Full Transcript: i-80 Gold Q4 2025 Earnings Callby Benzinga Insights Benzinga Staff WriterFollowi-80 Gold (AMEX:IAUX) released fourth-quarter financial results and hosted an earnings call on Friday. Read the complete transcript below.Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more.View the webcast at https://app.webinar.net/r3PBKd1OR4qFull TranscriptOPERATORRichard YoungPaul HuetRyan SnowRichard YoungOPERATORRichard ...

Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance, with inventory buildup impacting higher production levels [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [22][23] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [24] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in over 41,000 tons of high-grade mineralized material mined in the fourth quarter, including approximately 15,000 tons of high-grade oxide material at a grade of 11.19 grams per ton gold [6][7] - The company began construction of Archimedes, the second underground mine, with underground development advancing ahead of expectations, reaching approximately 680 meters by year-end [11] - The Cove project has seen significant advances in geological understanding, with a feasibility study nearly complete, although additional work is required [14][15] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, including a $250 million royalty from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [26][27] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [30] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer, focusing on advancing its development plan and recapitalizing its balance sheet [2][3] - The refurbishment of the Lone Tree process plant is central to the company's hub and spoke strategy, designed to process material from its three underground mines [16][17] - The company plans to publish feasibility studies for its three high-grade underground projects and a pre-feasibility study for the Mineral Point project within the next 12-18 months [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the Mineral Point project, emphasizing the importance of accelerating development [11][44] - The company is focused on moving its valuation closer to net asset value (NAV) as it continues to execute its development plan [32] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62, including an incident-free fourth quarter [4] - The company plans a $10 million exploration drill program in 2026 to test high-potential targets and further delineate resources [10] Q&A Session Summary Question: Can you elaborate on the $400 million+ CapEx for the Lone Tree autoclave project? - The autoclave vessel needs rebricking, and the CIL circuit tanks need replacement, along with upgrades to the filtration system and instrumentation, leading to the total cost of $430 million [35][37] Question: Did you consider other engineering firms for the project? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [38][39] Question: With the pre-development work at Mineral Point moved forward, does this allow for earlier value realization? - Accelerating development at Mineral Point is seen as beneficial, with the potential for increased resource and reserve base through the planned drilling program [43][44] Question: How should one model production and capture margin upside? - The sulfide toll milling charge is about $275-$280 per ton, which is significantly higher than internal processing costs, and detailed cost structures will be available after the tech report is completed [45][46]

Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance despite inventory buildup at the end of the quarter [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [22][23] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [24] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in the mining of just over 41,000 tons of high-grade mineralized material in the fourth quarter [6][7] - The company mined approximately 142,000 tons of high-grade mineralized material for the year, with total gold production of 3,600 ounces for the quarter and 23,000 ounces for the full year [7] - The construction of Archimedes, the company's second underground mine, commenced, with underground development advancing ahead of expectations [11] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, which includes a $250 million royalty from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [26][30] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [30] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer and has advanced its development plan, including the refurbishment of the Lone Tree process plant, which is central to its hub and spoke strategy [3][17] - The focus for 2026 includes advancing drilling, technical studies, and permitting across its portfolio of projects, with a $10 million exploration drill program planned for Granite Creek [10][11] - The company is targeting to accelerate the development of the Mineral Point project, which is seen as the most valuable asset within the portfolio [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the South Pacific Zone [9][10] - The company is entering a pivotal period to unlock shareholder value, with plans to publish feasibility studies for its high-grade underground projects and ramp up production [32] - Management highlighted the importance of the recapitalization plan in providing financial flexibility to advance development projects [30] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62 [4] - The upgraded pumping system and construction of a larger water treatment plant are expected to enhance operational efficiency [8] Q&A Session Summary Question: What are the changes required for the Lone Tree autoclave project costing over $400 million? - The autoclave vessel needs to be rebricked, and the CIL circuit tanks need replacement, along with installation of vessels for off gas and a new filtration system [37] Question: Did the company seek alternative proposals for the engineering work? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [38][39] Question: Will accelerating pre-development work at Mineral Point realize value sooner? - Accelerating development is beneficial, and the company is looking at options to advance permitting and development ahead of the original schedule [44]

Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance despite inventory buildup at the end of the quarter [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [21][22] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [22][23] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in the mining of just over 41,000 tons of high-grade mineralized material in Q4, including approximately 15,000 tons of high-grade oxide material at a grade of 11.19 grams per ton gold [5][6] - The company mined approximately 142,000 tons of high-grade mineralized material for the year, with total gold production of 3,600 ounces for Q4 and 23,000 ounces for the full year [7][6] - The construction of Archimedes, the company's second underground mine, commenced, with underground development advancing ahead of expectations [11][12] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, which includes a $250 million royalty commitment from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [25][26] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [28][29] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer by advancing its development plan and recapitalizing its balance sheet [2][3] - The refurbishment of the Lone Tree process plant is central to the company's hub and spoke strategy, designed to process material from its three underground mines [16][17] - The company plans to publish feasibility studies for its three high-grade underground projects and advance the refurbishment of the Lone Tree autoclave over the next 12-18 months [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the Granite Creek Underground [9][10] - The company is focused on accelerating the development of the Mineral Point project, which is seen as the most valuable asset within the portfolio [41] - Management anticipates that the recapitalization will provide the necessary financial flexibility to advance drilling and technical work, ultimately leading to earlier development timelines [41] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62, including an incident-free fourth quarter [4] - The company plans a $10 million exploration drill program in 2026 to test high-potential targets and further delineate resources [10] Q&A Session Summary Question: Can you elaborate on the $400 million+ CapEx for the Lone Tree autoclave project? - The autoclave vessel needs to be rebricked, and the CIL circuit tanks need replacement, along with upgrades to the filtration system and instrumentation, leading to the high cost [34] Question: Did you seek alternative proposals for the engineering work? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [36][37] Question: Will accelerating pre-development work at Mineral Point allow for earlier value realization? - Yes, the financial flexibility gained from the recapitalization allows for advancing drilling and technical work, targeting earlier development than originally planned [41]

Financial Data and Key Metrics Changes - The company reported GAAP earnings of $2.5 million for Q4 2025, with a per diluted share loss of -$0.06 and a book value of approximately $300 million, or $31 per diluted share [8][9] - The common stock dividend yield is 8.7%, and the company has about $100 million in cash and liquidity [9] Business Line Data and Key Metrics Changes - The company is focused on acquiring multifamily loans from its operating business, Genesis, which is projected to produce between $6 billion and $7 billion in loans this year, up from $1.7 billion in production when acquired [11][12] - The company has identified a pool of assets worth around $1 billion that could be added to the vehicle, which would lead to an immediate increase in earnings [31] Market Data and Key Metrics Changes - The company is currently trading at roughly 50% of its book value, with a trading price around $15 [7] - The commercial real estate sector is experiencing dislocation, with many REITs facing liquidity issues, which presents an opportunity for the company to grow [9][10] Company Strategy and Development Direction - The company aims to transition into a dedicated commercial real estate vehicle and opportunistic investment vehicle, focusing on capital formation to achieve earnings growth between $1.60 and $1.70 per share [5][6] - The strategy includes acquiring multifamily loans and expanding into commercial real estate investments, with a focus on patience until market conditions stabilize [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for earnings growth and the ability to attract third-party capital, while emphasizing the importance of timing and market conditions [29][30] - The company is exploring opportunities to become a Fannie Mae and Freddie Mac servicer or originator, aiming for an end-to-end customer relationship in the lending process [43][44] Other Important Information - The company announced a reverse stock split of 6-for-1 to attract more interest in its stock [4] - Management highlighted the importance of maintaining a clean balance sheet and being patient in the current market environment [9][10] Q&A Session Summary Question: Will RPT receive a slice of the NOI from the Paramount transaction? - Management indicated that RPT has $50 million of the Paramount deal on its balance sheet, and it will be a pro rata share of what Rithm did [20] Question: Are there plans to acquire more loans from Genesis? - Management confirmed that Genesis is expected to produce $6 billion-$7 billion in loans, and there are identified loans that could go onto the balance sheet, leading to a real increase in earnings [21] Question: Is there a tolerance for finding other sources of capital? - Management stated that there is third-party capital interested in the vehicle, and they are open to bringing in additional capital as long as it is not highly dilutive [29][30] Question: What types of loans will be the primary source for RPT? - Management noted that the primary source will be multifamily loans generated by Genesis, which are expected to be highly accretive [31] Question: Is there an opportunity to acquire from banks? - Management mentioned that there is not much bank selling currently, but the regional banks pulling back has created opportunities for Genesis to grow production [41]

Core Viewpoint - i-80 Gold Corp has secured a financing package of up to $500 million to support its development plan, marking a significant step in its recapitalization efforts aimed at becoming a mid-tier gold producer in Nevada [1][2]. Financing Package Details - The financing package consists of a $250 million royalty sale and a gold pre-payment facility for up to $250 million, contributing to over $800 million in total funding for the company's objectives [1][2]. - The recapitalization plan targets an overall amount of $900 million to $1 billion, which includes retiring existing convertible debentures and potentially selling a non-core asset [1][2]. Production Goals - The financing will enable the company to increase annual gold production to approximately 300,000 – 400,000 ounces from less than 50,000 ounces currently, driven by its three underground mines and one oxide open pit operation in Nevada [1][2]. - The three-phase development plan aims to boost production to over 600,000 ounces annually starting in 2032, with the Mineral Point project being a key component of this growth [2][3]. Debt Management - Proceeds from the financing package will be used to extinguish approximately $175 million in existing debt obligations, including settling a Gold Prepay Agreement and retiring convertible debentures [1][3]. - The company plans to replace existing convertible debentures with new ones on more favorable terms [1][2]. Project Development - The financing will support the advancement of five gold projects, refurbish the Lone Tree Plant, and fund resource expansion and infill drilling [1][2]. - The Gold Prepayment facility includes an initial advance of $150 million, with an accordion feature for an additional $100 million, requiring the delivery of 39,978 ounces of gold over a 30-month period starting January 2028 [2][3]. Strategic Partnerships - Franco-Nevada Corporation has committed to providing $250 million in royalty financing, with $225 million expected to be available at closing [1][2]. - National Bank of Canada and Macquarie Bank Limited are involved in the gold pre-payment facility, highlighting the credibility of the company's execution plan [2][3].

Core Viewpoint - Corus Entertainment Inc. is pursuing a Recapitalization Transaction to address its significant debt burden and financial challenges, with the support of a majority of its Senior Noteholders and Shareholders [1][5][11]. Group 1: Recapitalization Transaction Overview - The Recapitalization Transaction aims to reduce third-party indebtedness and other liabilities by over $500 million [6]. - The transaction is structured as a plan of arrangement under the Canada Business Corporations Act [4]. - The Board of Directors unanimously recommends that Securityholders vote in favor of the Recapitalization Transaction to strengthen the company's financial position and preserve stakeholder value [7][11]. Group 2: Financial Implications - The Recapitalization Transaction is expected to result in annual cash interest savings of up to $40 million [10]. - The company will maintain access to a senior secured revolving credit facility, increasing its commitment from $75 million to $125 million [10]. - The existing secured term loan of approximately $301 million will be fully settled and exchanged at par value, with new first lien senior secured notes issued in the amount of $300 million [10]. Group 3: Shareholder and Noteholder Impact - Senior Noteholders representing over 74% of the aggregate principal amount of Senior Notes and Shareholders holding more than 86% of the voting rights of Class A Shares support the Recapitalization [5]. - If the Recapitalization Transaction is not completed, it is unlikely that there will be any recovery for holders of existing shares, as the company may need to pursue alternative restructuring strategies [8]. Group 4: Meeting Details - Securityholders will vote on the Recapitalization Transaction during two consecutive meetings scheduled for January 30, 2026 [14][15]. - Voting assistance is available through Corus' Proxy Solicitation Agent, Laurel Hill Advisory Group [7][16].

Core Insights - Comscore has completed a recapitalization transaction with its preferred stockholders, enhancing financial flexibility and corporate governance [1][2] - The recapitalization eliminates an annual preferred dividend of $18 million and aligns interests among stockholders [1][2] Financial Details - Preferred stockholders exchanged 31,928,301 Series B preferred shares for 3,286,825 shares of common stock and 4,223,621 shares of new Series C preferred stock [2] - The transaction involved the issuance of 9,860,475 shares of common stock and 12,670,863 shares of Series C preferred stock, eliminating all Series B preferred stock [2] - The recapitalization implied an exchange of $80.8 million of existing liquidation preference for common stock at an effective price of $8.19 per share, a nearly 50% premium to the 90-day VWAP of $5.465 per share [2] - Additionally, $183.7 million of remaining liquidation preference was exchanged for Series C preferred stock at a price of $14.50 per share, with the new preferred stock being convertible into common stock at a 1:1 rate and paying no annual dividends [2] Strategic Positioning - The recapitalization is viewed as a pivotal moment for Comscore, positioning the company for long-term growth and investment in media transformation through AI [2] - The improved capital structure aims to increase market interest in Comscore's common stock and enhance public market capitalization [2]

Summary of i-80 Gold Conference Call Company Overview - **Company**: i-80 Gold (NYSEAM:IAUX) - **Focus**: Refurbishment of the Lone Tree plant in northern Nevada, part of a hub-and-spoke mining and processing strategy Key Points Industry Context - The Lone Tree plant is a significant asset for i-80 Gold, designed to process high-grade refractory and oxide feed from three underground gold projects: Granite Creek, Archimedes, and Cove [3][4] - i-80 Gold is one of two companies in Nevada with autoclave processing facilities, the other being Nevada Gold Mines [3][4] Refurbishment Update - The refurbishment of the Lone Tree plant is a major milestone, expected to enhance processing capabilities and improve economic margins [4][5] - The engineering study was completed by Hatch Ltd, confirming the design and capital costs for the refurbishment [5][8] - The total estimated capital cost for the refurbishment is approximately $430 million, which includes a contingency of 12% and capital spares [13][18] Economic Impact - Once operational, the plant is expected to improve margins by $1,000 to $1,500 per ounce of gold, significantly enhancing free cash flow generation [4][12] - The project is anticipated to have a payback period of 12 to 24 months, depending on gold prices and ore grades [14][18] Project Timeline - Early works commenced in Q3 2025, with full construction targeted to begin in the second half of 2026 and commissioning expected by the end of 2027 [15][16] - Permitting applications for new operational components are projected to be submitted in Q1 2026 [16] Recapitalization Strategy - i-80 Gold is advancing a recapitalization plan to fund the refurbishment and restructure existing debt obligations of approximately $200 million [18][21] - The company is evaluating multiple financing options, including senior debt and a potential royalty sale [19][20] Operational Insights - The plant is designed to process up to 2,268 metric tons per day, with a focus on processing sulfide ore from the underground mines [12][26] - The updated design incorporates an acid-based POX process, expected to enhance gold recovery compared to previous designs [13][11] Team and Execution Risk - The internal team has extensive experience in autoclave operations, which is expected to reduce execution risk and support permitting [10][11] - Approximately 600,000 direct construction hours are estimated for the refurbishment, with a peak workforce of about 400 personnel [9][10] Future Production Goals - i-80 Gold aims to increase production from less than 50,000 ounces in the current year to over 600,000 ounces by the early 2030s [32] Additional Insights - The refurbishment includes environmentally responsible upgrades, such as a mercury abatement circuit and a tailings filtration system [11][12] - The company has hired a dozen new technical staff to support the development plan [32] This summary encapsulates the critical aspects of the i-80 Gold conference call, highlighting the company's strategic initiatives, financial outlook, and operational plans.

Core Points - TikTok is finalizing a joint venture to manage its U.S. operations, effective January 22 [1] - The joint venture is a result of a Congressional order requiring ByteDance to divest its U.S. TikTok operations [2] - The ownership structure will see ByteDance retain 20%, existing investors' affiliates hold one-third, and Oracle, Silver Lake, and MGX will own the remaining 45% [2] Group 1: Political Context - National security concerns regarding TikTok have been raised since the Trump administration, leading to threats of a ban unless sold to a U.S. owner [4] - The Biden administration initially delayed the ban but the issue resurfaced in 2024 [4] - Trump's current administration has shifted to a supportive stance towards TikTok, influenced by the platform's role in his election campaign [5] Group 2: Business Operations - Despite political challenges, TikTok's business has continued to grow, with significant advertising efforts showcased during the NewFronts [6] - The head of North American ad sales expressed confidence in the platform's future and commitment to continued investment [7] Group 3: Industry Implications - The involvement of Oracle may have implications for Hollywood, particularly due to connections with Paramount Skydance [3] - Speculation exists that Paramount could leverage this relationship to enhance its competitive offerings against tech giants [3]