Group 1 - The core point of the article highlights the significant stock price increases of several Chinese concept stocks, with notable gains led by Ping An Biopharmaceutical, which rose by 41.85% [1] - Ping An Biopharmaceutical (PASW) closed at 0.2837, experiencing a price increase of 0.0837 with a trading volume of 32.41 million [1] - TJGC Group (TIGC) saw a rise of 23.01%, closing at 1.390 with an increase of 0.260 and a trading volume of 154,500 [1] - Kingsoft Cloud (KC) increased by 21.60%, closing at 13.400, up by 2.380 with a trading volume of 65.98 million [1] - Scully Royalty (SRL) rose by 19.12%, closing at 8.410, with an increase of 1.350 and a trading volume of 1.8284 million [1] - Zhi Ding Technology (ZDAI) experienced an 18.85% increase, closing at 0.2906, up by 0.0461 with a trading volume of 298,100 [1]

Core Viewpoint - Scully Royalty Ltd. has published its half-year report for the six months ended June 30, 2025, providing updates on its business operations and financial performance [1]. Group 1: Financial Results - The Half-Year Report includes unaudited financial statements and management's discussion and analysis for the specified period, offering stakeholders a comprehensive understanding of the company's business and operations [3]. Group 2: Stakeholder Engagement - The company encourages stakeholders to read the entire report and invites questions regarding the information provided, offering a North American toll-free line and email for booking conference calls with senior management [2][3].

Revenue and Production - In 2024, approximately 57% of total revenues were derived from the royalty interest in the Scully Mine, with total assets amounting to $438.1 million[17]. - The Scully Mine historically extracted about 11.8 million tonnes of raw iron per year, targeting an annual production capacity of 6.25 million metric tonnes of iron concentrate upon reactivation[18]. - In the first half of 2025, total iron ore products shipped from the mine were 1,451,147 tonnes, a decrease from 1,716,111 tonnes in the same period of 2024[25]. - Revenue for the six months ended June 30, 2025, was $18,557 thousand, compared to $18,093 thousand for the same period in 2024, reflecting a year-over-year increase of 2.6%[44]. - Royalty revenue represented 55% of total revenue in the first half of 2025, down from 58% in the comparative period of 2024[45]. - The average price of 65% Fe iron ore decreased to $113 per tonne in the first half of 2025, compared to $131 per tonne in the same period of 2024, indicating a decline of approximately 13.8%[37]. - Revenue for the first half of 2025 increased to $18.6 million, up from $18.1 million in the same period of 2024, driven by higher Merchant Banking revenues and a weaker Canadian dollar[48]. - Gross revenues for the six months ended June 30, 2025, were $18,557,000, an increase from $18,093,000 in the same period of 2024, representing a growth of 2.56%[150]. - For the six months ended June 30, 2025, total revenue was $18,557 million, a 2.6% increase from $18,093 million in the same period of 2024[186]. Financial Performance - The Merchant Banking segment generated revenue of $3,536 thousand in the first half of 2025, compared to $3,162 thousand in the same period of 2024, marking an increase of 11.8%[46]. - Royalty segment revenue decreased to $10.2 million from $10.6 million year-over-year, attributed to lower production and iron ore price volatility[48]. - Merchant Banking segment revenue rose to $3.5 million from $3.2 million, primarily due to higher revenues from industrial real estate properties[50]. - Total costs of sales and services increased to $5.5 million in the first half of 2025, compared to $4.4 million in the same period of 2024[51]. - Net loss attributable to shareholders was $2.0 million or $0.14 per share, significantly improved from a net loss of $19.9 million or $1.34 per share in the first half of 2024[58]. - EBITDA for the first half of 2025 was $4.3 million, a recovery from negative EBITDA of $12.2 million in the same period of 2024[58]. - The net loss attributable to owners of the parent company for the six months ended June 30, 2025, was $2,033,000, compared to a net loss of $19,923,000 in 2024, indicating a significant improvement[150]. - The company reported a basic loss per share of $0.14 for the six months ended June 30, 2025, compared to a loss per share of $1.34 in the same period of 2024[150]. - The company incurred finance costs of $1,158,000 for the six months ended June 30, 2025, compared to $836,000 in the same period of 2024, representing an increase of 38.5%[150]. - Other comprehensive income for the six months ended June 30, 2025, was $1,073,000, compared to $2,163,000 in 2024, indicating a decrease of 50.4%[154]. - The company’s total comprehensive loss for the period was $597,000 for the six months ended June 30, 2025, compared to a comprehensive loss of $17,684,000 in 2024, showing a significant reduction[154]. Assets and Liabilities - As of June 30, 2025, assets held for sale represented approximately 20% of consolidated total assets, with a net value of $68,995 thousand after recognizing an impairment loss of $18.6 million[40]. - Total current assets remained stable at $175.4 million as of June 30, 2025, compared to $175.3 million at December 31, 2024[76]. - Current tax receivables were $0.7 million as of June 30, 2025, unchanged from December 31, 2024[80]. - Assets held for sale decreased to $85.9 million as of June 30, 2025, from $88.5 million as of December 31, 2024[80]. - Account payables and accrued expenses increased to $17.4 million as of June 30, 2025, compared to $14.8 million as of December 31, 2024[80]. - Bonds payable rose to $39.3 million as of June 30, 2025, from $36.5 million as of December 31, 2024[82]. - Deferred income tax liabilities decreased to $49.8 million as of June 30, 2025, from $51.5 million as of December 31, 2024[82]. - Total liabilities decreased to $124,337,000 as of June 30, 2025, from $127,770,000 at the end of 2024, reflecting a reduction of 3.81%[148]. - The total equity of the company as of June 30, 2025, was $309,697,000, a slight decrease from $310,325,000 at the end of 2024[148]. Cash Flow and Capital Management - Cash flows from operating activities provided $4.0 million in the first half of 2025, compared to cash used of $16.0 million in the same period of 2024[74]. - Cash increased to $25.2 million as of June 30, 2025, up from $19.1 million at December 31, 2024, primarily due to effective working capital management[77]. - The net debt-to-equity ratio improved to 0.05 as of June 30, 2025, compared to 0.06 at December 31, 2024[65]. - Cash and cash equivalents increased to $25,195,000 as of June 30, 2025, from $19,052,000 at the end of 2024, showing a growth of 32.3%[148]. - The Group's cash at the end of the period was $56,847 million, down from $67,912 million at the end of the previous period[161]. Dividends and Shareholder Information - The company declared a dividend of $0.37 (US$0.26) per common share on December 31, 2024, to be paid on February 21, 2025[29]. - The Company paid a dividend of $0.37 per common share on February 21, 2025, to shareholders of record on January 24, 2025[188]. - The company has 15,226,351 Common Shares outstanding as of June 30, 2025, with no stock options issued[130]. - The weighted average number of common shares outstanding was 14,947,276 for the six months ended June 30, 2025, compared to 14,822,251 in 2024[190]. Legal and Regulatory Matters - The legal claim against the company amounted to approximately $129.5 million (€80.8 million) as of June 30, 2025, an increase from $120.7 million (€80.8 million) at the end of 2024[137]. - The company is exploring rationalization opportunities for underperforming or non-core assets as part of its strategy to focus on its core asset, the Scully iron ore royalty[199]. Accounting and Compliance - The company adopted accounting amendments effective January 1, 2024, which did not have a material impact on interim consolidated financial statements for the six months ended June 30, 2025[113]. - The new IFRS 18 standard, effective January 1, 2027, aims to improve financial reporting by requiring additional defined subtotals in profit or loss statements[116]. - The company is currently assessing the impacts of new amendments to IFRS 9 and IFRS 7 on financial instruments, effective for annual periods beginning on or after January 1, 2024[117]. - The company maintains effective disclosure controls and procedures as evaluated by its Chief Executive Officer and Chief Financial Officer as of June 30, 2025[131]. - The company faces various market risks, including interest rates and foreign currency exchange rates, which may affect its financial condition and results of operations[126].

Core Viewpoint - MILFAM LLC successfully elected all its nominees to the Board of Directors of Scully Royalty Ltd. during the Annual General Meeting held on December 27, 2025, while the Company's nominees were not re-elected [1][3]. Group 1: Election Details - All nominees from MILFAM, including Jerrod Freund, Mark Holliday, Alan Howe, Nimesh Patel, and Skyler Wichers, received a majority of the votes cast at the Annual Meeting [1]. - The Annual Meeting had a quorum present, with members holding at least 20% of the common shares participating either in person or by proxy [3]. Group 2: Meeting Circumstances - MILFAM announced its intention to proceed with the election of directors despite the Company's attempt to postpone the meeting, which was deemed invalid [2]. - Upon arrival, MILFAM representatives found the designated meeting room locked and no Company representatives present, leading to the meeting being held outside the allocated room [2]. Group 3: Future Direction - The newly elected directors are expected to implement a transition plan focused on fair representation of all shareholders and enhancing operational and capital efficiency [4].

Core Viewpoint - MILFAM LLC, a significant shareholder of Scully Royalty Ltd., intends to proceed with the Annual General Meeting of Shareholders as scheduled on December 27, 2025, despite the Board's previous announcement to postpone it [1][2]. Group 1 - The Company's Board of Directors had resolved to temporarily postpone the Annual Meeting, but the Articles of Association do not grant the Board the authority to do so [2]. - MILFAM controls over 58% of the outstanding shares for the purposes of the Annual Meeting, positioning itself to elect its nominees to the Board and vote against the re-election of current Board members [4]. - A quorum will be present at the Annual Meeting to conduct business, based on proxies received as of the current date [3]. Group 2 - MILFAM has invited the Company to collaborate in good faith to ensure the proper conduct of the Annual Meeting and has warned that any physical obstruction will be seen as a breach of duty by the Board [4]. - The Company is urged to comply with its fiduciary duties and to respect the will of the majority of shareholders [4].

Core Viewpoint - Scully Royalty Ltd. has filed an appeal regarding a court decision related to the nomination of MILFAM LLC and has postponed its annual general meeting to address the legal uncertainties [1][2][3] Group 1: Legal Proceedings - The company has appealed the December 19, 2025 decision of the Grand Court of the Cayman Islands concerning MILFAM's nomination compliance [1] - The annual general meeting, initially set for December 27, 2025, has been temporarily postponed to allow for a hearing before the Cayman Islands Court of Appeal [2] - The board of directors approved the postponement based on recommendations from the Compensation, Nominating and Corporate Governance Committee, considering the best interests of the company and its shareholders [3] Group 2: Shareholder Engagement - The company is inviting MILFAM to collaborate in good faith during this period [2] - The postponement aims to provide shareholders with adequate time to assess MILFAM's nominations pending the court's decision [3] - The goal is to ensure the meeting occurs in an orderly manner that facilitates informed decision-making by shareholders with full disclosure of material information [3]

Core Insights - The ASX experienced a significant increase of +6.1% in the calendar year 2026, influenced by global events such as Donald Trump's "Liberation Day," rising gold and silver prices, and the ongoing conflict in Ukraine [1] Top Gainers - Dateline Resources (ASX:DTR) emerged as the top performer, with a staggering increase of +7,233% in value, driven by discoveries at the Colosseum Project and the acquisition of the Argos strontium project [3] - Janus Electric Holdings (ASX:JNS) saw a remarkable gain of +5,700%, bolstered by a major supply deal with Electrovaya Inc. for lithium-ion batteries [4] - Sunrise Energy Metals (ASX:SRL) advanced +3,583% after securing a five-year contract with Lockheed Martin for scandium supply [5] - Atomic Eagle (ASX:AEU) recorded a +2,402% increase following a merger and its focus on uranium exploration in Zambia [6] - Forrestania Resources (ASX:FRS) gained +1,976% after acquiring Kula Gold in a $58.9 million all-scrip deal [11] - Focus Minerals (ASX:FML) increased by +1,964%, benefiting from high gold prices and successful findings in Western Australia [12] - Kaili Resources (ASX:KLR) rose +1,775%, experiencing a significant spike in August [13] - True North Copper (ASX:TNC) advanced +1,516%, capitalizing on rising copper prices [14] - Broken Hill Mines (ASX:BHM) enjoyed a +1,442% increase due to consistent silver equivalent production [15] - Metal Powder Works (ASX:MPW) was up +1,300%, recently securing a deal with Austal for powder supply [20] Current Market Data - Dateline Resources: Stock price at 22 cents, market capitalization of $766.59 million [7] - Janus Electric Holdings: Stock price at 5.8 cents, market capitalization of $5.5 million [8] - Sunrise Energy Metals: Stock price at $7.92, market capitalization of $1.05 billion [9] - Atomic Eagle: Stock price at 30 cents, market capitalization of $114.32 million [10] - Forrestania Resources: Stock price at 27 cents, market capitalization of $161.3 million [17] - Focus Minerals: Stock price at $3.51, market capitalization of $1.01 billion [17] - Kaili Resources: Stock price at 15 cents, market capitalization of $22.11 million [18] - True North Copper: Stock price at 48.5 cents, market capitalization of $70.22 million [18] - Broken Hill Mines: Stock price at $1.08, market capitalization of $165.52 million [19] - Metal Powder Works: Stock price at $2.30, market capitalization of $220.73 million [22]

Core Viewpoint - Scully Royalty Ltd. is preparing for its annual general meeting on December 27, 2025, and is contesting the validity of director nominations made by MILFAM LLC, citing material misrepresentations in MILFAM's proxy circular [1][2]. Group 1: Legal Proceedings and Compliance - The Company asserts that MILFAM did not adhere to the nomination requirements outlined in the Company's Articles of Association, particularly regarding the timeline for submissions [2]. - The Grand Court of the Cayman Islands ruled on December 19, 2025, that MILFAM's notice of nomination was valid, a decision the Company plans to appeal [2]. Group 2: Misleading Information in MILFAM Circular - The Company claims that the MILFAM Circular contains significant omissions that mislead shareholders, preventing them from making informed voting decisions [3]. - The Circular inaccurately presents MILFAM nominees as "independent" while failing to disclose their substantial ties to the MILFAM group [4][6]. Group 3: Specific Omissions and Relationships - Notable omissions include the undisclosed relationships of Mr. Howe, who has held significant positions within the MILFAM group, including serving as CEO of Alimco from 2016 to 2019 [5][8]. - The Circular does not mention Mr. Howe's long-standing service to the MILFAM group, nor does it disclose his compensation from MILFAM or its affiliates [8][10]. Group 4: Call to Action for Shareholders - The Company urges shareholders to carefully review MILFAM's proxy materials and consider the implications of MILFAM's actions on the Company's operations, particularly its regulated banking activities [10]. - A supplemental proxy statement is being filed to provide shareholders with important information and encourage them to vote for the management nominees [11].

Financing Details - Salazar Resources Limited closed a non-brokered private placement financing, raising gross proceeds of $1,430,498 by issuing 11,003,830 common shares at a price of $0.13 per share [1] - Finder's fees amounted to $15,600 in cash and 120,000 finder's warrants, each allowing the purchase of one common share at $0.13 for two years [1] - Net proceeds will be allocated to fund costs on the Company's resource properties and for general working capital purposes [1] Insider Participation - Certain insiders purchased an aggregate of 839,600 shares in the financing, which is classified as a "related party transaction" [3] - This transaction was exempt from formal valuation and minority shareholder approval requirements as it did not exceed 25% of the Company's market capitalization [3] - No directors expressed disagreement regarding the insider participation, and a material change report was not filed 21 days prior to the closing due to unconfirmed details at that time [3] Investor Relations Agreement - The Company entered into an investor relations and communications agreement with Baystreet.ca Media Corp, which will provide marketing services for an initial term of three months starting January 2026 [5] - Compensation for Baystreet will be $20,000 per month, with no securities issued as compensation [6] - The agreement is subject to approval by the TSX Venture Exchange [6] Company Overview - Salazar Resources Limited focuses on discovery, exploration, and development in Ecuador, with a strong understanding of the local geology [7] - The Company has interests in three projects, including a 25% stake in the Curipamba project and a 20% stake in the Pijili and Santiago projects [7] - Salazar Resources is committed to sustainable progress through economic development, co-founding The Salazar Foundation [7]

Core Insights - Homerun Resources Inc. has announced that its subsidiary, Homerun Energy SRL, has been recognized as a Key Innovator by the European Commission's Innovation Radar for its contributions to the E.T.COMPACT project, which is funded under the Horizon Europe programme [1][3][4] Innovation and Technology - The innovation recognized is titled "NIR-Optimized Flexible CIGS Modules for Propellant Less Solar Propulsion System," which has been assessed as having strong commercial readiness and potential to open new markets, particularly in energy applications [2][3] - Homerun Energy has played a central role in developing this technology, showcasing its technical leadership and ability to transform research into market-ready solutions [3][4] Project Overview - E.T.COMPACT is an EU-funded EIC Pathfinder project (2024-2027) aimed at developing a compact, propellant-less in-space propulsion and energy system based on electrodynamic tether technology powered by solar energy [5] - The project focuses on demonstrating a novel photovoltaic tether that can generate power and provide propulsion, enhancing sustainability and cost-effectiveness for space missions [5] Financial Developments - Homerun Resources has closed a private placement financing of $3,128,384, receiving final approval from the TSX Venture Exchange [6][8] - The financing involved issuing a total of 3,128,384 Units, each consisting of one common share and one common share purchase warrant, with an exercise price of CA$1.30 for 24 months [7] Company Profile - Homerun Energy is a clean energy technology company focused on accelerating the transition to sustainable energy, developing advanced energy solutions including high-efficiency Perovskite solar systems and AI-driven energy management platforms [9][10] - The company aims to combine innovation, sustainability, and practical energy transformation to help businesses reduce costs and environmental impact [10]