Market Trends & Investment Opportunities - Bitcoin's thesis remains strong, with potential acceleration and patience being key, as indicated by the market's crawl back up and positive sentiment around the $90,000s [1] - University endowments, including Harvard, are quietly allocating to Bitcoin, with Harvard holding almost 1% of its endowment portfolio in IBIT, surpassing holdings in Microsoft, Amazon, and gold, signaling institutional interest in Bitcoin as digital sound money [3] - BlackRock's Larry Fink acknowledges being wrong about Bitcoin and sees sovereign wealth funds incrementally adding to their positions, viewing it as a long-term investment rather than a trade [6] - Vanguard is opening up Bitcoin ETFs to clients, and BFA recommends up to 4% Bitcoin allocations for wealth management clients, indicating a trend of increasing access and acceptance of Bitcoin [9] Industry Dynamics & Challenges - The industry faces challenges from figures like Mike Brock, who associates Bitcoin with fascism and criticizes hard money economics, reflecting a broader conflation of Bitcoin with crypto scams and requiring education to counter misconceptions [1] - Michael Burry views Bitcoin as worthless, calling it tulips and associating it with criminal use, highlighting the ongoing skepticism and need for education within the broader public [4] - Concerns arise regarding BlackRock's potential control over the Bitcoin ecosystem through tokenization and centralization, mirroring concerns with internet platforms like Facebook and Twitter [7] - Consumer sentiment is weakening, with 95% of Black Friday sales volume financed and 67% intending to not pay it off within 30 days, coupled with rising unemployment among college graduates and a majority living paycheck to paycheck, potentially leading to increased government reliance and control [13] Bitcoin's Utility & Future - Bitcoin is presented as a mechanism for storing and transporting excess energy, monetizing energy sources in a location-agnostic manner, and potentially driving ROI for renewable energy projects [14] - Bitcoin is superior to gold in terms of verifiability, as highlighted by CZ's demonstration with a gold bar, though gold maintains a higher liquidity profile for nation-state transactions [10][11] - The discussion touches on the potential for tokenizing businesses and the limitations of the traditional stock market, suggesting a role for crypto in creating a 24/7 trading environment [15] - The industry anticipates increased FUD (fear, uncertainty, and doubt) as Bitcoin makes upward movements, requiring vigilance and a focus on producing value rather than reacting to market noise [16]

Paulo CASTELLARI, CEO Abel MARTINS-ALEXANDRE, CFO 4 th December, 2025 Disclaimer Certain information contained in this presentation including any information on Eramet's plans or future financial or operating performance and any other statements that express management's expectations or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significa ...

Core Viewpoint - Plug Power Inc. has signed a letter of intent with Hy2gen for a 5MW PEM electrolyzer to be installed at the Sunrhyse hydrogen production project in France, marking a significant step in advancing hydrogen solutions in the region [1][2]. Group 1: Partnership and Collaboration - The LOI establishes a foundation for collaboration between Plug Power and Hy2gen to enhance hydrogen use in southern France, with Plug supporting the transport and distribution of hydrogen produced at Sunrhyse [2][4]. - This partnership builds on existing collaborations in Europe and North America, including Hy2gen's Project Courant in Québec, which aims for a Final Investment Decision before 2027 [3][4]. Group 2: Strategic Importance - The expansion of RFNBO-certified hydrogen production in France is a key component of Plug's European growth strategy, supporting local hydrogen ecosystems for logistics, transport, and industrial users [4][9]. - The Sunrhyse project is seen as a major milestone in France's hydrogen transition, demonstrating the potential for renewable hydrogen to scale quickly and support sustainable growth [4][9]. Group 3: Company Overview - Plug Power is a leader in the hydrogen economy, providing a fully integrated ecosystem that includes production, storage, delivery, and power generation [5][6]. - The company has deployed over 72,000 fuel cell systems and 285 fueling stations globally, with operational hydrogen plants in Georgia, Tennessee, and Louisiana, capable of producing 40 tons of hydrogen per day [6].

Core Insights - PyroGenesis Inc. has signed a contract worth EUR815,000 (CAD$1,324,000) with a European cement industry customer for a plasma torch system aimed at electrifying a calcination furnace [1] - The project supports the cement industry's goals to reduce emissions and produce cleaner cement [2][3] Project Highlights - The purpose of the project is to utilize an electric plasma torch for a more efficient and cleaner high-temperature calcination process [2] - The delivery of the plasma technology to the client is targeted for early Q3 2026 [2] - The project aims to demonstrate that electric heating can replace fossil fuel combustion in cement production [3] Industry Context - The cement industry is under pressure to adopt cleaner technologies, as fossil fuel combustion accounts for approximately 40% of greenhouse gas emissions in cement production [4][10] - The Global Cement and Concrete Association has set targets for a 20% reduction of CO2 emissions per metric ton of cement and a 25% reduction per cubic meter of concrete by 2030, with a goal of complete decarbonization by 2050 [10] Company Overview - PyroGenesis has over 34 years of experience in plasma technology and provides advanced engineering solutions across various heavy industries [8] - The company is ISO 9001:2015 and AS9100D certified, indicating a commitment to quality and operational excellence [8]

Core Insights - The hydrogen fuel cell market is projected to nearly double in value from $3.64 billion in 2024 to an estimated $5.9 billion by 2030, reflecting an 8.3% compound annual growth rate (CAGR) from 2024 to 2031 [2] Market Growth Drivers - The growth of the hydrogen fuel cell market is driven by technological advancements, government subsidy programs, scaling of hydrogen infrastructure, and mandates to decarbonize high-emission industries [2] - Over $200 billion has been collectively committed by major economies, including the U.S., Japan, South Korea, the EU, and China, towards national hydrogen strategies and infrastructure development [3] Regional Market Analysis - The United States is expected to account for 36% of global revenues in 2024, with projections indicating the market will exceed $2.3 billion by 2030, supported by federal policies like the Infrastructure Law [4] - Japan contributes 11% of global revenue in 2024, with over 430,000 residential fuel cells and more than 165 hydrogen stations, highlighting its commitment to hydrogen as a key energy component [5] Application Segments - The transportation sector is the largest market segment, contributing 46% of the market value in 2024, driven by the adoption of fuel-cell electric vehicles (FCEVs) for high-utilization applications [6] - The U.S. has over 50,000 fuel-cell-powered forklifts, and heavy-duty truck pilot programs have seen a 120% increase in activity from 2022 to 2024 [6]

Core Insights - Occidental Petroleum Corporation (OXY) is valued at a market cap of $41.7 billion, positioning it as a large-cap stock in the oil and gas exploration and production industry [1][2] - The company is focusing on reducing carbon intensity through initiatives like Carbon Capture, Utilization, and Storage (CCUS) to support long-term sustainability in the energy transition [2] Financial Performance - OXY's total revenue for Q3 decreased by 6.1% year-over-year to $6.7 billion, meeting analyst expectations, while adjusted EPS was $0.64, exceeding consensus estimates of $0.48 [5] - The company's bottom line declined by 36% compared to the same period last year [5] Stock Performance - OXY's shares have slipped 20.4% from their 52-week high of $53.20, with a decline of 11.1% over the past three months, underperforming the Energy Select Sector SPDR Fund (XLE) which rose by 1% [3][4] - Over the past 52 weeks, OXY has declined by 16.3%, significantly underperforming XLE's 4.4% decrease, and is down 14.3% year-to-date compared to XLE's 6.6% return [4] Analyst Sentiment - Analysts remain cautious about OXY's prospects, with a consensus rating of "Hold" from 25 analysts, and a mean price target of $49.80 indicating a 17.6% premium to current price levels [6]

Core Viewpoint - Triodos Bank has launched its first integrated Climate & Nature Strategy, aiming to accelerate the energy transition, reduce financed emissions, and enhance investment in nature-based solutions by 2030 [1] Group 1: Emission Reduction Targets - The bank commits to reducing absolute financed emissions by at least 42% by 2030, an increase from the previous target of 32% set in 2022 [2] - The focus areas for emissions reduction include business loans, mortgages, and listed equities and bonds, which together account for 90% of the bank's emissions footprint [2] Group 2: Energy Transition Projects - Triodos Bank plans to finance 275 energy transition projects over the next five years, emphasizing decentralized and community-led solutions [3] - The strategy aims to ensure that financing reaches not only large utilities but also cooperatives and smaller community-led initiatives that often struggle to access mainstream capital [3] Group 3: Nature-Based Solutions Investment - The bank intends to allocate €500 million ($580.39 million) into high-integrity nature-based solutions by 2030, targeting measurable ecological and social benefits [4] - From 2026, Triodos Bank will report on its progress towards this investment goal and the positive biodiversity impacts of its financed projects [5] Group 4: Advocacy for Systemic Change - Triodos Bank advocates for systemic change in the financial sector, highlighting that banks are currently directing €650 billion annually into fossil fuels [6] - The bank supports international agreements like the Fossil Fuel Non-Proliferation Treaty to phase out fossil fuels and establish frameworks for high-integrity nature-based solutions [6] Group 5: Proposed Regulatory Changes - The bank seeks binding rules for mandatory fossil-phase-out pathways for all banks and short-term emissions reduction targets for 2030–35 [7] - It calls for alignment of financial regulation with the Paris Agreement and adherence to 1.5°C reduction pathways, along with separate targets for emissions reduction and carbon removal [7]

Company Overview - Ecora Resources PLC is a leading royalty company focused on critical minerals, aiming to be recognized globally as the preferred royalty company associated with commodities that support electrification trends [3] - The company has transitioned from a coal-oriented royalty business in 2014 to a portfolio that will be over 90% focused on sustainable commodities by the end of 2026 [5] Recent Developments - Ecora announced that NexGen Energy Ltd. reported the highest-grade assay results to date at Patterson Corridor East, with drill hole RK-25-256 returning 5.5 metres at 21.4% U3O8, including 2.5 metres at 46.1% U3O8 and 0.5 metres at 74.8% U3O8 [1][2] - Ecora holds a 2% Net Smelter Return royalty on Patterson Corridor East, which is subject to a 50% buyback right [2] Industry Context - The mining sector plays a crucial role in the energy transition, with essential commodities like copper, nickel, and cobalt being vital for battery and electric vehicle manufacturing [4] - There is a significant demand outlook for these commodities over the next decade, which is expected to enhance the value of Ecora's royalty portfolio [5]

Core Insights - Subsea7 S.A. has secured a contract for decommissioning activities from Ithaca Energy, involving the Alba floating storage unit and the Greater Stella Area's FPF-1 production facility [1][3] Group 1: Contract Details - The contract includes flushing subsea pipelines to remove hydrocarbons, providing diver support vessel services, and clearing the seabed of associated infrastructure [2][8] - Project management and engineering works are set to begin immediately in Aberdeen, with offshore activities scheduled to start in Q2 2026 [2][8] Group 2: Company Expertise and Relationship - Subsea7 emphasizes its three decades of expertise in full-field decommissioning activities, which is highlighted by this contract [3] - The contract strengthens the long-standing relationship with Ithaca Energy, which began in 2008 [3] Group 3: Contract Value - The contract is described as 'sizeable', with an estimated value between $50 million and $150 million [3]

Core Insights - APA Group and CS Energy have formalized a joint development agreement for a 400MW gas-fired power station, the Brigalow Peaking power project, in Queensland, expected to be operational by 2028 [1][2] - The project aims to provide firming capacity during peak electricity demand, supporting variable renewable energy sources [1] Project Development - The development is subject to external and government approvals, with APA leading the project delivery and obtaining an 80% ownership interest after meeting conditions [2] - CS Energy will retain a 20% ownership stake and will be responsible for operating and maintaining the facility [2] Financial Aspects - Final capital expenditure will depend on detailed engineering design, to be completed in the first half of 2026 [3] - APA plans to manage exposure to wholesale electricity price fluctuations through a proposed 25-year hedge offtake agreement with CS Energy, providing inflation-linked revenue [3][4] Infrastructure and Operations - The plant will be connected to APA's Roma Brisbane pipeline via a separate lateral transport and storage pipeline currently under development [5] - An agreement for project development, gas transportation, and storage for the new pipeline was completed in July 2025 [5] Strategic Importance - The project is seen as essential for increasing gas-powered generation capacity in Australia, supporting the integration of renewables into the energy system [6] - It is expected to create value for communities, energy consumers, and APA securityholders, highlighting the partnership with CS Energy and the Queensland government [7]