Core Viewpoint - Endeavour Silver Corp. reported strong growth in 2025, achieving record silver equivalent production and successfully ramping up operations at the Terronera mine [2][4]. Production Overview - Full year 2025 production included 6,486,661 silver ounces and 37,164 gold ounces, resulting in a silver equivalent production of 11.2 million ounces [1][13]. - Fourth quarter 2025 production was 2,030,206 silver ounces and 13,785 gold ounces, with silver equivalent production of 3.8 million ounces [1][12]. Q4 2025 Mine Operations - Consolidated silver production in Q4 2025 was 2,030,206 ounces, a 146% increase compared to Q4 2024, attributed to the addition of Kolpa and Terronera production [4][12]. - Consolidated gold production was 13,785 ounces, a 52% increase from Q4 2024, driven by higher output from Terronera and increased production at Guanaceví [5][12]. Terronera Mine Performance - Terronera achieved commercial production on October 1, 2025, with a throughput of 154,180 tonnes, producing 352,002 ounces of silver and 8,148 ounces of gold [6][7]. - The average grades for silver and gold during Q4 2025 were 86 g/t and 2.27 g/t, respectively, with a focus on lower-grade areas to align with production ramp-up plans [6][8]. Guanaceví and Kolpa Performance - Guanaceví's throughput was 78% higher than Q4 2024, resulting in a 22% increase in silver production despite lower grades [9][12]. - Kolpa's throughput was 198,830 tonnes, producing 631,867 ounces of silver, with average grades of 108 g/t [10][18]. Bolañitos Mine Sale - A definitive agreement was reached to sell the Bolañitos mine for $30 million in cash and $10 million in shares, with potential contingent payments based on production milestones [7][11]. Financial Highlights - The company completed a $350 million convertible notes offering, which will be used to advance the Pitarrilla project and for general corporate purposes [7][12].

Core Viewpoint - T1 Energy Inc. has announced the pricing of its public offerings, which include $140 million in convertible senior notes and approximately 28.3 million shares of common stock, aiming to raise net proceeds of approximately $264.3 million for various corporate purposes [1][2][8]. Offering Details - The Convertible Notes Offering was upsized from an initial $120 million to $140 million [1]. - The public offering price for the common stock is set at $4.95 per share [1]. - The expected closing dates for the offerings are December 15, 2025, for the common stock and December 16, 2025, for the convertible notes [3]. Financial Structure - The Convertible Notes will have a 5.25% interest rate, payable semi-annually starting June 1, 2026, and will mature on December 1, 2030 [4]. - The initial conversion rate for the Convertible Notes is 144.3001 shares per $1,000 principal amount, equating to a conversion price of approximately $6.93 per share, representing a 40% premium over the common stock offering price [5]. Use of Proceeds - The net proceeds from the offerings will be utilized for compliance with foreign entities of concern provisions, working capital, and infrastructure development for the G2_Austin facility [8]. Underwriters - Santander and J.P. Morgan are acting as joint bookrunning managers, with BTIG and Roth Capital Partners as co-managers for the offerings [9]. Company Overview - T1 Energy Inc. is focused on building an integrated U.S. supply chain for solar and battery solutions, having completed a significant transaction in December 2024 to enhance its position in the solar manufacturing sector [10].

Core Viewpoint IREN Limited has announced the pricing of $1 billion aggregate principal amount of convertible senior notes, which includes two series of notes due in 2032 and 2033, aimed at qualified institutional buyers, with the proceeds intended for various corporate purposes including repurchasing existing convertible notes and entering into capped call transactions. Group 1: Transaction Details - IREN is offering $1 billion of 0.25% convertible senior notes due 2032 and $1 billion of 1.00% convertible senior notes due 2033 [1][3] - The notes will accrue interest payable semi-annually starting June 1, 2026, with maturity dates on June 1, 2032, and June 1, 2033 [3] - The initial conversion rate for both series is 19.4553 ordinary shares per $1,000 principal amount, equating to an initial conversion price of approximately $51.40 per share, representing a 25% premium over the last reported sale price of $41.12 [3][6] Group 2: Redemption and Repurchase - Each series of notes is redeemable at IREN's option starting December 6, 2028, for the 2032 notes and December 6, 2029, for the 2033 notes, under certain conditions [4] - In the event of a "fundamental change," noteholders may require IREN to repurchase their notes for cash at the principal amount plus accrued interest [5] - IREN plans to repurchase approximately $227.7 million of existing 3.25% convertible senior notes due 2030 and approximately $316.6 million of 3.50% convertible senior notes due 2029, totaling approximately $1,632.4 million [8] Group 3: Use of Proceeds - The net proceeds from the offering are estimated to be approximately $1,973.8 million, which may increase to $2,270.0 million if additional notes are purchased [11] - Proceeds will be used to fund capped call transactions, repurchase existing convertible notes, and for general corporate purposes [12] Group 4: Capped Call Transactions - IREN has entered into capped call transactions for both series of notes, with an initial cap price of $82.24 per share, representing a 100% premium over the last reported sale price [6][15] - These transactions are designed to reduce potential dilution upon conversion of the notes and offset cash payments required in excess of the principal amount of converted notes [16] Group 5: Company Overview - IREN is a leading AI Cloud Service Provider, specializing in large-scale GPU clusters for AI training and inference, supported by a portfolio of grid-connected land and data centers in renewable-rich regions across the U.S. and Canada [22]

Core Viewpoint - Vizsla Silver Corp. has successfully closed an offering of 5.00% convertible senior unsecured notes due 2031, raising an aggregate principal amount of US$300 million, which includes an additional US$50 million from initial purchasers exercising their option [1][2]. Summary of the Offering - The offering consists of 5.00% convertible senior unsecured notes with a total principal amount of US$300 million, aimed at supporting the development of the Panuco project and other corporate purposes [1][14]. - The net proceeds from the offering are approximately US$286 million after deducting commissions and fees, providing the company with a strong financial position for exploration and development activities [6][14]. - The notes feature a cash interest coupon of 5.00% per annum, payable semi-annually, with the first payment scheduled for July 15, 2026 [6][14]. Financial Flexibility - The structure of the notes is unsecured and covenant-light, allowing the company greater financial flexibility in managing cash flows from the Panuco project [2][6]. - The annual coupon rate of 5.00% is approximately 50% lower than traditional project financing rates, reducing expected debt service obligations during the construction phase [3][6]. - The company retains the ability to settle conversions of the notes in cash, shares, or a combination, which helps mitigate shareholder dilution [14]. Strategic Growth Opportunities - The offering allows Vizsla Silver to pursue strategic growth opportunities while maintaining flexibility in the use of project cash flows for share buybacks, dividends, or acquisitions [6][14]. - The capped call transactions associated with the offering are designed to compensate for potential economic dilution upon conversion of the notes, further enhancing the company's capital-raising capabilities [2][14]. Project Development - With cash holdings approximately double the capital requirement for the Panuco project, the company is well-positioned to advance both project development and district-scale exploration [6][11]. - The initial conversion rate for the notes is set at 171.3062 common shares per US$1,000 principal amount, translating to an initial conversion price of about US$5.84 per share, which is a 25% premium to the closing price at the time of pricing [6][14].

Core Viewpoint - Vizsla Silver Corp. plans to offer convertible senior unsecured notes totaling US$250 million, with an option for an additional US$50 million, to fund exploration and development of the Panuco Project and for general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of convertible senior unsecured notes due January 15, 2031, with an interest rate payable semi-annually starting July 15, 2026 [3]. - The notes can be converted into common shares, cash, or a combination of both at the company's discretion, with specific conversion conditions prior to October 15, 2030 [3][4]. - The interest rate and initial conversion rate will be determined based on market conditions at the time of pricing [4]. Group 2: Use of Proceeds - Net proceeds from the offering will support the exploration and development of the Panuco Project, potential acquisitions, and general corporate purposes [2][7]. - A portion of the proceeds will be allocated to purchase capped call transactions to mitigate economic dilution upon conversion of the notes [5][7]. Group 3: Capped Call Transactions - The company plans to enter into cash-settled capped call transactions to cover the number of shares underlying the notes, which will help offset potential dilution [5][6]. - The capped call counterparties may engage in derivative transactions that could influence the market price of the shares or notes [6][8]. Group 4: Regulatory and Compliance - The offering is subject to necessary approvals from the Toronto Stock Exchange and NYSE American, with no assurance on the completion terms [9]. - The notes and shares will not be registered under the U.S. Securities Act and will only be offered to qualified institutional buyers [10].

Core Viewpoint - Ionis Pharmaceuticals is pricing a $700 million offering of 0.00% Convertible Senior Notes due 2030 to refinance its existing 2026 Convertible Notes, with proceeds aimed at repurchasing or repaying the 2026 notes before maturity [1][4]. Summary by Sections Offering Details - The offering consists of $700 million aggregate principal amount of Convertible Senior Notes due 2030, with an option for initial purchasers to buy an additional $70 million [1][3]. - The expected closing date for the sale of the notes is November 17, 2025, subject to customary closing conditions [1]. Financial Proceeds - Ionis estimates net proceeds from the offering to be approximately $682.8 million, or $751.2 million if the additional notes option is fully exercised [3]. - Approximately $267.6 million of the net proceeds will be used to repurchase $200 million of the 2026 Convertible Notes [4]. Conversion and Redemption Terms - The notes will not bear regular interest and will mature on December 1, 2030, unless converted, redeemed, or repurchased earlier [2]. - Holders can convert their notes under specific conditions before September 1, 2030, and at any time thereafter until maturity [5]. - The initial conversion rate is set at 10.1932 shares per $1,000 principal amount, equating to an initial conversion price of approximately $98.10 per share, representing a 35% premium over the last reported sale price of $72.67 [5]. Repurchase Transactions - Concurrently, Ionis is engaging in transactions to repurchase $200 million of the 2026 notes, which are not contingent upon the new offering [8]. - Hedged holders of the 2026 notes may unwind their hedge positions, potentially impacting the market price of Ionis' common stock [9]. Additional Information - The notes and any shares issued upon conversion have not been registered under the Securities Act and may not be offered or sold in the U.S. without registration or an exemption [10]. - Ionis has a history of innovation in RNA-targeted medicines and continues to advance its pipeline in various therapeutic areas [12].

Core Viewpoint - CleanSpark, Inc. has announced the pricing and upsize of its offering of $1.15 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2032, aimed at qualified institutional buyers under Rule 144A of the Securities Act [1][9]. Transaction Details - The initial purchasers of the Convertible Notes have a 13-day option to purchase an additional $150 million aggregate principal amount [2]. - The offering is expected to close on November 13, 2025, subject to customary closing conditions [2]. Use of Proceeds - The net proceeds from the offering are anticipated to be approximately $1.13 billion, or approximately $1.28 billion if the additional option is fully exercised [3]. - Approximately $460 million is intended for repurchasing shares of common stock, with the remaining proceeds allocated for expanding the power and land portfolio, developing data center infrastructure, repaying outstanding bitcoin-backed line of credit balances, and general corporate purposes [3]. Convertible Notes Details - The Convertible Notes will be senior unsecured obligations, maturing on February 15, 2032, and will not bear regular interest [4]. - The initial conversion rate is set at 52.1832 shares of common stock per $1,000 principal amount, equating to an initial conversion price of approximately $19.16 per share, representing a 27.50% premium over the closing price of $15.03 on November 10, 2025 [5][7]. Share Repurchases - The company has agreed to repurchase shares from certain investors in the Convertible Notes at a price equal to the $15.03 closing price per share on November 10, 2025 [8].

Core Viewpoint - Ramaco Resources, Inc. has announced the pricing of a public offering of $300 million in 0% convertible senior notes due 2031, with net proceeds expected to be approximately $290.9 million, plus an additional $45 million for over-allotments [1][8]. Group 1: Offering Details - The offering consists of $300 million aggregate principal amount of convertible senior notes, with total net proceeds of approximately $290.9 million [1]. - The underwriters have the option to purchase up to an additional $45 million in notes to cover over-allotments [1]. - No new shares of Class A common stock will be issued in this offering, and Ramaco will not receive any proceeds from the concurrent delta offering [1]. Group 2: Concurrent Delta Offering - Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC will offer shares of Class A common stock borrowed from third parties to facilitate hedging transactions for purchasers of the notes [2]. - The initial offering price for the Class A common stock is set at $24.25 per share, with subsequent sales occurring at prevailing market prices [2]. - The concurrent delta offering is scheduled to settle on November 7, 2025, and is contingent upon the completion of the notes offering [2]. Group 3: Company Overview - Ramaco Resources, Inc. operates and develops metallurgical coal in southern West Virginia and southwestern Virginia, and is also involved in producing coal, rare earth elements, and critical minerals in Wyoming [4]. - The company has four active metallurgical coal mining complexes in Central Appalachia and is developing a rare earth and coal mine near Sheridan, Wyoming [4].

Core Viewpoint - CMS Energy Corporation announced the pricing of an offering of $850 million in convertible senior notes, which was upsized from a previously announced $750 million offering, with an option for initial purchasers to buy an additional $150 million [1][2] Group 1: Offering Details - The offering consists of 3.125% convertible senior notes due in 2031, with a closing date expected on November 6, 2025, subject to customary conditions [1] - The net proceeds from the offering are expected to be approximately $839.3 million, or $987.7 million if the additional notes are fully purchased, which will be used to retire existing senior notes and for general corporate purposes [2] Group 2: Convertible Notes Characteristics - The convertible notes will be senior, unsecured obligations, maturing on May 1, 2031, with a fixed interest rate of 3.125% payable semiannually starting May 1, 2026 [3] - Holders can convert the notes under certain conditions before February 1, 2031, and at any time thereafter until maturity [4][5] - The initial conversion rate is set at 11.0360 shares per $1,000 principal amount, representing a conversion price of approximately $90.61 per share, which is a 25% premium over the last reported stock price [6] Group 3: Redemption and Repurchase Conditions - CMS Energy may not redeem the notes before May 7, 2029, but can do so thereafter if the stock price meets certain conditions [8][9] - In the event of a fundamental change, holders may require CMS Energy to repurchase the notes at 100% of the principal amount plus accrued interest [7] Group 4: Regulatory and Market Context - The offering is made to qualified institutional buyers under Rule 144A of the Securities Act, and the notes are not registered under the Securities Act [10]

Core Viewpoint - TeraWulf Inc. has announced the pricing and upsize of its offering of $900 million in 0.00% Convertible Senior Notes due 2032, aimed at funding a data center campus in Texas and general corporate purposes [1][3]. Group 1: Transaction Details - The offering consists of $900 million aggregate principal amount of Convertible Senior Notes, with a potential increase of up to $125 million if the initial purchasers exercise their option [7]. - The expected net proceeds from the offering are approximately $877.6 million, or about $999.7 million if the additional notes are fully purchased [3]. - The offering is set to close on October 31, 2025, pending customary closing conditions [7]. Group 2: Convertible Notes Characteristics - The Convertible Notes will be senior unsecured obligations, will not bear regular interest, and will mature on May 1, 2032 [4]. - The initial conversion rate is 50.1567 shares of common stock per $1,000 principal amount, equating to an initial conversion price of approximately $19.9375 per share, representing a 37.5% premium over the closing price of $14.50 on October 29, 2025 [5]. - Holders can require the company to repurchase their notes upon a fundamental change at a cash price of 100% of the principal amount plus any accrued special interest [8]. Group 3: Use of Proceeds - The net proceeds from the offering will be used to fund part of the construction costs for a data center campus in Abernathy, Texas, as well as for general corporate purposes [3]. Group 4: Company Overview - TeraWulf develops and operates environmentally sustainable, industrial-scale data center infrastructure in the U.S., focusing on high-performance computing and bitcoin mining [11].