Core Insights - Khaite has established a joint venture with Yagi Tsusho Ltd. to enter the Japanese market, marking a strategic partnership aimed at long-term growth [1][2] - The launch of Khaite in Japan is scheduled for the fall season of next year, leveraging Yagi Tsusho's local expertise and relationships [1][2] Company Overview - Khaite, founded in 2016 by creative director Catherine Holstein, has gained recognition in the luxury fashion sector and has received multiple awards [3] - The brand has attracted investment, including a stake sale to New York growth equity firm Stripes in 2023 [3] Strategic Partnership - Yagi Tsusho, established in 1946, has a strong heritage and global presence, with operations in the U.S., Europe, and Asia [2] - The partnership is expected to enhance Khaite's storytelling, craftsmanship, and quality in the Japanese market [2]

Core Points - Surge Battery Metals Inc. has finalized transaction documents for a joint venture with Evolution Mining Limited to develop the Nevada North Lithium Project [1] - The transaction is set to close on December 1 and 2, 2025, following the U.S. Thanksgiving holidays [1][2] Company Overview - Evolution Mining Limited is a prominent global gold miner operating six mines, including five wholly-owned mines and an 80% stake in Northparkes [3] Project Details - The Nevada North Lithium Project is located in the Granite Range, Nevada, with significant lithium-bearing clay deposits identified over a strike length of more than 4,300 meters and a width exceeding 1,500 meters [4] - The project has an inferred resource of approximately 8.65 million tons of Lithium Carbonate Equivalent (LCE) with a grade of 2,955 ppm Li at a cutoff of 1,250 ppm [4] - A recently completed Preliminary Economic Assessment (PEA) indicates an after-tax NPV at 8% of US $9.17 billion and an after-tax IRR of 22.8% at a price of US $24,000 per ton LCE, with an OPEX of US $5,243 per ton LCE [4]

Core Insights - Splash Beverage Group has entered the hemp-THC drinks market through a joint venture with BAAD Ventures, which owns Nimbus THC flavored seltzers [1][3] - The joint venture structure allocates 51% ownership to Splash and 49% to BAAD [1] - Recent legislation in the US has imposed stricter regulations on hemp-THC drinks, prohibiting products with THC content exceeding 0.3% and final goods with more than 0.4mg of THC per container [2] Company Developments - The partnership aims to leverage complementary strengths to accelerate growth in the dynamic beverage segment [3] - Nimbus is set for rapid expansion into six additional states in the US due to this collaboration [4] - BAAD Ventures has reported that Nimbus has shown exceptional early performance across various retail formats [2][4] Strategic Goals - The joint venture plans to create a vertically integrated platform to enhance supply-chain efficiencies and manufacturing capabilities [5] - Splash Beverage is expected to contribute brand-building expertise and established distribution networks to the venture [4][5] - The THC beverage category is experiencing rapid growth, and this partnership positions the companies ahead of market trends [5][6]

Financial Data and Key Metrics Changes - For the quarter ended September 30, core net investment income was $0.28 per share, with GAAP net investment income also at $0.28 per share [4][14] - As of September 30, net asset value (NAV) was $10.83 per share, down 1.2% from $10.96 per share in the previous quarter [15] - The debt to equity ratio was 1.6 times, which was reduced to 1.4 times after subsequent asset sales [15][16] Business Line Data and Key Metrics Changes - The company invested $633 million in 11 new and 105 existing portfolio companies at a weighted average yield of 10.5% during the quarter [12] - The portfolio grew to $2.8 billion, up from $2.4 billion in the prior quarter [11] - The portfolio remains well-diversified, comprising 164 companies across 50 industries, with 90% in first lien senior secured debt [16] Market Data and Key Metrics Changes - The pricing on high-quality first lien term loans in the core middle market is SOFR plus 475-525 basis points, with leverage being reasonable [8] - The median leverage ratio of the portfolio's debt securities was 4.5 times, and the median interest coverage was 2 times [8][17] - Non-accruals represented only 0.4% of the portfolio at cost and 0.2% at market value, indicating strong credit metrics [9][16] Company Strategy and Development Direction - The company is focused on enhancing earnings power through scale, diversification, and disciplined capital deployment, as evidenced by the $250 million portfolio acquisition and the formation of a new joint venture [4][5] - The goal is to grow the PSSL2 joint venture to over $1 billion in assets, similar to existing joint ventures, which should lead to net investment income exceeding current dividends [5][12] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about a steady increase in transaction activity in private middle market lending, which is expected to lead to higher loan origination volumes [6] - The company believes the current environment favors lenders with strong private equity sponsor relationships and disciplined underwriting, areas where it has a clear advantage [6][10] - Management noted that the average consumer is relatively soft, but sectors like government services, defense, and healthcare remain strong [22] Other Important Information - The company has invested $8.4 billion in 539 companies since inception, with a loss ratio on invested capital of only 11 basis points annually [11] - The weighted average yield on debt investments was 10.2%, and approximately 99% of the debt portfolio is floating rate [16] Q&A Session Summary Question: How did the portfolio acquisition come about? - The acquisition was part of a joint venture with a third party, involving assets that were already well-known to the company, which originated a couple of years ago [20] Question: Are you seeing any bifurcation in the market? - There is a general reversion to the mean in the economy, with some sectors like logistics still dealing with post-COVID issues, while government services and healthcare remain strong [21][22] Question: What is the NII contribution from the assets sold? - The $250 million portfolio acquisition is expected to add about 1-2 cents per share of NII for a full quarter, while the new joint venture will take time to ramp up [28] Question: How are new loan spreads stabilizing? - New loans are being accessed at SOFR plus 175 basis points, with average spreads in the 475-525 range, reflecting a focus on solid credit [36] Question: What is the strength of the underlying portfolio companies? - The portfolio is seeing double-digit revenue growth and mid-single-digit EBITDA growth, with a healthy overall portfolio despite some choppier credits [44][46] Question: Any consideration for buybacks given the stock price? - The board considers all options, including buybacks, especially given the current valuation [58]

Core Points - Saudi Arabian Mining Co. (Maaden) has entered into a binding term sheet with MP Materials Corp. and Mountain JV, LLC to establish a joint venture for a rare earth element refining and separation facility in Saudi Arabia [1][2] - The binding term sheet is valid until March 31, 2027, unless otherwise agreed by the parties [1][5] - The agreement includes advisory and technical services, as well as the formation of a joint venture to fund, develop, and construct the Processing Facility [2][4] Advisory and Technical Services - MP Materials will provide advisory support to Maaden for preparing a bankable feasibility study for the Jabal Sayid mine project [3] - MP Materials will also assist Maaden in preparing a bankable feasibility study for the Processing Facility [4] Joint Venture Structure - The joint venture will be formed between Maaden and Mountain JV, LLC, with MP Materials holding an equity interest [4] - Maaden will hold a minimum 51% ownership stake in the joint venture, while Mountain JV, LLC will hold a maximum 49% [4] - Maaden will serve as the operator of the Processing Facility [4] Financial Impact - The execution of the binding term sheet does not entail any immediate financial impact, but the financial implications of the proposed transactions will be determined in the final agreements [6]

Group 1 - Boyu Capital is negotiating to include Tencent, Singapore's GIC, and potentially other investors as limited partners in its investment in Starbucks' China business, with a transaction value of $4 billion [1][2] - Starbucks will maintain a 40% stake in the new joint venture and will continue to own and license the brand and intellectual property [2] - The China market is Starbucks' second-largest, with approximately 8,000 outlets and a target of around 20,000 stores [2] Group 2 - Boyu aims to expand Starbucks beyond major urban centers into smaller cities and high-traffic areas such as tourist destinations, metro systems, and airports [2][3] - Boyu was one of five shortlisted bidders for the sale of the China stake, selected by Starbucks in September 2025 [3] - Other international consumer brands are also seeking local partnerships to strengthen their market positions, as seen with Restaurant Brands International and Goldman Sachs [4]

Core Viewpoint - Orecap Invest Corp. has entered into a strategic agreement with Mistango River Resources Inc. to advance the high-grade McGarry Gold Project, allowing Orecap to retain significant ownership while unlocking capital investment for exploration and development [1][2]. Agreement Structure - The agreement allows Stardust to earn up to a 75% interest in the McGarry Project through a two-stage option process [3][6]. - Option 1 requires Stardust to complete $13 million in commitments over four years, including cash payments and work obligations focused on updating mineral resource estimates and aggressive drilling campaigns [3][5]. - Upon completion of Option 1, a 50/50 Joint Venture will be formed with Stardust as the operator [6]. Financial Implications - If Option 2 is exercised, Stardust can acquire an additional 25% interest for a $50 million cash payment, which aligns with previous valuations for similar land packages [6][7]. - The initial $12.5 million work program will be fully funded by Stardust, allowing Orecap to benefit from exploration without diluting its balance sheet [7]. Tailings Reprocessing Opportunity - The McGarry property includes historic tailings from the Kerr Addison operation, which produced 11 million ounces of gold at an average grade of 9 g/t [8]. - The potential for early-stage gold recovery from these tailings could significantly enhance the project's economics [8]. Strategic Positioning - Orecap is a significant shareholder of Mistango, owning 24.7 million shares (13.9%), which strengthens the alignment between the two companies [9][10]. - The McGarry project is strategically located near major operators and active developers, enhancing its district-scale value [10][12]. Governance and Compliance - The transaction is classified as a Non-Arm's Length Transaction under TSXV policies, requiring approval from disinterested shareholders and a formal valuation [13][14]. - Orecap expects to seek disinterested shareholder approval for the transaction, with a special meeting anticipated in early 2026 [14].

Core Viewpoint - Midland Exploration Inc. has signed a definitive option agreement with Barrick Mining Corporation for the Lewis gold property, allowing Barrick to acquire up to a 75% interest in the property through cash payments and exploration work [1][2]. Option Agreement Details - Barrick can acquire a 75% interest in the Lewis property by making total cash payments of $750,000 and funding exploration work of $12,000,000 by December 31, 2032 [2]. - An initial 51% interest can be earned by Barrick through a cash payment of $250,000 and funding at least $3,000,000 in exploration work, including a guaranteed $200,000 by December 31, 2028, leading to a joint venture [3]. - An additional 9% interest can be earned by making cash payments of $200,000 and funding at least $1,500,000 in exploration work by December 31, 2030 [4]. - A further 15% interest can be earned by making cash payments of $300,000 and funding at least $7,500,000 in exploration work by December 31, 2032 [4]. Joint Venture and Ownership Adjustments - If Barrick does not complete the funding options, the joint venture interests will be subject to adjustments based on funding and dilution terms, with dilution below 10% converting to a 2% net smelter return royalty [5]. About the Lewis Property - The Lewis property consists of 154 exclusive exploration rights covering 86 km and is strategically located near significant geological features, including the Nelligan deposit, which has inferred resources of 106.395 million tonnes grading 0.96 g/t Au [6]. - The property is also near the former Lac Shortt mine, which historically produced 2.7 million tonnes at a grade of 4.6 g/t Au [6]. Company Overview - Midland targets mineral potential in Quebec, aiming to discover new world-class deposits of gold and critical metals, and collaborates with reputable partners including Barrick and others [7].

Core Insights - Skyharbour Resources Ltd. has entered into a definitive repurchase agreement with Denison Mines Corp. for the Russell Lake Uranium Project, which includes a total project consideration of up to CAD $61.5 million [4][5][9] Transaction Overview - Denison will acquire an initial project interest in the Russell Lake Uranium Project, with the transaction structured into four joint ventures [4][5][8] - The total consideration includes CAD $21.5 million in cash or share payments and up to CAD $40 million in expenditures over seven years for Denison to earn between 20% and 70% ownership [5][9] - The agreement includes an upfront payment of CAD $2 million and deferred payments totaling CAD $16 million [9][10] Project Structure - The Russell Lake Project will be divided into four joint ventures: Russell Lake (80% Skyharbour, 20% Denison), Getty East (70% Skyharbour, 30% Denison), Wheeler North (51% Skyharbour, 49% Denison), and Wheeler River Inlier Claims (30% Skyharbour, 70% Denison) [5][8][18] - Denison has committed to a minimum of CAD $4 million in exploration expenditures over the first two years for Wheeler North and Getty East [5][6] Strategic Importance - The Russell Lake Project is strategically located in the Eastern Athabasca Basin, enhancing accessibility due to nearby infrastructure [4][17] - The partnership with Denison is expected to leverage their experience from the Wheeler River Project to advance exploration at Russell [4][6] Exploration Potential - The Russell Lake Project covers 73,314 hectares and hosts numerous prospective targets, including the Christie Lake, Blue Steel, and Kowalchuk areas [17][19][20] - The claims remain underexplored, presenting opportunities for new discoveries and expansion of known mineralized zones [23] Future Plans - Skyharbour will continue to operate the majority of the claims at Russell while benefiting from Denison's financial commitment to fund exploration activities through 2026 [6][18] - The company aims to maximize shareholder value through new mineral discoveries and long-term partnerships [29]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $6.3 million, a decrease from $23.7 million in the prior year period, primarily due to customer-requested capability upgrades that delayed shipments [17] - Gross profit for the quarter was $2.8 million, with a gross margin of 44%, down from $16.3 million and 68.7% in the prior year [17] - Year-to-date gross margin was 58.1%, driven by a lower proportion of drone revenue in the mix [18] - EBITDA loss improved to $5.7 million from a loss of $23.1 million in the prior year quarter [18] - Net loss was $8 million compared to a net loss of $30.3 million in Q3 2024 [18] Business Line Data and Key Metrics Changes - The drone business launched an AI-capable version of the RQ-35 Heidrun, enhancing its capabilities in GPS-denied operations [12] - The training division executed over $1.7 million in task orders for military training, indicating solid performance [14] - Avionics experienced stable margins despite lower revenue due to a focus on drone production [21] Market Data and Key Metrics Changes - The company has over $190 million in bookings in progress to be delivered in 2025 and 2026, reflecting strong demand across its segments [20] - The drone segment is expected to see significant growth driven by rising defense budgets and demand for autonomous ISR platforms [12] Company Strategy and Development Direction - AIRO is focused on expanding its unmanned systems portfolio through joint ventures with Nord-Drone and Bullet, aiming to enhance production capacity and technological capabilities [9][10] - The company is investing in R&D for drones and avionics while expanding its training capabilities to qualify for more military programs [27] - AIRO aims to strengthen its balance sheet and pursue growth investments across all operating segments following a successful follow-on offering that raised $89.4 million [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting customer demands despite timing-related challenges in Q3, emphasizing strong underlying demand [20] - The company expects full-year 2025 revenue to exceed 2024 revenue of $86.9 million, reflecting organic growth and not including potential contributions from joint ventures [22] - Management highlighted the importance of the Blue UAS certification for future military contracts and production scaling [36] Other Important Information - AIRO operates across nine facilities in the U.S., Canada, and Europe, with ISO 9001 and AS9100 certifications [8] - The company is actively working to source additional supply and implement multiple sources for key components to mitigate supply chain issues [21] Q&A Session Summary Question: Discussion on the $200 million orders in progress and revenue expectations for next year - Management confirmed solid visibility for orders and expects the $200 million to be delivered over the next 18 months, with a focus on expanding business development efforts in Asia-Pacific and North America [26] Question: R&D spend in Air Mobility and government support - Management indicated that approximately 17% of funding will come from internal sources, with 30%-40% from customer advances and the remainder from government funding, with 30% already confirmed [32] Question: Status of Blue UAS certification and production rates - Management noted that production rates will grow, with initial prototypes running this year, and emphasized that inbound orders from the DoD are contingent upon Blue UAS certification [39] Question: Economics of the Nord-Drone joint venture - The joint venture is structured as a 50/50 partnership, with AIRO contributing manufacturing and R&D expertise while sharing in the revenues and profits from drone sales [40]