Key Takeaways AEM cut long-term debt by about $400M to $196M in Q3, ending the quarter with nearly $2.2B in net cash.AEM generated roughly $1.2B in Q3 free cash flow, nearly doubling the year-ago levels on a gold price boost.AEM's 1.2% debt-to-capital ratio boosts flexibility to fund growth, exploration and shareholder returns.Agnico Eagle Mines Limited (AEM) continues to reinforce its balance sheet, highlighting its strong commitment to financial discipline. The company remains focused on paying down debt ...

Armanino Marks New Chapter for Shareholders with Annual Letter from CEO Deanna Jurgens PLEASANTON, CA / ACCESS Newswire / January 6, 2026 / Armanino Foods of Distinction, Inc. (OTCQX:AMNF) ("Armanino" or the "Company"), a leading producer and marketer of premium frozen Italian and specialty foods serving retail, foodservice, and industrial customers across North America and select international markets, today issued the following letter to shareholders from Deanna Jurgens, Chief Executive Officer.Dear Sh ...

Core Insights - The cruise sector is transitioning from survival to execution, with strong travel demand and full ships, but financial health and growth strategies are now critical for distinguishing between successful and struggling companies [1] Carnival Corporation (CCL) - Carnival is focused on improving its financial position and converting demand into consistent free cash flow, having reduced debt by over $10 billion and achieved an investment-grade leverage profile by the end of 2025 [2][4] - In 2025, Carnival reported record revenues, yields, operating income, and EBITDA, with net income exceeding $3 billion, a 60% year-over-year increase, driven by strong demand and higher ticket pricing rather than aggressive discounting [2][3] - For 2026, Carnival is about two-thirds booked at historically high prices, expecting continued yield growth supported by disciplined revenue management and unique private destinations [3] - Despite improvements, Carnival faces challenges with rising unit costs due to inflation and increased marketing spend, which may pressure margins [4] Royal Caribbean Cruises Ltd. (RCL) - Royal Caribbean is entering 2026 with strong demand and pricing momentum, with record bookings and high load factors, indicating reliance on premium offerings rather than discounts [5][6] - The company is expanding its private destination portfolio significantly, which supports yield growth and onboard spending, enhancing its competitive edge [7] - RCL maintains financial discipline with moderate capacity and yield growth, ending the quarter with leverage below 3x and nearly $7 billion in liquidity, allowing for capital returns and growth funding [8] - The company anticipates strong profit growth in 2026, with earnings likely starting with a "$17 handle" [8] Financial Performance and Valuation - The Zacks Consensus Estimate for Carnival's 2026 sales and EPS indicates year-over-year increases of 4.1% and 9.3%, respectively, with recent upward revisions in earnings estimates [10] - For Royal Caribbean, the 2026 sales and EPS estimates imply growth of 9.4% and 14.5%, respectively, with stable earnings estimates over the past month [12] - Year-to-date, Royal Caribbean's stock has risen 27.2%, outperforming the industry's 7.3% growth, while Carnival's shares have increased by 25.4% [13] - RCL trades at a forward P/E ratio of 16.45, while CCL's forward earnings multiple is 12.95, indicating differing valuations [15] Conclusion - Overall, Royal Caribbean appears to have a slight advantage over Carnival as the industry shifts from recovery to execution, with stronger pricing power and margin support due to its newer ships and premium offerings [17][19]

This presentation may contain statements that represent the Company's expectations or forward -looking projections . Such statements are subject to known or unknown risks and uncertainties of various kinds, which may cause these expectations or projections not to materialize or to differ substantially from what was expected . Furthermore, these expectations and projections are based on estimates, information, or methodologies that may be inaccurate or incorrect . These risks and uncertainties are related, a ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Core Insights - Trilogy Metals Inc. (TMQ) is maintaining financial discipline while advancing the Upper Kobuk Mineral Projects through its joint venture, Ambler Metals LLC, with expenditures of approximately $3.8 million for the first nine months of fiscal 2025 [1] - The company's financial exposure remains controlled, recording only $2.2 million as its share of Ambler Metals' loss, reflecting a disciplined capital approach [2] - Ambler Metals' spending was slightly under the planned budget of $4.0 million due to delayed hiring and lower administrative costs, allowing for continued community engagement and core project activities [3][2] Financial Performance - Trilogy's shares have surged 228.1% over the past year, significantly outperforming the industry's growth of 12.2% [6] - The company is trading at a forward price-to-earnings ratio of negative 197.28X, compared to the industry's average of 14.72X, indicating a lower valuation score [9] Peer Comparison - NioCorp Developments Ltd. is advancing its Elk Creek Project, completing its first drilling program on schedule and within budget, and is launching a second phase to improve resource quality [4] - Barrick Mining Corporation is making high-return investments in the Americas, with several growth projects progressing on schedule and within budget [5]

Core Insights - Al Pacino's financial struggles highlight the importance of financial discipline and diversification in maintaining wealth [1][2] Financial Management Strategies - Setting clear financial goals is essential to avoid mismanagement and achieve satisfaction [3][4] - A financial plan should focus on achieving specific objectives rather than merely increasing income [4] - Commitment to a financial plan is crucial, as "lifestyle creep" can threaten financial security [6]

Financial Data and Key Metrics Changes - Total consolidated revenues for Q3 2025 were $45.1 million, reflecting a 1% year-over-year increase compared to pro forma Q3 2024 [23] - Net loss attributable to common stockholders was $33.2 million, a year-over-year decline of approximately $700,000 or 2%, with a net loss per share of $2.61, improving by $3.28 per share or 56% compared to Q3 2024 [31] - Non-GAAP adjusted net loss attributable to common stockholders for Q3 was $7.2 million, representing an improvement of around $18 million or 71% versus the comparable period in 2024 [32] Business Line Data and Key Metrics Changes - Hospitality revenues declined 4% year-over-year in Q3, primarily due to lower revenues at the Tin Building and certain legacy standalone restaurants [24] - Same-store hospitality revenue rose 11%, driven by the success of the Long Club and the strong launch of Dutano [25] - Entertainment segment revenues decreased 5% year-over-year, mainly due to hosting seven fewer concerts at the Rooftop at Pier 17 compared to the prior year [26] Market Data and Key Metrics Changes - International visitation to New York City remains below pre-pandemic levels, currently at about 90% of 2019 volume, while domestic travel remains resilient [5] - Total New York City visitation is projected to reach almost 65 million visitors in 2025, surpassing 2024 levels and approaching pre-pandemic visitation levels [6] - The Manhattan office market has shown strength, with leasing activity exceeding pre-COVID levels, particularly in financial services, technology, and media industries [6] Company Strategy and Development Direction - The company aims to refine its focus and priorities to stabilize and optimize operating models, emphasizing financial discipline and thoughtful capital deployment [4] - Plans include reinvestment into existing assets to improve space utilization and drive customer engagement, while also seeking opportunistic growth in real estate-driven hospitality and entertainment platforms [5] - The company is committed to enhancing the Seaport as a cultural and experiential destination, leveraging marquee events to drive visitation and awareness [39] Management's Comments on Operating Environment and Future Outlook - Management noted that the New York City market presents a mixed picture, with challenges in international tourism but resilience in domestic travel [5] - The company is optimistic about the performance of new hospitality concepts and events, which are expected to drive customer spending and engagement [12][16] - Management expressed confidence in the sale of 250 Water Street, which is expected to positively impact cash burn and eliminate associated interest expenses [10] Other Important Information - The company completed several technology initiatives, including centralizing point-of-sale and procurement systems across hospitality businesses, enhancing financial visibility and reporting accuracy [13] - The sale of 250 Water Street is expected to close by December 15, with an increased sale price of $152 million [10] - General and administrative expenses during the quarter were $18 million, reflecting a year-over-year reduction of 2% [30] Q&A Session Summary Question: What are the biggest levers to drive profitability? - Management highlighted the importance of getting tenants open and operational, focusing on operational efficiencies, and filling remaining vacancies as key drivers for profitability [35] Question: Can you discuss the demand for prospective spaces? - Management noted strong demand for restaurant space and is focusing on finding the right partners and experiences for the community [36] Question: What is the timing for opening new tenants? - Management anticipates that velocity will pick up in the back half of the year, with several openings expected before Meow Wolf [38] Question: What are the expectations for the Tin Building's break-even in 2026? - Management stated that they are not in a position to provide forward guidance on the Tin Building's performance in 2026 but will outline plans in the next earnings call [41] Question: What are the capital expenditures expected for Q4? - Management indicated that capital expenditures for Q4 will be somewhat light, with a ramp-up expected in the first half of 2026 [45]

Core Insights - Blue Lagoon has commenced shipping mineralized material from the Dome Mountain Gold Mine, marking a significant milestone in its operational journey [1][2][3] - The company aims to establish a steady and growing cash flow through increased production and infrastructure investment [4][12] - The initial shipments consist of lower-grade material, with expectations of transitioning to higher-grade production in the coming weeks [6][7][9] Operational Progress - The company has successfully navigated the complexities of securing mining permits, commissioning the mine, and developing necessary infrastructure, including a water treatment plant [2][24] - The first shipment involves 1,000 tonnes of mineralized material, which will be processed by Nicola Mining, with anticipated revenue from gold and silver production [3][4] - Blue Lagoon plans to ramp up production and improve grades based on previous drilling results, aligning with the NI 43-101 report [8][9] Strategic Focus - The company emphasizes a long-term approach, prioritizing operational excellence, capital discipline, and sustainable growth [21][24] - Blue Lagoon has built strong relationships with stakeholders, including the Lake Babine Nation and Nicola Mining, which has provided financial support through a $2 million unsecured line of credit [19][15] - The management team is committed to maintaining a culture of perseverance and professionalism, which is reflected in low employee turnover [20] Future Plans - The company is focused on enhancing its operational foundation through initiatives such as building an on-site testing facility, optimizing processes, and expanding resource growth [31] - Blue Lagoon aims to conduct aggressive exploration programs to capitalize on data from extensive drilling conducted between 2020 and 2023 [31] - The management is exploring potential mergers and acquisitions to enhance shareholder value, while maintaining fiscal prudence [31][32] Market Context - The company is entering production at a favorable time, with gold prices near historic highs, which is expected to facilitate cash flow generation [38][39] - Blue Lagoon's journey from acquisition to production reflects a broader trend in the mining industry, where developing a mine can take decades [34][35]

Financial Data and Key Metrics Changes - Revenue for Q3 was $3.4 billion, including a $653 million revenue reversal in energy solutions due to litigation [4] - Consolidated new awards for Q3 totaled $3.3 billion, with 99% being reimbursable [4] - Adjusted EBITDA for Q3 was $161 million, compared to $124 million a year ago, and adjusted EPS was $0.68 compared to $0.51 in 2024 [17][24] - The company ended the quarter with $2.8 billion in cash and marketable securities, up $500 million from June 30 [19] Business Segment Data and Key Metrics Changes - Urban Solutions reported a profit of $61 million in Q3, with new awards totaling $1.8 billion, a significant increase from $828 million in the same period last year [5] - Energy Solutions reported a segment loss of $533 million compared to a profit of $50 million a year ago, primarily due to the $653 million court ruling [7] - Mission Solutions reported a segment profit of $34 million for Q3, down from $45 million a year ago, with new awards totaling $1.3 billion compared to $274 million a year ago [10] Market Data and Key Metrics Changes - The total backlog remains around $28 billion, with 82% being reimbursable [4] - The company anticipates significant contributions from Urban Solutions, particularly in metals and mining, and expects a Q4 award for a pharmaceutical facility [7][11] - Energy transition projects have slowed down due to market conditions, while traditional oil and gas activities are picking up [15][58] Company Strategy and Development Direction - The company is transitioning to an asset-light model with a majority reimbursable backlog, aiming for long-term growth [4] - The monetization of the NuScale investment is expected to enhance financial discipline and capital allocation [13][24] - The company is focusing on strategic relationships rather than competitive bidding for new projects, particularly in power generation and data centers [34][46] Management's Comments on Operating Environment and Future Outlook - Management noted that external factors have caused delays in new awards, impacting EBITDA growth rates [14][15] - The company expects to approach $90 billion in new awards over the four-year planning cycle ending in 2028, with most awards concentrated in 2026-2028 [14][59] - The outlook for 2026 suggests EBITDA generation may be marginally better than the guidance for 2025, with a potential shift in growth targets to 2029 [26][59] Other Important Information - The company plans to deploy an additional $800 million in share repurchases through February [23] - The anticipated payment to Santos for the court ruling will be funded from cash generated from core operations [30][54] - The company is actively pursuing opportunities in various sectors, including mining, power generation, and data centers [33][35] Q&A Session Summary Question: Insights on 2026 EBITDA expectations - Management indicated that 2026 EBITDA is expected to be marginally better than 2025, driven by growth in Urban Solutions and the resumption of work in Mexico [27][29] Question: Clarification on Energy Solutions margins - The margins in Energy Solutions, excluding Santos, showed strong performance due to the nearing completion of LNG Canada and resumption of work in Mexico [29] Question: Funding for Santos payment - The Santos payment is expected to be funded from cash on the balance sheet generated from core operations, not from NuScale proceeds [30] Question: Opportunities in power generation and data centers - The company is focusing on strategic relationships for power generation projects and is well-positioned for larger data center projects despite challenging terms in the U.S. [34][35] Question: Competitive landscape for $90 billion potential awards - The competitive set is favorable, with many projects already in progress, particularly in mining and metals, and a focus on negotiated contracts rather than competitive bidding [45][46]