Summary of Hillgrove Resources (HGO) 2025 Conference Company Overview - Hillgrove Resources is a copper producer based in South Australia, operating in a Tier one jurisdiction [4][5] - The company aims to grow into a mid-tier multi-asset copper and gold producer, generating cash flow today with multiple growth pathways [4][6] Core Industry Insights - Copper is essential for global decarbonization and electrification, with increasing demand driven by renewable energy, electric vehicles (EVs), and infrastructure development [4][9] - The average global mining head grade is declining, and many mines are aging, necessitating significant investment to meet future energy transition needs [10] - Hillgrove is positioned as one of the few ASX-listed companies actively producing copper to meet rising global demand [11][19] Financial Metrics - Hillgrove has a market capitalization that does not reflect its true value, with an EV to EBITDA ratio of only 3 to 4 times its 2024 earnings [6][19] - The company has AUD 18 million in franking credits and AUD 280 million in income tax losses available for future use [6] Production and Growth Strategy - The Cayman II copper-gold mine has recommenced underground mining, producing copper concentrate and shipping it globally [5][11] - The Nugent Acceleration Project is expected to increase production by 25% and reduce unit costs by 15-20% over the next 6-12 months [12][15] - Hillgrove plans to expand its exploration efforts, targeting four new mineralization zones, including the promising Emily Star zone with 2.6 million tonnes of existing resources [13][18] Operational Performance - As of June 1, 2025, Hillgrove had developed 11.5 kilometers underground and 470,000 tonnes of developed stocks, showing significant operational progress since starting 18 months ago [14] - The company reported an operating cash flow of AUD 19.1 million in the first half of the year, with AUD 17.7 million spent on capital development [16] Future Outlook - Hillgrove is focused on organic growth, with a sound mineral resource and ore reserve expected to be updated in Q4 2025 [17] - The company has an exploration target of 25 million to 40 million tonnes of copper, with ongoing drilling within the mine footprint [18] - Hillgrove is well-positioned to benefit from the anticipated supply-demand deficit in the copper market, with a strategic vision centered on operating excellence and disciplined growth [20]

Financial Data and Key Metrics Changes - Group operating earnings before fair value movements decreased by 8% year on year to HKD 5.2 billion [7] - Total earnings decreased by 5% to HKD 5.6 billion [7] - EBITDAF was down by 5% to HKD 12.4 billion compared to the same period last year [9] - Capital investments of over CHF 8 billion were lower than last year [10] - Total interim dividends declared for the first half of 2025 remained at $1.26 per share, same as last year [10] Business Line Data and Key Metrics Changes - Hong Kong business maintained solid core earnings with capital expenditures standing at HKD 4.5 billion, primarily for growth initiatives [12] - Mainland operations saw a 15% reduction in earnings due to market challenges [13] - Energy Australia faced intense retail competition leading to margin compression and a decrease in customer accounts [16] Market Data and Key Metrics Changes - Competitive market conditions in Australia resulted in a reduction in customer numbers [7] - Lower tariffs in the Mainland impacted operating earnings from the nuclear portfolio [14] - The energy transition in the Mainland is expected to add significant renewable capacity, with over 270 gigawatts added in the first half [26] Company Strategy and Development Direction - The company is focused on investing in foundational growth in its core Hong Kong regulated business while targeting opportunities in fast-growing energy transition markets [24] - The strategy includes a GBP 52.9 billion five-year development plan to deliver reliable power and advance decarbonization efforts [25] - The company aims to maintain discipline in investment decisions, ensuring projects meet return thresholds [47] Management's Comments on Operating Environment and Future Outlook - Management acknowledged specific market headwinds in the Mainland and Australia affecting performance but emphasized strong fundamentals [5] - The company is closely monitoring the introduction of Policy Document 136 and will evaluate its renewable portfolio to maximize value [15] - Management expects to continue improving margins in Australia through cost optimization and recontracting efforts [44] Other Important Information - Free cash flow generation was CHF 7.1 billion, down CHF 0.9 billion compared to the first half of 2024 [21] - The company has a strong liquidity position of close to CHF 30 billion despite an increase in net debt [22] - The company is actively exploring renewable energy opportunities in Taiwan and Vietnam while remaining disciplined in capital commitments [33] Q&A Session Summary Question: Outlook for Australian business margins - Management expects improved margins in the second half due to government price increases and recontracting opportunities [44] Question: Expected returns for new renewable projects in China - Management maintains a target of achieving 6 gigawatts by 2029 but will be selective in project identification due to market uncertainties [46] Question: Changes in overseas business strategy - Management noted weaker performance in overseas markets but emphasized ongoing investments in reliability and flexibility of generation assets [48] Question: Funding for renewable projects in Australia - Management confirmed that Energy Australia has strong cash flow generation and plans to fund small CapEx through its balance sheet while larger projects will be project financed [61] Question: Dividend policy and potential increases - Management reiterated a commitment to a reliable dividend policy, with any increases dependent on sustainable growth in underlying business performance [68]

Financial Data and Key Metrics Changes - Group operating earnings before fair value movements decreased by 8% year on year to HKD 5.2 billion [7] - Total earnings decreased by 5% to HKD 5.6 billion [7] - EBITDAF was down by 5% to HKD 12.4 billion compared to the same period last year [9] - Capital investments of over CHF 8 billion were lower than last year [10] - Total dividends per share declared for the first half of 2025 remained at $1.26, the same as last year [10] Business Line Data and Key Metrics Changes - Hong Kong business maintained solid core earnings with capital expenditures standing at HKD 4.5 billion, primarily for growth initiatives [13] - Mainland operations saw a 15% reduction in earnings due to market challenges [14] - Energy Australia faced intense retail competition leading to margin compression and a decrease in customer accounts, resulting in operating earnings of HKD 167 million [17] Market Data and Key Metrics Changes - Competitive market conditions in Australia resulted in a reduction in customer numbers [7] - Lower tariffs in the Mainland impacted operating earnings from the nuclear portfolio [15] - The Mainland's renewable earnings were lower due to reduced wind resources and higher curtailment [15] Company Strategy and Development Direction - The company is focused on investing in foundational growth in its core Hong Kong regulated business while targeting opportunities in fast-growing energy transition markets [26] - The five-year development plan of GBP 52.9 billion aims to deliver safe and reliable power while advancing decarbonization efforts [28] - The company is pursuing a disciplined capital allocation strategy based on risk-return principles [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged specific market headwinds in the Mainland and Australia but emphasized the strength of the core business [5] - The company is committed to operational excellence and building energy infrastructure to drive decarbonization [6] - Management expressed confidence in improving margins in Australia through recontracting and cost optimization initiatives [46] Other Important Information - The company has a strong balance sheet and a recently affirmed A stable rating by S&P [6] - Free cash flow generation was CHF 7.1 billion, down CHF 0.9 billion compared to the first half of 2024 [23] - The company is actively evaluating renewable energy opportunities in Taiwan and Vietnam [35] Q&A Session All Questions and Answers Question: Regarding the Australian business and forward prices - Management indicated that while forward prices may trend downward, there are opportunities for improved margins in the second half due to government price increases and recontracting efforts [46] Question: About the China business and operational renewable capacity targets - Management maintained the target of raising operational renewable capacity in China to 6 gigawatts by 2029 but emphasized a selective approach due to market uncertainties [49] Question: Overall overseas business strategy and performance - Management acknowledged weaker performance in the first half due to headwinds in China and Australia but highlighted strong generation business performance [50] Question: On Energy Australia's funding and CapEx - Management confirmed that Energy Australia has strong cash flow generation and plans to fund small CapEx through its balance sheet while larger projects will be project financed [63] Question: About the clean energy transmission system and CapEx for imports - Management stated that the clean energy transmission system is nearing completion, but significant CapEx will be required for future imports to meet energy targets [94] Question: On dividend policy and potential increases - Management reiterated a commitment to a reliable and consistent dividend policy, with any increases dependent on sustainable growth in the underlying business [96]

Group 1 - The electric energy sector is expected to see increased demand for power plants and improvements in transmission and grid infrastructure due to trends in electrification, decarbonization, and electric vehicles [1] - The analyst has over 30 years of experience analyzing various industries, including airlines, oil, retail, mining, fintech, and e-commerce, which provides a strong foundation for understanding new ideas and technologies [1] - The analyst has lived through multiple economic crises, which contributes to a diverse perspective on market dynamics and investment opportunities [1]

Core Viewpoint - MAX Power Mining Corp. has successfully closed non-brokered private placements for total gross proceeds of C$2,450,000, with Eric Sprott as the lead investor [1][2][3] Group 1: Private Placement Details - The company issued a total of 5,681,818 Units at a price of C$0.22, which includes 5,618,818 common shares and 5,681,818 share purchase warrants exercisable at C$0.29 per share [2] - Additionally, 7,500,000 Units were issued at C$0.16, comprising 7,500,000 common shares and 7,500,000 share purchase warrants exercisable at C$0.25 per share [2] - The warrants are exercisable until August 1, 2027, and are subject to an acceleration clause [2] Group 2: Investor Participation - Eric Sprott, through his corporation, acquired a total of 10,369,318 common shares and warrants, representing approximately 13.3% on a non-diluted basis and 23.5% on a fully diluted basis [4] - Prior to the offerings, Mr. Sprott did not own any securities of the company [4] - Insiders, including Mr. Sprott, participated in the offerings for a total of $2,072,000, which constitutes a related party transaction [7] Group 3: Use of Proceeds and Future Plans - Proceeds from the offerings will be allocated towards exploration of Natural Hydrogen properties in Saskatchewan and general working capital [8] - The company anticipates closing a previously announced LIFE Offering private placement at a price of C$0.20 per unit for total gross proceeds of C$2,000,000 on or about August 6, 2025 [8] Group 4: Company Overview - MAX Power is focused on the Natural Hydrogen sector, holding approximately 1.3 million acres (521,000 hectares) of permits for exploration [10] - The company aims to capitalize on the growing demand for decarbonization and has outlined high-priority initial drill target areas [10] - MAX Power also has a portfolio of properties in the U.S. and Canada, including a notable discovery at the Willcox Playa Lithium Project in Arizona [10]

Financial Data and Key Metrics Changes - The company reported a TCE per available day of $39,726, despite a heavy drydock schedule resulting in 195 days not available for revenue generation [11] - Adjusted EBITDA for the quarter was $38,600,000, but would have been $49,500,000 after adjustments for bonuses and dry docking expenses [14] - Free cash at the end of the quarter was reported at $278,000,000, with a debt balance of $543,500,000, resulting in a debt to total book capitalization of 34.4% [16] Business Line Data and Key Metrics Changes - The Helios Pool reported spot rates for the quarter of about $37,700, indicating strong performance in the charter out portfolio [11] - Daily OpEx for the quarter was $10,108, down from $11,001 in the previous quarter, with spares and stores costs leading the decline [12] Market Data and Key Metrics Changes - U.S. LPG exports continued a multi-year growth trend, supported by ongoing expansion at U.S. fractionation plants and export terminal capacity [7] - The Eastern market improved by approximately 46% over the quarter, while the Western market improved nearly 16% [26] Company Strategy and Development Direction - The company is focused on enhancing energy efficiency and sustainability, with plans to upgrade vessels to carry ammonia cargoes, enhancing commercial optionality [30] - The company aims to balance shareholder distributions, debt reduction, and fleet investment while maintaining a constructive market view [19] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical tensions and tariff escalations have created a resilient market, with freight rates strengthening despite uncertainties [7][20] - The company expects continued positive market conditions due to limited new build deliveries and capacity expansion at U.S. Gulf terminals [26] Other Important Information - The company declared a dividend of $0.60 per share, totaling $25,600,000, reflecting a commitment to returning capital to shareholders [6] - The company has completed 10 of its 12 planned dry dockings for 2025, with two more expected to be completed in the upcoming quarter [8] Q&A Session Summary Question: What is driving the current market strength compared to last year? - Management attributed the market strength to the U.S.'s ability to produce and export NGLs, along with the industry's adaptability to trade barriers [36][38] Question: Why is the freight rate capturing a larger share of the export spread? - The increase in terminal capacity has allowed freight rates to capture a larger portion of the arbitrage compared to previous years [39][40] Question: What would happen if ethane trade in the U.S. were to stop? - Management indicated that ethane carriers would likely enter the VLGC market if ethane trade were halted, but they do not foresee this happening due to strong demand from China [48][49]

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Supplemental Information contains forward-looking statements and information, within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform ...

Rimfire Pacific Mining (RIM) Update / Briefing July 31, 2025 10:00 PM ET Speaker0Hello, everyone, and welcome to today's Rimfire investor briefing webinar. It's a pleasure to have you with us. My name is Nicola Gazati from Investor Relations Consultancy Corporate Storytime. Rimfire is an ASX listed resources company focused on exploring for critical minerals throughout the world class Lachlan origin and Broken Hill Districts Of New South Wales. I am delighted to be joined by David Hutton, managing director ...

Core Insights - Nexa Resources reported an Adjusted EBITDA of US$161 million in 2Q25, a 29% increase from US$125 million in 1Q25, driven by higher smelting and by-products sales volumes and prices [2][9] - The company experienced a net income of US$13 million in 2Q25, down from US$29 million in 1Q25, primarily due to increased financial expenses related to a liability management initiative [3] - Net revenues for 2Q25 reached US$708 million, a 13% increase from US$627 million in 1Q25, attributed to higher smelting sales volume and by-products contribution [4] Financial Performance - Adjusted net income for the quarter was US$37 million, totaling US$72 million for the first half of 2025 [3] - CAPEX for 2Q25 was US$87 million, primarily for sustaining investments, with a full-year guidance of US$347 million remaining unchanged [5] - The company issued a US$500 million bond to fund early redemption of existing notes, enhancing its financial flexibility [6] Operational Highlights - Treated ore volume in 2Q25 was 3,285kt, remaining flat year-over-year, reflecting recovery from previous challenges [10] - Zinc production reached 74kt, a 9% increase quarter-over-quarter, while copper production was 9kt, up 20% from 1Q25 [11][12] - Zinc metal and oxide production totaled 139kt, a 5% increase quarter-over-quarter, while sales amounted to 145kt, up 12% from 1Q25 [13][14] Growth Strategy - Nexa advanced on Phase I of the Cerro Pasco Integration Project, achieving key milestones such as securing construction permits and initiating site preparation [16] - The company maintains a disciplined capital allocation framework, focusing on sustaining investments and enhancing operational resilience [17] ESG and Corporate Initiatives - Nexa reaffirmed its commitment to sustainability and responsible governance, implementing initiatives focused on decarbonization and stakeholder engagement [18] - The company published its 2024 Annual Sustainability Report and engaged in community initiatives to promote social inclusion and financial autonomy [19][20]

Core Insights - Technip Energies reported strong financial results for H1 2025, with double-digit growth in revenue and EBITDA compared to the previous year, driven by robust project delivery and proprietary product installations [3][5][4]. Financial Performance - Revenue for H1 2025 reached €3,646.4 million, a 15% increase from €3,164.3 million in H1 2024 [4][23]. - Recurring EBITDA rose by 13% year-over-year to €319 million, with a margin of 8.7% [5][6]. - Net profit for H1 2025 was €191 million, compared to €188.1 million in H1 2024, reflecting a 2% increase [6][8]. - Free cash flow, excluding working capital, was €322 million, representing nearly 100% conversion from EBITDA [5][55]. Business Segments - The Project Delivery segment saw revenue increase by 24% to €2,736.2 million, driven by high activity in Qatar LNG projects [25][26]. - The Technology, Products & Services (TPS) segment experienced a 5% decrease in revenue to €910.2 million, but recurring EBITDA increased by 13% to €137 million, with a margin improvement of 240 basis points to 15.1% [37][38]. Order Intake and Backlog - Adjusted order intake for H1 2025 was €2,653.8 million, with a backlog of €18,036.3 million, reflecting a book-to-bill ratio of 0.7 [18][19]. - Decarbonization projects accounted for approximately 40% of order intake, amounting to over €5 billion [3][5]. Strategic Outlook - The company is well-positioned for future growth, with a commercial pipeline offering opportunities in traditional and emerging markets, particularly in LNG and sustainable fuels [3][5]. - Full-year guidance for the TPS segment's EBITDA margin has been raised to a range of 14% - 14.5% [5][9]. Operational Highlights - Technip Energies was awarded a major contract for the Blue Point Number One ATR project in the US, which will be the world's largest low-carbon ammonia production facility [41][36]. - Key operational milestones include advancements in various projects across Qatar, Oman, and the UAE, indicating strong execution capabilities [28][30][31].