Core Viewpoint - Patriot Battery Metals Inc. has successfully closed a private placement with Volkswagen Group, raising C$69 million (US$48 million), which will be utilized for the exploration and development of its lithium project in Quebec, Canada [1][2][3]. Group 1: Strategic Investment - Volkswagen now holds approximately 9.9% of Patriot's issued and outstanding common shares on a non-diluted basis following the strategic investment [2]. - The funds from the strategic investment will be allocated towards the exploration, development, and completion of a feasibility study for the Shaakichiuwaanaan Lithium Project, as well as for general working capital [2][4]. Group 2: Project Significance - The Shaakichiuwaanaan Lithium Project is positioned as a high-grade, large-scale resource in North America, expected to meet the growing demand for lithium through the end of the decade and beyond [4]. - The project is noted for its substantial mineral resource, totaling 80.1 million tonnes at 1.44% Li2O indicated and 62.5 million tonnes at 1.31% Li2O inferred, making it the largest lithium pegmatite resource in the Americas [8][18]. Group 3: Collaboration with Volkswagen - The strategic partnership includes a binding offtake agreement for Patriot to supply 100,000 tonnes of spodumene concentrate per year to Volkswagen's battery manufacturer, PowerCo SE, over a 10-year term [9]. - An investor rights agreement allows Volkswagen to participate in future equity raises and provides a voting support covenant in favor of management [9]. - A non-binding Memorandum of Understanding (MoU) aims to establish a strategic relationship between PowerCo and Patriot for future collaboration on the Shaakichiuwaanaan Project and the development of a sustainable battery supply chain [9].

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Core Points - Patriot Battery Metals Inc. has been awarded "Entrepreneur of the Year" by the Quebec Mineral Exploration Association for significant progress at its flagship Shaakichiuwaanaan Project [1][2] - The award was presented at the 2024 QMEA Awards Gala held in Montreal on October 30, 2024 [1][2] Project Development - The Shaakichiuwaanaan Project has seen advancements including the construction of a 20.2 km all-season access road, reducing reliance on helicopters [4] - An 88-person exploration camp was established, and an updated Mineral Resource Estimate was released in August 2024 [4] - The Preliminary Economic Assessment (PEA) confirmed the project's potential to become the fourth-largest hard rock lithium mine globally, with an estimated mine life of 24 years [5] Feasibility and Environmental Studies - The company has initiated a Feasibility Study and is collecting environmental baseline data for the Environmental and Social Impact Assessment [6] - The team has expanded to include professionals in various fields such as geology, engineering, ESG, and finance [6] Resource Estimates - The Shaakichiuwaanaan Mineral Resource includes 80.1 million tonnes at 1.44% Li2O indicated and 62.5 million tonnes at 1.31% Li2O inferred, making it the largest lithium pegmatite resource in the Americas and the eighth largest in the world [10][11]

Financial Performance - Net income for the quarter ended September 30, 2024, was $41.4 million, a decrease of $20.0 million compared to $61.4 million for the same quarter in 2023[2]. - The company reported net investment income of $80.9 million for the quarter ended September 30, 2024, compared to $163.4 million for the same quarter in 2023[186]. - Net investment income for the quarter ended September 30, 2024, was $35,876,000, compared to $46,573,000 for the same period in 2023, reflecting a decrease of approximately 23%[199]. - The company reported a net cash flow of $63.3 million for the nine months ended September 30, 2024, compared to $124.5 million for the same period in 2023[245]. - The net loss for the nine months ended September 30, 2024, is $129,464,000, with a pre-tax loss of $171,817,000 and a benefit from income taxes of $42,353,000[256]. Investment and Asset Management - As of September 30, 2024, the company held net CRT-related investments totaling approximately $1.1 billion[182]. - The company sold approximately $111.0 million of subordinate credit-linked MBS during the nine months ended September 30, 2024, and held subordinate credit-linked MBS with fair values totaling approximately $196.3 million[182]. - The company received approximately $159.5 million of MSRs as proceeds from sales of loans acquired for sale during the nine months ended September 30, 2024, holding approximately $3.8 billion of MSRs at fair value[182]. - The company purchased newly originated prime credit quality residential loans with fair values totaling $67.9 billion for the nine months ended September 30, 2024, compared to $63.7 billion for the same period in 2023[183]. - The company reported a total of $13,055.7 million in assets as of September 30, 2024, compared to $13,113.9 million as of December 31, 2023[235]. Loan Production and Sales - During the nine months ended September 30, 2024, the company sold $30.2 billion and $26.3 billion UPB of government guaranteed or insured loans and conventional loans, respectively, to PennyMac Loan Services[183]. - The company plans to continue selling a portion of its conventional loans to private label securitizations throughout the remainder of 2024 to optimize capital allocation[9]. - The UPB of loans fulfilled by PLS was $5,948,057 thousand for the quarter ended September 30, 2024, compared to $2,760,000 thousand for the same period in 2023[227]. - The company purchased $26.5 billion in correspondent production loans for sale during the quarter ended September 30, 2024, compared to $21.8 billion in the same period in 2023, representing a 21.5% increase[237]. Delinquency and Loan Performance - The company experienced an increase in 30-89 days delinquent loans to $2,510,113 thousand as of September 30, 2024, from $2,184,500 thousand as of December 31, 2023[214]. - The company reported a 60+ delinquency rate of 0.5% for Freddie Mac loans, with a current LTV of 56%[216]. - As of September 30, 2024, the unpaid principal balance of the MSR servicing portfolio is $228,127 million, with an average loan size of $270,000 and a 60+ delinquency rate of 0.7%[216]. Expenses and Liabilities - The company recorded a decrease in net servicing fees of $366.4 million for the quarter ended September 30, 2024, compared to the same quarter in 2023, due to increased net MSR valuation losses[10]. - Total expenses increased by $9.3 million during the quarter ended September 30, 2024, compared to the same period in 2023, primarily due to increased loan fulfillment fees[224]. - The total liability for representations and warranties at the end of the period was $8.315 million for the quarter ended September 30, 2024, down from $33.152 million in the same period of 2023[206]. Taxation and Compliance - The company aims to qualify as a REIT to avoid federal income tax on distributed income, with a portion of activities conducted in a taxable REIT subsidiary subject to corporate taxes[184]. - The effective tax rate for the Company was (56.1)% for the quarter ended September 30, 2024, with consolidated pretax income of $26.5 million[231]. - The TRS recognized a tax benefit of $15.5 million on a pretax loss of $64.7 million for the quarter ended September 30, 2024[231]. Market Outlook - The mortgage origination market is projected to grow from $1.7 trillion in 2024 to $2.3 trillion in 2025 due to declining interest rates and increased refinancing activity[1]. - The company expects to continue growing its investment portfolio through cash flow from business activities and additional equity capital[239]. Financing and Debt Management - The company is exploring various means of financing, including debt financing through bank warehouse lines of credit and securitization transactions[259]. - The total secured borrowings amounted to $9,977,254 thousand as of September 30, 2024, with a debt-to-equity ratio of 4.9:1 excluding non-recourse debt[251]. - The company has renewed, extended, or replaced all debt financing arrangements that matured between September 30, 2024, and the date of the report[261].

Core Viewpoint - PennyMac Mortgage Investment Trust (NYSE: PMT) is a stable mREIT with a dividend yield of 11.7% in 2024 [1] Company Overview - PMT invests in mortgages and has maintained stable share prices throughout 2024 [1] - The company offers three different types of preferred shares [1] Investment Focus - The focus is on income investing through common shares, preferred shares, or bonds [1] - The company is positioned to attract investors looking for high dividend yields [1]

Core Viewpoint - The article emphasizes the importance of value investing and highlights PennyMac Mortgage Investment Trust (PMT) as a strong candidate for value investors due to its attractive valuation metrics [1][3]. Company Summary - PennyMac Mortgage Investment Trust (PMT) holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [2]. - PMT has a Forward P/E ratio of 9.34, significantly lower than the industry's average Forward P/E of 17, suggesting it may be undervalued [2]. - Over the past year, PMT's Forward P/E has fluctuated between 7.87 and 11.10, with a median of 9.88, indicating stable valuation metrics [2]. - The company has a P/CF ratio of 5.82, which is attractive compared to the industry's average P/CF of 8.77, further supporting the notion of undervaluation [2]. - PMT's P/CF has ranged from 5.60 to 10.50 over the past year, with a median of 7.45, reflecting its strong cash flow outlook [2]. Investment Outlook - The combination of PMT's low valuation metrics and strong earnings outlook positions it as one of the market's strongest value stocks, appealing to value investors [3].

Core Insights - PennyMac Mortgage (PMT) reported a revenue of $80.86 million for the quarter ended September 2024, reflecting a 50.5% decrease compared to the same period last year [1] - The earnings per share (EPS) was $0.36, down from $0.51 in the year-ago quarter, with a surprise of -2.70% against the consensus estimate of $0.37 [1] - The reported revenue was also below the Zacks Consensus Estimate of $93.75 million, resulting in a surprise of -13.75% [1] Financial Performance Metrics - Net interest income (expense) was reported at -$7.44 million, better than the estimated -$19.15 million [1] - Loan origination fees amounted to $6.64 million, exceeding the estimated $4.65 million [1] - Net loan servicing fee was -$85.08 million, significantly worse than the estimated -$19.47 million [1] - Net gains (losses) on loans acquired for sale were $20.06 million, slightly below the average estimate of $23.13 million [1] Stock Performance - Over the past month, shares of PennyMac Mortgage have returned -2.5%, contrasting with the Zacks S&P 500 composite's +2.8% change [2] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [2]

Financial Data and Key Metrics Changes - Net income to common shareholders was $31 million, or diluted earnings per share of $0.36, with an annualized return on common equity of 9% [3][10] - Book value per share at September 30 was $15.85, down slightly from the end of the prior quarter [3] - PMT's run rate reflects a quarterly average of $0.37 per share, up from $0.33 per share last quarter, primarily driven by the decline in short-term interest rates [14] Business Line Data and Key Metrics Changes - Credit sensitive strategies contributed $26 million in pre-tax income, with $17 million from organically created CRT investments [10] - Interest rate sensitive strategies contributed pre-tax income of $500,000, with MSR fair value decreasing by $84 million [11] - Total correspondent loan acquisition volume was $26 billion in the third quarter, up 15% from the prior quarter, with conventional loans acquired totaling $5.9 billion, up 167% from the prior quarter [12] Market Data and Key Metrics Changes - PMT accounted for approximately 7% of the total production market in the last year, with a leadership position in the correspondent channel [8] - The weighted average current loan-to-value ratio for mortgages underlying PMT's investments is below 50% [6] Company Strategy and Development Direction - PMT is focusing on optimizing capital allocation while evaluating emerging investment opportunities in the private label securitization market [7] - The company aims to increase investment in credit-sensitive assets, particularly in the context of evolving mortgage landscapes [20] - PMT plans to close securitizations of agency-eligible non-owner occupied loans in the fourth quarter and another similar transaction in the first quarter next year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the performance of MSR investments due to low delinquency rates and substantial home equity accumulation [5] - The outlook for current investments in organically created CRT remains favorable, with expectations for continued stable cash flows [10] - Management noted that the evolving mortgage landscape presents new opportunities for PMT to be a material participant [7] Other Important Information - PMT effectively completed the refinancing of $457 million of CRT and MSR term notes, resulting in lower effective costs and extended durations [4] - Delinquency rates for borrowers underlying PMT's MSR portfolio remain low, with servicing advances outstanding decreasing to $71 million [11] Q&A Session Summary Question: Impact of yield curve steepness on dividend policy - Management indicated that a steepening yield curve could enhance earnings power, which would influence dividend evaluations [16][18] Question: Opportunities for credit-sensitive strategies - Management acknowledged good opportunities to increase investment in credit-sensitive assets, particularly in securitization activities [19][20] Question: Returns on jumbo loans and second liens - Management confirmed that jumbo loans are getting close to return targets, while second liens still have a way to go [22][25] Question: Capital deployment into new opportunities - Management stated that capital from CRT investments could be redeployed into credit-sensitive strategies, maintaining a constant level of MSR portfolio [26][29] Question: Future retention of conventional correspondent production - Management indicated a reduction in retention percentage to free up capital for securitization efforts, with potential to increase retention if returns are favorable [28][29] Question: Liquidity for debt repayment - Management confirmed that liquidity is in place for the repayment of $210 million in exchangeable senior notes due in November [14][35]

PennyMac Mortgage (PMT) came out with quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.37 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.70%. A quarter ago, it was expected that this specialty finance company would post earnings of $0.34 per share when it actually produced earnings of $0.17, delivering a surprise of -50%.Over the last four quart ...

Exhibit 99.1 PennyMac Mortgage Investment Trust Reports Third Quarter 2024 Results WESTLAKE VILLAGE, Calif. – October 22, 2024 – PennyMac Mortgage Investment Trust (NYSE: PMT) today reported net income attributable to common shareholders of $31.0 million, or $0.36 per common share on a diluted basis for the third quarter of 2024, on net investment income of $80.9 million. PMT previously announced a cash dividend for the third quarter of 2024 of $0.40 per common share of beneficial interest, which was declar ...