Core Viewpoint - State-run Petronet LNG (PLL) has secured a ₹12,000 crore secured rupee term loan (RTL) facility from a consortium of banks to finance its Petrochemicals Project and other capital expenditures [1][2]. Group 1: Loan Facility Details - The consortium includes State Bank of India and Bank of Baroda, each providing a sanctioned limit of ₹6,000 crore [2]. - The RTL facility was finalized through a competitive bidding process, reflecting strong confidence in PLL's projects and financial profile [4]. - The terms of the secured loan are better than initial financing assumptions, enhancing project viability and supporting PLL's strategic objectives [6]. Group 2: Project and Capacity Expansion - PLL is establishing a PDH unit with a capacity of 750,000 tonnes per annum and a PP unit of 500,000 tonnes per year at Dahej, Gujarat [3]. - PLL controls 43% of India's LNG re-gasification capacity and manages about two-thirds of the country's LNG imports, with a total regasification capacity of 22.5 million tonnes per annum [7]. - The company is augmenting the Dahej terminal capacity from 17.5 mtpa to 22.5 mtpa, expected to be commissioned shortly [7]. - PLL is also developing a greenfield LNG regasification terminal with a capacity of 5 mtpa at Gopalpur, Odisha [8].

Group 1: Management Changes - Mr. David Halkyard has been appointed as the Chief Financial Officer (CFO) of the Company effective November 25, 2025 [1] - Ms. Catherine Apthorpe has been appointed as Corporate Secretary following the resignation of Ms. Mariana Bermudez, who left to pursue other business opportunities [1] - The CEO, Mr. Gilbert Clark, expressed confidence in the expanded finance team and welcomed Ms. Apthorpe, highlighting her extensive corporate and legal experience [3] Group 2: Name Change and Corporate Structure - The Company will complete its name change from Meridian Mining UK Societas to Meridian Mining Plc, effective for trading on December 10, 2025, following its conversion to a public limited company [2] - The Company's ISIN has changed to GB00BVPND783 and the CUSIP to G6017H 103, with previous identifiers now inactive [2] Group 3: Project and Financial Highlights - The Cabaçal Gold-Copper Project has a base case after-tax NPV5 of USD 984 million and an IRR of 61.2%, with a pre-production capital cost of USD 248 million, leading to capital repayment in 17 months [4] - The project has a low All-in-Sustaining-Cost of USD 742 per ounce gold equivalent and a production profile of 141,000-ounce gold equivalent over its life [4] - The Cabaçal Mineral Reserve estimate consists of Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold, 0.44% copper, and 1.64g/t silver [5] Group 4: Exploration and Development Focus - The Company is focused on the development and exploration of the advanced stage Cabaçal VMS gold-copper project and initial resource definition at the Santa Helena asset [6] - There is a regional scale exploration strategy for the Cabaçal VMS belt and exploration in the Jaurú & Araputanga Greenstone belts, all located in the State of Mato Grosso, Brazil [6]

Core Insights - Applied Digital (APLD) is transitioning from crypto hosting to AI-focused data centers, supported by long-term leases and asset-level capital [1][9] - The company has secured over $160 million in project financing for the development of Polaris Forge 1 and 2 [9] - Total lease revenues are projected to reach $16 billion across 600 MW, with revenue recognition starting as early as late 2025 [9] Financial Developments - In Q1 of fiscal 2026, APLD drew $112.5 million from a Macquarie preferred equity facility for Polaris Forge 1 and secured $50 million for Polaris Forge 2 [2] - The Zacks Consensus Estimate for Q2 fiscal 2026 revenues is $75.95 million, indicating an 18.91% increase from the previous year [8] - Adjusted EBITDA fell in the fiscal first quarter due to low-margin tenant fit-out, leading to negative operating cash flow [7] Project and Lease Details - At Polaris Forge 1, CoreWeave has fully leased 400 MW with 15-year terms, anticipating $11 billion in contracted lease revenues [4] - Polaris Forge 2 has an executed lease covering 200 MW, expected to generate about $5 billion in revenues over 15 years [5] - Initial capacity for Polaris Forge 2 is anticipated in 2026, with the full 300 MW campus targeted for 2027 [5] Operational Strategy - Management aims to reduce build timelines to 12-14 months from approximately 24 months, allowing for parallel development of multiple campuses [6] - Design features include direct-to-chip liquid cooling and near-zero water usage, enhancing delivery speed amid tightening grid capacity [6] Competitive Landscape - APLD faces competition from large-scale operators like Equinix, which operates over 260 data centers globally [9] - The industry is crowded with players pursuing AI workload support, emphasizing the need for APLD's execution and lease depth as key differentiators [10]

Core Viewpoint - TotalEnergies is clarifying the financing structure of the Mozambique LNG project after the UK and Dutch export credit agencies withdrew their commitments, with the consortium agreeing to inject additional equity to replace this funding [1][3][6]. Financing Structure - The Mozambique LNG project, one of Africa's largest LNG developments, initially secured a $15.4 billion financing package in 2020 from around 30 lenders, including multiple export credit agencies [2]. - Following a prolonged force majeure due to an Islamist insurgency in Cabo Delgado, construction was halted in 2021, leading to a renegotiation of financing terms [2]. Project Resumption - With the recent lifting of force majeure, TotalEnergies amended the financing agreement to align with the updated project timeline, although the UK and Dutch export credit agencies did not reconfirm their participation [3]. - The remaining lenders, approximately 90% of the original financing group, have reaffirmed their commitment, indicating strong support for the project's potential impact on Mozambique's economic development [4]. Human Rights and Security Concerns - TotalEnergies responded to reports commissioned by the Dutch government regarding human rights and security in Cabo Delgado, criticizing the advisors for lacking on-the-ground assessments [5]. - The company reiterated its previous statements addressing human rights allegations involving Mozambican forces and directed stakeholders to further clarifications issued in November [5]. Strategic Importance - The consortium's determination to restart the LNG plant is emphasized, as it is expected to position Mozambique as a significant global gas exporter once operational [6]. - Although the withdrawal of UK and Dutch ECA backing removes a layer of political-risk insurance, the decision to fill the gap with equity reflects confidence in the project's economics and improvements in regional security [6].

Experienced executive brings proven track record operating industrial plants and implementing projects totaling nearly US$20 billion across mining, steel, railway, and port infrastructure sectors in Brazil and abroad Executive brings proven track record leading teams to raise multi-billion-dollar funding necessary to successfully deliver large-scale projects Four decades of leadership experience with strong networks in Brazil across government, financial, and industrial sectors MANAUS, Brazil, Dec. 02, 2025 ...

Core Insights - Perpetua Resources Corp. aims to provide a domestic source of antimony while developing a significant gold mine in the U.S. [2][5] - The company has initiated construction on the Stibnite Gold Project, marking a key milestone for stakeholders and the state of Idaho [3] - A comprehensive project financing plan is in progress, with expectations for U.S. EXIM debt financing consideration by Spring 2026 [3][7] Financial Highlights - The company reported a successful equity offering in June and July 2025, raising $49 million [7] - A strategic equity investment closed on October 28, 2025, generating $255 million in gross proceeds [7] - A registered equity offering and concurrent private placement on October 30 and 31, 2025, raised an additional $78 million [7] Project Development - The Stibnite Gold Project is recognized as one of the highest-grade open pit gold deposits in the U.S. [5] - The project is designed to restore an abandoned mine site while producing gold and antimony, crucial for U.S. defense needs [5] - Early works construction began on October 21, 2025, following the receipt of financial assurance and the signed Plan of Operations from the U.S. Forest Service [7] Management Changes - Mark Murchison was appointed as Chief Financial Officer effective October 1, 2025, succeeding Jessica Largent [7] - Joe Fazzini was appointed as Vice President of Investor Relations on November 10, 2025 [7]

Core Viewpoint - Brazil Potash Corp. has successfully executed its third and final definitive commercial offtake agreement with Kimia Solutions, securing a long-term commitment for potash sales, which enhances the company's revenue visibility and supports project financing efforts [1][2][3]. Agreement Details - The agreement is a 10-year take-or-pay commitment for Kimia to purchase up to 704,000 tons of potash annually from the Autazes Potash Project at market prices [2][8]. - This agreement represents approximately 23% to 32% of Brazil Potash's annual production capacity, contributing to a total of over 2 million tons of pre-sold potash for up to 17 years [3][8]. Commercial Strategy Progress - The Kimia Agreement provides strong revenue visibility essential for project financing and demonstrates robust market demand for domestically produced Brazilian potash [5]. - The remaining production will be reserved for spot sales to capture potential market premiums and accommodate maintenance outages [5]. Strategic Partnerships - The agreement follows a recently signed MOU with Fictor Energia for approximately $200 million in power line construction funding and a $20 million equity investment, significantly de-risking both commercial and infrastructure components of the Autazes Project [6]. Industry Context - Brazil Potash aims to reduce Brazil's reliance on potash imports, which was over 95% in 2021, by supplying domestically produced potash, potentially meeting approximately 20% of the current demand [10]. - The company plans to transport potash primarily using low-cost river barges, enhancing logistical efficiency [10].

Core Viewpoint - Brazil Potash Corp. has finalized its third commercial offtake agreement with Kimia Solutions, securing a significant portion of its potash production for the next decade, which enhances revenue visibility and demonstrates strong demand for Brazilian potash [1][4]. Offtake Agreement Details - The ten-year agreement allows Kimia to purchase up to 704,000 tons of potash annually from the Autazes Potash Project at market prices [1]. - Kimia is expected to buy approximately 23%-32% of Brazil Potash's annual production on a take-or-pay basis, with obligations starting after production commences and scaling during the ramp-up period [2]. Commercial Strategy - The agreement is anticipated to provide strong revenue visibility and indicates robust demand for domestically produced Brazilian potash [3]. - Remaining output will be allocated for spot sales, enabling the company to take advantage of market price premiums and manage production fluctuations [3]. Management Commentary - The CEO of Brazil Potash highlighted that the completion of all three major take-or-pay agreements secures pre-sales of over two million tons of annual production for up to 17 years, achieving approximately 91% contracted capacity [4]. Recent Deals - In July, Brazil Potash signed a Memorandum of Understanding with Fictor Energia for a $200 million power line project, which is expected to mitigate risks associated with both commercial and infrastructure aspects of the Autazes Project [5]. Market Reaction - Brazil Potash shares experienced a 2.73% increase, reaching $2.63 during premarket trading [6].

Core Insights - The Group has signed a EUR 318 million project financing agreement for the Kelmė wind farm, the largest in the Baltics, with a total investment of EUR 550 million [1][3] Financing Details - The Loan is provided by a consortium of lenders including the European Investment Bank, Swedbank AB, European Bank for Reconstruction and Development, and Nordic Investment Bank, with a term of 15 years [2] Project Specifications - The Kelmė wind farm has a combined installed capacity of 314 MW and is capable of supplying electricity to 250,000 Lithuanian households [3] Strategic Goals - The Group aims to increase its Green Capacities from 1.4 GW in 2024 to 4–5 GW by 2030, currently having installed Green Capacities of 2.1 GW [4]

Core Insights - Perpetua Resources Corp. announced the resignation of CFO Jessica Largent, effective October 1, 2025, with Mark Murchison appointed as her successor [1][2] - The company has raised over $650 million in funding and is applying for up to $2.0 billion in project financing from the Export-Import Bank of the United States [2] Management Transition - Jessica Largent will remain as an advisor to the CFO until the end of 2025 to support the transition and ongoing project financing [1] - Mark Murchison brings over 25 years of experience in finance and mining, having previously served as CFO at Alacer Gold and held various roles at Rio Tinto [2] Project Financing and Development - Early works construction for the Stibnite Gold Project is expected to commence in fall 2025 after posting Financial Assurance [1] - The company is well-positioned to secure project financing and transition to full construction in 2026 [2]