Pelangio Delays MRE Release Following Strategic New Acquisition of NkosuoMarch 19, 2025 6:00 PM EDT | Source: Pelangio Exploration Inc.Toronto, Ontario--(Newsfile Corp. - March 19, 2025) - Pelangio Exploration Inc. (TSXV: PX) (OTC Pink: PGXPF) ("Pelangio" or the "Company") announces an extension to the timeline for the completion of the Mineral Resource Estimate (MRE) for the Manfo Project. This extension follows the recent strategic agreement with FJ Minerals Limited ("FJ") for the option to ...

Assets Under Management - As of December 31, 2024, the Company managed $14.1 billion in Fee-Paying Assets Under Management (FPAUM) for Private Equity Solutions, $6.4 billion for Venture Capital Solutions, and approximately $5.2 billion for Private Credit Solutions[301][302]. - FPAUM increased by $2.4 billion or 10% to $25.7 billion for the year ended December 31, 2024, driven by capital raised and deployed from private equity and venture capital solutions[349]. Investment Strategies - The Company has a proprietary private markets database containing comprehensive information on over 6,000 investment firms, 11,100 funds, and 49,000 individual transactions, which enhances its investment strategies[301][313]. - The Company’s investment strategy is influenced by trends such as increasing allocations towards private market asset classes and the adoption of ESG and impact investing[312]. - The Company’s ability to generate strong returns is supported by favorable lower and lower-middle market dynamics, with a focus on data-driven sourcing for investment opportunities[312][313]. - The company plans to leverage its data advantage to provide customized solutions across private markets asset classes, enhancing its competitive position[314]. Financial Performance - Total revenues for the year ended December 31, 2024, were $296.4 million, reflecting an increase of $54.7 million or 23% compared to the previous year[330]. - Management and advisory fees increased by $51.5 million, or 22%, to $290.2 million for the year ended December 31, 2024, driven by continued fundraising and a 10% growth in average Fee-Paying Assets Under Management (FPAUM) across the company[332]. - Net income for the year ended December 31, 2024, was $19.7 million, a turnaround from a net loss of $7.8 million in 2023[330]. - Adjusted EBITDA increased by $20.9 million to $144.5 million for the year ended December 31, 2024, compared to $123.6 million in 2023[355]. - Fee-Related Revenue reached $291.3 million for the year ended December 31, 2024, up from $237.0 million in 2023[355]. Operating Expenses - Operating expenses rose by 7% to $235.8 million for the year ended December 31, 2024, with significant increases in professional fees (69%) and general administrative costs (27%)[330]. - Compensation and benefits expense increased by $1.0 million, or 1%, to $155.3 million, driven by $21.6 million in headcount increases and merit-based salary raises[338]. - Professional fees surged by $8.8 million, or 69%, to $21.5 million, mainly due to debt refinancing and management team transitions[339]. - Total operating expenses rose by $15.0 million, or 7%, to $235.8 million for the year ended December 31, 2024, primarily due to increases in professional fees and general administrative expenses[337]. Cash Flow and Liquidity - Cash and cash equivalents increased from $32.1 million as of December 31, 2023 to $68.1 million as of December 31, 2024, representing a 112% increase[357]. - Net cash provided by operating activities increased by $53.3 million, or 112%, to $101.0 million for the year ended December 31, 2024 compared to 2023[363]. - The company expects to meet its liquidity and capital requirements through operating cash flows, existing cash, and external financing activities[367]. Debt and Financing - As of December 31, 2024, the Term Loan balance was $325.0 million with a weighted average interest rate of 7.68%[361]. - The company incurred $24.1 million in interest expense for the year ended December 31, 2024[362]. - The new senior secured revolving credit facility amounts to $175.0 million, with a $10.0 million sublimit for letters of credit[359]. - A 100-basis point increase in interest rates is estimated to result in an additional $3.4 million in interest expense over the next 12 months[388]. Compliance and Regulatory Environment - The company expects to face increased compliance costs due to new SEC regulations, which may impact profitability and operational capabilities[314]. - The Company has recognized a liability for a revenue share agreement with third parties, which includes options for repurchase starting in July 2025[383]. Strategic Initiatives - The company aims to expand its presence in international markets to drive growth as investors seek geographically diverse private market exposure[314]. - The company anticipates that the trend of consolidating managers will benefit its strategies, which have long track records of success[315]. - The acquisition-related earnout for WTI could total up to $70.0 million, contingent on achieving specific EBITDA milestones of $20.0 million, $22.5 million, and $25.0 million, with payments expected by October 2027[381]. - A one-time bonus payment of up to $10.0 million may be awarded to certain employees if they remain employed by the Company for five years and WTI's trailing-twelve month EBITDA is at least $20.0 million[382].

Group 1 - Pelangio Exploration Inc. has granted 1,500,000 incentive stock options to directors, officers, employees, and consultants at an exercise price of $0.06 per share, with a term of 10 years expiring on February 28, 2035 [1] - The company has filed a Notice of Change of Auditor, appointing Jones & O'Connell LLP as the new auditor after the resignation of McGovern Hurley LLP, which was approved by the Audit Committee and the Board of Directors [2] Group 2 - Pelangio focuses on acquiring and exploring land packages in gold belts in Ghana and Canada, with significant properties including the 100 km² Manfo property and the 284 km² Obuasi property, which is adjacent to AngloGold Ashanti's Obuasi Mine [4]

Core Viewpoint - Pelangio Exploration Inc. is conducting a non-brokered private placement to raise gross proceeds of up to $1,000,000 through the sale of units priced at $0.04 each, which include common shares and purchase warrants [1][2]. Group 1: Offering Details - The Offering consists of units priced at $0.04, each unit includes one common share and one warrant [1]. - Each warrant allows the holder to purchase one common share at $0.05 for three years, with potential adjustments based on the trading price of the common shares [1]. - The Offering is subject to customary closing conditions, including regulatory approvals, and may close in multiple tranches, with the initial closing expected around March 15, 2025 [3]. Group 2: Use of Proceeds - The gross proceeds from the Offering will be allocated for working capital, exploration, metallurgical work, land maintenance costs, and up to 10% for settling non-arm's length payables [2]. Group 3: Company Overview - Pelangio Exploration focuses on acquiring and exploring land packages in gold-rich regions, particularly in Ghana and Canada, with significant properties including the Manfo and Obuasi properties [6].

Core Viewpoint - Pelangio Exploration Inc. has entered into a strategic agreement with FJ Minerals Limited to acquire up to an 83% interest in the Nkosuo Project, which is adjacent to Pelangio's Manfo Project in Ghana, aiming to enhance exploration and development efforts in the region [1][2][3]. Acquisition Terms - The agreement allows Pelangio to acquire an 83% interest in the Nkosuo Project by transferring a 17% interest in the Manfo Project to FJ, forming a Joint Venture with Pelangio as the operator [5][10]. - The Nkosuo Option must be exercised by December 15, 2025, or it will terminate [5]. - Nathawo Properties and Investment Ltd. has the option to acquire a 10% interest in the Combined Project by providing $1,000,000 by July 5, 2025 [5][6]. Project Highlights - The Nkosuo Project covers an area of 18 km² and has a 30-year Mining Lease [5]. - Previous exploration indicates that gold mineralization structures from the Manfo Project extend into the Nkosuo Project for up to 4.4 km [5][9]. - Notable exploration results include an RC hole returning 37 meters of 1.52 g/t Au and a trench assay of 37 meters of 5.60 g/t Au, indicating significant gold potential [5][8]. Geological Context - The Nkosuo Project is interpreted to be underlain by the same geological formations as the Manfo Project, suggesting continuity in gold mineralization [7][9]. - Historical exploration by Ashanti Goldfields Corp. and extensive artisanal mining have revealed several mineralized trends extending into the Nkosuo Project [9][10]. Investment Participation - MFD Investment Holdings SA has a prior option to earn a 10% interest in the Manfo Project and has chosen to participate in the FJ Agreement [10]. - If all options are fully exercised, the ownership structure of the Combined Project will be Pelangio 65.7%, FJ 17%, Nathawo 10%, and MFD 7.3% [10].

Group 1 - P10, Inc. (NYSE: PX) shares have been increasing since management set ambitious growth targets during the Investor Day in September [1] - The quarterly results following the Investor Day have been impressive, indicating strong management performance [1] Group 2 - The article highlights the author's focus on undercovered companies, particularly in technology, software, electronics, and energy transition sectors [1] - The author has over 7 years of personal investment experience and emphasizes the importance of identifying asymmetric investment opportunities for achieving market-beating returns [1]

Financial Data and Key Metrics Changes - For the full year 2024, fee paying AUM increased by 10% to $25.7 billion, revenues increased by 23% to $296.4 million, and adjusted EBITDA rose by 17% to $144.5 million [10][30][37] - The company generated $3.8 billion in gross fundraising, with a notable close of Fund II at a record $1.6 billion [10][11] - GAAP net income for Q4 was $5.7 million, compared to a net loss of $1.9 million in the prior year [37] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $712 million, venture capital raised $28 million, and private credit strategies added $165 million to fee paying AUM [34] - Fee related revenue grew by 14% excluding direct and secondary catch up fees, with full year FRE margins at 48.8% [11][39] Market Data and Key Metrics Changes - The company expects step downs and expirations to be in the range of 5% to 7% of fee paying AUM in 2025, consistent with historical numbers [32] - The average fee rate for 2025 is expected to be 103 basis points, reflecting fewer catch up fees compared to 2024 [33][71] Company Strategy and Development Direction - The company aims to double fee paying AUM from $23.8 billion to $50 billion by 2029, primarily through organic growth and strategic M&A [12][13] - The acquisition of Qualitas Funds is a key strategic move to enhance the company's European presence and product offerings [11][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting or exceeding five-year goals, with a 2025 gross fundraising target of at least $4 billion, a 60% increase over 2024 [16][17] - The company anticipates modest downward pressure on margins due to the Qualitas acquisition but remains committed to achieving mid-40s FRE margins in the near term [19][84] Other Important Information - The company repurchased 6,641,827 shares in 2024 at an average price of $8.88, totaling $59.1 million [28] - A quarterly cash dividend of $0.035 per share was declared, payable on March 20, 2025 [42] Q&A Session Summary Question: Focus of the sales team for upcoming quarters - Management highlighted that the sales team will focus on 19 funds in 2025, particularly those from Qualitas and various strategies within RCP [45][46] Question: Progress on broadening new vehicles and channels - Management emphasized the importance of diversifying product offerings and meeting clients' needs through various investment vehicles, including SMAs [53][56] Question: Update on M&A pipeline - Management confirmed an active M&A pipeline with a disciplined approach, focusing on private credit and direct lending opportunities [61][66] Question: Expected average fee rate for 2025 - Management explained that the expected average fee rate of 103 basis points reflects a return to historical levels, with catch-up fees expected to decrease [69][71] Question: FRE margin trajectory for 2025 - Management reiterated that FRE margins are expected to remain in the mid-40s for 2025, with potential for expansion in the long term [78][84] Question: Update on Qualitas integration and synergies - Management expressed excitement about the integration with Qualitas, highlighting opportunities for cross-selling and leveraging data sets [88][92]

Fourth Quarter and Full Year 2024 Results Earnings Presentation Important Disclosures IMPORTANT NOTICES The inclusion of references to P10, Inc. ("P10" or the "Company") in this presentation is for information purposes only as the holding company of various subsidiaries. P10 does not offer investment advisory services and this presentation is neither an offer of any investment products nor an offer of advisory services by P10. By accepting this presentation, you acknowledge that P10 is not offering investme ...

Group 1 - P10, Inc. reported quarterly earnings of $0.30 per share, exceeding the Zacks Consensus Estimate of $0.26 per share, and up from $0.21 per share a year ago, representing an earnings surprise of 15.38% [1] - The company achieved revenues of $85.01 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 6.82%, compared to $63.07 million in the same quarter last year [2] - P10 has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Group 2 - P10 shares have increased approximately 6.6% since the beginning of the year, outperforming the S&P 500's gain of 3.2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.22 on revenues of $70.49 million, and for the current fiscal year, it is $0.97 on revenues of $293.51 million [7] Group 3 - The Zacks Industry Rank indicates that the Financial - Miscellaneous Services sector is currently in the top 25% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Guild Holdings Company, another stock in the same industry, is expected to report quarterly earnings of $0.37 per share, reflecting a year-over-year increase of 85%, with revenues projected at $309.83 million, up 441.4% from the previous year [9]

Financial Performance - Revenue for Q4 2024 was $85 million, representing a 35% year-over-year growth[15] - Adjusted Net Income (ANI) for Q4 2024 was $35 million, a 39% increase compared to Q4 2023[15] - Fully Diluted ANI per share was $0.30, reflecting a 44% year-over-year growth[15] - Fee-Related Revenue for Q4 2024 was $85 million, a 37% increase from the previous year[15] - Total revenues for the year ended December 31, 2024, were $296,448 thousand, a 23% increase from $241,734 thousand in 2023[29] - Net income attributable to P10 for the year ended December 31, 2024, was $18,700 thousand, compared to a net loss of $7,133 thousand in 2023[29] - Adjusted EBITDA for the year ended December 31, 2024, was $144,472 thousand, reflecting strong operational performance[30] - Adjusted Net Income for the year was $120,208, reflecting an 18% increase compared to $101,955 in 2023[32] - GAAP Net Income for Q4 2024 was $5,701, compared to a loss of $1,893 in Q4 2023, marking a significant turnaround[32] - Adjusted EBITDA for Q4 2024 increased by 40% to $42,895, up from $30,727 in Q4 2023[32] Assets and Liabilities - Fee-paying assets under management (FPAUM) reached $25.7 billion, a 10% increase from the prior year[9] - As of December 31, 2024, the company had $325 million in outstanding debt and $67 million in cash and cash equivalents[16] - Cash and cash equivalents rose to $67,455 as of December 31, 2024, up from $30,467 in 2023[36] - Total Assets increased to $869,275 in 2024, compared to $834,074 in 2023[36] - Debt obligations grew to $319,783 in 2024, up from $289,844 in 2023, indicating increased leverage[36] Fundraising and Investments - The company raised nearly $3.8 billion in FPAUM in full-year 2024, exceeding the $2.5 billion guidance[14] - Private Equity Solutions fundraising totaled $2.3 billion in FY 2024[14] - FPAUM growth from Q4 2023 to Q4 2024 is projected to be 36%[23] - Direct & Co-Investments accounted for 54% of FPAUM as of Q4'24, indicating strong growth in this segment[61] - The investor base consists of 26% from family offices/wealth managers, 21% from public pensions, and 19% from endowments/foundations[64] - The company has access to $774 billion of capital available to private equity funds over $1 billion, indicating a strong investment environment[69] Operational Metrics - Management and advisory fees increased by 35% year-over-year in Q4 2024, reaching $84,026 thousand, compared to $62,407 thousand in Q4 2023[29] - Operating expenses increased by 8% year-over-year in Q4 2024, totaling $62,158 thousand, compared to $57,724 thousand in Q4 2023[29] - The Adjusted EBITDA Margin for Q4 2024 was 50%, slightly up from 49% in Q4 2023[32] Acquisitions and Strategic Initiatives - The company announced an agreement to acquire Qualitas Funds in September 2024, enhancing its M&A strategy[14] - The company plans to pursue disciplined growth through acquisitions, which can create additional intangible assets and goodwill for tax benefits[75] Performance Metrics - Fund I (2003) achieved a net IRR of 13.6% and a net ROIC of 1.8x with a fund size of $92 million, called capital at 105%[51] - Fund IV (2007) reported a net IRR of 14.4% and a net ROIC of 2.0x, with a fund size of $265 million and called capital at 110%[51] - Fund IX (2014) delivered a net IRR of 16.5% and a net ROIC of 2.0x, with a fund size of $350 million and called capital at 115%[51] - Fund XII (2018) had a net IRR of 15.6% and a net ROIC of 1.9x, with a fund size of $382 million and called capital at 110%[51] - Fund I (1994) in private credit achieved a remarkable net IRR of 63.3% and a net ROIC of 5.9x with a fund size of $47 million, called capital at 100%[54] - Fund III (2018) in private credit reported a net IRR of 31.0% and a net ROIC of 1.8x, with a fund size of $400 million and called capital at 105%[54] - Fund II (2022) in GP Stakes Funds has a fund size of $1.6 billion with called capital at 35%[52] Market Environment - The market dynamics indicate a favorable environment for capital deployment, with limited alternatives and favorable LP/GP alignment incentives[69][70] - The company maintains a competitive edge through systematic sourcing, diligence, and monitoring processes, leveraging over 20 years of granular data[74] Tax and Regulatory Considerations - Federal net operating losses (NOLs) are expected to be fully utilized during 2026, reducing the company's tax liability[75] - Investors in the funds are typically subject to pass-through tax treatment, which may result in tax liabilities without cash distributions[101]