Key Takeaways AEM is progressing growth projects like Odyssey, Detour Lake, Hope Bay and San Nicolas.Agnico Eagle's strong portfolio of projects is set to shape its next phase of production strength.AEM's 2025 and 2026 EPS estimates imply 83.7% and 21.1% growth, with estimates moving higher.Agnico Eagle Mines Limited (AEM) is advancing its growth initiatives, which are expected to drive increases in production and cash flow. Its solid liquidity and healthy cash generation enable the company to sustain a str ...

Core Insights - Kinross Gold Corporation (KGC) has a strong production profile and a promising pipeline of exploration and development projects that are expected to enhance output and cash flow, unlocking significant value [1][4] Group 1: Project Developments - KGC is advancing its Great Bear Advanced Exploration program, having completed key infrastructure and progressing with detailed engineering for the Main Project [2] - At Round Mountain Phase X, underground drilling confirmed strong grades in primary target zones during the third quarter [2] - Drilling at the Curlew basin continues to show high-grade intercepts, supporting high-margin production [3] - The Lobo-Marte project in Chile is progressing studies for the Environmental Impact Assessment, aiming to develop a long-life, low-cost mine [3] Group 2: Financial Performance - KGC's shares have increased by 180.9% year to date, outperforming the Zacks Mining – Gold industry's rise of 115.1%, largely due to a rally in gold prices [7] - The Zacks Consensus Estimate for KGC's earnings in 2025 and 2026 indicates year-over-year increases of 139.7% and 23.7%, respectively, with EPS estimates trending higher over the past 60 days [9] - KGC is currently trading at a forward 12-month earnings multiple of 13.14, which is a 6.5% premium to the industry average of 12.34X [10] Group 3: Competitive Landscape - Among peers, Agnico Eagle Mines Limited (AEM) is executing growth projects that are expected to enhance production, supported by strong liquidity and cash flows [5] - Barrick Mining Corporation (B) is also on track with high-return growth projects, including Goldrush and the Pueblo Viejo plant expansion, which are advancing on schedule and within budget [6]

Financial Data and Key Metrics Changes - Gold production in Q3 totaled 73,236 ounces, a 25% increase over Q2, bringing total production for the first nine months of 2025 to 187,000 ounces, tracking the midpoint of full-year guidance of 230,000 to 270,000 ounces [2][3] - Gold revenue for Q3 was $253 million, up 27% over Q2, with adjusted EBITDA of $131 million for Q3 and over $350 million on a trailing twelve-month basis [3][6] - Cash balance at the end of Q3 was $418 million, an increase from $310 million in Q2, reflecting strong cash flow and proceeds from warrant exercises [6][8] - Adjusted net earnings reached $72 million or $0.36 per share, with a 36% increase in AISC margin compared to Q2 [6][7] Business Line Data and Key Metrics Changes - Segovia produced 65,500 ounces of gold in Q3, with an all-in sustaining cost margin of $121.5 million, a 39% increase compared to Q2 [10][11] - Marmato's bulk mining zone construction is progressing, with significant milestones achieved and first gold pour expected in the second half of 2026 [4][17] Market Data and Key Metrics Changes - The company is benefiting from rising gold prices, which have positively impacted revenue and margins [6][8] - The all-in sustaining cost for owner mining was $1,452 per ounce in Q3, trending towards the lower end of the company's full-year guidance [11] Company Strategy and Development Direction - The company plans to advance the Toroparu project to a pre-feasibility study over the next ten months and is also progressing the permitting process for Soto Norte [4][24] - The strategy focuses on becoming a significant gold producer by leveraging growth projects beyond Segovia and Marmato [4][29] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the ability to fund growth plans, with a strong position to deliver exceptional growth in annual gold production [3][29] - The company is committed to building on its operational and financial momentum, positioning itself for a successful 2026 and beyond [29] Other Important Information - The company completed a pre-feasibility study for Soto Norte, confirming it as one of the most attractive gold projects in the Americas, with a focus on responsible development [4][24] - The estimated cost to complete the Marmato project is $250 million, with $82 million funded by the Wheaton streaming agreement [17] Q&A Session Summary Question: Update on Segovia plant expansion - Management confirmed that the Segovia plant is currently running at about 2,500 to 2,600 tonnes per day, with expectations to reach 3,000 tonnes per day early next year [32][33] Question: Development sequencing of Toroparu and Soto Norte - Management indicated that Toroparu's pre-feasibility study will be completed in about ten months, while Soto Norte's permitting process will take about eighteen months, suggesting a sequential development approach [35][36] Question: CapEx for Marmato bulk mining zone - Management noted that a sharp increase in capital spending is expected as construction progresses, with contracts signed and mobilization of contractors underway [39]

Core Insights - Kinross Gold Corporation (KGC) has a robust production profile and a promising pipeline of exploration and development projects that are expected to enhance production and cash flow, delivering significant value [1] - Key development projects, including Great Bear in Ontario and Round Mountain Phase X in Nevada, are on track [1][2] Project Developments - KGC is advancing the Great Bear Advanced Exploration program with surface facilities construction underway and detailed engineering for key infrastructure progressing [2] - At Round Mountain Phase X, underground drilling confirmed strong grades in primary target zones during the second quarter [2] - Drilling at the Curlew basin continues to show high-grade intercepts, supporting high-margin production [3] - Progress is being made at the Lobo-Marte project in Chile, with studies supporting the Environmental Impact Assessment for this potentially long-life, low-cost mine [3] Financial Performance - KGC's strong pipeline of growth projects is expected to define its next era of production strength and profitability, positioning the company for low-cost, long-life production [4] - The company maintains solid financial health, allowing for disciplined capital spending and shareholder returns while supporting its key development pipeline [4] - KGC shares have surged 151.1% year to date, outperforming the Zacks Mining – Gold industry's rise of 112.5%, largely driven by a rally in gold prices [7][8] Earnings Estimates - The Zacks Consensus Estimate for KGC's earnings in 2025 and 2026 implies year-over-year increases of 108.8% and 6.1%, respectively, with EPS estimates trending higher over the past 60 days [9] Valuation Metrics - KGC is currently trading at a forward 12-month earnings multiple of 16.27, which is a modest 2.2% premium to the industry average of 15.92X, and carries a Value Score of B [10]

Core Viewpoint - Energy Transfer is entering a new growth phase with a significant backlog of attractive projects, which is expected to drive solid growth in the coming years [2][10]. Growth Projects - The company announced a new $5.3 billion natural gas pipeline project, the Desert Southwest pipeline, which will transport 1.5 billion cubic feet per day (Bcf/d) from the Permian to Arizona and New Mexico, expected to be completed by the end of 2029 [3]. - Phase 1 of the Hugh Brinson Pipeline, also with a capacity of 1.5 Bcf/d, is anticipated to come online by the end of 2026, with Phase 2 allowing for 2.2 Bcf/d transport from west to east and 1 Bcf/d from east to west [4]. - The company is making progress on the Lake Charles LNG project, having found a partner in MidOcean Energy and signed several offtake agreements, with plans to own about 25% of the project [4]. Financial Performance - In Q2, Energy Transfer's adjusted EBITDA grew by 3% year over year to $3.87 billion, while distributable cash flow (DCF) to partners fell by 1% to $1.96 billion [6]. - The company experienced volume increases across its systems, including an 11% rise in interstate natural gas volumes and a 10% increase in midstream gathered volumes [7]. Future Outlook - The company expects its full-year EBITDA to be at or slightly below the low end of its guidance range of $16.1 billion to $16.5 billion [8]. - Energy Transfer anticipates a mid-teens return on its growth projects, which are expected to provide a strong runway for growth in the coming years [10]. Distribution and Valuation - The company has a robust coverage ratio of 1.7 times for its Q2 distribution, with plans to grow its distribution by 3% to 5% annually [11]. - Approximately 90% of its 2025 EBITDA is expected to come from fee-based operations, contributing to a stable business model [12]. - The stock trades at a forward enterprise value (EV)-to-EBITDA multiple of 8.1 times, which is low compared to its MLP peers and historical averages [12].

Financial Data and Key Metrics Changes - First quarter 2025 net income attributable to ONEOK totaled $636 million or $1.04 per share [11] - Adjusted EBITDA for the first quarter was $1.78 billion, or $1.81 billion excluding transaction costs, driven by higher NGL and natural gas processing volumes [11][12] - The acquired EnLink and Medallion assets contributed nearly $450 million during the first quarter [12] - The company ended the quarter with no borrowings under its $3.5 billion facility and over $140 million in cash [13] Business Line Data and Key Metrics Changes - NGL volumes increased by 4% year over year, with a 15% increase in the Rocky Mountain region and an 8% increase in the Gulf Coast Permian region [17] - Refined product volumes were nearly unchanged year over year, with expectations for increased volumes in the coming months due to seasonal demand [20] - Midland crude gathered volumes were up more than 20% year over year, including contributions from the EnLink and Medallion systems [21] Market Data and Key Metrics Changes - The company is seeing increased demand for natural gas due to ongoing negotiations related to power demand for data centers and industrial demand along the Mississippi River [26] - The Oklahoma natural gas storage expansion project was completed, adding an additional 4 Bcf of working storage capacity, which is 80% committed with third-party contracts [27] Company Strategy and Development Direction - ONEOK is focused on optimizing existing assets and expanding strategically in high-growth areas like the Permian Basin [28] - The company is committed to capital discipline and maintaining a strong balance sheet, with plans to adjust capital expenditures if necessary [50][51] - The integration of acquired assets is expected to provide significant synergies and growth opportunities, with a focus on operational efficiencies and commercial alignment [12][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the evolving macroeconomic environment but expressed confidence in the company's ability to navigate through various cycles [6][10] - The company expects seasonal refined product demand and volume growth from completed capital projects to enhance results in the coming quarters [14] - Management remains optimistic about long-term fundamentals and the strength of integrated assets [28] Other Important Information - The company is nearing completion of several organic growth projects, including pipeline expansions in the Permian and Rocky Mountain regions [5] - The strategic Texas City LPG export joint venture is expected to provide customers with a fully integrated solution for their products [19] Q&A Session Summary Question: Can you elaborate on the synergies and outlook for 2025 and 2026? - Management highlighted that LNG exports and data center demand are expected to drive growth, with synergies not dependent on production volume [34][36] Question: How are producer conversations going regarding concessions? - Management indicated constructive conversations with producers, focusing on win-win solutions through bundling strategies [41] Question: How has the potential for tariffs on LPGs impacted commercialization? - Management stated that tariffs have not impacted their LPG export project or contracting approach [44] Question: How flexible can capital expenditures be if the macro environment worsens? - Management noted that they can flex down about $1 billion of their annual capital expenditures if necessary [50] Question: How much of the synergies for 2025 are already underway? - Management confirmed that a substantial amount of synergies are already in progress, with ongoing capital projects to connect systems [53][56] Question: What is the outlook for Bakken volumes? - Management indicated that low single-digit growth in Bakken volumes is expected, with confidence in recovery as winter issues subside [63] Question: How sensitive is ethane recovery to market pricing? - Management explained that ethane recovery is affected by pricing, but they have flexibility to adjust based on market conditions [66] Question: What is the outlook for the gas pipeline business? - Management expressed optimism about the natural gas pipeline segment, which performed well in Q1 and is expected to continue strong performance [98]

Financial Data and Key Metrics Changes - First quarter 2025 net income attributable to ONEOK totaled $636 million or $1.04 per share [11] - Adjusted EBITDA for the first quarter was $1.78 billion, or $1.81 billion excluding transaction costs, driven by higher NGL and natural gas processing volumes [11][12] - The acquired EnLink and Medallion assets contributed nearly $450 million during the first quarter [12] - The company ended the quarter with no borrowings under its $3.5 billion facility and over $140 million in cash [14] Business Line Data and Key Metrics Changes - NGL volumes increased 4% year over year, with a 15% increase in the Rocky Mountain Region and an 8% increase in the Gulf Coast Permian volume [17] - Refined product volumes were nearly unchanged year over year, with expectations for increased volumes in the coming months due to seasonal demand [20] - Midland crude gathered volumes were up more than 20% year over year, including contributions from EnLink and Medallion systems [21] Market Data and Key Metrics Changes - The company is experiencing increased demand for natural gas due to ongoing negotiations related to power demand for data centers and industrial needs [25] - The Oklahoma natural gas storage expansion project will add an additional four Bcf of working storage capacity, which is 80% committed with third-party contracts [26] Company Strategy and Development Direction - ONEOK is focused on optimizing existing assets and expanding strategically in high-growth areas like the Permian Basin [27] - The company is committed to capital discipline and maintaining a strong balance sheet, with plans to adjust capital expenditures if necessary [15][52] - The integration of acquired assets is expected to provide significant synergies and growth opportunities, with a focus on operational efficiencies and commercial alignment [12][78] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the evolving macroeconomic environment but believes ONEOK is structured to perform through various cycles [7][10] - The company expects seasonal refined product demand and volume growth from completed capital projects to enhance results in the coming quarters [15] - Management remains confident in the long-term fundamentals of the business, supported by a strong integrated asset base and market understanding [27] Other Important Information - The company is nearing completion of several organic growth projects, including pipeline expansions in West Texas and the Rocky Mountain region [6] - The strategic Texas City LPG export joint venture is expected to provide customers with a fully integrated solution for their products [19] Q&A Session Summary Question: Can you elaborate on the synergies and outlook for 2025 and 2026? - Management highlighted that LNG exports and increasing demand for data centers are key drivers for growth, with synergies not dependent on volume [34][36] Question: How are producer conversations going regarding concessions? - Management indicated constructive conversations with producers, focusing on win-win solutions through bundling strategies [41] Question: How has the potential for tariffs on LPGs impacted commercialization? - Management stated that tariffs have not impacted their LPG export project or contracting approach [44] Question: How flexible can capital expenditure plans be if the macro environment worsens? - Management noted that approximately $1 billion of annual capital can be flexed, with a history of successfully managing capital programs during downturns [50][52] Question: How is the Bakken region trending for the rest of the year? - Management expressed confidence in low single-digit growth in the Bakken, with expectations for improved volumes as winter issues subside [64][66] Question: What is the outlook for NGL volumes and ethane recovery? - Management confirmed that ethane rejection was in line with expectations, with increased recovery anticipated as gas prices stabilize [73][74] Question: Can you clarify the incremental EBITDA from combining the four companies? - Management confirmed that there is an expected additional $1.3 billion of incremental EBITDA realizable by 2027 from synergies and growth projects [78][84]

Financial Performance & Guidance - First quarter 2025 adjusted EBITDA was approximately $1.8 billion[25] - The company reported net income attributable to ONEOK of $636 million, or $1.04 per diluted share[26] - ONEOK reaffirmed its 2025 adjusted EBITDA guidance midpoint of $8.225 billion[12, 23] - The company anticipates >15% EPS growth in 2026 and is approaching 10% adjusted EBITDA growth[23] Segment Performance (Q1 2025 vs Q4 2024) - Natural Gas Liquids adjusted EBITDA decreased, including an $82 million decrease from unconsolidated affiliates and a $72 million decrease in transportation and storage[30] - Natural Gas Gathering and Processing adjusted EBITDA increased, including a $13 million increase due to adjusted EBITDA from EnLink[31] - Refined Products and Crude adjusted EBITDA decreased[28] - Natural Gas Pipelines adjusted EBITDA decreased, including a $264 million decrease due to the interstate natural gas pipeline divestiture in 2024[31] Operational Highlights - Natural Gas Liquids: Gulf Coast/Permian NGL raw feed throughput increased by 13% compared to the fourth quarter of 2024[37] - Refined Products and Crude: Crude oil volume shipped increased to 1,846,000 bpd in the first quarter of 2025[40] - Natural Gas Gathering and Processing: Total processed volumes reached 5,250 MMcf/d in the first quarter of 2025[45] Growth Projects & Opportunities - The company is focused on high-return organic growth projects, including expansions of the West Texas NGL Pipeline (capacity to 740,000 bpd) and Elk Creek NGL Pipeline (capacity to 435,000 bpd)[56] - ONEOK sees opportunities in natural gas pipelines driven by industrial demand growth from data centers, LNG, and ammonia facilities[52, 55]

Financial Data and Key Metrics Changes - Freeport-McMoRan generated $1.9 billion in EBITDA for Q1 2025, with expectations for improved margins and cash flows in the remaining quarters of the year [16][56] - The company anticipates a 20% increase in quarterly copper sales volumes and nearly four times the gold sales compared to Q1 levels, with unit net cash costs expected to be 30% lower on average in the remaining quarters [17][56] Business Line Data and Key Metrics Changes - Copper and gold production met expectations, with copper sales exceeding forecasts, while gold shipments were impacted by timing [15][16] - The smelter repairs are ahead of schedule, and the company is making significant progress on low-cost leach innovation projects in the US [18][41] Market Data and Key Metrics Changes - Copper prices ranged from $3.94 to $4.53 per pound on the London Metals Exchange, reaching a high of $5.22 per pound on the US COMEX exchange in March [25] - The US copper market is experiencing a premium of approximately 13% above LME prices, translating to an estimated $800 million annual financial benefit for Freeport's US copper sales [30][31] Company Strategy and Development Direction - The company aims to be a global leader in copper, focusing on large-scale copper-producing assets and a strong balance sheet to support long-term growth [9][10] - Freeport is pursuing innovative projects to enhance margins and profitability, including a target of 300 million pounds per annum from leaching initiatives by year-end 2025 [21][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundamentals of the copper market, driven by increasing demand for electrification and infrastructure investments [25][26] - The company is well-positioned to meet rising demand with a robust pipeline of projects and a focus on operational excellence [18][46] Other Important Information - The company has repurchased 2.3 million shares for approximately $80 million year-to-date, reflecting a commitment to returning cash to shareholders [19][60] - Freeport's capital expenditures are expected to be approximately $4.4 billion in 2025 and 2026, with significant investments in growth projects [57][58] Q&A Session Summary Question: Expected cost reduction or efficiency gains from the Baghdad autonomous haulage system - Management highlighted that the autonomous haulage system at Baghdad is expected to reduce staffing needs and improve efficiency, targeting an average cost of $2.50 per pound by 2027 [66][70] Question: Update on the new smelter and concentrate export permit in Indonesia - Management confirmed that they have sufficient quota to meet sales targets and expect the new smelter to ramp up to full capacity over a six-month period starting in May [74][80] Question: Feasibility of the Baghdad expansion given current economic conditions - Management is reviewing the economics of the Baghdad expansion project, considering infrastructure investments that are necessary regardless of the project's status [83][130] Question: Potential for Freeport to accumulate assets in the US - Management indicated that they are always looking for opportunities to enhance their position in the US, particularly given their existing resources and infrastructure [134][136]