Core Viewpoint - Nexa Resources has signed a definitive agreement to sell ten Exclusive Prospecting Licenses related to the Otavi and Namibia North projects to Midnab Resources for a total consideration of up to US$10 million, as part of its ongoing portfolio optimization strategy [1][2][3] Group 1: Transaction Details - The total consideration for the sale includes a purchase price of US$3.0 million payable at closing and additional contingent payments of up to US$7.0 million, subject to achieving certain development milestones [2] - Completion of the transaction is expected by December 31, 2025, pending customary conditions [2] Group 2: Strategic Implications - This divestment is part of Nexa's strategy to optimize its portfolio by focusing on return-generating assets and enhancing free cash flow [3] - Namibia remains a strategic region for Nexa as the company expands its copper exploration efforts beyond Latin America [3] Group 3: Company Background - Nexa Resources is a large-scale, low-cost integrated polymetallic producer, primarily focused on zinc, with over 65 years of experience in mining and smelting in Latin America [5] - The company operates four long-life underground polymetallic mines and one low-cost open pit mine, along with three smelters [5] - In 2024, Nexa was among the top five producers of mined zinc globally [6]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $19.4 million and operating cash flow of $25.5 million for Q1 2025, with production averaging 17,900 BOE per day [7][24] - A net loss of approximately $5.9 million was reported, an improvement from a net loss of $7.4 million in the prior quarter, primarily due to a noncash unrealized loss on commodity derivatives [24][27] - First quarter adjusted EBITDA decreased by approximately $2.4 million compared to the prior quarter, mainly due to higher lease operating expenses and G&A costs [24][26] Business Line Data and Key Metrics Changes - The Beta field development program has shown strong results, with the C54 well producing approximately 800 barrels of oil per day in its first 20 days [7][20] - Production at Beta has increased by approximately 35% since early 2024, with current average production rates at Beta around 5,500 gross or 4,140 net barrels of oil per day [7][12] - The company has deferred three development projects at Beta, resulting in capital savings of approximately $50 million [10][11] Market Data and Key Metrics Changes - The average daily production for Q1 2025 was approximately 17.9 MBOE per day, a decrease of 0.6 MBOE from the prior quarter, influenced by natural gas and GIL volumes affected by a gas imbalance adjustment [12][13] - The company expects total production to increase in subsequent quarters as the gas imbalance in East Texas was resolved [13] Company Strategy and Development Direction - The company remains committed to the long-term potential of the Beta field and plans to prioritize adding back Beta wells as market conditions improve [10][11] - A comprehensive review of the remaining uncommitted 2025 capital budget has been conducted, focusing on maintaining strong free cash flow and a healthy balance sheet [10][11] - The company is exploring additional cost-saving opportunities and evaluating portfolio optimization to enhance shareholder value [33][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of the Beta development program, supported by strong cash flow profiles from recent wells [31][32] - The company is focused on managing its cost structure and capital allocation prudently in light of recent commodity price fluctuations [33] Other Important Information - The company has completed three Haynesville acreage transactions since November 2024, generating $9.2 million in total proceeds while retaining a 10% working interest in over 30 gross non-operated development opportunities [9][10] - The total capital investment for Q1 was $23.1 million, with approximately 55% allocated to Beta development [16][26] Q&A Session Summary Question: What is the goal for bank debt by the end of the year? - The company aims to generate positive free cash flow and reduce debt, targeting a leverage ratio of half a turn to one turn [36] Question: What oil price is needed to resume development at Beta? - Management indicated that a better oil price, potentially in the $60 range, would facilitate the resumption of development at Beta [39] Question: Are there other portfolio optimization opportunities besides Haynesville? - The company is exploring all potential opportunities in its portfolio to create liquidity and redeploy funds into higher return projects at Beta [40]

Financial Data and Key Metrics Changes - Amplify Energy reported a net loss of approximately $5.9 million for Q1 2025, an improvement from a net loss of $7.4 million in the prior quarter, primarily due to a noncash unrealized loss on commodity derivatives [20] - Adjusted EBITDA for Q1 2025 was $19.4 million, a decrease of approximately $2.4 million compared to the previous quarter, attributed to higher lease operating expenses and G&A costs [20] - Lease operating expenses were approximately $37.4 million, reflecting a $2.3 million increase from the prior quarter [11] Business Line Data and Key Metrics Changes - Average daily production was approximately 17.9 MBOE per day, a decrease of 0.6 MBOE per day from the prior quarter, with a commodity mix of 46% oil, 16% NGLs, and 38% natural gas [9] - The Beta field production increased by approximately 35% since early 2024 due to the success of recent completions [5] - The C 54 well in the Beta field achieved an initial production rate of approximately 800 barrels of oil per day, marking it as the strongest well in the program [5][17] Market Data and Key Metrics Changes - The company monetized portions of its Haynesville acreage, generating a total of $9.2 million in net proceeds from three transactions since November 2024 [6][7] - The annual production guidance for 2025 has been adjusted to a range of 19,000 to 20,500 BOE per day due to the reduction of the capital program [11] Company Strategy and Development Direction - The company plans to temporarily defer three development projects at Beta, resulting in capital savings of approximately $50 million, while maintaining a focus on strong free cash flow and a healthy balance sheet [8] - Amplify intends to continue focusing on cost reductions and evaluating portfolio optimization opportunities to accelerate Beta development as market conditions improve [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the long-term potential of the Beta development program, citing strong results from recent wells and a commitment to maintaining a strong cash flow profile [27][28] - The company is actively monitoring market conditions and will consider adding back wells to the development program if commodity prices improve [35] Other Important Information - The company's total capital investment for Q1 was $23.1 million, with approximately 55% allocated to Beta development [12] - Amplify's liquidity at the end of Q1 was $20 million, with a net debt to last twelve months adjusted EBITDA ratio of 1.3 times [24] Q&A Session Summary Question: What is the goal for bank debt by year-end? - Management aims to generate positive free cash flow and reduce debt, targeting a leverage ratio of half a turn to one turn [31] Question: What oil price is needed to resume development at Beta? - Management indicated that a price in the sixties would be favorable for resuming development, alongside sufficient liquidity [35] Question: Are there other opportunities for portfolio optimization beyond Haynesville? - Management is exploring all potential opportunities in the portfolio to create liquidity and redeploy funds into higher return projects at Beta [36]

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 was $8,200,000, stable compared to 2024 when adjusted for accounting changes, but down 6.7% on a GAAP basis from $8,800,000 in Q1 2024 [21] - Net Operating Income (NOI) was $4,500,000, down 17% from the previous year's first quarter, primarily due to a $600,000 revenue benefit in the prior year [23] - Adjusted EBITDA was $2,700,000, down about 21% from $3,500,000 in the prior year, with an adjusted EBITDA margin of 33.4% [24] - The company maintains its 2025 revenue guidance of $37,000,000 to $40,000,000 and expects NOI to range from $23,500,000 to $25,000,000, representing year-on-year growth of 7% at the midpoint [25] Business Line Data and Key Metrics Changes - Monthly or contract parking now represents more than 35% of management contract parking revenue, providing more stable cash flow [18] - Revenue per available stall (RevPAS) was $184 per stall, slightly up from $183 in the prior year when excluding the Detroit location [22] Market Data and Key Metrics Changes - The first quarter is typically the lightest season, with adverse weather and construction impacting demand, particularly in Cincinnati [7] - Transient transactions declined compared to the prior year, but average transient rates increased, indicating pricing power despite lower volume [8] Company Strategy and Development Direction - The company is focused on converting its core portfolio into management agreements to drive increased utilization and optimize its asset portfolio by rotating out non-core assets [5][10] - A 36-month disposition program targeting approximately $100,000,000 of non-core properties is underway, with proceeds to be reinvested into higher potential income-generating assets [11] - The company is exploring additional revenue streams, including electric vehicle charging and partnerships with autonomous vehicle operators [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged seasonal headwinds and external factors that muted top-line growth but emphasized that underlying operating metrics are moving in the right direction [12] - The completion of the Cincinnati convention center renovation is expected to improve demand in the future [31] - Management remains confident in the annual plan and the trajectory of the business, despite current challenges [25] Other Important Information - The company has a cash and restricted cash balance of $16,000,000 and total debt outstanding of $214,000,000 [25] - The company is actively working on refinancing its debt to enhance flexibility and support its capital rotation strategy [16] Q&A Session Summary Question: Will the convention center remodel in Cincinnati affect the rest of the year? - Management indicated that the completion timeframe has been moved up, with an expected opening in December of this year or January of next year [31] Question: What about operating expenses in the quarter? - Management noted that security expenses have increased and some planned maintenance expenses were moved forward, but they expect these to align with guidance for the year [32] Question: Is the Renaissance Center in Detroit a drag on overall portfolio performance? - Management confirmed that the asset has moved to a revenue trough more quickly than anticipated, but redevelopment should alleviate downward pressure in the future [33][34] Question: What is the timeline for refinancing debt? - Management stated that most maturities are in 2026 and 2027, and they are working on refinancing to provide flexibility for their capital rotation strategy [36][38] Question: How sustainable are the improved contract parking demand trends? - Management indicated that transient rates are holding steady, and as downtown parking demand increases, pricing power is expected to shift towards the company [44][45] Question: Can you elaborate on the EV revenue sharing initiatives? - Management mentioned that EV charging is being implemented in several garages, but utilization will take time to build as customers need to be aware of the availability [46][47]

Financial Data and Key Metrics Changes - Net income for the first quarter was $18.7 million compared to a net loss of $5.6 million last year [7] - EBITDA increased to $91.9 million from $56.9 million year over year [7] - Adjusted EBITDA rose to $91.1 million from $56 million in the prior year [8] - Distributable cash flow was $45.7 million compared to $15.8 million last year, with adjusted DCF at $46.4 million versus $16 million [8] - TTM distribution coverage as of March 31, 2025, was 2.03x or 1.96x after factoring in distributions to preferred unitholders [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $200,000 to $187.9 million [10] - Gasoline distribution product margin rose by $4.2 million to $125.8 million, reflecting higher fuel margins [10] - Station operations product margin decreased by $4 million to $62.1 million due to sales and conversions of certain company-operated sites [10] - Wholesale segment product margin increased by $44.2 million to $93.6 million, driven by favorable market conditions [11] - Product margin from gasoline and gasoline blend stocks increased by $27.4 million to $57.1 million [11] - Product margin from distillates and other oils increased by $16.8 million to $36.5 million, aided by colder winter weather [12] Market Data and Key Metrics Changes - The first quarter experienced a 9% colder winter compared to the prior year, positively impacting the wholesale distillate business [21] - A brief period of tariffs on Canadian oil created volatility, benefiting the company, although the impact was short-lived [24] Company Strategy and Development Direction - The company is focused on optimizing terminal assets and expanding its midstream footprint to better serve customers [5] - Ongoing portfolio optimization has led to a decrease in company-operated sites, aligning with strategic goals [10] - The company aims to maintain financial discipline while pursuing organic growth and selective acquisitions [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and commitment to long-term growth for unitholders [14] - The integration of terminal assets has enhanced capacity and market opportunities [21] - Management noted that the current operating environment is dynamic, with ongoing reviews of retail business assets [18] Other Important Information - The Board increased the quarterly cash distribution on common units to $0.07 per unit, equating to $2.98 on an annualized basis [6] - The company will participate in several upcoming investor conferences [13] Q&A Session Summary Question: Opportunities in terminal acquisitions and capital repositioning - Management is continuously reviewing retail business assets and is opportunistic in capital allocation, focusing on competitive advantages and higher returns [18][20] Question: Market conditions contributing to wholesale performance - A colder winter and the integration of terminal assets contributed to strong wholesale performance, with a normalized quarter compared to the previous year [21][22] Question: Impact of tariffs on market conditions - A brief period of tariffs created volatility but had no significant ongoing impact on supply or margins; potential consumer impact on store sales is yet to be determined [24][25]

Financial Data and Key Metrics Changes - Net income for Q1 2025 was $18.7 million compared to a net loss of $5.6 million in Q1 2024 [7] - EBITDA increased to $91.9 million from $56.9 million year over year [7] - Adjusted EBITDA rose to $91.1 million from $56 million in the prior year [7] - Distributable cash flow (DCF) was $45.7 million in Q1 2025, up from $15.8 million in the prior year [7] - Adjusted DCF increased to $46.4 million compared to $16 million last year [7] - TTM distribution coverage as of March 31, 2025, was 2.03x, or 1.96x after factoring in distributions to preferred unitholders [9] Business Line Data and Key Metrics Changes - GDSO product margin increased by $200,000 to $187.9 million in the quarter [10] - Gasoline distribution product margin rose by $4.2 million to $125.8 million, reflecting higher fuel margins [10] - Station operations product margin decreased by $4 million to $62.1 million due to sales and conversions of certain company-operated sites [10] - Wholesale segment product margin increased by $44.2 million to $93.6 million, driven by favorable market conditions [11] - Product margin from gasoline and gasoline blend stocks increased by $27.4 million to $57.1 million [11] - Product margin from distillates and other oils rose by $16.8 million to $36.5 million, aided by colder winter weather [12] Market Data and Key Metrics Changes - The Northeast experienced a colder winter, which positively impacted the wholesale distillate business [20] - Market conditions were favorable due to the integration of terminal assets, allowing the company to capitalize on market opportunities [20] - A brief period of tariffs on Canadian oil created volatility that benefited the company, although it was short-lived [23] Company Strategy and Development Direction - The company is focused on optimizing terminal assets and maintaining financial discipline while pursuing organic growth and selective acquisitions [6] - The strategy includes continuous review of retail business and assets to maximize operational efficiency [18] - The company aims to leverage its scale and integrated model to navigate disruptions and find opportunities [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and commitment to delivering long-term growth for unitholders [14] - The company is optimistic about its ability to adapt to market conditions and capitalize on opportunities as they arise [14] Other Important Information - The Board increased the quarterly cash distribution on common units to $0.07 per unit, equating to $2.98 on an annualized basis [6] - Upcoming participation in several investor conferences was announced, including the EIC's Annual Energy Infrastructure Investor Conference [13] Q&A Session Summary Question: Discussion on GDSO and terminal opportunities - Management indicated ongoing reviews of retail business and asset optimization, emphasizing opportunistic approaches to acquisitions [18] Question: Market conditions contributing to wholesale performance - Management noted favorable market conditions, including a colder winter and the integration of terminal assets, which enhanced capacity and market opportunities [20] Question: Impact of tariffs on market conditions - Management clarified that the impact of tariffs was brief and did not significantly affect supply or margins, though it may influence store sales in the future [23]

Core Insights - The article emphasizes the importance of quantitative research, financial modeling, and risk management in identifying high-growth investment opportunities [1] - It highlights the significance of combining risk management with long-term value creation in investment strategies [1] Group 1: Expertise and Experience - The company has over 20 years of experience in equity valuation, market trends, and portfolio optimization [1] - Previous leadership roles include Vice President at Barclays, focusing on model validation and stress testing [1] - The expertise encompasses both fundamental and technical analysis, utilizing data-driven insights to assess market dynamics [1] Group 2: Investment Approach - The investment approach prioritizes risk management alongside long-term value creation [1] - There is a strong interest in macroeconomic trends, corporate earnings, and financial statement analysis [1]

Financial Data and Key Metrics Changes - Normalized FFO for Q1 2025 was $10.8 million or $0.07 per share, down from $0.13 per share in the prior year quarter [24] - Adjusted EBITDAre increased slightly year over year to $115.8 million [24] - Comparable hotel RevPAR grew by 2.6% year over year, with GOP and adjusted hotel EBITDA declining year over year primarily due to renovations and increased costs [6][10] Business Line Data and Key Metrics Changes - Comparable hotel RevPAR growth was supported by occupancy and ADR gains, with full-service hotels reporting a 1.9% increase in RevPAR [10] - Select service portfolio saw exceptional growth with RevPAR up 10.6% year over year, driven by occupancy growth [11] - Extended stay portfolio's RevPAR was flat due to a decline in occupancy, impacted by renovation activities [11] Market Data and Key Metrics Changes - The lodging portfolio experienced a softening in RevPAR as the quarter progressed, influenced by reduced government and international travel [8] - Group revenue pace increased by 6.5% year over year, indicating strong demand despite overall market challenges [35] Company Strategy and Development Direction - The company plans to sell 123 hotels in 2025 with estimated proceeds of $1.1 billion to strengthen the balance sheet and reinvest in growth opportunities [9][14] - A strategic shift towards increasing net lease exposure is anticipated, with a target of 54% net lease properties and 46% lodging assets [16] - The company aims to optimize its portfolio through asset sales and reinvestment in high-potential hotels [12] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing macroeconomic uncertainties but expressed confidence in the portfolio optimization initiatives and durable cash flows from net lease assets [16] - The company expects challenges in the travel and lodging industries to affect key segments like government and leisure travel [27] - Future performance is anticipated to improve as renovations complete and group revenue continues to grow [35] Other Important Information - The company is under contract to sell four hotels from a previously launched portfolio, with expected proceeds of $26.5 million [13] - The net lease portfolio remains nearly 98% leased, with a weighted average lease term of eight years, providing steady cash flow [18] Q&A Session Summary Question: Can you walk us through the RevPAR trends in the quarter? - Management indicated that RevPAR started strong in January but decelerated towards March, with preliminary April numbers showing a decrease of 1% year over year [32][33] Question: What is the impact of international and government business on demand? - Approximately 30% of the portfolio is in top markets affected by international travel, with a modest decrease in government business noted [34][35] Question: How confident is the company in completing hotel sales at the expected price? - Management expressed confidence due to a robust selection process and strong buyer interest, with transactions expected to occur in phases [36][38] Question: Will the company continue to have hotel exposure in the future? - Management confirmed that while the focus is shifting towards net lease properties, hotel exposure will remain part of the strategy [41][43] Question: What caused the shift in timing for hotel dispositions? - The shift was attributed to the diligence process associated with larger portfolios, rather than broader market concerns [61][62] Question: How is the CapEx program being managed in light of potential tariff impacts? - The company is monitoring costs and sourcing strategies to mitigate potential impacts from tariffs on capital expenditures [64][66] Question: What types of properties were acquired in the net lease segment? - The company acquired a car wash and a casual dining concept, with plans for further acquisitions in casual dining and QSR [76][78]

Financial Data and Key Metrics Changes - The company reported normalized FFO of $10.8 million or $0.07 per share, down from $0.13 per share in the prior year quarter [21] - Adjusted EBITDAre increased slightly year over year to $115.8 million [21] - Interest expense increased by $10.1 million compared to the prior year [21] Business Line Data and Key Metrics Changes - Comparable hotel RevPAR grew by 2.6% year over year, with GOP and adjusted hotel EBITDA declining due to renovations and increased costs [5][9] - Full service hotels reported a 1.9% increase in RevPAR, while select service portfolio saw a 10.6% increase [9][10] - Extended stay portfolio's RevPAR was flat, impacted by renovations [10] Market Data and Key Metrics Changes - The lodging portfolio experienced a slowdown in RevPAR growth as the quarter progressed, influenced by reduced government and international travel [6][30] - Group revenue pace increased by 6.5% year over year, indicating strong demand despite overall market challenges [33] Company Strategy and Development Direction - The company plans to sell 123 hotels in 2025, with estimated proceeds of $1.1 billion to strengthen the balance sheet and reinvest in growth opportunities [7][13] - A strategic shift towards increasing net lease exposure is anticipated, with a target of 54% net lease and 46% lodging assets post-disposition [14] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing macroeconomic uncertainties but expressed confidence in portfolio optimization initiatives and durable cash flows from net lease assets [14] - The company expects RevPAR for Q2 to be between $99 and $102, with adjusted hotel EBITDA projected at $69 million to $74 million [25] Other Important Information - The company is focused on capital expenditures of approximately $250 million for the year, with $120 million to $140 million allocated for maintenance capital [27] - The company has recognized an impairment on 16 hotels, with expectations of a gain on sale for the remaining hotels in the portfolio [68][70] Q&A Session Summary Question: Can you walk us through the RevPAR trends in the quarter? - Management indicated that RevPAR started strong in January but showed deceleration by March, with preliminary April numbers showing a decrease of 1% year over year [30][31] Question: What is the impact of international and government business on demand? - Approximately 30% of the portfolio is in top markets, with a modest decrease in government contracts noted [32][33] Question: How confident is the company in completing hotel sales at the expected price? - Management expressed confidence due to a robust selection process and active diligence with buyers [34][36] Question: Will the company continue to have hotel exposure in the future? - The company plans to maintain hotel exposure while increasing net lease properties, expecting performance progress on both sides [40][41] Question: What caused the shift in timing for hotel dispositions? - The shift was attributed to the diligence process associated with larger portfolios rather than broader market concerns [59][60] Question: How is the CapEx program being managed in light of potential tariff impacts? - The company is monitoring tariffs and has locked in pricing for many projects, with contingencies in place to manage costs [62][63] Question: What types of properties were acquired in the net lease segment? - The company acquired a car wash and a casual dining concept, with plans for further acquisitions in QSR and casual dining [76][78] Question: What is the outlook for the Sonesta brand in relation to the hotel portfolio? - The plan is for the hotels being sold to retain the Sonesta franchise agreements [84]

First Quarter 2025 ResultsAll amounts expressed in U.S. dollars unless otherwise indicated TORONTO , May 07, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:GOLD1)(TSX:ABX) (“Barrick” or the “Company”) today reported a solid start to the financial year, making significant headway on its long-term strategy and advancing its global portfolio of Tier One2 gold and copper assets. Net earnings per share increased 59% year-on-year to $0.27 with adjusted net earnings per share3 growing by 84% year-on-yea ...