Full Year and Q4 Fiscal 2025 Earnings Results N O V E M B E R 1 7 , 2 0 2 5 Fiscal 2025 Earnings Results Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited to, statemen ...

uh Matt and Brin. Brin first. So, where are we now as we finish a newly volatile week in the in the markets.>> I think what's happened this week has been very healthy for the market. I think the market is saying to the oracles of the world, um, hey, if you're going to go negative free cash flow and you're going to saddle yourself to a private company that may have decent revenues, but it's still early days, we're going to penalize you. And I think this is very good for the other companies that are like spen ...

Core Mining and Acquisitions - Core Mining has recently entered the main portfolio, acquiring New Gold, which is expected to enhance their free cash flow to $2 billion by 2026 [1][2] - The merger is anticipated to improve efficiency, increase margins, and boost productivity, positioning Core Mining among the best in the industry [3] Gold Market Trends - Gold prices are approaching a new all-time high, currently above $4,200, which is expected to positively impact mining companies [1] - The valuation of royalty companies in the gold sector is considered undervalued, with potential increases of up to 150% as gold prices stabilize [3][4] Investment Strategy - The company is actively managing a mining portfolio and reallocating cash to capitalize on market pullbacks, indicating a long-term bullish trend in the gold market [5]

Core Insights - Endeavour Mining plc reported strong operational and financial results for Q3-2025 and year-to-date (YTD) 2025, with production and free cash flow significantly exceeding previous periods [4][10][12] Operational Highlights - YTD-2025 gold production reached 911,000 ounces (koz), a 23% increase from 741koz in YTD-2024, with Q3-2025 production at 264koz [5][6][26] - The all-in sustaining cost (AISC) for YTD-2025 was $1,362 per ounce, with Q3-2025 AISC at $1,569 per ounce, impacted by higher royalty costs due to increased gold prices [6][33][34] - The company is on track to achieve the top half of its production guidance of 1,110 - 1,260koz for FY-2025 [36] Financial Performance - Adjusted EBITDA for YTD-2025 was $1,634 million, up 110% from YTD-2024, with Q3-2025 adjusted EBITDA at $466 million [6][7] - Free cash flow for YTD-2025 was $680 million, a staggering increase of 1,411% compared to YTD-2024, with Q3-2025 free cash flow at $166 million [6][7][10] - The company reduced gross debt by $425 million to $678 million, achieving a net debt to adjusted EBITDA ratio of 0.21x, significantly below the target of 0.50x [6][11] Shareholder Returns - A record dividend of $150 million (approximately $0.62 per share) was paid on October 23, 2025, with total shareholder returns for YTD-2025 reaching $233 million, exceeding the minimum commitment of $225 million [12][18] - The company has returned over $1.4 billion to shareholders since Q1-2021, reflecting a strong commitment to shareholder returns [12][18] Project Development and Exploration - The Assafou project is progressing on schedule, with the Definitive Feasibility Study (DFS) expected to be completed in Q1-2026 [13][14] - Exploration efforts have been robust, with $72 million spent YTD-2025, focusing on near-mine resource expansions and new opportunities in West Africa [6][14][45] Outlook - The company anticipates improved production and costs in Q4-2025, positioning it to meet FY-2025 AISC guidance [36][40] - A new exploration strategy is expected to be announced in Q4-2025, aimed at extending mine life and driving organic growth [14][15]

Core Insights - Discovery Silver Corp. reported strong financial and operational results for Q3 2025, driven by increased gold production and sales following the acquisition of the Porcupine Complex [2][5][10] - The company generated net cash from operating activities of $153.5 million and free cash flow of $86.8 million, reflecting a significant increase in gold sales and a higher average realized gold price [2][8][12] - Discovery's cash position grew by 35% to $341.5 million, supported by a new revolving credit facility of $250 million, enhancing its capital for future investments [2][32] Q3 2025 Performance Summary - Net earnings reached $42.4 million ($0.05 per share), a turnaround from a net loss of $3.9 million in Q3 2024 [5][16] - Gold production totaled 63,154 ounces, up from 50,552 ounces in Q2 2025, with gold sales increasing to 66,200 ounces [5][12] - Operating cash costs averaged $1,339 per ounce sold, with all-in sustaining costs (AISC) averaging $1,734 per ounce sold, compared to $2,074 in the previous quarter [5][24] Year-to-Date 2025 Performance Summary - For the first nine months of 2025, the company produced 113,706 ounces of gold, with total revenue of $379.0 million [15][23] - Adjusted net earnings for YTD 2025 were $86.5 million ($0.13 per share), compared to an adjusted net loss of $6.4 million in YTD 2024 [15][16] - Total capital expenditures for YTD 2025 amounted to $112.5 million, with $75.5 million allocated to growth capital expenditures [15][25] Exploration and Growth Initiatives - The company is advancing exploration programs at the Porcupine Complex, with promising drill results reported from various sites, including Hoyle Pond and Owl Creek [3][31] - A 140,000-meter drill program is underway, aimed at resource conversion and expansion, with results expected to support an updated technical report in 2026 [31][32] - Discovery plans to optimize production at existing operations while exploring new opportunities at the Dome Mine and TVZ Zone [31][36] Cordero Project Overview - The Cordero Project is recognized as one of the world's largest undeveloped silver deposits, with significant investment and exploration activities ongoing since its acquisition in 2019 [27][28] - The feasibility study indicates a potential for large-scale production with low unit costs, contributing to substantial free cash flow [28][29] - The company is focused on advancing the Cordero project while ensuring compliance with environmental and community standards [32][33]

Strategic Direction & Growth - Chevron is bigger, stronger, and better than ever, with growing free cash flow and earnings over the next five years [2] - Free cash flow is growing at greater than 10% compound annual growth rate, driven by the core business and supplemented by new opportunities [2] - The company plans to be operational with its data center power project by 2027 [4] - Exploration spending is set to increase by approximately 50% [11] Data Center Power Project - Chevron is entering the power business to support the coming boom in AI and the need for more power to support data center buildout [3] - The power project will be disconnected from the grid and serve only a dedicated customer for AI [3] - The company has 5 gigawatts of power generation to support facilities in remote locations without grid access [6] - The data centers will be located close to the gas supply and fiber infrastructure in West Texas [8][10] Market Dynamics & Supply - Demand for energy will only grow into the future, with oil and gas demand growing to 2050 based on current policies [15] - Oil prices in 2026 are likely to feel more pressure than LNG prices due to supply coming back from OPEC plus countries [19][20] - LNG spot prices are expected to be pressured due to high supply from new projects in the Middle East and the United States [19][20]

Core Insights - The company reported a 6.8% increase in Normalized Earnings per Share despite a slight decline in sales [1] - Free Cash Flow for Q3 2025 reached $320.9 million, an increase of $51.3 million from the previous year, attributed to effective cash management [6] - The company has successfully diversified its strategy, leading to growth in the Mobility segment and increased market share in the Industrial segment [3][4] Financial Performance - Sales for Q3 2025 were $2,541.7 million, down from $2,635.7 million in Q3 2024, while net earnings rose to $169.2 million from $138.0 million [5] - Normalized Operating Earnings increased by 87.7% to $165.9 million, with margins expanding to 8.6% [6] - The company maintained a strong liquidity position of $2.2 billion, up 54.9% from Q3 2024 [6] Shareholder Returns - The company declared a quarterly dividend of CDN$0.29 per share, payable on or after December 2, 2025 [10] - The Toronto Stock Exchange approved the renewal of the Normal Course Issuer Bid, allowing the company to repurchase up to 3,850,534 shares over the next 12 months [9] Strategic Acquisitions - The company announced the acquisition of Georg Fischer's Leipzig casting facility and Aludyne's North American assets, enhancing its manufacturing capabilities [7] - These acquisitions are expected to contribute significantly to the company's growth strategy for 2026 [8] Segment Performance - The Mobility segment showed strong performance, with operating earnings of $161.1 million, while the Industrial segment faced challenges with earnings of $89.8 million [5] - The company increased its market share in aerial work platforms and newer agricultural products despite a decline in industrial markets [3]

Summary of Orthofix Medical Q3 2025 Conference Call Company Overview - **Company**: Orthofix Medical (NasdaqGS: OFIX) - **Date**: November 12, 2025 - **Key Focus**: Discussion of Q3 2025 financial performance and future outlook Key Highlights Financial Performance - **Q3 Revenue**: Beat consensus by approximately $3 million, achieving a revenue growth of 6% [3][5] - **EBITDA Margin**: Experienced a 230 basis points expansion, marking the seventh consecutive quarter of EBITDA margin growth [3] - **Free Cash Flow**: Positive free cash flow of $2.5 million in Q3 [3] Market Dynamics - **U.S. Spine Growth**: Strong procedure growth at 10%, with expectations to continue growing above market rates [9][10] - **International Orders**: Q3 revenue beat primarily driven by earlier-than-expected international stocking orders [6][7] Product and Strategy Insights - **Distributor Transition**: Ongoing consolidation of a fragmented distributor network is expected to drive incremental growth [14][16] - **7D Placement Demand**: Positive trends noted in capital equipment demand, with a focus on earn-out agreements to reduce upfront costs for hospitals [18][21] - **Verada Launch**: The new product is designed to enhance user experience in the operating room, with a full launch expected in 2026 [25][30] Future Outlook - **2026 Expectations**: Anticipated positive growth driven by the Verada launch, full-year impact from distributor transitions, and new product introductions [34] - **BGT Revenue Impact**: CMS pilot program expected to have an immaterial annual impact on BGT revenue, with no change in physician prescribing behavior anticipated [38][39] Margin and Profitability Goals - **Gross Margin Expansion**: Targeting 300 basis points of gross margin expansion by 2027, driven by supplier consolidation and insourcing strategies [40][42] - **EBITDA Margin Goals**: Aiming for mid-teens EBITDA margins by 2027, with a focus on leveraging operational efficiencies [47][56] Orthopedics Business Outlook - **Growth Potential**: Positive outlook for the Orthopedics segment, particularly in trauma and diabetic foot treatment markets, with significant product differentiation [58][59] Underappreciated Aspects - **Company Transformation**: Notable improvements in free cash flow and consistent EBITDA performance are seen as underappreciated by the market [61][62] Additional Insights - **Pricing Strategy**: Long-term guidance assumes 1% to 2% price erosion, but current pricing has remained relatively flat [12] - **Market Positioning**: Orthofix aims to leverage its innovative product lines and strong distributor relationships to capture market share [10][16] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, market dynamics, product strategies, and future outlook.

Financial Performance & Shareholder Returns - Chevron aims to grow free cash flow at a 10% compound annual growth rate [3] - At a $70 oil price, Chevron could return 45% of its market cap to shareholders over the next 5 years through dividends and share repurchases [4] - Earnings per share growth is expected to be better than 10% annually if Brent stays above $70 through 2030 [4] - Break-even point to cover capital spending and dividends is below $50 [7] - Free cash flow is expected to triple from 2024 to 2026 at a $60 oil price [7] Production & Capital Expenditure - Production is growing at a 2% to 3% compound annual growth rate [9] - Capital expenditure is being reduced to a range of $18 billion to $21 billion per year through 2030 [8] - An additional $1 billion in cost cuts has been announced [9] - Synergies on the Hess transaction have been increased by 50% from $1 billion to $15 billion [9] Market Outlook & Strategy - The International Energy Agency's updated report shows demand for oil and gas growing to 2050 [13][14] - Chevron is in discussions to build data centers powered by natural gas, targeting large customers and off-grid power generation [19][20][21][22]

Core Insights - Smart Sand, Inc. reported strong performance in Q3 2025, with increases in sales volumes, contribution margin, Adjusted EBITDA, and free cash flow compared to Q2 2025 [2][3] Financial Performance - In Q3 2025, tons sold reached approximately 1,472,000, a 3% increase from Q2 2025 and a 24% increase year-over-year [4] - Revenues for Q3 2025 were $92.8 million, up from $85.8 million in Q2 2025 and $63.2 million in Q3 2024, driven by higher sales volumes and average selling prices [5] - Cost of goods sold increased to $77.8 million in Q3 2025, up from $76.8 million in Q2 2025 and $56.7 million in Q3 2024, primarily due to increased sales volumes [6] - Gross profit for Q3 2025 was $14.9 million, compared to $9.0 million in Q2 2025 and $6.5 million in Q3 2024, reflecting higher sales volumes and a $4.4 million excess tons payment [7] - Operating expenses were $9.6 million in Q3 2025, up from $9.0 million in Q2 2025 but down from $11.4 million in Q3 2024 [8] - Net income for Q3 2025 was $3.0 million, or $0.08 per share, compared to $21.4 million in Q2 2025 and a net loss of $(0.1) million in Q3 2024 [10] - Contribution margin in Q3 2025 was $21.7 million, or $14.76 per ton sold, compared to $15.8 million in Q2 2025 and $13.2 million in Q3 2024 [11] - Adjusted EBITDA for Q3 2025 was $13.6 million, up from $7.8 million in Q2 2025 and $5.7 million in Q3 2024 [11] Cash Flow and Capital Management - Net cash provided by operating activities in Q3 2025 was $18.2 million, compared to $(5.1) million in Q2 2025 and $5.8 million in Q3 2024 [13] - Free cash flow for Q3 2025 was $14.8 million, resulting from net cash provided by operating activities of $18.2 million and capital expenditures of $3.4 million [14] - The company anticipates being free cash flow positive for the year 2025 [14] Shareholder Returns - In August 2025, the company paid a special cash dividend of $0.10 per share, totaling $4.3 million [18] - Year-to-date, Smart Sand has returned $6.4 million to shareholders through share repurchases and special dividends in 2025 [3] Market Position and Outlook - Smart Sand continues to expand its market presence, achieving record sales volumes in Canada and strengthening its customer base in Industrial Product Solutions [3] - The company is well-positioned to benefit from the increasing demand for natural gas production to support growing LNG export capacity in the U.S. and Canada [3] - Despite potential seasonal slowdowns, the company expects sales volumes for the year to be in the range of 5.1 million to 5.4 million tons [3]