Q2 2025 Performance - Q2 production was 219,122 ounces [13] - Total Cash Costs were $1,373/oz [13] - All-in Sustaining Costs were $1,746/oz [13] - Gold sold was 148,938 oz at a realized gold price of $3,207/oz [13] - Adjusted net income was $56.7 million; Adjusted earnings per share was $0.11 [13] - Adjusted EBITDA was $200.5 million [13] 2025 Guidance - Consolidated production guidance is 785,000 - 915,000 ounces [13, 33] - Consolidated Total Cash Costs guidance is $1,400 - $1,500/ounce [33] - Consolidated All-in Sustaining Cost guidance is $1,800 - $1,900/ounce [33] - Consolidated Growth Capital guidance is $190 - $220 million [33] - Consolidated Exploration guidance is $70 - $90 million [30, 33] Asset Allocation - 54% of consolidated NAV is from Brazil [11] - 18% of consolidated NAV is from Mexico [11] - 13% of consolidated NAV is from USA [11] - 10% of consolidated NAV is from Canada [11] - 5% of consolidated NAV is from Nicaragua [11]

Second Quarter Results Kananaskis, Alberta AUGUST 1, 2025 The forward-looking statements contained in this presentation are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and trans ...

Core Viewpoint - ECN Capital Corp. reported strong financial results for Q1 2025, achieving adjusted net income at the top end of guidance, demonstrating resilience amid market volatility [3]. Financial Performance - Adjusted net income applicable to common shareholders for Q1 2025 was $7.2 million or $0.03 per share, compared to $4.4 million or $0.02 per share in the previous quarter and a net loss of $0.3 million in the same period last year [2]. - Adjusted EBITDA for Q1 2025 was $25.5 million, an increase from $24.1 million in the previous quarter and $21.8 million in the same period last year [5]. - Managed assets as of March 31, 2025, were $7.2 billion, up from $6.9 billion at the end of 2024 and $5.2 billion a year earlier [5]. Originations - Total originations for Q1 2025 were $538.2 million, slightly down from $547.6 million in the previous quarter but up from $468.4 million in the same period last year [4]. - The originations included $332.8 million from the Manufactured Housing Finance segment and $205.4 million from the Recreational Vehicle and Marine Finance segment [4]. Operating Expenses and Losses - Operating expenses for Q1 2025 were $29.4 million, a decrease from $31.2 million in the previous quarter and an increase from $27.8 million in the same period last year [6]. - The net loss attributable to common shareholders for Q1 2025 was $2.5 million, an improvement from a loss of $3.9 million in the previous quarter and $8.5 million in the same period last year [6]. Dividends - The Board of Directors declared a quarterly dividend of C$0.01 per common share, to be paid on June 30, 2025, to shareholders of record on June 13, 2025 [7]. - A quarterly dividend of C$0.4960625 per outstanding Cumulative 5-Year Rate Reset Preferred Share, Series C, was also declared for the same payment date [8]. - Additionally, a semi-annual dividend of C$0.0603 per outstanding Mandatory Convertible Preferred Share, Series E, was declared [9]. Company Overview - ECN Capital Corp. is a leading provider of business services to institutional investors, insurance companies, pension plans, banks, and credit unions, with managed assets of US$7.2 billion [15]. - The company focuses on originating, managing, and advising on credit assets, specifically in consumer loans related to manufactured housing and recreational vehicles, as well as commercial loans [15].

First Quarter 2025 Financial Highlights - The company reported revenue of $3.1 million and Total Revenue, Land Agreement Proceeds and Interest of $3.6 million (1,249 GEOs)[22] - The company achieved record positive operating cash flow of $2.5 million and Adjusted EBITDA of $1.7 million[22] - General and administrative costs were $1.8 million[22] 2025 Guidance and Five-Year Outlook - The company expects total GEOs between 5,700 and 7,000 in 2025, with three cash flowing assets ramping up[23] - The company anticipates peer-leading growth of over 360% in the next five years, forecasting GEOs to increase to between 23,000 and 28,000 in 2029[23] Key Growth Assets - Commercial production at Vareš is expected in Q2 2025, with a ramp-up to 800ktpa run rate expected in H2 2025, and a potential throughput increase of 63% by 2027[30] - Côté Gold's ramp-up remains on track to achieve a steady-state nameplate throughput rate of 36,000tpd in Q4 2025, with production expected to approximately double in 2025 to 360,000-400,000oz gold (100% basis)[30] - Borborema achieved initial production in Q1 2025, with commercial production expected in Q3 2025, and is expected to reach between 40% and 48% of designed nominal capacity in 2025, equivalent to an annualized rate of 83,000oz Au[30] Valuation and Growth Potential - The company's valuation is approximately 0.57x Consensus median P/NAV, compared to a sector average of approximately 1.3x P/NAV[35]

Core Insights - GFL Environmental Inc. reported a strong start to 2025 with a revenue increase of 12.5% year-over-year, driven by core pricing and positive volume growth [2][8][9] - The company achieved an Adjusted EBITDA of $426.1 million, reflecting a 13.8% increase compared to the same period last year, with an Adjusted EBITDA margin of 27.3%, the highest in the company's history [2][8][9] - GFL's net leverage improved to 3.1x, the lowest in the company's history, following the divestiture of its Environmental Services business, which has allowed for a more aggressive share repurchase strategy [2][8][9] Financial Performance - Revenue for Q1 2025 was $1,560.1 million, a 12.5% increase excluding divestitures and 9.0% including them, with contributions from core pricing (5.7%) and positive volume (0.9%) [8][9][30] - Adjusted EBITDA increased to $426.1 million, with a margin of 27.3%, up from 26.1% in Q1 2024 [8][9][33] - The net loss from continuing operations was $213.9 million, compared to a loss of $195.8 million in Q1 2024 [9][25] Strategic Developments - The company utilized proceeds from the sale of its Environmental Services business to significantly reduce its debt, enhancing its path to an investment-grade credit rating [2][5] - GFL repurchased 31,725,083 subordinate voting shares, indicating a commitment to returning value to shareholders [2][8] - The company plans to continue opportunistic share repurchases in the future [2] Segment Performance - Revenue from Canada was $494.0 million, with an Adjusted EBITDA margin of 27.9%, while the U.S. segment generated $1,066.1 million in revenue with a margin of 33.8% [33] - The solid waste segment's total revenue was $1,560.1 million, with an Adjusted EBITDA of $497.9 million [33] Cash Flow and Liquidity - Adjusted Free Cash Flow for Q1 2025 was $13.7 million, down from $16.4 million in Q1 2024, primarily due to increased cash capital expenditures [9][20] - Cash at the end of the period was $537.2 million, a significant increase from $133.8 million at the end of 2024 [28][29]