Core Viewpoint - Silver Bullet Mines Corp. has discovered a new potential high-grade silver/gold zone during the development of its KT Mine in Arizona, which may be an offshoot of the main KT vein or a new parallel vein [1][2]. Group 1: Discovery and Sampling - Initial sampling from the new zone yielded significant high-grade silver, with assays ranging from seven to twenty-seven ounces per ton [2]. - The newly discovered zone shows a different mineralization pattern compared to the main KT vein, indicating high-grade silver with gold rather than high-grade gold with silver [2]. Group 2: Geological Evaluation and Excavation - The geological team is developing a plan to advance the new discovery, with ongoing excavation to expose further mineralization along the vein [4]. - A vein over 200 feet in length has been identified, with a surface width of approximately 8 feet, though its relation to the main KT vein remains uncertain [4]. Group 3: Processing and Business Model - The company has removed a 200-ton bulk sample from the new zone for processing at its nearby mill, with results expected shortly [5]. - SBMI operates on a hub and spoke model, allowing for quick evaluation and advancement of new opportunities as they arise, positioning the company well to meet the growing demand for silver and gold [6]. Group 4: Ongoing Operations and Future Plans - Processing of material from the KT main zone continues, with multiple shipments of concentrate already completed and mining expected to commence soon [8]. - The company anticipates an increase in the head grade of the underground material as operations progress [8]. Group 5: Financial Developments - Recent exercises of warrants have provided the company with additional working capital, totaling 4,684,167 warrants at a strike price of $0.16 and 1,923,334 warrants at $0.17 during Q1 and Q2 of fiscal 2026 [11][12].

Financial Data and Key Metrics Changes - In Q1 2025, the company reported adjusted EBITDA of $100 million, an increase of $9 million or approximately 10% compared to the previous quarter [17] - Adjusted net income for the first quarter was $56 million, up $10 million or 20% sequentially from Q4 2024 [17] - Total debt, including finance leases, stood at $677 million, with cash and cash equivalents of $619 million as of March 31, 2025 [18] Business Line Data and Key Metrics Changes - The core regasification infrastructure business drove the strong financial results, with over 90% of estimated full-year adjusted EBITDA supported by a high-quality take-or-pay customer contract portfolio [8][17] - Operational reliability exceeded 99.9% during the quarter, reflecting the company's commitment to operational excellence [9] Market Data and Key Metrics Changes - The company is expanding its LNG terminal presence in key natural gas markets globally, with a focus on enhancing energy security and supporting a lower carbon future [5][6] - The acquisition of the integrated LNG infrastructure and power platform in Jamaica is expected to enhance long-term contract revenue and margins while diversifying geographic exposure [12][13] Company Strategy and Development Direction - The company is pursuing strategic growth catalysts, including the acquisition of the Jamaica LNG platform, which is expected to be immediately accretive to EPS and enhance operating cash flow [14][15] - The construction of a new FSRU, Hull 3407, is on track for delivery in mid-2026, with ongoing discussions regarding its deployment [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's robust business model, which is not significantly impacted by tariffs, and highlighted the strong demand for LNG imports in various markets [71][66] - The company raised its adjusted EBITDA guidance for 2025 to a range of $345 million to $365 million, excluding contributions from the Jamaica acquisition [21] Other Important Information - The company completed an equity offering of 8 million shares at $26.5 per share, raising $212 million, and closed an $800 million offering of senior unsecured notes [20] - Fitch Ratings and S&P Global Ratings assigned inaugural credit ratings of BB and BB+, respectively, reflecting the company's strong financial health [19] Q&A Session Summary Question: What are the remaining steps to close the Jamaica transaction? - Management indicated that they are well into the closing process, with routine deliverables and consents expected to be completed without major impediments [27] Question: What are the growth opportunities in Jamaica? - Management highlighted lower hanging fruit opportunities and incremental drivers for growth, emphasizing the strategic fit of the Jamaica assets [28][30] Question: Update on Hull 3407 and market dynamics? - Management confirmed serious discussions regarding Hull 3407, with intense interest from potential counterparties [32][33] Question: Impact of international gas prices on demand? - Management noted that lower LNG prices have increased interest from developing countries, leading to potential fast-track projects [93][94] Question: Updates on LNG vessel conversion plans? - Management confirmed ongoing discussions and engineering advancements for LNG vessel conversions, with plans to acquire an asset this year [75][76] Question: Update on Vietnam MOU? - Management stated ongoing discussions with PetroVietnam and a focus on enhancing the relationship, with positive momentum observed [84] Question: Maintenance and operations impact on EBITDA? - Management indicated that some overachievement in Q1 was due to timing of costs, with expectations of catch-up in subsequent quarters [87]