Core Viewpoint - Hudbay Minerals Inc. has released its annual mineral reserve and resource update, along with a new three-year production guidance, indicating a significant increase in copper and gold production driven by exploration initiatives and operational improvements [1][2]. Group 1: Mineral Reserves and Resources - Current mineral reserve estimates total 488 million tonnes at 0.24% copper, containing approximately 1.2 million tonnes of copper, with an expected mine life extending to 2040 for the Constancia operation [4][7]. - The expected mine life for Snow Lake has been extended by four years to 2041, with average annual gold production expected to be 190,000 ounces over the next three years [14][16]. - Current mineral reserves in Snow Lake total 19.6 million tonnes with approximately 1.9 million ounces of gold, reflecting a significant increase in reserves due to high-grade resource conversions [14][15]. Group 2: Production Guidance - Consolidated copper production is expected to average 147,000 tonnes per year over the next three years, a 24% increase from 2025 production levels [53]. - For 2027 and 2028, consolidated copper production is projected to average 159,000 tonnes per year, representing a 28% increase from expected 2026 production [53][54]. - Consolidated gold production is expected to average 243,000 ounces per year over the next three years, reflecting a decrease of 9% from 2025 levels due to the depletion of the high-grade Pampacancha deposit [53][55]. Group 3: Operational Improvements - The Constancia operation is expected to increase mill throughput rates to over 90,000 tonnes per day starting in the second half of 2026, supported by the installation of two pebble crushers [4][54]. - The Copper Mountain mine's production is expected to average approximately 48,000 tonnes of copper and 35,000 ounces of gold over the next three years, with operational optimization initiatives underway [47][56]. - The New Britannia mill is expected to continue operating above 2,200 tonnes per day, significantly exceeding its original design capacity, contributing to strong gold production levels [55]. Group 4: Exploration Initiatives - Hudbay is executing a large exploration program in Snow Lake, focusing on near-mine exploration to increase production and mineral reserves, as well as testing regional satellite deposits [30][31]. - The company has increased its land package in Snow Lake by over 250% through the acquisition of Rockcliff Metals Corp., enhancing its portfolio of regional deposits [33][35]. - The Talbot deposit is undergoing extensive drilling to expand its resource base and support a pre-feasibility study aimed at upgrading mineral resources to reserves [35][36]. Group 5: Project Developments - The Copper World project in Arizona is advancing towards a sanctioning decision in 2026, with Hudbay holding a 70% interest following a joint venture transaction with Mitsubishi [59][60]. - The project includes the East deposit and new deposits defined after an expanded drill program, with key state permits already received for development [60].

Core Insights - The company reported a significant financial turnaround in 2025, achieving a net income of $38.1 million in Q4 and $34.4 million for the full year, compared to a net loss in 2024 [2][7] - Higher gold prices, increased production, and strategic operational advancements contributed to the improved financial performance [1][4] Financial Performance - In Q4, the company realized gold prices of over $4,400 per ounce, leading to a gross profit of $17.4 million, more than doubling from the previous quarter [1][3] - The full-year gross profit rose to $47.6 million from $30.9 million in 2024, indicating strong operational efficiency [3] Growth Strategy - The company aims to double its precious metal production by 2030 through exploration, targeted acquisitions, and advancing multiple development projects [4][5] - The Los Azules copper project is a key focus, with a feasibility study showing an after-tax NPV of $2.9 billion at $4.35/lb copper, with potential for significant upside at current prices [6][14] Operational Developments - The company is on track with its development projects, including the Stock and Gray Fox projects, with production expected to commence in the second half of 2026 [11] - The Los Azules project has received RIGI approval, providing long-term stability and favorable tax conditions, which enhances its attractiveness for investment [13][15] Financing and Cash Flow - Management emphasizes minimizing shareholder dilution while financing growth, with improved cash generation from higher commodity prices [8][9] - The company received an $8.8 million dividend from the San José Mine, contributing to its cash position of $51 million at year-end [1][8] Market Position and M&A Strategy - The company is focused on acquiring properties adjacent to existing operations to extend mine life without incurring significant costs [18] - Current silver production is primarily from the San José mine, with potential future production from the El Gallo phase two project being evaluated [17]

Financial Performance - In Q4 2025, the company reported net revenues of $903 million, an 18% increase sequentially and a 22% increase year-over-year, driven by higher average metal prices and improved mining performance [15][5] - Adjusted EBITDA for Q4 2025 reached $300 million, reflecting a 33% margin, while full-year adjusted EBITDA was $772 million, an 8% increase compared to 2024 [15][16] - The company achieved a net income of $81 million in Q4 2025, translating to $0.38 per share, and a full-year net income of $223 million, or $1 per share [5][6] Mining Segment Performance - Zinc production in Q4 2025 reached 91,000 tons, a 9% increase from Q3 2025, with full-year production totaling 316,000 tons, meeting guidance [7][4] - The mining segment generated net revenues of $532 million in Q4 2025, with an adjusted EBITDA of $266 million, resulting in a 50% EBITDA margin [8][6] - Consolidated mining cash cost improved to negative $0.58 per pound in Q4 2025, benefiting from stronger byproduct grades [7][8] Smelting Segment Performance - Total metal sales in Q4 2025 were 142,000 tons, with full-year sales reaching 567,000 tons, in line with guidance [12][14] - The smelting segment reported net revenues of $573 million in Q4 2025, with adjusted EBITDA of $34 million, reflecting a challenging market environment [13][14] - Full-year adjusted EBITDA for the smelting segment was $113 million, corresponding to a 6% EBITDA margin [14] Strategic Developments - The Aripuanã project is a key near-term catalyst, with the fourth tailings filter installation on schedule for commissioning in the first half of 2026 [9][30] - The Cerro Pasco Integration Project aims for a life-of-mine extension of over 15 years, enhancing profitability and operational flexibility [10][30] - The company is focused on generating sustainable cash flow and maintaining a balanced capital allocation approach, including deleveraging and shareholder returns [31][30] Market Commentary - Zinc prices remained well-supported throughout 2025 due to persistent concentrate tightness and low LME inventories, with expectations for a gradual improvement in mining supply in 2026 [23][24] - Copper prices appreciated in 2025 driven by supply discipline and sustained demand, particularly from electrification [24] - Silver prices saw significant interest, with the company producing around 11 million ounces annually, enhancing its exposure to precious metals [25][26] ESG Initiatives - The company advanced its ESG strategy, focusing on renewable energy supply, operational efficiency, and community engagement [27][28] - A structured review of public ESG targets was conducted to enhance transparency and ensure alignment with operational realities [28] Q&A Session Summary Question: Impact of seasonal rains on Aripuanã production - Management confirmed that the rainy season has not significantly impacted production, with expectations to reach full capacity in the second half of the year due to the installation of the fourth filter [34][36] Question: Consideration of additional silver streaming - Management stated that while silver prices are favorable, additional silver streaming is not a current priority, as they are confident in their existing structure [40][42] Question: Update on Cerro Pasco integration project - Management indicated that Phase 2 planning is underway, with no specific date for accessing high-grade reserves at Atacocha, but drilling is ongoing [51][53] Question: Current electoral environment in Peru - Management expressed that while political noise exists, the economic context remains strong, and relationships with local communities are stable [57][59] Question: Debt repayment plans for 2026 and 2027 - Management confirmed that debt repayment remains a priority, with plans to use excess cash for dividends and debt reduction [60] Question: Details on silver and gold hedging program - Management provided details on a small portion of silver production hedged, with a floor around $52 and a cap around $84 [61]

Financial Data and Key Metrics Changes - In Q4 2025, Newmont generated $2.8 billion in free cash flow, contributing to a total of $7.3 billion for the full year, marking record earnings and free cash flow on both a quarterly and annual basis [9] - The company achieved a 4% increase in its quarterly common dividend, reflecting a commitment to enhance shareholder returns [7] - General and Administrative (G&A) costs were improved by $100 million, equating to a 21% improvement for 2026 [9] Business Line Data and Key Metrics Changes - Newmont produced 5.7 million ounces of gold, 28 million ounces of silver, and 135,000 tons of copper from its core portfolio in 2025 [8] - The company achieved commercial production at Ahafo North, contributing over 300,000 ounces of gold production in 2025 [9] Market Data and Key Metrics Changes - The gold reserve base stands at 180 million ounces, with an additional 149 million ounces of gold resource, representing approximately 40 years of production life [12] - The reserve price assumption for 2025 was increased from $1,700 per ounce to $2,000 per ounce, remaining conservative compared to the three-year trailing average [12][13] Company Strategy and Development Direction - Newmont's strategy focuses on safety, efficiency, operational consistency, and enhancing shareholder returns through predictable capital returns [4][5] - The company is advancing a mine life extension program at Lihir and completing a feasibility study for the Red Chris block cave [11] - The capital allocation framework prioritizes sustaining capital and dividends, with excess cash allocated to share repurchases [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a volatile macroeconomic environment while focusing on disciplined investment and long-term value creation [38] - The company anticipates a production trough in 2026 due to planned mine sequencing, with a return to growth expected in 2027 [25][31] Other Important Information - An investigation is underway following a fatal incident at the Tanami operation, emphasizing the company's commitment to safety [8] - Newmont's exploration program is focused on near-mine and brownfields opportunities, with promising results at Brucejack and Ahafo South [16][18] Q&A Session Summary Question: CapEx and potential upside through Red Chris and Merian - Management confirmed that capital guidance remains at $1.1 billion for sustaining capital and $1.3 billion for development capital, with updates on Red Chris expected later in the year [41][43] Question: Long-term growth targets of six million ounces - Management indicated that better guidance on achieving the six million ounces target will be provided towards the end of the year [49] Question: M&A views and current gold price environment - Management expressed satisfaction with the current asset portfolio and emphasized a disciplined approach to evaluating potential M&A opportunities [51] Question: Capital allocation and buyback commitments - Management confirmed that excess cash would be returned to shareholders through buybacks, with a disciplined approach to capital allocation [54][55] Question: Nevada Gold Mines performance and maximizing shareholder value - Management highlighted ongoing discussions with JV partners to improve performance and maximize shareholder value [60][61] Question: Cost guidance and inflation drivers - Management noted that costs attributable to sales have remained constant year on year, with significant cost savings initiatives contributing to a $100 per ounce reduction in costs [72][74]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved record earnings and free cash flow, generating $2.8 billion in free cash flow for the quarter and $7.3 billion for the full year [7] - The company returned $3.4 billion to shareholders through dividends and share repurchases [7] - The quarterly common dividend was increased by 4%, reflecting a commitment to enhance shareholder returns [5] Business Line Data and Key Metrics Changes - The company produced 5.7 million ounces of gold, 28 million ounces of silver, and 135,000 tons of copper from its core portfolio in 2025 [6] - General and administrative (G&A) costs were improved by $100 million, equating to a 21% improvement for 2026 [7] Market Data and Key Metrics Changes - The gold reserve base stands at 180 million ounces, with an additional 149 million ounces of gold resource, representing approximately 40 years of production life [10] - The reserve price assumption for 2025 was increased from $1,700 per ounce to $2,000 per ounce, remaining conservative compared to market averages [11] Company Strategy and Development Direction - The company is focused on safety, efficiency, operational consistency, and enhancing shareholder returns through a disciplined capital allocation framework [4][5] - The strategy includes advancing value-accretive growth options, such as mine life extension programs and feasibility studies for new projects [9][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a volatile macroeconomic environment while maintaining a disciplined approach to investment [36] - The company anticipates a production trough in 2026 due to planned mine sequencing, with a return to growth expected in 2027 [23] Other Important Information - An investigation is underway following a tragic incident at the Tanami operation, emphasizing the company's commitment to safety [6] - The company is actively pursuing exploration opportunities, particularly at Brucejack and Ahafo South, which are expected to yield significant new reserves [15][16] Q&A Session Summary Question: CapEx and potential upside through Red Chris and Merian - Management confirmed that they are on track to provide more details on the Red Chris project in the second half of the year and emphasized disciplined capital allocation [40][42] Question: Long-term growth targets of 6 million ounces - Management indicated that they will provide better guidance on the long-term growth profile towards the end of the year [48] Question: M&A views in the current gold price environment - Management stated they are satisfied with their current portfolio and will evaluate any value-accretive opportunities in a disciplined manner [50] Question: Capital allocation and buyback commitments - Management confirmed that excess cash would be returned to shareholders through buybacks, with a disciplined approach to maintaining a resilient balance sheet [53][54] Question: Tanami expansion costs and timeline - Management assured that they are on track to meet the projected costs for the Tanami expansion project [77] Question: Debottlenecking and brownfield expansion opportunities - Management acknowledged the importance of evaluating short-term opportunities with low capital investment and highlighted several potential projects for expansion [88][90]

Financial Data and Key Metrics Changes - In 2025, the company produced just over 2 million ounces of gold, achieving a 66% increase in margins compared to a 43% increase in gold prices, resulting in record free cash flow generation of $769 million in Q4 and $2.5 billion for the full year [3][4] - The cost of sales for Q4 was $1,289 per ounce, with all-in sustaining costs at $1,825 per ounce, which were higher than the previous quarter due to increased gold prices and lower planned production [10][11] - Full-year cost of sales was $1,135 per ounce, and all-in sustaining costs were $1,571 per ounce, in line with guidance despite higher royalties [11][12] Business Line Data and Key Metrics Changes - Tasiast and Paracatu mines accounted for approximately 1.1 million ounces of production in 2025, with Paracatu exceeding 600,000 ounces and Tasiast being the highest margin operation [4][20] - La Coipa met full-year production guidance, while U.S. assets collectively produced 676,000 ounces at a cost of sales of $1,426 per ounce [22][23] Market Data and Key Metrics Changes - The company expects production to remain around 2 million ounces through the end of the decade, supported by higher-grade mining at Tasiast and new U.S. projects [7][8] - Cost inflation is anticipated, primarily due to higher royalties and inflation, with guidance for 2026 set at $1,360 per ounce for cost of sales and $1,730 per ounce for all-in sustaining costs [14][15] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, targeting to return approximately 40% of free cash flow to shareholders through dividends and share repurchases [17] - Three high-quality organic growth projects are under construction to extend mine life and enhance long-term costs, demonstrating compelling economics [5][28] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed a stable multi-year production profile, with expectations of production at 2 million ounces for 2026 and 2027, and a new projection of 2 million ounces for 2028 [7][16] - The outlook for the business remains robust, with a commitment to sustainability and responsible mining practices [8][44] Other Important Information - The company ended 2025 with approximately $1 billion in net cash and received a credit rating upgrade from Moody's to Baa2 [12][13] - Sustainability initiatives included a 1.5% reduction in greenhouse gas emissions and support for health clinics in Mauritania [9] Q&A Session Summary Question: On Great Bear, the One Project One Process designation - Management expressed satisfaction with the designation, which streamlines provincial permitting and enhances relationships with the provincial government, facilitating project progress [49][50] Question: 2026 cost guidance breakdown - The increase in all-in sustaining costs is primarily due to higher royalties and inflation, with a 10% overall increase expected [52][53] Question: Capital allocation and cash returns - The company plans to return capital primarily through buybacks, with a focus on maintaining a strong balance sheet while reinvesting in the business [58][59] Question: Labor contract renewals - Ongoing negotiations for the Paracatu contract are underway, with inflation impacts varying by country [82][86] Question: Update on Great Bear - Future updates will focus on permitting milestones and project progress rather than a specific technical study [88]

Core Viewpoint - Hemlo Mining Corp. is launching a significant 130,000 metre exploration drilling program at the Hemlo Gold Mine, aimed at extending mine life, de-risking the near-term mine plan, and exploring broader growth potential in a favorable gold price environment [3][4][5]. Drilling Program Breakdown - The 2026 exploration drilling program consists of three main components: - Resource Conversion Drilling (70,000 metres) to convert Inferred mineral resources to Indicated classification [5][8]. - High-Definition Drilling (30,000 metres) to enhance geological confidence and operational predictability for the short-term mine plan [5][11]. - Growth Drilling (30,000 metres) to test new mineralized zones outside the current resource footprint [5][12]. Mineral Resources and Reserves - The Hemlo Mine has Probable mineral reserves of 2,321 koz of contained gold, with Measured and Indicated mineral resources of 3,626 koz [6][7]. - The after-tax NPV5% of the mine is approximately US$1.1 billion based on a long-term gold price of US$2,610/oz, potentially increasing to US$1.6 billion under higher price assumptions [7][20]. Program Context - The drilling program is positioned as a disciplined investment to support future technical studies and mine life extension, leveraging the current favorable gold price environment [4][3]. Target Areas for Drilling - Key target areas include: - C-Zone and E-Zone for resource conversion drilling [8][17]. - B-Zone Footwall for potential extensions of mineralization [14][15]. - South Rim and Highway Zone for testing continuity and potential resource delineation [16][18]. Future Plans - The results from the 2026 drilling program are expected to form the basis for an updated technical report, anticipated in H2 2027 [5][29].

Core Viewpoint - McEwen Inc. is focusing on advancing three key areas at its Gold Bar Mine Complex in Nevada—Lookout Mountain, Windfall, and Unity Ridge—to increase resources, extend mine life, and potentially boost annual gold production. The integration of these areas is expected to transform the Gold Bar Mine Complex into a long-life asset [1][2]. Group 1: Lookout Mountain - The drilling program at Lookout Mountain aimed to convert Inferred Resources into Measured and Indicated categories and to obtain samples for metallurgical testing [3]. - The 2025 drilling program at Lookout Mountain has been completed, with plans to publish an updated resource estimate alongside year-end financials and to advance engineering work for production [4]. - Lookout Mountain's resource estimate includes 423,000 ounces of gold in the Measured and Indicated categories from 23,423,000 tonnes grading 0.56 grams per tonne [5]. Group 2: Windfall - A resource estimate for Windfall is scheduled for next year, with recent results indicating excellent continuity of near-surface oxide gold mineralization along a 1.6-kilometer section of the Windfall fault zone [8]. - New near-surface oxide results from Windfall show significant gold grades, including 4.6 grams per tonne over 26.7 meters in drillhole WF055 [9]. - The exploration program for Windfall will continue in 2026, focusing on higher-grade areas and advancing towards production [10]. Group 3: Unity Ridge - At Unity Ridge, the company is evaluating the potential to merge three existing open pits into one larger mining area to increase gold resources and extend mine life [11]. - Recent drill results from Unity Ridge have intersected oxide gold mineralization, with notable results including 3.6 grams per tonne over 48.8 meters in drillhole GB660 [12]. - The focus for Unity Ridge in 2026 will be on confirming gold grades and widths from historical drilling and estimating the amount of oxide gold mineralization that could be leached [14].

Financial Data and Key Metrics Changes - The company reported record earnings of $127 million, or $1.92 per share, with adjusted earnings reaching $136 million, or $2.06 per share after accounting for non-recurring costs [5][19] - Revenue for the quarter was a record $252 million, up 30% year-over-year, driven by a 40% increase in gold prices, a 34% increase in silver prices, and a 6% increase in copper prices [17][19] - Adjusted EBITDA margin remained over 80% for the quarter, supported by stable cash G&A expenses [5][19] Business Line Data and Key Metrics Changes - Royalty revenue increased by approximately 41% year-over-year to $86 million, with strong contributions from Peñasquito, Cortez CC Zone, LaRonde Zone 5, and Voisey's Bay [9] - Stream segment revenue rose by about 25% to $166 million, with increased sales from Andacollo, Rainy River, Mt. Milligan, Comacal, and Wasa, partially offset by lower sales from Xavantina [9] Market Data and Key Metrics Changes - Gold accounted for about 78% of total revenue, followed by silver at 12% and copper at 7% [17] - The company has the highest gold revenue percentage compared to large-cap peers in the royalty and streaming sector [17] Company Strategy and Development Direction - The company aims to diversify its portfolio and has added significant assets through recent acquisitions, including the Goldstream transaction with First Quantum and the acquisitions of Sandstorm Gold and Horizon Copper [6][28] - The management emphasized the importance of communicating the value of the expanded portfolio to the market [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to repay debt by mid-2027 under current metal prices, despite the increased debt level [34][35] - The company plans to maintain its 2025 guidance ranges for metal sales, DD&A, and effective tax rate, excluding contributions from recent acquisitions [20] Other Important Information - The company received the first tranche of gold as part of the Mt. Milligan cost support agreement, which is expected to enhance cash flow [24][25] - The company is actively looking for new investment opportunities, although the focus remains on managing existing debt [90] Q&A Session Summary Question: Can you elaborate on the delivery mechanisms for the Constantian stream? - Management clarified that the delay in expected ounces is due to timing and not a production shortfall, with the ounces expected to be delivered in 2026 [31][32] Question: How comfortable is the company with the current debt level? - Management expressed comfort with the debt level, indicating that pro forma leverage would be between 1 and 1.5 on a net debt to EBITDA basis [34][35] Question: What are the plans for dividend increases and share buybacks? - Management indicated that the board will consider dividend increases in November, emphasizing a commitment to maintaining a record of increasing dividends [70] - Share buybacks are being considered but will depend on market conditions and the company's valuation [71] Question: When will the company provide guidance for 2026? - Management confirmed that 2026 guidance will be discussed during the investor day planned for late March [74] Question: Will the company benefit from processing stockpiles at Xavantina? - Management confirmed that any gold production from processing stockpiles would flow through to the company's interest [76] Question: Is there a potential for inclusion in the S&P 500 following recent transactions? - Management noted that while the transactions enhance the company's profile, it still has a way to go to meet the minimum market capitalization required for S&P 500 inclusion [103]

Financial Data and Key Metrics Changes - The company reported record earnings of $127 million, or $1.92 per share, with adjusted net income reaching a record $136 million, or $2.06 per share after accounting for non-recurring costs [5][19] - Revenue for the third quarter was a record $252 million, up 30% year-over-year, driven by a 40% increase in gold prices, a 34% increase in silver prices, and a 6% increase in copper prices [17][19] - Adjusted EBITDA margin remained over 80% for the quarter, supported by stable cash G&A expenses [5][19] Business Line Data and Key Metrics Changes - Royalty revenue increased by approximately 41% year-over-year to $86 million, with strong contributions from Peñasquito, Cortez CC Zone, LaRonde Zone 5, and Voisey's Bay [9] - Stream segment revenue rose by about 25% to $166 million, with increased sales from Andacollo, Rainy River, Mt. Milligan, Khoemacau, and Wassa, partially offset by lower sales from Xavantina [9][17] Market Data and Key Metrics Changes - Gold accounted for approximately 78% of total revenue, followed by silver at 12% and copper at 7% [17] - The company has the highest gold revenue percentage compared to large-cap peers in the royalty and streaming sector [17] Company Strategy and Development Direction - The company aims to diversify its portfolio and has added significant assets through recent acquisitions, including the Goldstream transaction with First Quantum and the acquisition of Sandstorm Gold and Horizon Copper [6][28] - The strategic rationale for these acquisitions has resonated well with shareholders, indicating a focus on long-term growth and stability [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to repay debt by mid-2027 under current metal prices, despite the increased debt load from acquisitions [34][35] - The company plans to maintain its 2025 guidance ranges for metal sales, DD&A, and effective tax rate, excluding contributions from recent acquisitions [20][24] Other Important Information - The company received the first tranche of gold as part of the deferred gold consideration for the Mt. Milligan cost support agreement, which is expected to enhance cash flow [24][25] - The company is actively looking for new investment opportunities, although it remains cautious about the current market conditions and gold price volatility [89][90] Q&A Session Summary Question: Could you elaborate on the delivery mechanisms for the Kansanshi stream? - Management clarified that the delay in expected ounces is due to the timing of delivery mechanisms and not a production shortfall [31][32] Question: How comfortable is the company with the current debt level? - Management expressed comfort with the debt level, indicating a pro forma leverage of between 1 and 1.5 on a net debt to EBITDA basis [34][35] Question: What are the plans for dividend increases and share buybacks? - Management indicated that the board will consider dividend increases in November, emphasizing a commitment to maintaining a record of increasing dividends [70][71] - Regarding share buybacks, management prefers to assess the valuation gap before making decisions [71] Question: When can we expect guidance for 2026? - Management stated that 2026 guidance will be discussed during an investor day planned for late March [46][74] Question: Will there be a bump in the cost base for former Sandstorm assets? - Management noted that they are still finalizing the accounting treatment for the Sandstorm assets, which may affect depreciation [98] Question: Is the company still looking for new transactions? - Management confirmed that they are actively looking for new opportunities, although they are cautious about the scale of potential investments [90][91]