneous industry has decreased by 6.75% during the same period [5] - Over the last quarter, OR shares have risen by 31.09%, and over the past year, they have gained 85.96%, significantly outperforming the S&P 500's increases of 13.56% and 22.6% respectively [6] - The average 20-day trading volume for OR is 857,827 shares, indicating a bullish sign if the stock is rising with above-average volume [7] Group 3: Earnings Outlook - In the past two months, five earnings estimates for OR have been revised upwards, with no downward revisions, boosting the consensus estimate from $0.73 to $0.76 [9] - For the next fiscal year, five estimates have also moved upwards without any downward revisions [9] Group 4: Conclusion - Considering all performance metrics and earnings outlook, OR Royalties is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [11]

Financial Data and Key Metrics Changes - Ore Royalty earned 19,700 GEOs in Q2 2025, a modest increase from Q1, on track to meet the full year guidance of 80,000 to 88,000 GEOs [3] - Quarterly revenues reached $60.4 million, an increase compared to the same period last year, driven by higher commodity prices [6] - Net earnings improved to $0.17 per basic common share, a significant year-over-year improvement from a loss in the previous year [6] - Cash flow per share increased to $0.27 from $0.21 in Q2 of last year, and adjusted earnings rose to $0.18 from $0.13 [6][4] - The company ended Q2 with $49.6 million in cash and achieved a net cash position for the first time in several years [4] Business Line Data and Key Metrics Changes - Over 93% of GEOs earned came from precious metals, with a modest increase in copper contribution primarily from the CSA mine [6][7] - Canadian Malartic showed strong performance with expectations for continued improvement in the second half of the year [7][34] - Mantos Blancos production was flat year-over-year, with expectations for silver grades to improve in the second half [7][34] Market Data and Key Metrics Changes - The gold-silver ratio tightened to approximately 89:1 from highs of 105:1 earlier in the year, indicating potential leverage for investors in silver [10] - Ore Royalty's revenues were predominantly generated from Tier one mining jurisdictions, including Canada, the U.S., and Australia [11] Company Strategy and Development Direction - The company aims to maintain a disciplined capital allocation strategy focused on high-quality accretive streams and royalties [30] - Ore Royalty is committed to returning capital to shareholders, having declared a quarterly dividend of $0.55 per share [5] - The corporate development team is focused on producing assets and high-quality development assets that can contribute to GEOs within the next five years [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a stronger second half of 2025, with expectations for increased GEOs from Canadian Malartic and Mantos Blancos [34] - The company is actively pursuing new transaction opportunities while maintaining a strong balance sheet with significant liquidity [30][16] Other Important Information - Ore Royalty's total debt was just under $36 million, with a net cash position of $14 million, indicating a strong financial position [16] - The company is not looking to divest its equity position in Osisko Development, currently at approximately 14.3% [52] Q&A Session Summary Question: Can you provide more color on the second half of this year and where the incremental GEO sales are coming from? - Management expects Canadian Malartic and Mantos Blancos to contribute significantly, with a 55% production split in the second half [33] Question: Can you talk about the preference for producing versus development stage royalties? - The preference is for accretive deals on producing assets, but the company is also looking at high-quality development assets that can contribute within five years [36][38] Question: What criteria do you consider for the new five-year guidance? - Key criteria include confidence in asset contributions, financing visibility, and social license [42][45] Question: How do you see Ore Royalty positioned for larger transactions? - The company is open to billion-dollar transactions if they meet economic returns, but is also working on smaller transactions [47] Question: Are you happy with the 14.3% position in Osisko Development? - Management is pleased with the 14.3% position and does not plan to divest in the near term [52] Question: What is the typical transaction size range for potential deals? - Transaction sizes range from approximately $35 million to close to $1 billion [58]