Financial Data and Key Metrics Changes - Revenue increased to $134 million, representing a 6% growth compared to the previous year [10][4] - Underlying EBITDA grew by 34% to $19.3 million, marking the strongest financial performance since the pandemic [10][11] - Underlying net profit after tax before goodwill impairment was $2.1 million, the first underlying profit since the pandemic [11][4] - Cash position improved by $2.8 million year-over-year [4] Business Line Data and Key Metrics Changes - The Skydive segment reported a revenue growth of 5% and underlying EBITDA growth of 27%, driven by improved volumes and site efficiencies [12][11] - Adventure Experiences segment saw a revenue increase of 7% and underlying EBITDA growth of 14%, with Treetops and Reef Unlimited leading the performance [15][16] - All business units reported improved earnings performance compared to previous periods [7] Market Data and Key Metrics Changes - The overall improvement in domestic and international tourism in Australia and New Zealand was a key driver for the group's performance [8][11] - The return of international visitation, particularly from the UK and Europe, was noted as a significant factor in trading performance [28] Company Strategy and Development Direction - The company will focus on four key areas: business performance improvement, sustaining trading momentum, future growth, and quality of the portfolio [23][24] - Plans for organic growth include new products and expansion of existing experiences, particularly in the marine and treetops divisions [25][26] - The company is actively looking for bolt-on acquisitions in the Outdoor Adventure and Marine segments [27] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the trading outlook due to improved operating margins and a focus on direct bookings [35][36] - The company is optimistic about the recovery of the international market, particularly from China, and expects continued growth in inbound visitation [36][40] - Management acknowledged the impact of weather on trading but remains confident in the overall business performance [71] Other Important Information - The Board declared a fully franked dividend of $0.25, the first since FY 2018, reflecting confidence in future trading momentum [4][29] - The company maintained a modest net debt and gearing level, with a closing cash balance of CAD 11.1 million [18] Q&A Session Summary Question: What is driving the company's confidence? - The confidence stems from improved operating margins, increased direct bookings, and a positive outlook for international visitation [35] Question: How does the company manage skydiving operations across different locations? - The company can transfer customers and tandem masters between locations to optimize operations based on weather conditions [38] Question: What is the rationale behind the dividend declaration? - The Board felt confident in the trading performance and outlook for FY 2026, believing the company has the capacity to pay the dividend [53] Question: What are the expectations for the Skydive segment's recovery? - The company remains confident in recovering to pre-COVID levels, despite some changes in the business structure [56] Question: How is the company managing capital expenditures? - Maintenance CapEx is driven by scheduled activities, while growth CapEx is focused on strategic investments to support future growth [60]

Summary of Knowles Corporation FY Conference Call Company Overview - **Company**: Knowles Corporation (NYSE: KN) - **Revenue**: $554 million in the previous year, with expectations of approximately $585 million for the current year [3][13] - **Gross Margin**: Expected to be around 45% [3] - **EBITDA Margin**: Projected in the mid-20s percentage range [3] Strategic Transformation - **Business Segments**: - Precision Device Segment: Includes electrolytic, film, and ceramic capacitors, and RF filters - MEVSA Segment: Focuses on med tech and specialty audio, primarily microphones and speakers [4] - **Shift from Consumer Electronics**: Previously reliant on consumer electronics, particularly Apple, which accounted for 40-50% of revenue. The company has divested from this market [5] - **Focus on Higher Margin Products**: Since 2017, the company has shifted focus to higher margin products and markets, reducing investment in lower-margin consumer business [9][10] Financial Performance - **Historical Performance**: - 4% organic growth and 4% growth through acquisitions from 2017 to 2024 [12] - EBITDA has more than doubled during this period [13] - **Future Projections**: - Expected revenue CAGR of 8-10% over the next five years [16] - Anticipated EBITDA growth to outpace revenue growth, with an expected 400 basis points improvement in EBITDA margins [17][28] Market Insights - **Hearing Health Market**: - Steady growth of approximately 3% annually, with high gross margins (over 50%) for Knowles and 80% for customers in this market [20][19] - Potential for increased growth due to rising awareness of hearing loss linked to dementia [23] - **Precision Device Segment**: - Expected organic growth of 6-8%, driven by applications in medical, defense, and industrial sectors [23] Acquisition Strategy - **Acquisitions**: - Completed four acquisitions since 2017, with the largest being Cornell DuBlier for $260 million [11][26] - Future acquisitions will focus on consolidation, extensions, and adjacencies to expand total addressable market (TAM) [38][40] - **Divestitures**: - Divested approximately $600 million in revenue from lower-margin businesses, including consumer MEMS microphones and crystal oscillators [36][47] Capital Allocation and Financial Health - **Balance Sheet**: - Improved significantly, with a leverage ratio below 1 [8][44] - Generated $36 million in free cash flow in the last quarter, with $30 million allocated for stock repurchases [45] - **Capital Expenditure**: - CapEx is expected to trend towards the higher end of the 8-10% range, focusing on new product development [42] Competitive Advantages - **Differentiated Technology**: Strong expertise in audio products and customer intimacy, allowing for customized solutions [32][34] - **Resilience and Reliability**: Proven ability to deliver products consistently, even during supply chain disruptions like COVID-19 [34] Conclusion - Knowles Corporation has successfully transformed its business model, focusing on higher-margin products and markets, while maintaining a strong financial position and growth outlook. The company is well-positioned for future growth through strategic acquisitions and a disciplined capital allocation strategy [47][48]

Financial Data and Key Metrics Changes - Consolidated net income increased by 30% to a record $177.3 million or $1.26 per diluted share in 2025, up from $136.6 million or $0.97 per diluted share in 2024 [7][8] - Consolidated operating income and net sales for Q3 2025 increased by 22% and 21% respectively compared to 2024 [8] - Cash flow from operating activities increased by 8% to $231.2 million in 2025, representing 130% of net income [9][10] - Consolidated EBITDA increased by 21% to $316.4 million in 2025, up from $261.4 million in 2024 [10] Business Line Data and Key Metrics Changes - Flight Support Group's net sales increased by 18% to a record $802.7 million in 2025, driven by 13% organic growth and acquisitions [15][17] - Flight Support Group's operating income increased by 29% to a record $198.3 million in 2025 [17][18] - Electronic Technologies Group's net sales increased by 10% to a record $355.9 million in 2025, with 7% organic growth [19][20] - Electronic Technologies Group's operating income increased by 7% to $81 million in 2025 [20][21] Market Data and Key Metrics Changes - The defense business within the Flight Support Group is experiencing significant growth due to increased demand from the U.S. and allies [16][17] - The Electronic Technologies Group's defense organic net sales increased by over 6% in 2025, with a strong order volume and record backlog [20] Company Strategy and Development Direction - The company is focused on growth within commercial aviation, defense, and space markets, supported by a favorable pro-business environment [6][7] - The acquisition strategy remains disciplined, with a focus on identifying businesses that complement existing operations and strengthen strategic positions [24] - The company aims to maximize long-term shareholder value through a balanced approach of strategic acquisitions and strong organic growth initiatives [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, citing strong organic demand and a robust acquisition pipeline [23][24] - The company is well-positioned to support defense initiatives, particularly in missile defense, as the U.S. government prioritizes cost efficiency [16][37] - Management noted that while there are pockets of destocking in the market, overall demand remains strong [81][84] Other Important Information - The company paid its 94th consecutive semiannual cash dividend at a rate of $0.12 per share, representing a 9% increase over the prior dividend [11] - The acquisition of Gables Engineering is expected to be accretive to earnings within a year following the acquisition [12][30] Q&A Session Summary Question: How is the Gables acquisition performing relative to expectations? - Management indicated that the acquisition is performing as expected, but it is still early days [30] Question: Is the lower tax rate sustainable? - The CFO noted that the lower rate was primarily a cash benefit and projected an effective annual rate of around 19% to 20% going forward [32] Question: Can you elaborate on missile defense opportunities? - Management highlighted ongoing orders related to missile defense and emphasized the importance of both legacy and new technology defense [36][37] Question: What are the organic growth drivers in the Flight Support Group? - The parts business grew in the low teens, with significant growth in repair and overhaul and specialty products driven by defense business [41][43] Question: What is the outlook for margins in the Flight Support Group? - Management expects margins to be in the 24% range going forward, with the potential for continued improvement [56] Question: How is the company managing supply chain challenges? - Management reported improvements in supply chain issues, with a robust inspection process in place to manage incoming parts [106][108]

Financial Data and Key Metrics Changes - Consolidated net income increased by 30% to a record $177.3 million or $1.26 per diluted share in 2025, up from $136.6 million or $0.97 per diluted share in 2024 [5][6] - Consolidated operating income and net sales for Q3 2025 represented record results, increasing by 22% and 21% respectively compared to 2024 [6][9] - Cash flow from operating activities increased by 8% to $231.2 million in 2025, representing 130% of net income [8][9] - Consolidated EBITDA increased by 21% to $316.4 million in 2025, up from $261.4 million in 2024 [9] Business Line Data and Key Metrics Changes - Flight Support Group's net sales increased by 18% to a record $802.7 million in 2025, driven by 13% organic growth and acquisitions [13][16] - Flight Support Group's operating income increased by 29% to a record $198.3 million in 2025, with an operating margin improvement to 24.7% [16][17] - Electronic Technologies Group's net sales increased by 10% to a record $355.9 million in 2025, with strong organic growth of 7% [18][19] - Electronic Technologies Group's operating income increased by 7% to $81 million in 2025, with an operating margin of 22.8% [19][20] Market Data and Key Metrics Changes - The defense business within the Flight Support Group is experiencing significant growth due to increased demand from the U.S. and allies [14][15] - The Electronic Technologies Group's defense organic net sales increased by over 6% during 2025, with a record backlog anticipated to drive future growth [19] Company Strategy and Development Direction - The company maintains a disciplined acquisition strategy, focusing on growth within commercial aviation, defense, and space markets [5][22] - The company aims to maximize long-term shareholder value through strategic acquisitions and strong organic growth initiatives [22] - The recent acquisition of Gables Engineering is expected to be accretive to earnings within a year, enhancing the company's capabilities in aerospace platforms [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a favorable pro-business environment that encourages innovation and expansion [5] - The company is well-positioned to sustain strong momentum and capture additional market share across diverse markets [5][21] - Management noted that while there are pockets of destocking in the market, overall demand remains strong, and the company is not experiencing a significant destocking phenomenon [80][84] Other Important Information - The company paid its 94th consecutive semiannual cash dividend at a rate of $0.12 per share, representing a 9% increase over the prior dividend [10] - The company has a strong liquidity position, even after deploying $630 million on acquisitions in the past nine months [9] Q&A Session Summary Question: How is the Gables acquisition performing relative to expectations? - Management indicated that the Gables acquisition is performing as expected, but it is still early days [28][29] Question: Is the lower tax rate sustainable? - Management noted that the lower tax rate was primarily a cash benefit and projected an effective annual rate of around 19% to 20% going forward [31] Question: Can you elaborate on missile defense opportunities? - Management confirmed ongoing opportunities in missile defense, with significant orders anticipated, and mentioned the potential for additional acquisitions in this space [34][36] Question: What are the organic growth drivers in the Flight Support Group? - Management highlighted strong growth in the repair and overhaul segment, driven by increased demand and a favorable mix [41][43] Question: How is the company positioned for future acquisitions? - Management expressed confidence in their capacity for further acquisitions, indicating strong financial flexibility [29][30] Question: How is the European market performing? - Management reported strong performance in Europe, particularly in defense, and noted ongoing investments in the region [90][92]

Core Insights - Mowi achieved record-high operating revenues of EUR 1.39 billion in Q2 2025, resulting in an operational profit of EUR 189 million, driven by strong biological and operational performance, high volumes, and decreasing costs [1][2][5] Financial Performance - The company harvested a record 133,000 tonnes in Q2 2025, marking a 21% increase compared to the previous year, and has raised its volume guidance for 2025 to 545,000 tonnes, reflecting a 9% annual growth from 2024 [2][3] - Mowi's production costs fell to the lowest level since 2022 in Q2, contributing EUR 49 million to earnings for the quarter and EUR 67 million for the first half of 2025, attributed to lower feed prices and cost-cutting measures [5] - Mowi Consumer Products reported its best quarter yet, benefiting from high volumes and lower raw material prices, while Mowi Feed also achieved record-high earnings and sold volumes for a second quarter [6][8] Growth Strategy - Mowi plans to increase its ownership stake in Nova Sea from 49% to 95%, expecting to harvest at least 600,000 tonnes by 2026, which represents a 10% growth [3] - The company has transitioned from producing 400,000 tonnes per year globally to a projected 600,000 tonnes in 2026, achieving an annual growth rate of 6.1%, surpassing the industry average of 3.3% [4] Market Dynamics - Total salmon consumption value increased by 5% compared to the same period in 2024, with global supply growth reaching 18% in Q2 2025, although prices are under pressure due to this supply increase [9] - The market anticipates only marginal supply growth in 2026, which is expected to lead to higher salmon prices [9] Dividend Announcement - Mowi's Board of Directors has declared a quarterly dividend of NOK 1.45 per share [10]

Group 1 - Home Depot is set to release its Q2 earnings report before the market opens on Tuesday, with investors focusing on same-store sales growth and the state of the U.S. housing market [1] - Wall Street anticipates a 1.4% increase in same-store sales for Home Depot in the last quarter, following a 0.3% decline in Q1, marking a potential turnaround after eight consecutive quarters of decline globally [1] - The U.S. same-store sales are expected to rise by 1.6%, indicating three consecutive quarters of positive growth in the domestic market [1] Group 2 - The anticipated growth may be attributed to a lower year-over-year comparison base and a rebound in demand for large non-essential projects, with home improvement demand expected to improve as consumers adapt to high interest rates [1] - Revenue is projected to increase by 5% year-over-year to $42.4 billion, with adjusted earnings per share expected to be $4.72, surpassing the previous year's figures [1] - Home Depot reaffirmed its annual forecast in Q1, expecting a 2.8% increase in net sales and a 1% rise in same-store sales for the fiscal year [1] Group 3 - Although no guidance was provided for Q2, the Executive Vice President indicated that it is a peak season, with sufficient inventory and no stockpiling due to tariffs [1] - Home Depot plans to collaborate with suppliers and diversify procurement without raising prices, aiming for a maximum of 10% of procurement from any single country outside the U.S. within 12 months [1] - Following market expectations of a Federal Reserve rate cut in September, Home Depot's stock price has risen approximately 10% over the past month, while competitor Lowe's has seen a 15% increase [1] Group 4 - Analysts from Bank of America noted that despite macroeconomic fluctuations, Home Depot is expected to enhance its professional customer business through organic growth and acquisitions, continuing to gain market share [1]

Core Viewpoint - Omnicom Group Inc. reported strong second-quarter 2025 results, with both earnings and revenues exceeding estimates, indicating positive momentum for the company [2][9]. Financial Performance - Earnings per share were $2.05, surpassing the consensus estimate by 1.5% and reflecting a year-over-year increase of 5.13% [2]. - Total revenues reached $4 billion, exceeding the consensus estimate by 1.6% and showing a year-over-year growth of 4.2%, driven by a 3% increase in organic growth [2]. Revenue Breakdown - Advertising & Media revenues grew organically by 8.2%, outperforming the estimated growth of 7.5% [3]. - Precision marketing revenues increased by 5%, aligning closely with the estimated growth of 5.1% [3]. - Experiential revenues rose by 2.9%, significantly below the expected growth of 15.1% [3]. - Public Relations revenues fell by 9.3%, contrasting with the estimated growth of 2.9% [4]. - Healthcare revenues decreased by 4.9%, compared to an estimated decline of 1.5% [4]. - Branding & Retail Commerce revenues dropped by 16.9%, against an estimated decline of 8.2% [4]. - Execution and support revenues increased by 1.5%, slightly above the estimated growth of 1.4% [4]. Regional Performance - Year-over-year organic revenue growth was 3% in the United States, 2.5% in Euro Markets & Other Europe, 18% in Latin America, and 6.5% in Asia Pacific [5]. - Revenues in the Middle East & Africa grew by 0.9%, while Other North America revenues improved by 2.4% [5]. - U.K. revenues experienced a decline of 2.5% [5]. Margin Analysis - Adjusted EBITA for the quarter was $613.8 million, reflecting a year-over-year increase of 4.1% [6]. - The adjusted EBITA margin remained flat at 15.3% year over year [6]. - Operating profit decreased by 14% year over year to $439.2 million, with the operating margin declining by 230 basis points to 10.9% [6]. Market Sentiment - Following the earnings release, there has been an upward trend in fresh estimates for the stock [7]. - Omnicom holds an average Growth Score of C and a Momentum Score of D, but has an A grade for value, placing it in the top 20% for value investors [8]. - The stock has an aggregate VGM Score of A, indicating strong overall performance [8]. Future Outlook - Estimates for Omnicom have been trending upward, suggesting promising revisions [9]. - The company has a Zacks Rank 2 (Buy), indicating expectations for above-average returns in the coming months [9].

Financial Data and Key Metrics Changes - Avino reported revenues of $21.8 million for Q2 2025, a 47% increase from Q2 2024, marking the second highest revenue in company history [13] - Gross profit was $10.2 million, with gross profit margins improving to 45% from 32% in Q2 2024 [13][14] - Net income for the quarter was $2.9 million, translating to earnings per share of $0.02, up from $1.2 million or $0.01 per share in Q2 2024 [14] - Cash flow from operating activities improved to $8.5 million, with free cash flow at $4.4 million [14][16] - Cash cost per silver equivalent ounce was $15.11, down 7% from Q2 2024, while all-in sustaining cash cost was just under $21 per ounce, an 8% decrease [15][18] Business Line Data and Key Metrics Changes - Silver equivalent production increased by 5% to almost 646,000 ounces in Q2 2025, driven by improved mill availability [9] - Gold production rose by 17% due to increased tons processed and improved recoveries [10] - Copper production increased by 12%, reaching 1.5 million pounds [10] - Silver production slightly decreased by 3% to just under 284,000 ounces [10] Market Data and Key Metrics Changes - The company maintained strong production momentum through the first half of the year, with record mill throughput of 190,987 tons processed, a 36% increase from Q2 2024 [10][11] - The cash position at the end of the quarter was $37.3 million, up over $10 million from the previous quarter [15] Company Strategy and Development Direction - Avino is focused on sustaining momentum and reaching new milestones, with a strong balance sheet and ongoing development of La Preciosa [7][8] - The company aims for annual production guidance of 2.5 to 2.8 million ounces of silver equivalent for 2025 [13] - The strategic focus remains on organic growth with three key assets, while remaining disciplined regarding M&A opportunities [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction and ability to capitalize on positive market trends in the precious metals sector [71] - The operational team is expected to continue driving cost improvements while advancing La Preciosa development [8][12] Other Important Information - The company has initiated several CSR and ESG initiatives, including community reforestation and the delivery of low-cost water tanks [21][22] - Avino published its inaugural sustainability report, reflecting its commitment to transparency and responsible growth [23] Q&A Session Summary Question: Progress on La Preciosa access decline - Management confirmed that they have intercepted the Abundancia vein and are a few weeks away from intercepting the Gloria vein [31] Question: Mill throughput expectations for 2026 - The company is currently focused on development ore and is not providing specific throughput targets for this year, but aims for 400 to 500 tons per day by late next year [32] Question: M&A considerations in the current market - Management stated they are focused on organic growth and capital discipline, with no immediate plans for external growth opportunities [33] Question: Third quarter mill availability trends - Management indicated that while they are in a lower grade area, higher grades are expected later in the quarter [38] Question: Clarification on site services at La Preciosa - Site services include installations like compressed air and ventilation systems, as well as facilities for personnel [42] Question: Targeted cash balance for future expansions - Management is evaluating capital needs for future expansions but does not have a specific cash balance target at this time [48] Question: Changes in revenue impacting factors - Management noted improvements in terms with partners and inventory management, which may affect revenue fluctuations [54]

Financial Data and Key Metrics Changes - The second quarter revenue was $4,500,000, a decrease of $900,000 from $5,400,000 in the prior year, primarily due to discontinued contracts in premium services and losses from two customers in proactive services [11] - Gross profit decreased by $500,000 to $1,600,000, with a gross margin of 35% compared to 39% in the previous year [11] - Operating expenses were reduced to $1,900,000 from $2,600,000, contributing to a net loss of $290,000, an improvement from a net loss of $350,000 in the prior year [12] - Adjusted EBITDA improved to $300,000 from $200,000, reflecting cost reduction efforts [13] - Cash balance increased to $6,100,000, up $3,300,000 from $2,800,000 at the end of 2024 [13] Business Line Data and Key Metrics Changes - Revenue from periship decreased approximately 14% compared to the second quarter of the previous year, largely due to the loss of large customers in 2024 [4] - New customer sales and expanded revenues from existing customers partially offset the decline in periship revenue [5] - The company has successfully reduced operating expenses by approximately 27% compared to 2024 [5] Market Data and Key Metrics Changes - The company has established relationships with two freight carriers that dominate the non-U.S. Postal Service partial shipments market in the U.S., enhancing its service capabilities [7] - The integration of technology with these new freight carriers is expected to take a couple of months, with material impacts anticipated in 2026 [21] Company Strategy and Development Direction - The primary focus for 2025 is on organic growth through expanding revenues with directly contracted periship customers [6] - The company is also evaluating transformative and tuck-in acquisitions while maintaining a disciplined approach to capital allocation [9][24] - A treasury strategy has been adopted to improve interest income from available cash, aiming to increase annualized interest income from approximately 4% to over 8% [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate positive cash flow and maintain a strong balance sheet, which positions the company for meaningful shareholder returns [15] - The anticipated growth from new customer relationships and improved operational efficiencies is expected to contribute to future revenue growth [6][15] Other Important Information - The company purchased 201,000 shares of its stock during the quarter at a cost of $153,000, with $330,000 remaining under the share repurchase program [12] - The company has $1,000,000 available under its line of credit with no outstanding borrowings [14] Q&A Session Summary Question: What was the authentication revenue in the quarter? - The authentication revenue was $27,000 [18][19] Question: What is the growth rate excluding the impact of lost business on periship? - It is difficult to quantify precisely, but the impact is expected to be a single-digit percentage one way or the other [19] Question: When can the impact of the new carrier be expected? - The integration will take a couple of months, and significant changes are not expected until 2026 due to seasonal shipping constraints [21] Question: What are the capital allocation priorities moving forward? - The focus is on transforming periship and evaluating potential acquisitions, with a careful approach to ensure meaningful returns for shareholders [22][24]

Financial Data and Key Metrics Changes - Gold sales totaled approximately 8,400 ounces for the quarter, an increase over the prior year period, with total revenue from gold sales rising to approximately CAD28 million, driven by higher ounces sold and a higher average realized gold price of CAD3,301 per ounce [21][22] - The company concluded the quarter with a net loss position of CAD0.05 per share, primarily due to the ramp-up and development stage of operations [21] - Cash position was approximately CAD134 million at the end of the second quarter, a significant increase from the previous quarter due to net proceeds from equity offerings [22] Business Line Data and Key Metrics Changes - At Granite Creek Underground, mining volumes during the second quarter were ahead of the prior year period, with approximately 24,000 tonnes of oxide material mined at a gold grade of 11.4 grams per tonne [12] - Company-wide, the expectation is to extract between 30,000 to 40,000 ounces of gold in 2025, including 20,000 to 30,000 ounces from Granite Creek and approximately 10,000 ounces from heap leach pads [14] Market Data and Key Metrics Changes - The company has a significant resource base with 6.5 million ounces of measured and indicated gold resources and 7.5 million ounces of inferred resources, along with approximately 100 million ounces of silver [10] Company Strategy and Development Direction - The company aims to establish itself as a Nevada-focused mid-tier gold producer, with a clear three-phase build-up in average annual target production to over 600,000 ounces of gold by the early 2030s [7][8] - The first phase focuses on high-grade underground projects, with expected production increasing from less than 50,000 ounces per year to a target of 150,000 to 200,000 ounces by 2028 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving steady-state production at the first mine and advancing infill drill programs to support upcoming feasibility studies, indicating a transformative period for the company in the next twelve to eighteen months [24] - The management highlighted the importance of the Lone Tree processing facility refurbishment, which is expected to significantly increase recovery rates and payability on refractory material [19] Other Important Information - The company raised gross proceeds of CAD186 million through a bought deal offering and private placement to strengthen its balance sheet and fund development plans [22] - The company is pursuing the sale of non-core assets and potential royalty sales to enhance liquidity [23] Q&A Session Summary Question: Expectations for tons and grades at Granite Creek - Management indicated that ore tonnes have not been affected by water issues and are on track for development [28][30] Question: Timeline for dewatering and waste development - Management stated that meaningful progress is expected once dewatering wells and water treatment facilities are in place, anticipated by the end of the year [30] Question: Autoclave refurbishment CapEx - The expected CapEx for the refurbishment is in the range of CAD350 million to CAD400 million, with final numbers to be confirmed soon [54] Question: Revenue expectations for Q3 and Q4 - Management expects total production for the year to be between 30,000 to 40,000 ounces, with a potential step change in production in the latter half of the year [46][47] Question: Recapitalization and liquidity - The recapitalization plan aims to address existing liabilities and fund the autoclave refurbishment, with potential liquidity from asset sales [48][49] Question: Updates on drilling results at Granite Creek - Early results from the South Pacific zone are consistent with expectations, with preliminary results anticipated in early September [59]