Core Viewpoint - Eldorado Gold is set to acquire Foran Mining in an all-share transaction valued at approximately CAD 3.8 billion, aiming to create a larger and more geographically diversified gold and copper producer with two major projects expected to commence production in 2026 [4][7]. Company Overview - Foran Mining is a zinc-copper exploration and development company with projects located along the Flin Flon Greenstone Belt, including McIlvenna Bay, Bigstone, and others [18]. Transaction Details - Foran shareholders will receive 0.1128 Eldorado shares per Foran share, resulting in an expected post-transaction ownership of approximately 76% for Eldorado shareholders and 24% for Foran shareholders [2][7]. - The transaction is anticipated to close in Q2 2026, with shareholder meetings scheduled around April 14, 2026 [2][7]. Production and Financial Expectations - The combined company is projected to achieve annual production of over 900,000 gold equivalent ounces by 2027, representing an approximate 80% increase [5][9]. - Free cash flow is expected to reach around CAD 1.5 billion and EBITDA is forecasted to exceed CAD 2 billion in 2027 [5][8]. Project Details - The Skouries project in Greece is expected to produce 140,000 ounces of gold and 67 million pounds of copper annually over a 20-year mine life [1][6]. - The McIlvenna Bay project in Saskatchewan is approximately 85% complete and is targeting commercial production by mid-2026 [6][7]. Strategic Rationale - The acquisition is intended to enhance Eldorado's competitive position in the gold and copper markets, with a focus on long-life assets and industry-leading growth [3][4]. - The addition of McIlvenna Bay diversifies Eldorado's portfolio by increasing copper exposure and establishing a second operating footprint in Canada, with copper expected to contribute roughly 15% of revenue in 2027 [9][10]. Risk Management and Execution Readiness - Executives emphasized that key risks related to permitting, financing, and execution have been largely addressed, with the combined company expected to maintain pro forma liquidity of approximately CAD 1.5 billion and minimal net debt of around CAD 90 million [5][11][19]. - The Skouries project is fully permitted and financed, with construction progress and commissioning activities underway [19]. Future Catalysts - 2026 is described as a catalyst-rich year, with significant milestones including the commercial production of Skouries and McIlvenna Bay, as well as the expected maiden resource for the Tesla Zone [15][14].

Core Viewpoint - Baytex Energy Corp. has announced its 2026 budget, a three-year outlook, and changes in executive leadership, emphasizing disciplined growth, shareholder returns, and a strong focus on its Canadian oil and gas portfolio [1][3][12]. 2026 Budget and Production Outlook - The Board approved exploration and development expenditures of CAD 550 to 625 million, targeting average annual production of 67,000 to 69,000 boe/d, based on a WTI price of USD 60/bbl [4][12]. - Production in Q1 2026 is forecasted to average 68,000 to 69,000 boe/d, with an exit production rate of approximately 70,000 boe/d by the end of 2026 [6][12]. - The production mix is expected to be 89% liquids (82% crude oil, 7% NGLs) and 11% natural gas [6]. Capital Allocation - Approximately 55% of the capital expenditures will be directed to light oil assets, while 45% will be allocated to heavy oil assets, allowing for flexibility in response to commodity price movements [5][12]. - The capital program includes 91 wells for heavy oil production, with an average production of 43,000 to 44,000 bbl/d expected in 2026 [8][12]. Pembina Duvernay Development - Baytex plans to bring 12 wells onstream in the Pembina Duvernay in 2026, with production expected to increase by 35% to an average of approximately 11,000 boe/d [7][12]. - About 35% of the 2026 capital program is allocated to the Pembina Duvernay, focusing on infrastructure investments to support long-term development [8][12]. Shareholder Returns and Financial Position - The company intends to return a significant portion of excess proceeds from the Eagle Ford sale to shareholders, resuming its normal course issuer bid and maintaining an annual dividend of CAD 0.09 per share [18][12]. - Baytex has secured a $750 million credit facility, extending maturity to 2030, reflecting strong financial support from its lending syndicate [19][12]. Executive Changes - Chad E. Lundberg has been appointed as President and Chief Operating Officer, effective December 22, 2025, to enhance leadership continuity and execution of the company's strategy [24][12]. - The Board of Directors will consist of 8 members, with 7 being independent, following the departure of two directors [25][12]. Three-Year Outlook - The three-year outlook (2026 to 2028) anticipates 3% to 5% annual production growth, reaching approximately 75,000 boe/d by 2028, with a focus on maintaining a net cash position [20][12]. - The heavy oil portfolio is expected to provide stable production and free cash flow to support growth in the Pembina Duvernay [22][12].

Core Viewpoint - Exxon Mobil reported strong third-quarter results, with adjusted earnings per share of $1.88, exceeding the consensus estimate of $1.82, although revenue fell short of expectations at $85.3 billion compared to the anticipated $86.5 billion [2][3] Financial Performance - The third quarter marked the highest earnings per share since the merger with Exxon Mobil, reflecting significant cost reduction efforts since 2019, with an expected additional $2.5 billion in cost reductions for the year [3][4] - Cumulatively, the company has achieved over $14 billion in cost reductions since 2019, outperforming industry competitors [4] Production and Growth - Production levels from the Permian Basin and Guyana are at record highs, contributing to a strong quarter despite mixed price environments [5] - The company plans to grow earnings by $20 billion and cash flow by $30 billion through 2030, supported by the delivery of ten major projects, with eight already completed on or ahead of schedule [6][7] Market Reaction - Despite strong results, the stock experienced a 1.6% decline, potentially due to market concerns about growing production amid falling oil prices, which historically has led to challenges for companies in the sector [7][8] Cost Management and Profitability - The company has more than doubled its profitability per barrel of oil since 2019, maintaining a low cost of production with a break-even cost of $35 per barrel [10][12] - Investments are focused on projects that generate double-digit returns at low costs, ensuring competitiveness in commodity markets [13][15] Workforce and Restructuring - The company announced layoffs of approximately 2,000 employees as part of a restructuring effort in the EU and Canada, aimed at improving effectiveness rather than cost-cutting [17][20] - The overall demand for Exxon Mobil's services remains strong, with healthy growth in global economies and no significant challenges in attracting talent [21]

Financial Data and Key Metrics Changes - The third quarter revenue was $463 million, higher than the prior year quarter due to increased gold and copper prices and sales volumes [16] - Cash generated from operations before working capital adjustments was $296 million, or $0.37 per share, higher than the prior year period primarily due to higher revenues [16] - The company recorded net earnings of approximately $142 million, or $0.18 per share during the third quarter, primarily due to increased revenues [16][17] - The all-in sustaining costs reduced from the second quarter by $425 to $966 per ounce, with an average realized gold price of $3,458 per ounce, resulting in a margin of $2,492 per ounce [5][16] Business Line Data and Key Metrics Changes - New Afton produced approximately 115,200 ounces of gold and 12 million pounds of copper in the quarter, with B3 cave contributing approximately 4,300 tons per day [5][9] - Rainy River achieved record quarterly production of over 100,000 ounces of gold, a 63% increase over the second quarter, with all-in sustaining costs at $1,043 per ounce sold, a 39% decrease compared to the second quarter [4][12][13] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, contributing to the overall revenue increase [5][16] - The company generated record quarterly free cash flow of $205 million, with Rainy River contributing $183 million in free cash flow [5][16] Company Strategy and Development Direction - The company aims to ramp up production at New Afton and Rainy River, with a focus on increasing underground development and production rates [6][14] - Exploration initiatives are being advanced, particularly at New Afton’s K Zone, with a budget increase to $22 million for approximately 63,000 meters of drilling [18][19] - The company is focused on maintaining a strong balance sheet while investing in exploration and organic opportunities, with plans for potential capital returns to shareholders [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued significant growth in gold and copper production over the next two years, projecting substantial free cash flow generation [22][24] - The company remains committed to health and safety, with a focus on reducing total reportable incident frequency rates [24] - Management highlighted the importance of local hiring and infrastructure improvements to enhance workforce retention [42] Other Important Information - The company repaid a total of $260 million in debt during the quarter, including $150 million drawn on the credit facility [6][17] - New Afton’s C Zone cave construction is approximately 79% complete, with plans to ramp up processing rates to 16,000 tons per day by early 2026 [6][12] Q&A Session Summary Question: Can you provide a breakout of tonnage from the C and B zones? - The B3 cave contributed 4,300 tons per day, with the C Zone contributing the remainder [26][27] Question: What are your plans for capital allocation with the free cash flow? - The company plans to maintain a strong balance sheet, invest in exploration, and evaluate capital returns to shareholders [30][31] Question: What is the current turnover rate and what are your targets for improvement? - The company is focusing on attracting local talent and improving infrastructure to retain workers, addressing the shortage of skilled miners in Ontario [42] Question: What should we expect for Rainy River's performance for the balance of the year? - The company expects continued positive performance in Rainy River, with no significant changes in trajectory [49] Question: How should we think about grades coming into 2026 at New Afton? - Grades at the start of a cave will be lower, but are expected to improve as the cave grows [56]

Core Insights - Prospera Energy Inc. has initiated a significant pipeline replacement and infrastructure upgrade project in the Cuthbert area, with a total capital investment of approximately $500,000 [1][2]. Project Details - The project involves replacing two aging composite pipelines with new corrosion-resistant FlexSteel material, which will enhance water injection management and reservoir pressure maintenance [2]. - The new pipelines are expected to increase waterflood injection capacity by approximately 2,500–3,500 m³ per day, raising total field capacity from around 3,200 m³ per day [2]. - A third water injection pump will be installed at the Cuthbert 2-2 battery, projected to add approximately 150 barrels of oil per day in incremental production after a two-to-four-week ramp-up period [2][3]. Operational Benefits - The initiative allows for more efficient water redistribution, optimizing recovery and enabling the addition of more producer wells in the southern field area [3]. - The project aims to improve overall waterflood system pressure, which has been operating below the optimal range of 6,500–8,000 kPa, thus enhancing system reliability and long-term recovery factors [3]. - Material cost savings are anticipated through reduced downtime and fewer maintenance interventions, with surplus materials being utilized for future infrastructure improvements [4]. Strategic Importance - This project is part of Prospera's broader field redevelopment plan, focusing on modernizing assets and optimizing reservoir management to support sustained production growth in 2025 and beyond [5].

Financial Data and Key Metrics Changes - The company generated $2.1 billion in operating margin and approximately $1.5 billion in adjusted funds flow during the second quarter [19] - Operating margin in the upstream was approximately $2.1 billion, with oil sands non-fuel operating costs increasing to $10.73 per barrel due to turnaround activities [19][20] - Net debt was approximately $4.9 billion, a reduction of about $150 million from the previous quarter [21] Business Line Data and Key Metrics Changes - Upstream production was 766,000 BOE per day, with Christina Lake production recovering to 218,000 barrels per day after wildfire impacts [8][10] - The downstream business generated about $220 million in operating margin, with Canadian refining achieving a crude throughput of 112,000 barrels per day [15][16] - U.S. refining delivered crude throughput of 553,000 barrels per day while executing a major turnaround at the Toledo refinery [16][17] Market Data and Key Metrics Changes - The WCS differential narrowed by more than $2 per barrel during the quarter [19] - Canadian refining operating costs decreased to $10.63 per barrel, while U.S. refining costs were $10.52 per barrel, both showing improvements [20] Company Strategy and Development Direction - The company is focused on delivering higher production and lower capital expenditures into 2026, aiming to increase free funds flow [24] - Major maintenance activities are largely behind, allowing the company to drive value from operations [24] - The company plans to continue share repurchases and return cash to shareholders while managing net debt towards a target of $4 billion [22] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's response to challenges, including wildfire impacts, and highlighted successful turnarounds ahead of schedule [5][7] - The company remains cautiously optimistic about the regulatory environment in Canada, noting the need for improvements in regulations to facilitate major projects [92][96] Other Important Information - The company achieved first oil at Narrows Lake and is progressing with the West White Rose project, expecting first oil in early 2026 [10][12][63] - The company has removed Rush Lake production from guidance for the remainder of the year due to a localized incident but is confident in recovery plans [14][33] Q&A Session Summary Question: Status of U.S. Downstream refineries and Q3 utilization - Management confirmed that all U.S. refineries are operating as expected, with only minor scheduled maintenance planned [28][30] Question: Rush Lake incident and its impact on design capacity - Management stated that the incident was a casing failure on one well, and they are in the recovery phase, confident in the design capacity [32][33] Question: Next steps for upcoming projects and CapEx sizing - Management indicated that capital expenditures will be significantly reduced in 2026, with a focus on efficient investments in Lloydminster [39][40] Question: Confidence in operations post-turnarounds - Management noted that the recent turnarounds revealed minimal issues, increasing confidence in operational reliability moving forward [42][43] Question: M&A strategy and potential bolt-on deals - Management reiterated that there are no immediate plans for M&A, as the current portfolio is satisfactory [59][60] Question: Free cash flow expectations from West White Rose - Management expects significant free cash flow generation from the West White Rose project once it reaches full production [61][63] Question: Drivers of operating cost improvements in Canadian downstream - Management highlighted that improvements are due to better utilization, reliability enhancements, and lower energy costs [66][68]

Financial Data and Key Metrics Changes - The company reported revenue of $360 million, adjusted EBITDA of $149 million, net income of $33 million, and free cash flow of $18 million for the first quarter [19][18] - Adjusted EBITDA margin increased to 41%, essentially doubling from the prior year [19] - The company eliminated nearly $130 million of debt and metal prepay facilities during the quarter, positioning itself for further debt reductions [4][24] Business Line Data and Key Metrics Changes - Las Chispas produced 714,000 ounces of silver and over 7,000 ounces of gold during the partial quarter, with cash costs per ounce for gold and silver at $744 and $8.38 respectively [9][10] - Palmarejo saw gold production up 2% and silver production up 9% compared to the previous quarter, driven by productivity improvements [10] - Kensington's gold production increased by 6% compared to the first quarter of the previous year, indicating a return to positive free cash flow [11] Market Data and Key Metrics Changes - The company anticipates generating average free cash flow of $75 million to $100 million per quarter for the remainder of 2025 based on updated forecast pricing of $2,900 for gold and $32 for silver [20] - The average realized gold price was 41% higher than the same quarter last year, while the average realized silver price was 36% higher [36] Company Strategy and Development Direction - The company is focused on generating per share value for shareholders while strengthening the balance sheet and reinvesting in business opportunities [6] - The integration of Las Chispas is proceeding smoothly, with a focus on maintaining a steady mine life and exploring nearby areas [5][13] - The company aims to achieve a net debt to EBITDA ratio close to zero by the end of the year [4][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance and highlighted the positive changes in the company's financial health [4][24] - The company is committed to a predictable operational model moving forward, focusing on delivering strong cash flows [18][48] - Management acknowledged the importance of maintaining a strong safety culture, having been recognized as the safest mining company among peers in the U.S. [8] Other Important Information - The company published its 2024 responsibility report, emphasizing its commitment to integrity and respect [7] - The exploration investment for 2025 is expected to total between $77 million and $93 million, with a focus on expansion and scout drilling [13] Q&A Session Summary Question: When will the benefits of increased tonnage at Rochester be seen in silver recoveries? - Management indicated that improvements in crusher availability and throughput would lead to better recoveries over time [28][29] Question: What drove stronger performance at Wharf this quarter? - Management attributed the performance to timing and grade profile adjustments, expecting to meet full-year guidance [33][34] Question: Are there any impacts from lower labor costs in Mexico? - Management noted that while labor costs are stable, they expect overall benefits from increased employment at Las Chispas [36][37] Question: How long will it take to work through the extra stockpile at Las Chispas? - The company expects the stockpile to decrease over the next year as new tons are mined and processed [44][45] Question: What is the company's approach to M&A going forward? - Management indicated a focus on delivering current operations and cash flows before considering further acquisitions or divestitures [48][49] Question: What key metrics should be monitored at Rochester? - Management suggested monitoring crusher runtime and availability as key indicators of operational success [59][62]

Financial Data and Key Metrics Changes - In Q1 2025, MMG's copper production reached just over 118,000 tonnes, a 76% increase compared to the same quarter last year [21] - The total recordable injury frequency was 2.4 per million hours worked, indicating a focus on safety despite an increase from the previous quarter [19] - The significant events with energy exchange frequency was 1.08 per million hours worked, also showing an increase from last quarter [20] Business Line Data and Key Metrics Changes - Las Bambas produced over 95,000 tonnes of copper in concentrate, a 71% increase year-over-year [21] - Kinsevere produced almost 12,000 tonnes of copper cathode, a 19% increase compared to the same period last year [23] - Khoemakau produced close to 11,000 tonnes of copper in concentrate, a 4% increase from the previous quarter despite severe weather conditions [24] Market Data and Key Metrics Changes - The company is experiencing favorable market conditions, including declining TCRC rates for copper and zinc concentrates and rising precious metal prices [26] - The operations at Las Bambas are stable and in good order, contributing to a positive outlook for production and cost guidance [26] Company Strategy and Development Direction - MMG aims to become one of the top 10 global copper producers, focusing on safety performance, expansion projects, and community relations [27] - The company is advancing its Nickel Brazil acquisition and integration plans while conducting a comprehensive review of its 2025 production and cost guidance [26] - The feasibility study for expanding Las Bambas' capacity is a top priority, with plans to reach 60,000 tonnes by 2026 and 130,000 tonnes by 2028 [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting production guidance for Las Bambas, contingent on stable operations and no nationwide incidents [32] - The company is optimistic about the potential for cost reductions due to scale economics as production increases [32] - Management highlighted the importance of community relations and ongoing negotiations to ensure stable operations [31] Other Important Information - The total investment for community development projects, including the construction of a school, is approximately $9 million [22] - The company is focused on optimizing recovery rates and improving operational flexibility at its mining sites [46][48] Q&A Session Summary Question: Expectations for Las Bambas production - Management indicated that production is expected to meet the upper limit of guidance if no nationwide incidents occur [32] Question: Inventory adjustments at Las Bambas - Sales increased in Q1 due to inventory sold from Q4, and production is sticking to guidance [34] Question: Kinsevere's power outages and production expectations - Management confirmed that production is on track with guidance, and diesel power generation is a backup source [36] Question: C1 cost expectations - C1 costs are expected to improve as production increases, with precious metal prices positively impacting costs [57] Question: Tax issues in Las Bambas - Management is working with tax authorities in Peru, and they do not expect significant impacts on cash flow or corporate income tax rates [71]