Acquisition of Valiant Artificial Lift Solutions February 2, 2026 Disclaimer and Forward-Looking Statements Forward-Looking Statements The information in this investor presentation contains statements relating to future actions and results, which are "forward-looking statements" within the meaning of the Securities Exchange Act of 1934, as amended. Statements of expectations and predictions of future performance are subject to numerous risks and uncertainties, many of which are beyond the Company's control. ...

Core Viewpoint - Cerrado Gold Inc. reported stable production results for Q4 2025 and provided guidance for 2026, highlighting ongoing operational improvements and exploration efforts at its Minera Don Nicolas Mine in Argentina, as well as developments in its Lagoa Salgada and Mont Sorcier projects [1][4][8]. Production Results - Q4 2025 production totaled 13,806 Gold Equivalent Ounces (GEO), slightly down from 13,832 GEO in Q3 2025, with full-year production at 50,238 GEO, aligning with guidance [12]. - Heap leach production was impacted by low water availability, resulting in reduced irrigation capacity, while underground operations contributed higher-grade ore to the processing plant [12][2]. - Average recovery rates decreased due to increased primary ore on leach pads, but this was offset by higher volumes from underground mining processed through the CIL plant [2][12]. Production Guidance - The company anticipates annual production for 2026 to be between 50,000 and 60,000 GEO, with a significant increase expected in the second half of the year due to the mining of lower-grade heap leach material early in the year [4][12]. Growth Capital Plans - Cerrado approved a 2026 budget with approximately $45 million allocated for growth capital expenditures, primarily focused on the Minera Don Nicolas Mine, including a 50,000-meter exploration program and expansion of the tailing facility [5][12]. - Additional funding is earmarked for equipment upgrades and maintenance to support long-term operations [5]. Exploration and Development - The exploration program at Minera Don Nicolas is ongoing, targeting resource expansion to extend mine life, with a focus on the central Paloma area [6][7]. - The company plans a 50,000-meter drill program for 2026, utilizing multiple drill rigs to test high-value targets [7]. - Progress continues on the Lagoa Salgada and Mont Sorcier projects, with feasibility studies expected to be completed in Q1 and Q2 2026, respectively [8][9][14]. Project Updates - At Lagoa Salgada, the Optimized Feasibility Study is underway, with a slight delay expected due to consultant changes, but results from advanced geophysical exploration are anticipated soon [9]. - The Mont Sorcier project is advancing with an infill drilling program aimed at updating resource estimates, targeting an increased production rate of 8 million tonnes per annum of high-purity iron concentrate [14][15].

Core Insights - Anheuser-Busch is selling its Newark, New Jersey brewery and closing two others in California and New Hampshire as part of a strategy to optimize production [1] - The company plans to shift production from these facilities to other U.S. operations, allowing for increased investment in remaining facilities and brands [2] Production Strategy - The Newark brewery, operational since 1951, will be sold to the Goodman Group in 2026, while the California and New Hampshire facilities will close in early 2026 [1] - Anheuser-Busch has invested nearly $2 billion in modernizing its U.S. manufacturing operations over the past five years [2] Employee Impact - A total of 475 full-time employees from the affected facilities will be offered relocation to other U.S. operations, with stipends and training provided [6][7] - Employees who do not accept the transfer will receive severance packages and additional resources [7] Overall Operations - Anheuser-Busch operates over 100 facilities across the United States [8] - The company emphasizes that these changes are not indicative of product performance and will not affect product availability [11]

Core Points - Anheuser-Busch is selling its Newark, New Jersey brewery and closing two others in California and New Hampshire as part of a strategy to optimize production [1][2] - The company plans to shift production from these facilities to other U.S. operations, allowing for increased investment in remaining facilities and brands [2] - Over the past five years, Anheuser-Busch has invested nearly $2 billion in its U.S. manufacturing operations to modernize and meet demand [5] - The company will assist the 475 employees affected by these closures with relocation offers and training, while those who decline will receive severance packages [6][8] - The changes are not indicative of product performance and will not affect product availability [8]

Financial Data and Key Metrics Changes - The company achieved an adjusted EBITDA of $12 billion, a 28% increase over the second quarter of 2025 [10] - Net income, excluding one-time items, reached $5.2 billion, marking a 28% increase over the previous quarter [10] - Operating cash flow closed at $9.9 billion, up 31% from the second quarter [10] - Free cash flow was $5 billion, a 44% increase from the second quarter [10] - The company approved a payment of BRL 12.2 billion in dividends [10] Business Line Data and Key Metrics Changes - Oil and gas production increased by 8% in the quarter, with a 17% growth over the last 12 months [11] - Pre-salt production reached 2.56 million barrels of oil equivalent, supported by a 4% efficiency increase [5] - Domestic sales of oil products increased by 5%, with diesel sales growing by 12% compared to the previous quarter [7] - The refinery FUT closed the quarter at 94%, producing high-value-added derivatives [7] Market Data and Key Metrics Changes - The company exported around 800,000 barrels of oil per day, with total exports surpassing 1 million barrels per day when including byproducts [7] - Brent prices rose by 2% in the quarter, although they fell by $11 per barrel over the past year [11] Company Strategy and Development Direction - The company is focused on increasing oil production and improving operational efficiency, with a long-term perspective on investments rather than short-term dividends [14] - Key projects in the refining segment are advancing, with significant savings achieved compared to reference budgets [6] - The company aims to enhance Brazilian self-sufficiency and contribute to energy security and emission reduction through its investments [7] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenging scenario due to the drop in Brent prices but emphasized the strong operational performance in the third quarter [4] - The company is confident in meeting its investment guidance and maintaining a focus on efficiency and cost management [16] - Management expressed optimism about future production capacity increases without additional costs, particularly in the Búzios field [22][23] Other Important Information - The company celebrated the hiring of 850 technical employees and approximately 570 new graduates to expand operations [9] - The FPSO Almirante Tamandaré reached a record instantaneous flow rate of 270,000 barrels of oil per day [22] Q&A Session Summary Question: Contribution of inflation to FPSO results and Capex constraints for 2026 - Management stated that Capex is not increasing due to inflation, and investments are being accelerated without raising project budgets [27][28] Question: Concerns regarding Braskem's financial situation - Management noted that Braskem has its own governance and no proposals are currently on the table for discussion [26] Question: Potential reduction in Capex in the midterm - Management indicated that while there may be a reduction in Capex in the future, it is not expected for the next year [31] Question: Sustainability of production levels above nominal capacity - Management clarified that production peaks are temporary and based on reservoir characteristics [46] Question: Decision-making process for leasing vs. owning FPSOs - Management explained that decisions are based on technical assessments and market conditions, with no preference for one model over the other [42] Question: Updates on the ethanol market and liquid natural gas - Management confirmed ongoing negotiations regarding ethanol and expressed interest in participating in future auctions for reserve capacity [48][63]

Financial Data and Key Metrics Changes - The second quarter production increased to 190,000 barrels of oil equivalents per day, exceeding guidance due to strong well productivity [6][7] - Capital expenditures (CapEx) for the second quarter were $251 million, with lease operating expenses at $11.8 per barrel of oil equivalent, both better than guidance [7][8] - Cumulative cash cost savings since 2019 exceeded $700 million, with over 50% reductions in general and administrative expenses and bond interest [8] Business Line Data and Key Metrics Changes - The Eagle Ford Shale and Tuppermani assets contributed significantly to production increases, with 10 new wells brought online in the Eagle Ford Shale [6][7] - The company completed its 2025 onshore well program, indicating strong operational execution across its multi-basin portfolio [6][7] Market Data and Key Metrics Changes - The Gulf Of America workover program is nearing completion, with expectations for operating expenses to range between $10 to $12 per barrel for 2025 [8] - The company is focused on maintaining a competitive cost structure, with a significant reduction in cash costs since 2019 [8] Company Strategy and Development Direction - The company is prioritizing high-impact exploration and appraisal activities across three continents, targeting over 500 million barrels of oil equivalent in resource potential [9][10] - The acquisition of the Pioneer FPSO is expected to enhance the economic viability of the Chinook field, with plans to drill a high-rate development well in 2026 [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming operational challenges in the Gulf Of America, with production expected to stabilize as workover activities conclude [31][32] - The company is likely to prioritize share repurchases over further debt reduction, contingent on oil price movements [34][35] Other Important Information - The appraisal well in Vietnam aims to test for continuity of reservoir and deeper oil, with potential to develop a 30,000 to 50,000 barrel per day business by the 2030s [45][46] - The company is monitoring the Western Canadian natural gas market, anticipating improvements due to the ramp-up of the LNG Canada facility [65][66] Q&A Session Summary Question: Can you detail the near-term exploration program? - The company plans to spud two wells in the Gulf Of America and an important appraisal well in Vietnam, with significant resource potential [16][17] Question: What is the strategy around the Chinook development well? - The acquisition of the FPSO allows for lower costs and enhanced development potential, with plans to drill a high-rate well in 2026 [21][22] Question: How is the Gulf Of America production performing? - Production has improved, and the backlog of workover activities is nearly resolved, with expectations for continued stability [31][32] Question: What is the perspective on return of capital? - The company is more likely to prioritize share repurchases over debt reduction, depending on oil price trends [34][35] Question: How do you view the Eagle Ford inventory? - Recent performance improvements in Karnes County wells have increased confidence in the remaining inventory, with expectations for continued strong results [41][42] Question: What is the outlook for offshore Canada? - There have been some disappointments with uptime at Terra Nova, affecting production guidance, but the facilities perform well when operational [87][88]

Core Viewpoint - W&T Offshore reported a non-GAAP loss per share of $(0.08) for Q2 2025, outperforming analyst expectations, but GAAP revenue of $122.4 million fell short of estimates, reflecting a 14% year-over-year decline due to lower commodity prices and cost inflation [1][6][15] Financial Performance - Non-GAAP EPS was $(0.08), better than the $(0.17) consensus, but a 60% decline from $(0.05) in Q2 2024 [2] - GAAP revenue was $122.4 million, down 14.3% from $142.8 million in Q2 2024 [2] - Adjusted EBITDA decreased by 23.3% to $35.2 million compared to Q2 2024 [2] - Free cash flow (non-GAAP) dropped to $3.6 million, an 80.7% decline from $18.7 million in Q2 2024 [2] - Lease operating expenses rose 3.9% to $76.9 million, with a per-barrel cost of $25.20 [2][7] Production and Operations - Production increased to 33.5 thousand barrels of oil equivalent per day, a 10% rise from Q1 2025, but a 4% decline from Q2 2024 [5] - Realized oil prices averaged $63.55 per barrel, down from $80.29 in Q2 2024, while natural gas prices averaged $3.75 per thousand cubic feet, up from $2.50 in Q2 2024 [6] - The company executed nine workover projects to sustain production without new drilling, particularly in Mobile Bay [7][10] Business Strategy - W&T Offshore focuses on acquiring and optimizing producing assets rather than high-risk drilling projects [3] - The company aims to build scale through operational excellence, disciplined capital spending, and strategic acquisitions [4] - Recent acquisitions, particularly the Cox assets, have been integrated to support production ramp-up [12] Reserves and Financial Health - As of June 30, 2025, the company reported 123.0 million barrels in proved reserves, stable compared to 127.0 million barrels at year-end 2024 [11] - The present value of reserves remained at $1.2 billion [11] - The company ended Q2 2025 with $120.7 million in cash and $229.4 million in net debt, reflecting a $14.7 million reduction [9] Future Outlook - For Q3 2025, production is projected between 33.1 to 36.6 thousand barrels of oil equivalent per day, with full-year guidance at 32.8 to 36.3 thousand barrels [14] - Lease operating expenses for Q3 2025 are expected to range from $71.5 million to $79.3 million [14] - The company remains committed to acquisitions, cash discipline, and operational improvements, maintaining a $0.01 per share quarterly dividend [15]

Financial Data and Key Metrics Changes - Newmont reported strong financial results in Q2 2025, with cash flow from operations reaching $24.4 billion and a record quarterly free cash flow of $1.7 billion, of which over $1.5 billion (90%) was generated by core managed operations [6][20][23] - The company generated $2.4 billion in adjusted EBITDA and reported an adjusted net income of $1.43 per share, with significant adjustments related to asset divestments and market gains [19][20] - Gold all-in sustaining costs for the quarter were $15.93 per ounce on a co-product basis, slightly below full-year guidance, while on a by-product basis, costs were $13.75 per ounce [18][19] Business Line Data and Key Metrics Changes - Newmont produced 1.5 million ounces of gold and 36,000 tonnes of copper in Q2 2025, aligning with full-year guidance [5][6] - Production from Cadia exceeded expectations due to higher-grade ore, while Penasquito's production is expected to shift from gold to a higher proportion of silver, lead, and zinc in Q4 [10][11] - Lihir showed steady production, but a decline is anticipated in the second half due to processing lower-grade material [12][13] Market Data and Key Metrics Changes - The company expects to generate approximately $3 billion in after-tax cash proceeds from its divestment program in 2025, with $470 million expected from recent asset sales [6][22] - Newmont's cash balance at the end of Q2 was $6.2 billion, significantly above the target of $3 billion [21] Company Strategy and Development Direction - Newmont's strategic priorities include strengthening safety culture, stabilizing operations, and executing capital returns to shareholders [4][6] - The company is focusing on internal capital allocation, primarily through share buybacks, rather than pursuing acquisitions [27][28] - The company is committed to maintaining a strong balance sheet while funding cash-generative organic projects and returning capital to shareholders [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the recent incidents at Red Chris but emphasized strong operational performance and commitment to safety [4][24] - The company remains on track to meet its 2025 guidance, with expectations of steady production and cash flow in the second half of the year [20][23] - Management expressed confidence in the ongoing optimization of operations and the potential for future growth through organic projects [10][66] Other Important Information - Newmont has retired $372 million of debt and returned over $1 billion to shareholders through dividends and share repurchases [7][22] - An additional $3 billion share repurchase program has been approved, doubling the total authorization to $6 billion [8][23] Q&A Session Summary Question: Capital allocation priorities regarding acquisitions - Management stated that the focus is on internal capital allocation, particularly share buybacks, rather than pursuing acquisitions [27][28] Question: Management changes and succession planning - Management confirmed that the interim CFO is capable and that the company is focused on leadership development, with no immediate concerns regarding succession [30][34] Question: Cash flow outlook and working capital impacts - Management indicated that free cash flow generation will remain steady, with expected increases in sustaining capital and reclamation spending impacting cash flow in the second half [36][39] Question: Production guidance and expectations for Cadia and Penasquito - Management explained that production is expected to decline in the second half due to lower grades, but they remain cautious and on track to meet guidance [71][72] Question: Updates on Tanami and Ahafo projects - Management confirmed that risks associated with the Tanami shaft works have been mitigated and that Ahafo North is on track for commissioning [75][78] Question: Status of non-core asset positions - Management categorized positions in Greatland Gold and Orla as non-core, indicating a focus on simplifying the portfolio [91] Question: Productivity improvements across the portfolio - Management highlighted opportunities for productivity enhancements at various assets, particularly at Lihir and Cerro Negro [96]

Financial Data and Key Metrics Changes - For Q4 2024, net cash provided by operating activities before changes in working capital totaled approximately $185 million, more than triple the capital expenditures for the quarter [23] - Adjusted EBITDA for the quarter was reported at $203 million, with adjusted free cash flow of $125 million, marking the best quarter of 2024 from a free cash flow perspective [24] - Cash operating costs for Q4 totaled $1.19 per million cubic feet equivalent, better than analyst expectations and within the full year 2024 guidance range [25] Business Line Data and Key Metrics Changes - The company drilled 21 gross wells in 2024, primarily focused in the Utica, and completed 19 gross wells, including three SCOOP wells and twelve Utica dry gas wells [16] - The 2025 development program is expected to maintain flat total production while growing liquids production by 30% year over year [9][13] - The company anticipates total equivalent production to be relatively flat compared to full year 2024, with an increasing production profile as the year progresses [14] Market Data and Key Metrics Changes - The all-in realized price for Q4 was $3.36 per Mcfe, a $0.57 premium to NYMEX Henry Hub index prices, driven by a differentiated hedge position and diverse marketing portfolio [28] - The company has downside protection covering roughly 50% of 2025 natural gas production at an average floor price of $3.62 per MMBtu [29] Company Strategy and Development Direction - The 2025 development program reflects significant efficiency gains and capital allocation optimizations, allowing for a focus on liquids-rich production while maintaining a low decline production base [9][12] - The company plans to return substantially all 2025 adjusted free cash flow, excluding discretionary acreage acquisitions, through common stock repurchases [10][32] - The company is focused on operational improvements and optimizing asset development to maximize free cash flow generation and value for investors [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate significant free cash flow in 2025, potentially more than double compared to 2024, driven by rising natural gas prices and operational efficiencies [31] - The company remains constructive on gas prices in 2025 and 2026, with a strategic hedge position allowing for participation in prices above $4.00 per MMBtu [29] Other Important Information - The company repurchased approximately 7% of its common shares outstanding in 2024, returning 96% of available adjusted free cash flow to shareholders [15] - The proved reserve base increased by approximately 6% when excluding the impact of pricing revisions, reflecting high-quality inventory additions and operational improvements [33][34] Q&A Session Summary Question: Liquids volume sustainability and bolt-on opportunities - Management confirmed that the 30% liquids growth is sustainable and that they have flexibility to allocate towards liquids or gas depending on market conditions [41][43] - The company prefers sizable undeveloped assets for bolt-on opportunities rather than PDP-heavy assets [45][46] Question: Capital efficiency and future capital allocation - Management indicated that front-loaded capital programs are conducive to driving capital efficiencies and that this approach is expected to continue [54] - The company continuously assesses free cash flow allocation options, balancing share repurchases and inventory additions [58][60] Question: Development strategy and inventory allocation - Management clarified that the Marcellus development will be paced responsibly, with a focus on corporate inventory life rather than specific area allocations [72][74] Question: Production cadence and capital efficiency - Management noted that production is expected to increase throughout the year, with a focus on optimizing the timing of well turn-ins [82][84] - Continuous improvement in operational efficiency is anticipated, although future gains may be more moderate compared to past improvements [86] Question: NGL realizations and market conditions - Management highlighted strong NGL realizations due to favorable contracts and market conditions, particularly in Appalachia [97][98]