Summary of Evolution Petroleum (EPM) Conference Call Company Overview - **Company Name**: Evolution Petroleum (EPM) - **Focus**: The company emphasizes sustainable dividend payments and has paid out over $130 million in dividends over the last ten years, with a current yield of approximately 9.8% [4][5][44]. Key Points Business Model and Strategy - **Non-Operated Business Model**: Evolution Petroleum operates with a lean team of 11 people, allowing for efficient management of a diversified asset portfolio [6][7]. - **Asset Diversification**: The company has expanded from a single asset in Louisiana to multiple fields across various states, including Wyoming and Texas, to mitigate risks associated with geographic and commodity concentration [9][10][12][17]. - **Acquisition Strategy**: The company focuses on acquiring long-life, low-decline production assets that are accretive to cash flow per share, which is critical for maintaining dividends [30][44]. Financial Performance - **Enterprise Value**: The current enterprise value is just under $200 million [5]. - **Dividend History**: The company has maintained a consistent dividend, raising it to 12 cents per share in September 2022, despite fluctuations in commodity prices [40][44]. - **Cash Flow Management**: The company has historically funded its growth through internally generated cash flow and has maintained low leverage, with plans to keep net leverage below 1.5 times [41][68]. Market Outlook - **Natural Gas Demand**: The U.S. is currently producing approximately 107 billion cubic feet (BCF) of natural gas per day, with projections indicating an increase in demand due to industrial growth and LNG exports [21][25][26]. - **Oil Demand Resilience**: Despite concerns about declining oil demand, the company notes that global oil demand has shown robustness, typically growing between 1% to 3% annually [26][44]. Recent Acquisitions - **SCOOPSTACK Minerals**: Recently closed a deal for minerals in the SCOOPSTACK area for approximately $17 million, which is expected to enhance cash flow without incurring significant costs [49][51]. - **Tex Mex Acquisition**: Acquired a field producing about 440 net barrels of oil equivalent (BOE) per day at an attractive discount, contributing positively to cash flow [51][52]. Risk Management - **Hedging Strategy**: The company has begun to hedge its natural gas production, currently hedging about 60% of its gas output to ensure price stability [60][61]. - **Operator Relationships**: Strong relationships with operators are crucial for the company, allowing for better insights and management of assets [35][66]. Additional Insights - **Future Growth Potential**: The company is well-positioned for future growth with a robust portfolio that can maintain dividends even in low commodity price environments, while also having significant upside potential as prices recover [74]. - **Market Conditions**: The current market environment is favorable for acquisitions, with prices not excessively high or low, allowing for strategic buying opportunities [57][58]. This summary encapsulates the key points discussed during the Evolution Petroleum conference call, highlighting the company's strategic focus, financial performance, market outlook, and recent activities.

Financial Data and Key Metrics Changes - The company achieved record earnings of $132 million or $2.1 per share for the quarter, with adjusted earnings of $119 million or $1.81 per share after accounting for discrete tax items [5][6][22] - Revenue for the quarter was a record $210 million, up 20% year-over-year, driven by a 40% increase in gold prices [19][22] - The adjusted EBITDA margin increased to 84% due to strong gold prices and stable cash G&A [6][19] - The company remains debt-free and paid a quarterly dividend of $0.45 per share [6][24] Business Line Data and Key Metrics Changes - Royalty revenue increased by about 50% year-over-year to $77 million, with strong contributions from Penasquito and Mancho [12] - Stream segment revenue was $133 million, up 8% from the previous year, with increased sales from Mount Milligan and Pueblo Viejo [12] - The overall volume was 63,900 GEOs for the quarter, contributing to the record revenue [12] Market Data and Key Metrics Changes - Gold accounted for approximately 78% of total revenue, followed by silver at 11% and copper at 7% [20] - Metal prices were a significant driver for revenue increase, with gold up 40% and silver up 17% year-over-year [19][20] Company Strategy and Development Direction - The company is positioning itself as a premier growth company through acquisitions of Sandstorm Gold and Horizon Copper, which will enhance scale, growth, and diversification [7][8] - The strategic focus remains on growth in precious metals, maintaining a strong balance sheet, and increasing dividends [9] - Recent acquisitions include a gold stream on the Kansanshi mine in Zambia, a stream and royalty interest on the Wurinza project in Ecuador, and a royalty on the Lawyers Ranch development project in British Columbia [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the Sandstorm and Horizon transactions by the fourth quarter, with constructive engagement from investors [28][29] - The company is comfortable maintaining its 2025 guidance range despite underperformance in some key assets, due to a rigorous risk-adjusted budgeting process [41] - Management acknowledged the political volatility in African jurisdictions but remains open to further investments in countries where they have had success [45][46] Other Important Information - The company expects to receive the first delivery of deferred gold consideration from the Mount Milligan cost support agreement in late third quarter or early fourth quarter [26] - The total liquidity grew to over $1.25 billion, including a fully undrawn revolving credit facility of $1 billion [24] Q&A Session Summary Question: Can you discuss the deleveraging goal post-transactions? - Management indicated that the plan is to use excess cash flow to pay down the revolver over time, balancing this with potential investment opportunities [31][32] Question: Regarding Milligan's reduced production guidance, how does this affect your 2025 guidance? - Management explained that they maintain their guidance due to a rigorous budgeting process that incorporates historical performance and risk adjustments [36][41] Question: Are you maxed out on African exposure with the Kansanshi acquisition? - Management stated they are comfortable with their current African investments and would consider additional opportunities if the countries are deemed stable [44][46] Question: Is there any consideration for a share buyback given recent share performance? - Management emphasized that the focus will be on debt repayment before considering a buyback [48] Question: Can you provide an update on the timing of the Sandstorm transaction? - Management confirmed they will file the preliminary proxy with the SEC soon, targeting a fourth-quarter closing [51][52]

Financial Data and Key Metrics Changes - Ore Royalty earned 19,700 GEOs in Q2 2025, a modest increase from Q1, on track to meet the full year guidance of 80,000 to 88,000 GEOs [3] - Quarterly revenues reached $60.4 million, an increase compared to the same period last year, driven by higher commodity prices [6] - Net earnings improved to $0.17 per basic common share, a significant year-over-year improvement from a loss in the previous year [6] - Cash flow per share increased to $0.27 from $0.21 in Q2 of last year, and adjusted earnings rose to $0.18 from $0.13 [6] - The company ended Q2 with $49.6 million in cash and achieved a net cash position for the first time in several years [4] Business Line Data and Key Metrics Changes - Over 93% of GEOs earned came from precious metals, with a modest increase in copper contribution primarily from the CSA mine [6][7] - Canadian Malartic had a strong quarter, with expectations for continued performance in the second half of the year [8] - Mantos Blancos production was flat year-over-year, with expectations for silver grades to improve in the second half [8][9] Market Data and Key Metrics Changes - The gold-silver ratio tightened to approximately 89:1 from highs of 105:1 earlier in the year, indicating potential leverage for investors in silver [11] - Ore Royalty's revenues were predominantly generated from Tier one mining jurisdictions, including Canada, the U.S., and Australia [12] Company Strategy and Development Direction - The company is focused on disciplined capital allocation to pursue high-quality accretive streams and royalties [30] - Ore Royalty aims to enhance its portfolio with producing assets while remaining selective about development stage royalties [37] - The company is optimistic about the potential of the second shaft at Odyssey, which could significantly increase gold production [25] Management's Comments on Operating Environment and Future Outlook - Management expects a stronger second half of 2025, with Canadian Malartic and Nandimi contributing to increased GEO sales [33][34] - The corporate development team is stretched to capacity, focusing on high-quality assets that will contribute to GEOs within the next five years [38] - The company is optimistic about the Cariboo project and its potential contributions to future revenue [51] Other Important Information - Ore Royalty declared and paid a quarterly dividend of $0.55 per share, marking its 43rd consecutive dividend [5] - The company has a total debt of just under $36 million and a net cash position of $14 million, with potential liquidity exceeding $900 million [16][30] Q&A Session Summary Question: Can you provide more color on the second half of this year and where the incremental GEO sales are coming from? - Management expects most of the increase to come from Canadian Malartic and Mantos Blancos, with additional contributions from Nandimi [33][34] Question: Is there a preference for producing versus development stage royalties? - The first preference is for accretive deals on producing assets, but the company is also looking at high-quality development assets that will contribute within five years [36][38] Question: What criteria are considered for the new five-year guidance? - Key criteria include confidence in asset contributions to GEOs, financing visibility, and social license [42][45] Question: How does the company view larger transactions in the $1 billion range? - The company is open to significant transactions if they meet economic returns for shareholders, with $900 million in available liquidity [47] Question: What is the current status of Elliott's holdings? - The last public disclosure indicates Elliott owns 2.2 million shares, with no further updates available [63][65]

Financial Data and Key Metrics Changes - Production increased by 10% quarter over quarter to 33,500 barrels of oil equivalent per day, within guidance [6] - Adjusted EBITDA grew by 9% to $35 million compared to 2024 [7] - Unrestricted cash increased to over $120 million while net debt decreased by about $15 million to under $230 million [7][11] - Total debt reduced from $393 million at year-end 2024 to $350 million at the end of 2025 [11] Business Line Data and Key Metrics Changes - Nine low-cost, low-risk workovers were performed, positively impacting production and revenue [6] - Five workovers in Mobile Bay contributed to increased production at this long-life asset [7] - Capital expenditures (CapEx) for 2025 totaled $19 million, with expectations for full-year CapEx between $34 million and $42 million [11][12] Market Data and Key Metrics Changes - SEC proved reserves reported at 123 million barrels of oil equivalent, slightly down from 127 million at year-end 2024 [15] - Approximately 44% of midyear 2025 proved reserves were liquids, with 34% crude oil and 10% NGLs, while 56% were natural gas [16] - The pre-tax PV-10 of proved reserves was flat at $1.2 billion compared to year-end 2024 [17] Company Strategy and Development Direction - The company focuses on operational excellence and maximizing production across its asset portfolio [6] - Emphasis on low-risk acquisitions of producing properties rather than high-risk drilling in the current commodity price environment [11][12] - Plans to continue enhancing shareholder value through dividends and strategic asset management [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory changes and market conditions [20] - Positive outlook for production increases in the second half of 2025, driven by workovers and new field ramp-ups [13][14] - Management highlighted the importance of maintaining liquidity and financial flexibility amid market volatility [10][11] Other Important Information - The company celebrated its 20th anniversary as a publicly listed entity on the NYSE [5] - Recent settlements with surety providers are expected to alleviate financial pressures and improve operational conditions [18][19] Q&A Session Summary Question: What actions may the administration take to incentivize production in the Gulf Of America? - Management mentioned potential lower royalties and the need to address the idle iron act, which they view as counterproductive [25][26] Question: What is driving the expected production ramp in Q3? - The COO indicated that low-cost workovers and ramping up acquired fields will contribute to increased production [30] Question: How do surety and bonding issues impact acquisition strategies and liquidity? - Management clarified that resolving these issues will positively affect M&A activity and liquidity, as previous demands were seen as collusive [34][40] Question: Can you provide details on the properties contributing to the positive reserve revisions? - Management noted that better performance from Cox assets and optimization projects in Mobile Bay contributed to the revisions [44][46]

August 2025 DIVERSIFIED OIL & GAS PRODUCER FOCUSED ON LONG TERM VALUE CREATION www.grantierra.com GENERAL ADVISORY The information contained in this presentation does not purport to be all-inclusive or contain all information that readers may require. You are encouraged to conduct your own analysis and review of Gran Tierra Energy Inc. ("Gran Tierra", "GTE", or the "Company") and of the information contained in this presentation. Without limitation, you should read the entire record of publicly filed docume ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to issue shares and pay cash for the acquisition of a 72.33% stake in ChipLink Integrated Circuit Manufacturing (Shaoxing) Co., Ltd. from 15 transaction parties [1][2] Group 1 - The company plans to issue a total of 454,009,900 shares to Shaoxing Binhai New Area ChipXing Equity Investment Fund Partnership, 181,603,960 shares to Shenzhen Yuan Zhi No. 1 Private Equity Investment Fund Partnership, and additional shares to other investors as part of the transaction [1] - The approval from the regulatory body is valid for 12 months from the date of issuance [2] - The company is required to strictly follow the application documents submitted to the Shanghai Stock Exchange for this share issuance [2] Group 2 - The company must fulfill its information disclosure obligations in a timely manner according to relevant regulations [2] - The board of directors will handle the related matters of this transaction within the stipulated timeframe and ensure compliance with legal and regulatory requirements [2]

Acquisitions Overview - Mach Natural Resources LP is entering into two definitive agreements to acquire oil and gas assets to enhance scale and add strategic multi-basin positioning[11] - The acquisitions include Sabinal Energy for a purchase price of $787 million, consisting of $325 million in cash and 32 million units[10] - The acquisitions include IKAV San Juan for a purchase price of $500 million, consisting of $200 million in cash and 21 million units[10] Pro Forma Impact - Pro forma Q1 2025 production increases to 152 mboe/d, up from Mach's standalone 81 mboe/d[13] - The acquisitions diversify the company's production mix, resulting in a pro forma liquids/gas ratio of 34%/66%[13] - The combined net acreage increases to 2,815,000 acres, including 130,000 net acres from Sabinal and 570,000 net acres from IKAV San Juan[13] Strategic Benefits - The transactions reinforce the company's commitment to financial strength by funding approximately 60% with common equity issued to sellers[15] - The acquisitions are accretive to the business, with assets being acquired at a discount to PDP PV-10[15] - The acquisitions reduce the company's base decline rate from 20% to 15%[17]

Core Insights - SSR Mining Inc. (SSRM) has become the third-largest gold producer in the U.S. following the acquisition of the Cripple Creek & Victor Gold Mine (CC&V) from Newmont Corporation (NEM) [1][5] - The CC&V mine is projected to contribute approximately 170,000 ounces of gold annually, with an expected output of 90,000-110,000 ounces for the period from March 1 to December 31, 2025 [2] - SSRM's total gold production for 2025 is anticipated to be between 320,000-380,000 ounces, including contributions from Seabee, Marigold, and CC&V [2] Company Expansion and Financial Metrics - The CC&V mine, located in Colorado, has over 1.3 million ounces of proven gold reserves and has produced more than 2.5 million ounces since Newmont's acquisition in 2015 [3] - The acquisition is expected to enhance SSRM's key per-share metrics, including NAV, gold production, mineral reserves, and free cash flow, thereby improving its investment profile [4] - SSRM now ranks behind Newmont and Barrick Mining Corporation in U.S. gold production, with Newmont projected to produce approximately 5.9 million ounces in 2025 and Barrick expecting 3.15-3.5 million ounces [5][6] Stock Performance and Valuation - Year-to-date, SSRM shares have increased by 82.4%, significantly outperforming the industry growth of 12.3% and the Basic Materials sector's rise of 11.5% [7] - SSRM is currently trading at a forward 12-month price-to-earnings multiple of 7.76X, compared to the industry average of 14.20X [9] - The consensus estimate for SSRM's earnings in 2025 is $1.25 per share, reflecting a year-over-year increase of 346%, with an estimate of $2.02 for 2026 indicating a 62% rise [10]

GATX Conference Call Summary Company Overview - GATX has been in operation for 127 years, originally starting as a railcar leasing company in 1898 and currently focusing on railcar leasing, aircraft engine leasing, and container leasing in the Netherlands [2][3] Competitive Advantages - GATX operates as a full-service operating lessor with over 800 customers in North America, providing a highly diversified fleet and maintenance services, which enhances asset knowledge and customer reliance [4] Recent Acquisition - GATX announced a joint venture with Brookfield Infrastructure Partners to acquire Wells Fargo Rail's assets, including 105,000 railcars and 400 locomotives, with GATX as the controlling partner [6][7] - The joint venture structure allows GATX to maintain financial flexibility while controlling the assets from day one [11] Financial Outlook - The acquisition is expected to be modestly accretive in the full year after closing, with more material contributions anticipated beyond that [15][17] - GATX aims to diversify its fleet further and enhance customer service through operational efficiencies [19] Market Trends - The North American railcar leasing market has seen a shift towards leasing, with class one railroads reducing ownership to about 14-15% of the total railcars [21][22] - In Europe, government initiatives are pushing for a shift from truck to rail, which is expected to drive demand for railcars [23] International Growth - India presents significant growth potential due to its industrialization and infrastructure needs, with expectations of adding 800-1,000 wagons annually [56][58] - GATX's European operations face challenges due to economic conditions, particularly in Germany, but opportunities for growth remain [52][60] Engine Leasing Business - The engine leasing segment has shown strong performance, with high utilization rates and substantial future demand for aircraft engines [62][64] - GATX plans to invest approximately $1 billion through its joint venture with Rolls Royce this year [64] Capital Allocation Strategy - GATX prioritizes capital deployment in the highest risk-adjusted return opportunities across all markets, maintaining a strong balance sheet and investment-grade credit rating [70][71] - The company has a history of returning excess capital to shareholders through dividends and share repurchases [72] Secondary Market Activity - The secondary market for railcars remains robust, with high demand and competitive bidding, allowing GATX to be selective in its purchases [38][41] Conclusion - GATX is well-positioned for growth through strategic acquisitions, a focus on operational efficiencies, and capitalizing on market trends in both North America and internationally [55][70]

Core Viewpoint - Hunan Guoke Microelectronics Co., Ltd. plans to acquire a 94.366% stake in SMIC (Ningbo) Co., Ltd. through a combination of issuing shares and cash payments, while also raising matching funds from no more than 35 qualified specific investors [1][2]. Group 1 - The company intends to purchase equity from multiple investment entities, including Ningbo Yongxin Integrated Circuit Equity Investment Co., Ltd. and others [1]. - The acquisition is part of a broader strategy to enhance the company's position in the semiconductor industry [2]. - The company will not convene a shareholders' meeting until the related audit and evaluation work is completed [2].