Investment Rating - The report recommends the industry [5] Core Insights - In Q2 2025, Centrus reported total revenue of $154.5 million, a year-on-year decrease of 18% but a quarter-on-quarter increase of 111% [1] - The gross profit for Q2 2025 was $53.9 million, reflecting a year-on-year increase of 48% and a quarter-on-quarter increase of 64% [1] - The net profit for Q2 2025 was $28.9 million, a year-on-year decrease of 6% but a quarter-on-quarter increase of 6% [1] Financial Performance Summary Overall Financial Performance - Total revenue for Q2 2025 was $154.5 million, down 18% year-on-year but up 111% quarter-on-quarter [1] - Gross profit was $53.9 million, up 48% year-on-year and up 64% quarter-on-quarter [1] - Net profit was $28.9 million, down 6% year-on-year but up 6% quarter-on-quarter [1] Business Segment Performance 1. Low-Enriched Uranium Segment - Revenue for Q2 2025 was $125.7 million, down 26% year-on-year but up 145% quarter-on-quarter [2] - Gross profit for this segment was $50.7 million, up 54% year-on-year and up 63% quarter-on-quarter [2] - Sales costs decreased by 45% year-on-year to $75 million [2] 2. Technical Solutions Segment - Revenue for Q2 2025 was $28.8 million, up 48% year-on-year and up 32% quarter-on-quarter [3] - Gross profit for this segment was $3.2 million, down 9% year-on-year but up 2% quarter-on-quarter [6] Order Backlog - As of June 30, 2025, the company had an order backlog of $3.6 billion, extending to 2040 [8] - The low-enriched uranium segment accounted for approximately $2.7 billion of this backlog [8] - The technical solutions segment had an order backlog of about $900 million [8]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report indicates a significant decrease in gold and copper production and sales in Q1 2025, with gold production down 30% and copper production down 31% compared to the previous quarter [1][2] - The average realized price for gold increased by 9% quarter-over-quarter and 40% year-over-year, while copper's average realized price rose by 14% quarter-over-quarter and 17% year-over-year [2][6] - The net profit for Q1 2025 was reported at $474 million, a 52% decrease from the previous quarter but a 61% increase year-over-year [6][7] Production and Sales Summary - Gold production in Q1 2025 was 758,000 ounces (23.58 tons), a 30% decrease from the previous quarter and a 19% decrease year-over-year [1][18] - Gold sales totaled 751,000 ounces (23.36 tons), down 22% quarter-over-quarter and 17% year-over-year [1][18] - Copper production was 44,000 tons, a 31% decrease from the previous quarter but a 10% increase year-over-year [2][18] - Copper sales reached 51,000 tons, down 6% quarter-over-quarter but up 31% year-over-year [2][18] Financial Performance - Total revenue for Q1 2025 was $3.13 billion, a 14% decrease from the previous quarter but a 14% increase year-over-year [6][18] - The cost of sales was $1.785 billion, down 11% quarter-over-quarter and 8% year-over-year [6][18] - Adjusted net earnings for Q1 2025 were $603 million, a 24% decrease from the previous quarter but an 81% increase year-over-year [7][18] Key Business Developments - The Loulo-Gounkoto project was temporarily suspended due to operational disputes and restrictions on gold transportation imposed by the Malian government [8][9] - Barrick announced the sale of its 50% stake in the Donlin gold project for $1 billion, with the transaction expected to close in Q2 or Q3 2025 [10] - The company changed its name from Barrick Gold Corporation to Barrick Mining Corporation, effective May 6, 2025 [11] - A new stock buyback plan was approved, allowing for the repurchase of up to $1 billion in common shares over the next 12 months [12] 2025 Guidance - Excluding Loulo-Gounkoto, gold production is expected to be between 3.15 million and 3.50 million ounces in 2025 [13][20] - The company maintains its cost guidance for gold, with total cash costs projected between $1,050 and $1,130 per ounce [15][20] - Copper production is anticipated to be between 200,000 and 230,000 tons in 2025 [16][20]