Financial Data and Key Metrics Changes - The company reported strong same-property NOI growth of nearly 5%, primarily driven by a 4.7% increase in base rent [7][14] - Full-year earnings growth outlook has been raised, with anticipated same-property NOI growth of 5.25% to 5.5% and mid-7% growth for NAREIT FFO [13][14] - The dividend has been increased by more than 7%, reflecting strong performance and commitment to shareholder returns [5][14] Business Line Data and Key Metrics Changes - The same-property percent lease rate is at 96.4%, with expectations to exceed prior peak levels due to strong demand and limited new supply [7][8] - Cash-free leasing spreads were strong at 13%, while gap rent spreads reached near record high levels at 23% [9][44] - The company has signed three new grocer leases in Q3, enhancing foot traffic and merchandising at key assets [8][9] Market Data and Key Metrics Changes - The company is experiencing significant demand across nearly all retailer categories, with a healthy tenant base and historically low bad debt [4][7] - The leasing pipeline remains robust, with 1 million square feet of leases in negotiation, indicating continued strong leasing activity [9][60] Company Strategy and Development Direction - The company emphasizes its unique position as the only national developer of grocery-anchored shopping centers at scale, focusing on high-quality developments [5][11] - The development pipeline is expected to reach approximately $300 million in starts for 2025, with a total of $800 million over the past three years [11][15] - The company aims to leverage its strong balance sheet and competitive advantages to drive sustainable cash flow growth [6][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operating environment, citing strong retailer demand and favorable leasing fundamentals [10][15] - The company anticipates continued above-trend same-property NOI growth in 2026, with expectations for total NOI growth in the mid-6% area [14][15] - Management highlighted the health of the tenant base and the positive impact of capital allocation strategies on earnings growth [4][13] Other Important Information - The company has successfully integrated newly acquired properties and is actively working to source attractive investment opportunities [12][13] - The balance sheet remains strong, with leverage within the target range and significant free cash flow available for funding growth [14][15] Q&A Session Summary Question: Can you provide some color on the 11 asset distribution transaction with your JV partner? - Management indicated that the transaction allowed for better capital recycling and alignment of interests with their long-term partner [18][19] Question: What are your expectations for same-property NOI growth in 2026? - Management expects a mid-3% growth, driven by base rent and a healthy tenant roster, with credit loss provisions similar to 2025 [21][24] Question: How should we think about the potential on development and redevelopment starts into next year? - Management expressed confidence in finding investment opportunities, with a shift towards ground-up development expected to continue [26][29] Question: Can you provide more color on the mix of new leases between anchors and shops? - Management noted that the increase in anchor transactions was coincidental for the quarter and not development-driven [32][33] Question: What are you seeing in the market regarding cap rates and IRRs? - Management reported that cap rates are trending lower due to increased capital flow into the sector, with a focus on maintaining quality in acquisitions [36][39] Question: Can you elaborate on your leasing pipeline and expectations for rent spreads? - Management highlighted strong rent spreads and the importance of embedded rent steps in their leasing strategy [43][44] Question: What is prompting early discussion about 2026 expectations? - Management clarified that providing early guidance has been a practice to ensure transparency, especially following the COVID period [80][81] Question: How does retailer sentiment today compare to previous high occupancy periods? - Management indicated that current retailer sentiment is strong, with a healthy tenant base contributing to high occupancy levels [88]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with a cash balance exceeding $560 million, allowing for funding of the Thompson Creek Restart project and returning $32 million to shareholders through buybacks and dividends [4][19] - Adjusted net earnings for Q3 were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - Consolidated all-in sustaining costs on a byproduct basis were $1,652 per ounce in Q3, with expectations to remain near the low end of guidance ranges for both Mount Milligan and Öksüt in 2025 [17][19] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3, with all-in sustaining costs increasing to $1,461 per ounce, 14% higher than the previous quarter [12][13] - Öksüt produced 49,000 ounces of gold in Q3, with all-in sustaining costs at $1,473 per ounce, 16% lower than the previous quarter, reaffirming production guidance for 2025 [13][14] - The Molybdenum Business Unit sold approximately 3.1 million pounds of molybdenum at an average price of $24.42 per pound [17] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound in Q3, reflecting the impact of existing streaming arrangements [16] - The company holds a strong financial position with total liquidity exceeding $960 million, including $85 million in equity investments [19] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, advancing projects like the Mount Milligan Pre-Feasibility Study and the Goldfield Project, which are expected to enhance long-term production capabilities [5][20] - Key investments include $114 million for a second tailings storage facility and $36 million for upgrades to increase process plant throughput [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for the remainder of 2025 and highlighted the potential for strong production in Q1 2026 due to higher grades at Öksüt [28] - The company is monitoring the favorable environment for U.S.-based mining and the potential for strategic deals related to molybdenum, a critical mineral [31][32] Other Important Information - The Mount Milligan PFS extended the mine life to 2045, with significant increases in proven and probable reserves to 4.4 million ounces of gold and 1.7 billion pounds of copper [7][9] - Sustainability initiatives include a renewable diesel pilot project aimed at reducing greenhouse gas emissions and community support programs for First Nations [10][11] Q&A Session Summary Question: Concerns about gold recovery at Mount Milligan - Management acknowledged lower recovery rates due to a higher ratio of pyrite to chalcopyrite than modeled, impacting Q3 performance, but expects to meet guidance by adjusting material processing [23][24] Question: Future production expectations at Öksüt - Management is confident in strong production going into 2026, supported by a life-of-mine optimization study to exploit accumulated inventories in heap leaching [28][29] Question: Potential for strategic deals with the U.S. government regarding molybdenum - Management noted the favorable environment for U.S. mining and is monitoring potential strategic opportunities, although no immediate funding needs exist [31][32] Question: Impact of optimization study on permitting for Öksüt - Management indicated that while modifications for residual leaching would be necessary, the study primarily focuses on managing accumulated inventories without requiring extensive new permitting [38] Question: Recovery improvements in later mine life - Management expects to enhance recovery rates through better solution management and potential modifications to permitting, with low capital requirements for significant returns [47][48]

Financial Data and Key Metrics Changes - Total revenue for Q3 increased to $1.55 billion, reflecting growth in environmental services and a diversified customer base [20][21] - Adjusted EBITDA rose 6% to $320 million, with a consolidated adjusted EBITDA margin expanding to 20.7%, driven by pricing initiatives and cost reduction efforts [20][21] - Net income grew modestly year over year, delivering earnings per share of $2.21 [23] Business Line Data and Key Metrics Changes - Environmental Services (ES) segment revenue increased by 3%, with adjusted EBITDA margin growing for the 14th consecutive quarter [5][6] - Technical services within ES saw a 12% revenue growth, while Safety-Kleen Environmental services rose 8% [8][20] - Field services revenue declined by 11% due to the absence of medium to large response projects [8][9] Market Data and Key Metrics Changes - Incineration utilization was high at 92%, with landfill volumes up 40% from a year ago [7][20] - PFAS-related sales are expected to generate $100 to $120 million in revenue this year, up 20% to 25% from the previous year [10][11] - The company anticipates that spending constraints in industrial services will loosen as economic conditions improve [18] Company Strategy and Development Direction - The company is focused on margin growth and productivity enhancements, with plans for significant internal investments exceeding $500 million over the next several years [16][17] - A new state-of-the-art processing plant (SDA unit) is planned, expected to generate annual EBITDA of $30 million to $40 million upon completion [15] - The company remains active in evaluating M&A opportunities while maintaining a disciplined approach to capital allocation [16][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong momentum in waste collection and disposal assets despite current macroeconomic challenges [5][18] - The company expects to navigate current economic turbulence and anticipates a recovery in industrial services and field services in the coming quarters [29] - Management highlighted the importance of ongoing cost management and operational efficiency to mitigate rising healthcare costs [33][40] Other Important Information - The company reported a record level of free cash flow in Q3, with cash and short-term marketable securities totaling $850 million [24][25] - SG&A expenses as a percentage of revenue increased to 12.2%, reflecting higher healthcare costs and professional fees [22] - The company has raised its full-year adjusted free cash flow guidance to a midpoint of $475 million, representing over 30% growth from 2024 [28] Q&A Session Summary Question: What were the main factors behind the $15 million guidance reduction? - The reduction was primarily due to shortfalls in industrial services ($7 million) and field services ($4 million), along with elevated healthcare costs impacting the overall company by about $6 million [33][34] Question: What is the outlook for EBITDA growth in 2026? - Management expects to target a 5% EBITDA growth based on cost-cutting initiatives and volume growth in waste businesses, despite not anticipating a rebound in industrial turnarounds until spring [41][42] Question: What is the company's M&A outlook? - The company is actively looking at both larger and smaller deals, maintaining a disciplined approach to ensure good returns on shareholder investments [44][80] Question: What is the expected range for SKSS EBITDA this year? - Management expressed high confidence in achieving the $140 million EBITDA mark for SKSS, with a potential range of a few million on either side [72][73] Question: How does the SDA unit investment relate to M&A strategy? - The SDA unit investment does not reflect a change in M&A appetite; it has been a planned investment for years, and the company remains open to various capital allocation opportunities [79][80]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported GAAP net income of $1.2 billion and earnings per share (EPS) of $6.98, driven by strong gains on sale and insurance recoveries [5][18] - Adjusted net income for the quarter was $865 million, with a record adjusted EPS of $4.97, leading to an increase in full year 2025 EPS guidance to $13.7 [5][22] - The company generated significant excess capital, resulting in a leverage ratio of 2.1 to 1 and a strong liquidity position with total sources of liquidity at approximately $22 billion [21][23] Business Line Data and Key Metrics Changes - The aircraft leasing segment saw utilization rates exceeding 99%, with a healthy extension rate of approximately 85% for used aircraft transactions [5][6] - The company sold 32 owned assets for total sales revenue of $1.5 billion, resulting in a gain on sale of $332 million and an unlevered gain on sale margin of 28% [19][12] - The engine business continues to deepen relationships with OEMs and airlines, highlighted by a seven-year agreement with GE Aerospace for lease pool management services [9][10] Market Data and Key Metrics Changes - The demand for widebody aircraft remains high, with a 100% extension rate for widebodies during the quarter [6][8] - The company is taking back 27 aircraft from Spirit Airlines, which will incur downtime and engine shop visit costs, impacting fourth quarter results [8][20] - The overall market environment for aircraft leasing and sales continues to be strong, with expectations for durable demand reflected in sales volumes and margins [12][23] Company Strategy and Development Direction - The company emphasizes disciplined capital deployment, focusing on accretive opportunities and maintaining a strong balance sheet [13][16] - AerCap is actively participating in M&A discussions and is open to consolidation in the industry, viewing it as a positive for shareholders [34][35] - The company has negotiated over 200 aircraft acquisitions since 2021, indicating a proactive approach to capitalizing on market opportunities [60][78] Management's Comments on Operating Environment and Future Outlook - Management remains confident about the outlook for the business, citing strong demand for both new and used aircraft and a favorable market environment [23][26] - The company anticipates continued strong performance driven by higher lease revenue and gains on sale, despite potential challenges from the Spirit Airlines restructuring [22][23] - Management believes the favorable aircraft supply-demand imbalance will persist through the end of the decade, despite increasing production rates from Boeing and Airbus [37][41] Other Important Information - The company has committed approximately $10 billion to engines through its two engine divisions since closing the GECAS transaction [10] - The helicopter leasing business, Milestone Aviation Group, also reported high fleet utilization and successful lease extensions [11] Q&A Session Summary Question: Thoughts on U.S. industry consolidation and opportunities - Management sees limited room for further consolidation in the U.S. market but expects strong demand for new technology aircraft as older models are retired [25][26] Question: Margin progression and future expectations - The net spread increased to 8%, the highest since 2019, with expectations for continued positive impacts from new deliveries and lease roll-offs [27][28] Question: Comments on the Air Lease proxy and strategic bidding - Management encourages industry consolidation and emphasizes discipline in M&A discussions to avoid diluting shareholder value [33][35] Question: Spirit Airlines exposure and potential future impacts - The impact from Spirit Airlines includes downtime and engine overhaul costs, with expectations for most costs to be incurred in Q4 [46][47] Question: Sale-leaseback opportunities and growth prospects - Management is pursuing various sale-leaseback opportunities, emphasizing the need for transactions to be accretive to earnings [56][59] Question: Market outlook for A220 and engine business - Management acknowledges challenges with the A220 but sees potential for improvement as engine durability increases [67][68] Question: Capital allocation and attractiveness of opportunities - Management prioritizes accretive transactions and has executed significant buybacks, indicating a focus on shareholder returns [75][78]

Financial Data and Key Metrics Changes - The third quarter net revenue for Las Vegas operations was $468.6 million, up almost 1% from the prior year's third quarter [9] - Adjusted EBITDA for Las Vegas operations was $209.4 million, up 3.4% from the prior year's third quarter, with an adjusted EBITDA margin of 44.7%, an increase of 110 basis points from the prior year [9][10] - Consolidated third quarter net revenue, including $3.9 million from the North Fork project, was $475.6 million, up 1.6% from the prior year's third quarter [10] - Consolidated Adjusted EBITDA was $190.9 million, up 4.5% from the prior year's third quarter, with an adjusted EBITDA margin of 40.1%, an increase of 110 basis points from the prior year [10] Business Line Data and Key Metrics Changes - The hotel segment generated near-record results despite the West Tower at Green Valley Ranch being offline for renovation, driven by increased occupancy across the portfolio [11] - The food and beverage segment achieved record revenue and near-record profitability for the quarter, supported by higher cover counts across outlets [11] - Group Sales and Catering delivered near-record third-quarter revenue, with positive momentum expected to continue into early 2026 [11] Market Data and Key Metrics Changes - The company saw continued strength in carded slot play across its database, including regional and national segments, with robust visitation and net theoretical win driving record revenue and profitability in the gaming segment [11] - The local market is expected to add more than 6,000 new households within a three-mile radius of the Durango property over the next few years, supported by the development of downtown Summerlin and Summerlin West, projected to add approximately 34,000 new households [9] Company Strategy and Development Direction - The company is focused on executing its development pipeline, maintaining operating discipline, and enhancing shareholder returns through a balanced capital allocation strategy [21] - Significant investments are being made in the Durango Casino Resort, Sunset Station, and Green Valley Ranch properties, with ongoing renovations and expansions aimed at enhancing guest experience and driving growth [17][18] - The company plans to expand the Durango Casino Resort with additional casino space and amenities, including a bowling facility and luxury movie theaters, to capture additional market share [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and resilience of the business, despite near-term disruptions from ongoing construction projects [13][21] - The Las Vegas locals' market is viewed as fundamentally different from the Strip, with a loyal customer base and a gaming-centric business model that does not rely heavily on tourism [40] - The company anticipates continued stability in its core slot and table games business, with a return to normal hold in the sports business as the fourth quarter begins [12][40] Other Important Information - The company's cash and cash equivalents at the end of the third quarter were $129.8 million, with total principal debt outstanding at $3.4 billion, resulting in a net debt of $3.3 billion [13] - The board approved an increase in the regular cash quarterly dividend to $0.26 per Class A share, reflecting confidence in the business's strength and long-term earnings power [20] - Capital expenditures for the third quarter were $93.7 million, with a full-year expectation of $325 million to $350 million, down $25 million from previous guidance [16] Q&A Session Summary Question: Can you talk about the rationale for the expansion at Durango? - Management highlighted the strong performance of Durango and the lack of competition within three miles, indicating the potential to drive additional traffic and guests through the expansion [25] Question: What was the impact of sports betting hold this quarter? - Management noted that the hold returned to normal levels after an unfavorable hold in the previous year, with an estimated disruption impact of $2.5 million to $3 million for the quarter [30] Question: How did the hotel segment perform relative to the Strip? - The hotel segment performed well, with occupancy up 244 basis points, and the company outperformed the Strip by about 25% on an ADR basis [35] Question: What are the early thoughts on the tavern business? - The company has eight taverns under contract, with two operational and five expected to open in the coming months, showing promising early performance [92][93] Question: What is the expected disruption from ongoing construction projects? - Management anticipates approximately $8 million in disruption from the Green Valley Ranch project in the fourth quarter, with minor disruptions at other properties [30][90]

Financial Data and Key Metrics Changes - In Q3 2025, the company's Las Vegas operations achieved net revenue of $468.6 million, an increase of almost 1% year-over-year, and adjusted EBITDA of $209.4 million, up 3.4% from the previous year [8][9] - Consolidated net revenue for the quarter was $475.6 million, reflecting a 1.6% increase from the prior year, while adjusted EBITDA was $190.9 million, up 4.5% [9] - The adjusted EBITDA margin improved to 40.1%, an increase of 110 basis points from the prior year [9] Business Line Data and Key Metrics Changes - The hotel segment performed exceptionally well, achieving near-record results despite renovations at Green Valley Ranch, with occupancy rates increasing across the portfolio [11] - The food and beverage segment also reported record revenue and near-record profitability, driven by higher cover counts [11] - The gaming segment experienced the highest third-quarter revenue and profitability in the company's history, supported by robust visitation and net theoretical win [10] Market Data and Key Metrics Changes - The company noted continued strength in carded slot play across its database, including regional and national segments, indicating a healthy demand from both local and out-of-town guests [10] - The Las Vegas locals' market remains resilient, with the company positioned to capture market share due to its gaming-centric business model [38] Company Strategy and Development Direction - The company is focused on expanding the Durango Casino Resort, with a total project cost of approximately $120 million, expected to be completed in late December [5][12] - Future phases of the Durango Master Plan will add significant new amenities and gaming capacity, with an estimated cost of $385 million [6][7] - The company is committed to disciplined capital allocation, returning approximately $221 million to shareholders year-to-date through dividends and share repurchases [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength and resilience of the business, despite ongoing construction disruptions at several properties [12][19] - The company anticipates continued stability in its core gaming operations and a return to normal hold in its sports betting business [11][29] - Management highlighted the favorable demographic trends and high barriers to entry in the Las Vegas locals' market as key drivers for long-term growth [19] Other Important Information - The company reported cash and cash equivalents of $129.8 million and total debt of $3.4 billion, resulting in a net debt to EBITDA ratio of 3.89 times [12] - The board approved an increase in the quarterly dividend to $0.26 per Class A share, reflecting confidence in the company's long-term earnings power [18] Q&A Session Summary Question: Can you discuss the rationale for the expansion at Durango? - Management noted that the expansion aims to drive additional traffic and guests by adding capacity and entertainment assets, with expected returns similar to the initial build [24][25] Question: What was the impact of sports betting hold this quarter? - Management indicated that the hold returned to normal levels after a previous unfavorable hold last year, with an estimated disruption impact of $2.5 to $3 million for the quarter [29][30] Question: How did the hotel performance compare to the Strip? - Management reported strong hotel performance, with occupancy up and RevPAR only slightly down, outperforming the Strip by about 25% on an ADR basis [33] Question: What is the outlook for construction disruption? - Management expects disruption from ongoing projects to extend into 2026, with estimated impacts of around $8 million for Q4 [30][81] Question: Can you provide an update on the tavern business? - Management reported that two taverns are operational with strong early performance, and five more are expected to open in 2026, targeting a younger customer base [84][85]

Core Points - Rollins, Inc. announced a quarterly cash dividend of $0.1825 per share, payable on December 10, 2025, reflecting an 11% increase from the same quarter last year [1] - The company has raised its regular dividend by over 80% since the beginning of 2022, demonstrating a commitment to returning capital to shareholders while investing in business growth [2] Company Overview - Rollins, Inc. is a global consumer and commercial services company providing pest control services to over 2.8 million customers across multiple continents, employing more than 20,000 staff from over 800 locations [3]

Core Points - Auxly Cannabis Group Inc. has fully repaid its $5 million inventory loan to GrassHopper Capital Inc., resulting in annualized interest expense savings of approximately $900,000 [1][2]. Financial Performance - The company is experiencing profitable growth, allowing it to strategically allocate capital [2]. - Revenue growth and a stable cost base are providing operating leverage, translating to free cash flow [2]. Strategic Focus - The company prioritizes organic growth investments and strengthening its balance sheet in its capital allocation decisions [2]. - Reducing interest expense was a key reason for deploying excess cash towards loan repayment [2]. Company Overview - Auxly is a leading Canadian consumer packaged goods company in the cannabis products market, headquartered in Toronto [3]. - The company's mission is to enhance consumer happiness through quality cannabis products [3].

Core Viewpoint - Genting has proposed a voluntary takeover (VTO) to acquire the remaining 51% of Genting Malaysia Berhad, indicating a strategic intent to improve capital allocation and simplify its group structure while pursuing expansion opportunities, particularly in the U.S. [2][3] Group 1: Financial Performance - Genting's return on invested capital (ROIC) has rarely exceeded 7%, indicating weak capital efficiency [4] - Earnings per share (EPS) has declined over the past decade, reflecting ongoing operational challenges [4] - Major expansions, such as Resorts World Las Vegas, have increased fixed costs without delivering proportional returns [4] Group 2: Strategic Implications - The VTO aims to unlock better capital allocation and pursue larger ambitions, but it does not address the underlying operational and efficiency challenges that hinder long-term value creation [3][4] - Simplifying the group structure through the VTO may help, but achieving higher returns rather than merely increasing investment size is essential for improving the company's low-return profile [3][4]

Financial Data and Key Metrics Changes - Revenue decreased 1% sequentially to $3 billion [11] - Net income attributable to Alcoa increased to $232 million from $164 million in the prior quarter, with earnings per share rising to $0.88 [11] - Adjusted EBITDA was $270 million, reflecting a sequential decrease of $43 million primarily due to increased U.S. Section 232 tariff costs and unfavorable currency impacts [12][13] - Cash flow activities showed a cash balance of $1.5 billion at the end of the quarter, with cash used for operations at $85 million [14] Business Line Data and Key Metrics Changes - In the alumina segment, third-party revenue decreased 9% due to lower volumes and bauxite prices [11] - In the aluminum segment, third-party revenue increased 4% driven by higher average realized prices, despite lower shipments [11] - Adjusted EBITDA for the alumina segment decreased by $72 million, while the aluminum segment saw an increase of $210 million due to higher metal prices [12][13] Market Data and Key Metrics Changes - Alumina prices have declined significantly, with recent prices around $315 per metric ton due to ample supply and refinery expansions [18] - LME aluminum prices rose approximately 7% sequentially, reaching $2,775 per metric ton, influenced by a weaker U.S. dollar and persistent supply tightness [20] - The Midwest premium increased, reaching import parity, reflecting declining inventories and reduced aluminum imports [20] Company Strategy and Development Direction - The company is focused on increasing profitability through higher shipments, improved operations, and strategic investments such as the Massena energy contract [10] - A new long-term energy contract for Massena operations was announced, along with a $60 million investment in anode bake furnace [8] - The company is exploring M&A opportunities across its product line, with no specific focus area currently identified [30] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety following a tragic incident at the Alumar smelter, reinforcing safety protocols [5] - The outlook for the fourth quarter includes expectations for improved performance in the alumina segment and potential unfavorable impacts in the aluminum segment due to restart inefficiencies [16] - Management noted that while demand remains steady in packaging and electrical sectors, the automotive sector is weak due to tariff uncertainties [21] Other Important Information - The company is progressing with the development of a gallium plant in Australia, supported by funding from the U.S. and Australian governments [7] - The Kwinana Refinery's permanent closure resulted in significant restructuring charges, but the company anticipates recovering closure costs through land sales [12][98] Q&A Session Summary Question: Capital allocation and M&A opportunities - Management indicated a priority to pay down debt while evaluating returns to shareholders and potential growth options [29][30] Question: U.S.-Australia Alcoa partnership - The partnership was initiated with Japanese entities seeking gallium offtake, providing a supply chain outside of China [34] Question: Canadian-U.S. negotiations regarding aluminum tariffs - Management is providing information to both governments to aid in decision-making regarding trade flows [41] Question: Interest in rolling business - Management confirmed no interest in re-entering the rolling business [57] Question: Gallium project economics and impact on mining permits - The gallium project will not impact ongoing mining permit processes, and the economics are still under negotiation [52] Question: Demand profile and market conditions - Management noted that demand remains stable in certain sectors, with automotive demand being weak, but not indicative of demand destruction [105]