Core Viewpoint - Azimut Exploration Inc. has entered into a subscription agreement with Centerra Gold Inc. for a private placement of 9,430,000 common shares at $0.60 per share, raising gross proceeds of $5,658,000, which will enhance Azimut's exploration capabilities in Québec [1][2]. Group 1: Investment Details - Centerra will acquire approximately 9.9% of Azimut's issued and outstanding common shares following the completion of the Offering [1]. - The Offering is expected to close on or about May 14, 2025, subject to TSX Venture Exchange approval and the execution of an investor rights agreement [3]. Group 2: Use of Proceeds - Proceeds from the Offering will be allocated for exploration work on Azimut's wholly owned properties, including the Elmer and Wabamisk projects, as well as for business development and general corporate purposes [2]. - A significant level of exploration activity is anticipated over the next 12 months, supported by partner-funded exploration at the Kukamas project [2]. Group 3: Company Overview - Azimut is recognized for its mineral exploration capabilities, holding the largest mineral exploration portfolio in Québec, focusing on gold, copper, nickel, and lithium [5]. - The Elmer Gold Project, Azimut's flagship project, has a resource estimate of 311,200 ounces indicated and 513,900 ounces inferred at a gold price of US$1,800 per ounce, indicating strong exploration potential [6]. - Azimut employs a proprietary big data analytics system, AZtechMine™, to enhance its exploration efforts and maintain a strong financial position with 85.8 million shares issued and outstanding [7].

Financial Data and Key Metrics Changes - The company reported record first quarter net revenue of $643 million and adjusted EBITDA of $245 million, reflecting strong performance despite various challenges [11][12] - The live and historical racing segment increased revenue by nearly $28 million or 11% compared to the prior year quarter [40] - The company generated $234 million or $3.15 per share of free cash flow in the first quarter [47] Business Line Data and Key Metrics Changes - The live and historical racing segment delivered record first quarter revenue and adjusted EBITDA, primarily due to the opening of new venues [39][40] - The Kentucky HRM properties increased adjusted EBITDA by $3.1 million or 6% compared to the prior year quarter [41] - The Virginia HRM properties saw a decrease in adjusted EBITDA by $2.2 million or 3% compared to the prior year quarter, impacted by weather and competition [41][43] Market Data and Key Metrics Changes - The Northern Virginia HRM venues collectively contributed nearly $10 million of adjusted EBITDA during the first quarter, up nearly $4 million from the prior year quarter [41] - The company experienced meaningful sequential growth in gross gaming revenues each month of the first quarter [26] - The Terre Haute Casino Resort in Indiana delivered nearly $12 million of adjusted EBITDA in the first quarter, performing well compared to regional gaming properties [46] Company Strategy and Development Direction - The company is committed to growing the Kentucky Derby through prudent timing of capital investments, pausing a $900 million multiyear project to reassess economic conditions [16][17] - Smaller projects at Churchill Downs Racetrack, costing approximately $25 to $30 million, are expected to deliver strong shareholder returns [19][20] - The company plans to implement electronic table games in existing HRM locations by the end of 2025, focusing on regulatory and taxation challenges [34][78] Management's Comments on Operating Environment and Future Outlook - Management acknowledged increased economic uncertainty and inflation risks due to tariffs, impacting cost assessments for projects [16][17] - The leadership team expressed confidence in navigating economic cycles and maintaining growth through strategic investments [37][51] - Management remains optimistic about the upcoming Kentucky Derby, expecting results comparable to last year's record performance [35][131] Other Important Information - The company has reduced its 2025 maintenance capital projection by $10 million to $90 to $100 million [48] - A new common stock repurchase program of up to $500 million was approved, with nearly 800,000 shares repurchased in the first quarter [49][50] - The bank covenant net leverage was 4.0 times at the end of the first quarter, expected to remain stable throughout the year [50] Q&A Session Summary Question: About softness in the quarter and its acceleration - Management noted hesitancy in the lower-tiered play due to macroeconomic volatility, but consistent performance in higher-tiered segments [56][58] Question: Impact on international visitation for Derby 151 - No material change in international visitation was observed, with expectations for strong attendance [62][64] Question: Long-term growth for the Derby and capital plans - Management indicated that the NBC contract will enhance growth, with expectations for pricing power in new areas introduced [70][72] Question: Implementation of electronic table games and tax rates - The rollout will be cautious due to regulatory and taxation challenges, with a focus on gradual acceptance [78] Question: Growth opportunities at existing properties amid macro uncertainty - Management emphasized organic growth in Kentucky properties and ongoing projects in Virginia, with a focus on managing costs [91][92] Question: Trends in Virginia for existing assets - Management expressed optimism about Virginia's market potential, despite recent challenges [100][101] Question: Consumer segment trends and performance - Management highlighted the importance of customer data for managing performance, particularly in less mature properties [106][108] Question: Capital allocation and buybacks - Management indicated that capital allocation decisions will be based on where the best returns can be achieved, including potential buybacks [112][114] Question: Changes for the Derby next year - Management plans to evaluate customer feedback and adjust offerings based on data collected post-Derby [120][122] Question: Comparability of Derby performance this year versus last year - Management acknowledged macroeconomic uncertainties but remains confident in strong demand for the event [130][131]

Financial Data and Key Metrics Changes - Net revenue for Q4 2024 increased by 8.7% to $305.3 million from $280.9 million in Q4 2023, driven by volume growth from new wholesale accounts, case count growth, product cost inflation, and improved pricing in certain categories [3] - Gross profit remained relatively flat, decreasing only by 0.2% to $52.2 million for Q4 2024 compared to $52.3 million in the prior year quarter [3] Business Line Data and Key Metrics Changes - Specific business line performance details were not provided in the available content, but the overall revenue growth indicates positive trends across various segments [3] Market Data and Key Metrics Changes - No specific market data or key metrics changes were mentioned in the provided content [1][2] Company Strategy and Development Direction - The company is committed to executing comprehensive transformation initiatives aimed at reshaping its operations, with 2025 identified as a year of strategic investment [4] - Investments are being made in facilities, digital infrastructure, and operations to establish a strong foundation for future growth [4] - The company aims to capture organic growth through cross-selling and complement it with strategic mergers and acquisitions, focusing on the growing demand for authentic Asian cuisine [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in both short-term and long-term outlooks, despite acknowledging near-term challenges in the broader market environment [2][4] Other Important Information - The operational update highlighted a strong finish to 2024, reflecting the hard work of the Asia team [2] Q&A Session Summary - No specific questions and answers from the Q&A session were provided in the available content [1][2][3][4]