Exclusive: Rayonier and PotlatchDeltic plan to combine in an all-stock deal that would create a more than $7 billion forestry giant, according to people familiar with the matter https://t.co/Ex4O6PMuxw ...

Oct 6, 2025 5:30 PM Eastern Daylight TimeSPOKANE, Wash.--(BUSINESS WIRE)--PotlatchDeltic Corporation (Nasdaq: PCH) will release third quarter earnings on Monday, November 3, after the market closes. The company will hold a live conference call and webcast on Tuesday, November 4 at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time) to discuss the results.Investors may access the webcast at www.potlatchdeltic.com by clicking on the Investors link or by conference call at 1-888-510-2008 for U.S./Canada and 1-646 ...

Appia Rare Earths & Uranium Corp is issuing a correction to the previously disseminated press release dated October 6th, 2025. The press release incorrectly stated that the Campaign is anticipated to commence on October 6, 2025, instead of October 20, 2025 in the second paragraph. This release is also correcting the date of when its non-brokered private placement of working capital units ("WC Units") will remain open in the fourth paragraph. It originally stated that it will remain open on or before Octobe ...

Core Points - Appia Rare Earths & Uranium Corp. has signed a three-month advertising and investor awareness campaign agreement with Aktiencheck.de AG, which will include multiple marketing strategies to reach active investors [1][2] - The campaign is set to start on October 6, 2025, with a total cost of EUR 25,000 (approximately CDN $41,000) [2] - Appia is also proceeding with a non-brokered private placement of working capital units at a price of $0.185 per unit, with a closing date on or before October 20, 2025 [4][5] - Ultra Rare Earth Inc. is moving forward with a transaction to acquire a 50% interest in Appia Brasil Rare Earths Mineracao Ltda, which holds the PCH Project in Brazil [6][7] - The transaction requires Ultra to invest US $2 million into a private placement of units priced at $0.50 (CDN) per unit, with funds allocated for general working capital [7] - Appia holds rights to significant land for rare earth elements and uranium exploration, including a 70% interest in the PCH Ionic Adsorption Clay Project and various properties in Saskatchewan and Ontario [8][9]

Toronto, Ontario--(Newsfile Corp. - October 1, 2025) - Appia Rare Earths & Uranium Corp. (CSE: API) (OTCQB: APAAF) (FSE: A0I0) (MUN: A0I0) (BER: A0I0) (the "Company" or "Appia") is pleased to announce that further to its press releases dated September 2, 2025 and September 23, 2025, due diligence by Ultra Rare Earth Inc. ("Ultra) has been satisfactorily completed, in connection with the binding term sheet dated August 29, 2025 (the "Binding Term Sheet") between the Company, Beko Invest Ltd. ("Beko"), Anton ...

Core Insights - Appia Rare Earths & Uranium Corp. has sold a 45% interest in its PCH Rare Earths Project in Brazil to Ultra Rare Earth Inc. for US$6 million, which will be used for exploration and to reach the prefeasibility study stage [5]. Company Overview - Appia Rare Earths & Uranium Corp. is involved in the exploration and development of rare earth elements and uranium, focusing on strategic partnerships to enhance its capital and project viability [5]. Investment Details - The partnership with Ultra Rare Earth Inc. not only secures a significant investment of US$6 million but also opens avenues for additional funding through a private placement by Appia [5].

Core Viewpoint - Appia Rare Earths & Uranium Corp. has signed a binding term sheet to sell a 45% interest in its Brazilian subsidiary, Appia Brasil Rare Earths Mineracao Ltda, to Ultra Rare Earth Inc., which will result in Ultra holding a 50% interest in the PCH Project located in Brazil [1][2]. Group 1: Transaction Details - Ultra will acquire a 45% interest from Appia and a 5% interest from Antonio, resulting in a total 50% interest in Appia Brasil, while Appia and Antonio will each hold a 25% interest [3]. - Ultra is required to deposit US $6 million into a bank account controlled by Appia Brasil and invest an additional US $2 million into a private placement of Appia units [3]. - The US $6 million will be allocated for exploration on the Property up to the prefeasibility study (PFS) stage [3]. - Appia will issue 1 million common shares to Beko upon closing and will be released from previous obligations under the existing Quotaholders Agreement [3]. - A five-person technical committee will be established, with Ultra having majority representation [3]. Group 2: Conditions and Timeline - The transaction is subject to regulatory approval and satisfactory due diligence by Ultra, which must be completed by September 30, 2025 [4]. - The closing of the transaction is scheduled for the second business day following the satisfaction of all conditions, but no later than October 31, 2025 [4]. Group 3: Company Background - Appia is a publicly traded Canadian company focused on rare earth elements and uranium, holding rights to the PCH Ionic Adsorption Clay Project in Brazil and other properties in Saskatchewan and Ontario [5]. - The company has 168.5 million common shares outstanding and 207.7 million shares fully diluted [6].

Group 1 - PotlatchDeltic Corporation (NASDAQ: PCH) is a leading US timberland REIT experiencing significant volatility, reflecting the fluctuations of the US economy [1] - The company has undergone extensive research, with over 10 years of experience analyzing more than 1000 companies across various sectors, including commodities and technology [1] - The focus of the analysis includes a variety of industries, with a particular interest in metals and mining stocks, as well as consumer discretionary/staples, REITs, and utilities [1]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements%20(unaudited)) The company's net income and total assets decreased in Q2 2025, while net cash from operations also declined for the first half of the year [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Quarterly revenue and net income declined year-over-year, though net income for the first six months of 2025 more than doubled | (in thousands, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $274,985 | $320,671 | $543,245 | $548,798 | | **Operating income** | $13,846 | $17,446 | $41,356 | $12,686 | | **Net income** | $7,354 | $13,678 | $33,159 | $13,373 | | **Diluted EPS** | $0.09 | $0.17 | $0.42 | $0.17 | | **Dividends per share** | $0.45 | $0.45 | $0.90 | $0.90 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased from year-end 2024, driven by a reduction in cash and cash equivalents, while total liabilities remained stable | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $258,854 | $299,130 | | **Total assets** | $3,184,703 | $3,305,443 | | **Total current liabilities** | $229,050 | $200,278 | | **Long-term debt** | $907,786 | $935,100 | | **Total liabilities** | $1,262,776 | $1,267,773 | | **Total stockholders' equity** | $1,921,927 | $2,037,670 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased in the first half of 2025, while cash used in financing activities increased due to stock repurchases | (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash from operating activities** | $90,050 | $116,609 | | **Net cash from investing activities** | $(13,362) | $(56,356) | | **Net cash from financing activities** | $(132,369) | $(97,597) | | **Change in cash** | $(55,681) | $(37,344) | | **Cash at end of period** | $96,044 | $200,344 | - Key financing activities in the first six months of 2025 included **$70.2 million** in distributions to stockholders and **$60.0 million** in common stock repurchases[16](index=16&type=chunk) [Note 2: Segment Information](index=10&type=section&id=Note%202%3A%20Segment%20Information) A sharp decline in Real Estate revenue and profitability drove down total segment results in Q2 2025 compared to the prior year Revenues by Segment (in thousands) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Timberlands** | $101,664 | $98,802 | $204,115 | $191,752 | | **Wood Products** | $171,819 | $153,579 | $336,464 | $302,177 | | **Real Estate** | $29,096 | $95,732 | $56,687 | $106,839 | Segment Adjusted EBITDDA (in thousands) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Timberlands** | $39,566 | $34,124 | $81,937 | $68,872 | | **Wood Products** | $1,723 | $(6,805) | $13,363 | $(6,944) | | **Real Estate** | $22,720 | $89,568 | $45,476 | $95,796 | - Capital expenditures for the first six months of 2025 totaled **$33.2 million**, a decrease from **$42.1 million** in the same period of 2024, with the Wood Products segment seeing the largest reduction[50](index=50&type=chunk) [Note 5: Debt](index=16&type=section&id=Note%205%3A%20Debt) The company maintained approximately $1.0 billion in term loan debt and had an undrawn $300.0 million revolving credit facility - Total outstanding debt under the Amended Term Loan Agreement was approximately **$1.0 billion** as of June 30, 2025[60](index=60&type=chunk) - The company has a **$300.0 million** revolving line of credit maturing in February 2027, with **no borrowings outstanding** as of June 30, 2025[61](index=61&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Lower real estate sales drove a Q2 revenue decline, but improved Wood Products performance boosted operating income for the first half of 2025 [Business and Economic Trends Affecting Our Operations](index=25&type=section&id=Business%20and%20Economic%20Trends%20Affecting%20Our%20Operations) Elevated mortgage rates are moderating new home construction, but long-term housing demand fundamentals remain strong - Elevated mortgage rates, averaging approximately **6.8%** in the first half of 2025, have contributed to housing affordability challenges and a moderation in new home construction and remodeling activity[98](index=98&type=chunk) - Single-family housing starts averaged approximately **0.9 million units** in Q2 2025 (seasonally adjusted), slightly below Q1 2025 levels[99](index=99&type=chunk) - The company remains **optimistic** about the long-term housing outlook, citing structural undersupply, low inventory, and strong demographic demand from millennials[100](index=100&type=chunk) [Consolidated Results](index=26&type=section&id=Consolidated%20Results) A large 2024 timberland sale created a difficult comparison for Q2 2025 revenues, though operating income for the first half of 2025 grew significantly - The Q2 2025 revenue decrease of **$45.7 million** was primarily due to a large **$56.7 million** rural timberland sale that occurred in Q2 2024, which was not repeated in 2025[106](index=106&type=chunk) - For the first six months of 2025, operating income **increased significantly** to **$41.4 million** from **$12.7 million** in the prior year, while Total Adjusted EBITDDA decreased to **$115.4 million** from **$132.9 million**[105](index=105&type=chunk)[116](index=116&type=chunk) [Business Segment Results](index=28&type=section&id=Business%20Segment%20Results) Stronger pricing drove improved performance in Timberlands and Wood Products, but was overshadowed by a sharp drop in Real Estate earnings Timberlands Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Adjusted EBITDDA** | $39.6M | $34.1M | +$5.5M | | **Northern Sawlog Price/ton** | $136 | $113 | +$23 | | **Total Harvest Volume (tons)** | 1.82M | 1.87M | -53.6k | Wood Products Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Adjusted EBITDDA** | $1.7M | $(6.8)M | +$8.5M | | **Lumber Shipments (MBF)** | 302,915 | 285,650 | +17,265 | | **Lumber Sales Price/MBF** | $450 | $423 | +$27 | Real Estate Segment Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Adjusted EBITDDA** | $22.7M | $89.6M | -$66.9M | | **Rural Acres Sold** | 7,457 | 43,121 | -35,664 | | **Commercial Acres Sold** | 0 | 12 | -12 | [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company increased share repurchases in H1 2025 while managing a decrease in operating cash flow and projecting lower capital expenditures - During the first half of 2025, the company repurchased 1,511,923 shares of its common stock for **$60.0 million**, a significant increase from the **$25.0 million** repurchased in the first half of 2024[136](index=136&type=chunk) - The company expects to spend approximately **$60.0 million to $65.0 million** for capital expenditures during 2025[138](index=138&type=chunk) - As of June 30, 2025, the company had **$30.0 million remaining** under its $200.0 million share repurchase authorization from 2022[139](index=139&type=chunk) Non-GAAP Reconciliations (Six Months Ended June 30) | (in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | **Net income** | $33,159 | $13,373 | | **Total Adjusted EBITDDA** | $115,392 | $132,895 | | **Net cash from operating activities** | $90,050 | $116,609 | | **Cash Available for Distribution (CAD)** | $62,590 | $45,711 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk profile, primarily from interest rate exposure on its debt, has not materially changed since year-end 2024 - The company's exposures to market risk, mainly interest rate risk on debt, have **not materially changed** since year-end 2024[159](index=159&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management affirmed the effectiveness of disclosure controls and procedures, with no material changes to internal controls during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[160](index=160&type=chunk) - **No material changes** to internal control over financial reporting occurred during the second quarter of 2025[162](index=162&type=chunk) [PART II - OTHER INFORMATION](index=38&type=section&id=PART%20II.%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=38&type=section&id=ITEM%201.%20Legal%20Proceedings) The company faces no pending litigation expected to have a material adverse effect on its financial condition or operations - There is **no pending or threatened litigation** expected to have a material adverse effect on the company[163](index=163&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported during the quarter - **No material changes** in risk factors were reported compared to previous filings[165](index=165&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased approximately $55.9 million of its common stock in Q2 2025, leaving $30.0 million authorized for future buybacks Share Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | **April 2025** | 105,000 | $39.87 | | **May 2025** | 1,313,823 | $39.33 | | **June 2025** | 0 | $0.00 | | **Total Q2** | **1,418,823** | **$39.37** | - At the end of Q2 2025, **$30.0 million remained available** for future stock repurchases under the existing program[167](index=167&type=chunk) [Item 5. Other Information](index=39&type=section&id=ITEM%205.%20Other%20Information) No company officers or directors altered their pre-arranged stock trading plans during the second quarter of 2025 - **No officers or directors made changes** to their Rule 10b5-1 trading plans during Q2 2025[168](index=168&type=chunk) [Item 6. Exhibits](index=40&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed with the quarterly report, including officer certifications and interactive financial data

Financial Data and Key Metrics Changes - Total adjusted EBITDA for Q2 2025 was $52 million, down from $63 million in Q1 2025, primarily due to seasonally lower harvest volumes and higher forest management costs in the Timberland segment, along with an inventory impairment charge in Wood Products [21][5][6] - Adjusted EBITDA for the Timberlands segment decreased from $42 million in Q1 to $40 million in Q2, with a slight decrease in harvest volumes [22][21] - Adjusted EBITDA for Wood Products dropped from $12 million in Q1 to $2 million in Q2, driven by lower lumber prices and increased processing costs [25][21] Business Line Data and Key Metrics Changes - The Wood Products division earned $2 million in adjusted EBITDA during Q2, impacted by lower lumber prices and several nonrecurring items [6][25] - Timberlands harvested 1.86 million tons in Q2, with Idaho's sawlog prices increasing by 9% per ton compared to Q1, while Southern sawlog prices rose by 2% [22][24] - The Real Estate segment produced adjusted EBITDA of $23 million in Q2, matching Q1 results, with 7,500 acres sold at an average price of $3,100 per acre [26][21] Market Data and Key Metrics Changes - Average total housing starts were just above 1.3 million units in Q2, with single-family starts around 900,000 units, indicating a stable housing market despite economic uncertainty [17][18] - The repair and remodel sector remains subdued, but slight gains in expenditures are forecasted for 2025 and modest growth in 2026 [19][18] Company Strategy and Development Direction - The company is focused on capital allocation strategies that create long-term value, including maintaining dividends, key capital investments, and opportunistic share repurchases [14][15] - The company anticipates higher lumber prices due to increased duties on Canadian softwood lumber and potential tariffs, which could positively impact domestic lumber prices [11][20] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term fundamentals driving demand in the industry, despite near-term uncertainties [20][18] - The company expects improved results in the Wood Products division in Q3, as challenges faced in Q2 are not anticipated to recur [31][30] Other Important Information - The company repurchased $56 million of its common stock in Q2 at an average price of $39 per share, marking the largest share repurchase volume in a single quarter since becoming a REIT in 2006 [14][15] - The company has $395 million in liquidity, including $95 million in cash, and plans to refinance $100 million of debt maturing in August [27][28] Q&A Session Summary Question: Can you walk us through the lumber price forecast? - Management indicated that duties are coming into effect, which will force supply adjustments in the marketplace, leading to a potential increase in prices by September [36][38] Question: Will the unfavorable costs in Wood Products reverse in Q3? - Management confirmed that the challenges faced in Q2, including inventory charges and freight issues, are expected to reverse in Q3, leading to improved earnings [40][41] Question: How does the company view share repurchases amid uncertainty? - Management emphasized the importance of protecting dividends and the balance sheet, while also being aggressive with share repurchases due to the stock trading at a significant discount to NAV [44][48] Question: What is the outlook for solar options and incentives? - Management remains optimistic about solar opportunities, indicating that recent changes in incentives have not significantly impacted their solar projects [58][66] Question: What is the company's stance on Timberland M&A? - Management expressed a desire to be an incremental buyer of Timberland but noted that current prices make it challenging to achieve acceptable returns on investment [92][93]