Pedra Branca Royalty Acquisition - Gold Royalty Corp is set to acquire a royalty over the Pedra Branca mine in Brazil for $70 million in cash from BlackRock World Mining Trust plc[9, 39] - The royalty terms include a 25% net smelter royalty (NSR) on gold and a 2% NSR on copper[9, 39] - The royalty covers the Pedra Branca East and West deposits without step-downs or buybacks[9, 39] - The Pedra Branca East mine achieved first production in 2020 as a 1.0 million tonnes per annum (Mtpa) operation[9, 39] Financial Performance and Outlook - The royalty generated approximately $7.9 million in revenue for the 12 months ended June 30, 2025, equivalent to approximately 2,800 gold equivalent ounces (GEOs)[15, 39] - Gold Royalty is now debt-free with nearly $100 million in available cash and unused credit facilities[16] Asset Details - Pedra Branca is located in the Carajás region of Brazil's Pará state[9, 39] - Mineral resources at Pedra Branca are estimated at 26 million tonnes (Mt) at 0.41 g/t Au and 1.38% Cu[21] - The mine has proven reserves of 1.3 Mt at 0.48 g/t Au and 1.80% Cu, and probable reserves of 3 Mt at 0.49 g/t Au and 1.85% Cu[26] Ownership and Strategic Support - CoreX Holding BV agreed to acquire Pedra Branca from BHP on August 18, 2025[9, 39] - CoreX Holding is a global holding company operating across 10 industries, with a focus on metals and mining[35] - Strategic investors and insiders hold 10% of the company's shares, with institutional investors holding 10% and public and other investors holding 8%[37]

Core Insights - International Petroleum Corporation (IPC) reported strong operational performance with an average production of 45,900 barrels of oil equivalent per day (boepd) in Q3 2025, exceeding guidance [2][7] - The Blackrod Phase 1 development is ahead of schedule, with first steam expected by the end of 2025 and first oil by Q3 2026, a quarter earlier than initially planned [3][18] - Financial results for Q3 2025 showed revenue of USD 172.3 million, gross profit of USD 32.1 million, and a net result of USD 3.8 million [8][14] Financial Highlights - Q3 2025 revenue was USD 172.3 million, slightly down from USD 173.2 million in Q3 2024 [8] - Gross profit decreased to USD 32.1 million from USD 39.5 million year-over-year [8] - Operating cash flow for Q3 2025 was USD 66.1 million, compared to USD 72.6 million in Q3 2024 [8] - Free cash flow was negative at USD -23 million for Q3 2025, improving from USD -38.3 million in Q3 2024 [15] - As of September 30, 2025, IPC's net debt increased to USD 435 million from USD 375 million at the end of Q2 2025 [15] Production and Operational Highlights - Average net production for Q3 2025 was 45,900 boepd, with 53% from heavy crude oil, 14% from light and medium crude oil, and 33% from natural gas [7][50] - The Blackrod Phase 1 project has incurred capital expenditures of USD 785 million, approximately 92% of the USD 850 million budgeted for first oil [17] - Operating costs per boe were USD 17.9, slightly below guidance [14] Debt and Shareholder Returns - IPC successfully refinanced USD 450 million of unsecured bonds, extending maturity to October 2030 with a coupon of 7.5% [16] - The company completed its 2024/2025 Normal Course Issuer Bid (NCIB), repurchasing approximately 7.5 million common shares, reducing outstanding shares by 6.2% [20][22] Market Outlook - The average Brent price for Q3 2025 was approximately USD 69 per barrel, with expectations for global oil demand to reach an all-time high in 2025 [8][9] - IPC has hedged around 50% of its forecast 2025 oil production at prices of USD 76 and USD 71 per barrel for Dated Brent and WTI, respectively [10]

Core Insights - The company reported a significant decrease in net earnings for the third quarter of 2025, with net earnings of $16,929,000 compared to $42,719,000 in the same period of 2024, primarily due to unrealized losses on investments [10] - Operating revenue increased by 15.5% to $76,699,000 for the three months ended September 30, 2025, driven by the acquisition of Deer Creek, which contributed to higher revenue streams [7][6] - Direct operating expenses rose by 12.8% to $51,980,000 for the same period, also influenced by the Deer Creek acquisition [7] Financial Performance - For the three months ended September 30, 2025, basic and diluted earnings per share decreased to $0.70 from $1.75 in 2024 [10] - Net operating income for Canadian golf club operations increased to $26,031,000 for the three months ended September 30, 2025, up from $21,304,000 in 2024, attributed to the Deer Creek acquisition and increased golf revenue [8] - The company recorded an unrealized loss of $1,707,000 on its investment in marketable securities for the three months ended September 30, 2025, compared to a gain of $24,839,000 in 2024 [9] Operational Highlights - The company acquired Deer Creek, one of Canada's largest golf and event complexes, on February 3, 2025, which includes 45 holes of championship golf and has positively impacted revenue and operating expenses [6] - Championship rounds in Canada increased to 626,000 in Q3 2025 from 567,000 in Q3 2024, while U.S. championship rounds rose to 34,000 from 30,000 in the same period [2] - The number of Canadian full privilege golf members remained stable at 15,397 compared to 15,414 in the previous year [2] Revenue Breakdown - For the three months ended September 30, 2025, operating revenue components included annual dues of $18,666,000, golf revenue of $23,537,000, and food and beverage revenue of $19,831,000 [4] - For the nine months ended September 30, 2025, total operating revenue was $179,023,000, down from $193,912,000 in 2024, with notable declines in real estate revenue [4] Dividend Announcement - The company announced an eligible cash dividend of 9 cents per common share, to be paid on December 15, 2025, to shareholders of record as of December 1, 2025 [14]

Core Insights - The company reported a significant decrease in net earnings for the three months ended September 30, 2025, amounting to $16,929,000, down from $42,719,000 in the same period of 2024, primarily due to unrealized losses on investments [11] - Operating revenue increased by 15.5% to $76,699,000 for the three months ended September 30, 2025, compared to $66,383,000 in 2024, largely attributed to the acquisition of Deer Creek [7][6] - Direct operating expenses rose by 12.8% to $51,980,000 for the same period, reflecting increased costs associated with the Deer Creek acquisition [7] Financial Performance - For the three months ended September 30, 2025, basic and diluted earnings per share decreased to $0.70 from $1.75 in 2024 [11] - Net operating income for Canadian golf club operations increased to $26,031,000 for the three months ended September 30, 2025, up from $21,304,000 in 2024, driven by the Deer Creek acquisition and increased golf revenue [8] - The company recorded an unrealized loss of $1,707,000 on its investment in marketable securities for the three months ended September 30, 2025, compared to a gain of $24,839,000 in 2024 [10] Operational Highlights - The acquisition of Deer Creek, completed on February 3, 2025, contributed to increases in both revenue and operating expenses, particularly in golf, corporate events, and food and beverage [6] - Championship rounds in Canada increased to 626,000 for the three months ended September 30, 2025, compared to 567,000 in 2024, indicating strong demand [2] - The number of Canadian full privilege golf members remained relatively stable at 15,397 compared to 15,414 in the previous year [2] Revenue Breakdown - For the three months ended September 30, 2025, operating revenue components included annual dues of $18,666,000, golf revenue of $23,537,000, and food and beverage revenue of $19,831,000 [4] - For the nine months ended September 30, 2025, total operating revenue was $179,023,000, down from $193,912,000 in 2024, with notable declines in real estate revenue [4] Segment Analysis - Net operating income for the US golf club operations segment showed a loss of $199,000 for the three months ended September 30, 2025, compared to a profit of $26,000 in 2024 [3] - Corporate and other segments reported a net operating loss of $1,113,000 for the three months ended September 30, 2025, compared to a loss of $1,046,000 in 2024 [3]

Financial Performance - Gold Fields reported headline earnings of US$1,027 million, a 220% year-over-year increase, equating to US$1.15 per share[71] - Normalised earnings reached US$998 million, up 181% year-over-year, or US$1.12 per share[71] - Adjusted free cash flow was US$952 million, compared to a US$58 million outflow in H1 2024[71] - An interim dividend of 700 South African cents per share was declared, a 133% year-over-year increase[16, 71] - Net debt decreased to US$1,487 million, down from US$2,086 million at the end of December 2024[79] Production and Costs - Attributable gold production was 1,136 koz[7] - All-in Cost (AIC) was US$1,957/oz[7, 24] - Adjusted free cash flow from operations was US$1,143 million[7] - The company is on track to meet its 2025 production guidance of 2.25Moz – 2.45Moz and AIC guidance of US$1,780/oz – US$1,930/oz[24] Asset Performance - South Deep's attributable production increased by 31% to 148 koz, with AIC decreasing by 7% to US$1,770/oz[36] - Salares Norte produced 124 koz eq, with an AIC of US$2,345/oz eq and a free cash flow margin of 32%[7, 52]

Overall Performance and Results of Operations - For Q2 2025, revenue was $6,485,914, a decrease of 16% from $7,707,282 in Q2 2024 [2] - Gross margin for Q2 2025 was $1,645,511, down from $3,318,336 in Q2 2024, reflecting a decrease of $1,672,825 [2] - Adjusted EBITDA for Q2 2025 was $799,425, a decline of $1,852,269 from $2,651,694 in Q2 2024 [2] - For the first half of 2025, revenue totaled $16,813,999, down 16% from $20,033,570 in the same period of 2024 [2] - Gross margin for the first half of 2025 was $6,820,853, a decrease of $3,393,828 from $10,214,681 in the prior period [2] - Adjusted EBITDA for the first half of 2025 was $5,215,280, down from $8,989,547 in the same period of 2024, a decrease of $3,774,267 [2] Industry Activity and Strategic Positioning - Activity in the energy industry has been increasing since the end of Q2 2025, with expectations for continued growth in the second half of the year [2] - The company has acquired Flex Leasing Power and Service ULC for $20 million, becoming the exclusive supplier for FlexEnergy turbines in Canada [2][3] - The acquisition includes 17 turbines with a capacity of 333 kW each, allowing for future growth with the addition of 2.0 MW units [2][3] - Long-term rental and maintenance contracts from the acquisition will create a recurring revenue stream, helping to offset seasonal fluctuations [3] Financial Management and Capital Expenditures - The company finalized a new lending facility with The Bank of Montreal to support acquisitions, capital expenditures, and working capital [7] - The new facility replaces the previous one, consolidating debt and resulting in lower interest rates and borrowing costs [7] - For the first half of 2025, cash flow from operations was $10,126,135, slightly down from $10,635,184 in the prior period [7] - The company invested $9,010,352 in capital assets to upgrade equipment and meet customer demands during the first half of 2025 [7]

Core Insights - Equinox Gold Corp. reported solid financial and operational results for Q2 2025, indicating a pivotal growth phase with significant production increases and upcoming contributions from new assets [2][3][4]. Financial Highlights - The company produced 219,122 ounces of gold in Q2 2025, with cash costs of $1,478 per ounce and all-in sustaining costs (AISC) of $1,959 per ounce [7][10]. - Revenue for Q2 2025 was $478.6 million, with a net income of $23.8 million, translating to $0.05 per share [10][33]. - Adjusted EBITDA for the quarter was $200.5 million, reflecting strong operational performance [10][33]. Operational Highlights - Mining rates at the Greenstone project increased by 23%, and processing rates improved by 20% compared to Q1 2025 [3]. - The company anticipates a strong Q3 2025, driven by contributions from the Calibre assets, the startup of the Valentine Gold Mine, and continued improvements at Greenstone [3][4]. Production Guidance - Equinox Gold expects full-year consolidated production to be between 785,000 to 915,000 ounces for 2025, with a strong second half anticipated [4][17]. - The company’s updated guidance reflects the integration of Calibre assets and a focus on ramping up production at Greenstone and Valentine [17][18]. Cash Flow and Debt Management - Cash flow from operations before changes in non-cash working capital was $126.0 million for Q2 2025, with mine-site free cash flow before changes in non-cash working capital at $154.5 million [10][29]. - As of June 30, 2025, the company had cash and cash equivalents of $406.7 million and net debt of $1,373.7 million [11][10]. Strategic Developments - The acquisition of Calibre Mining Corp. was completed on June 17, 2025, enhancing the scale and earnings power of the combined company [4][7]. - The Valentine Gold Mine is in the final stages of commissioning, with ore processing expected to commence by the end of August 2025 [11][10].

Core Insights - ECN Capital Corp. reported solid financial results for Q2 2025, with adjusted net income applicable to common shareholders increasing to $10.0 million or $0.04 per share, compared to $7.2 million or $0.03 per share in the previous quarter and $8.2 million or $0.03 per share in the same period last year [2][3] Financial Performance - Originations for the three-month period ended June 30, 2025, reached $804.1 million, a significant increase from $538.2 million in the previous quarter and $622.5 million in the same period last year [3] - Managed assets as of June 30, 2025, were $7.6 billion, up from $7.2 billion as of March 31, 2025, and $5.3 billion as of June 30, 2024 [4] - Adjusted EBITDA for the quarter was $31.5 million, consistent with the prior year but up from $25.5 million in the previous quarter [4] Operating Expenses and Losses - Operating expenses for the quarter were $30.7 million, compared to $29.4 million in the previous quarter and $26.5 million in the same period last year [5] - The net loss attributable to common shareholders was ($0.3) million, an improvement from a loss of ($2.5) million in the previous quarter, but a decline from a net income of $5.6 million in the same period last year [5] Dividends - The Board of Directors declared a quarterly dividend of C$0.01 per outstanding common share, payable on October 1, 2025, to shareholders of record as of September 12, 2025 [6] - A quarterly dividend of C$0.4960625 per outstanding Cumulative 5-Year Rate Reset Preferred Share, Series C, was also declared, with the same payment date and record date [7] Strategic Outlook - The Manufactured Housing Financing segment is experiencing accelerated growth in chattel originations, while the RV and Marine Financing segment faced industry headwinds [3] - The company has narrowed its guidance for the RV and Marine segment to $14 to $18 million from a previous range of $16 to $26 million and tightened consolidated 2025 guidance to $0.18 to $0.23 from $0.19 to $0.25 [3]

Core Insights - The company reported significant increases in net earnings for the second quarter of 2025, with net earnings reaching $21,479,000 compared to $3,159,000 in the same period of 2024, driven by unrealized gains on investments [11] - Basic and diluted earnings per share also saw a substantial rise to $0.88 in 2025 from $0.13 in 2024 [11] Financial Performance - For the three months ended June 30, 2025, operating revenue decreased by 1.0% to $61,560,000 from $62,183,000 in 2024, primarily due to a decline in revenue from Highland Gate home sales [7] - Direct operating expenses decreased by 10.8% to $47,326,000 for the same period, down from $53,049,000 in 2024, attributed to lower costs associated with Highland Gate home sales [7] - Net operating income for the Canadian golf club operations segment increased to $13,581,000 for the three months ended June 30, 2025, up from $10,361,000 in 2024, benefiting from the acquisition of Deer Creek and increased golf revenue [8] Segment Analysis - The company operates 47 18-hole equivalent championship golf courses and 2.5 academy courses across 35 locations in Canada and Florida [16] - The acquisition of Deer Creek, a significant golf and event complex, contributed to increased revenues in golf, corporate events, and food and beverage operations [6] Other Financial Metrics - Interest, net and investment income decreased by 17.5% to $2,321,000 for the three months ended June 30, 2025, down from $2,813,000 in 2024, due to reduced cash and interest income following the Deer Creek acquisition [9] - The company recorded an unrealized gain of $12,325,000 on its investment in marketable securities as of June 30, 2025, compared to a loss of $5,119,000 in 2024 [10] Dividend Announcement - The company announced an eligible cash dividend of 9 cents per common share, to be paid on September 15, 2025, to shareholders of record as of August 29, 2025 [14]

Overall Performance - Ferrovial's net debt ex-infrastructure projects reached -€223 million[7] - Highways, Airports and Construction all showed robust performance[7,9] - Dividends collected from projects totaled €323 million[9] - Shareholder distributions amounted to €334 million[9] Highways - US Highways' revenue increased by 15.9% LfL compared to H1 2024[12] - US Highways' Adjusted EBITDA increased by 14.0% LfL compared to H1 2024[12] - 97% of Highways' Adjusted EBITDA and 88% of Highways' revenue came from US assets[12] - Dividends from North American assets reached €240 million (€339 million in H1 2024)[12] 407 ETR - 407 ETR revenue increased by 19.7% to CAD 933 million in H1 2025[14] - 407 ETR EBITDA increased by 13.0% to CAD 765 million in H1 2025[14] - A CAD 45.2 million provision was accrued for Schedule 22 in H1 2025[17] - A CAD 200 million dividend was paid in H1 2025, a 14.3% increase from CAD 175 million in H1 2024[19] Construction - Construction revenue reached €3,453 million in H1 2025, a 2.6% LfL increase[37] - Construction Adjusted EBIT margin reached 3.5% in H1 2025[37]