Financial Data and Key Metrics Changes - Total company revenues for Q3 2025 were $240 million, an increase of $34 million, or 16.6% compared to Q3 2024 [16] - Adjusted EBITDA for the quarter was $57.3 million, the highest quarterly result in company history, reflecting a 25% increase year over year [18] - Net income available to stockholders for the third quarter was roughly break-even, reflecting $23.5 million in debt refinancing expenses [19] Business Line Data and Key Metrics Changes - Lindblad segment revenues were $138 million, an increase of $16 million, or 13.4% compared to the prior year, with occupancy increasing from 82% to 88% [16][17] - Land Experiences segment revenues were $103 million, an increase of $18 million, or 21.1% compared to Q3 2024, driven by a 12% increase in guests and an 8% increase in revenue per guest [17] Market Data and Key Metrics Changes - The company reported a 9% increase in net yield per available guest night to $1,314, the highest third-quarter yield in company history [16][18] - The demand for luxury tourism is projected to grow at a 10% CAGR through 2028, reinforcing the company's confidence in its positioning for sustained growth [7] Company Strategy and Development Direction - The company focuses on three strategic pillars: maximizing revenue generation, optimizing financial performance, and exploring accretive growth opportunities [7][12] - The company is actively expanding its charter offerings and evaluating accretive acquisitions to enhance its capacity and market presence [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong booking trends for 2026 and 2027, with bookings significantly ahead of the prior year [7][25] - The company raised its full-year guidance for net yields, revenue, and EBITDA, reflecting continued strength in business performance [14][22] Other Important Information - The company completed a comprehensive refinancing of its debt, which strengthens its balance sheet and enhances financial flexibility [21] - The company ended the quarter with total cash of $290.1 million, an increase of $74 million versus the end of 2024 [19] Q&A Session Summary Question: Can you provide more color around booking trends for 2026 and 2027? - Management noted that bookings for 2026 are significantly ahead of the previous year, with encouraging upticks in demand [25][26] Question: How do you view pricing and yield growth for next year? - Management indicated that while double-digit yield growth is not expected to continue, they maintain pricing integrity and anticipate continued occupancy increases [28][30] Question: Are there any macroeconomic headwinds affecting demand? - Management acknowledged the importance of monitoring the geopolitical environment but noted that demand has remained stable despite economic changes [33] Question: What is the current mix of revenues and future plans for expansion? - Management expressed comfort with the current revenue mix and highlighted plans to pursue charters, acquisitions, and new builds for growth [35][36]

Core Insights - Collective Mining Ltd. published its 2024 Sustainability Report, marking the fourth report that outlines its performance and impacts in environmental, social, and governance (ESG) dimensions in Caldas, Colombia [1][3]. Group 1: Company Performance - In 2024, the company made significant progress in responsible exploration, technical excellence, and stakeholder engagement, guided by its commitment to "The Collective Way" [2][4]. - The company aims for an ambitious 70,000 meter drilling program and is making progress at the Guayabales and San Antonio projects, focusing on long-term sustainable value creation [4]. Group 2: Key Highlights from the Sustainability Report - The company achieved zero lost time injuries in 2024, maintaining a Total Recordable Injury Frequency Rate (TRIFR) of 0%, indicating a strong safety culture [10]. - There was a 70% increase in direct local employment year-over-year, reflecting growth and preparation for advanced exploration stages [10]. - Over $410,000 was directly invested in social programs, benefiting more than 2,000 individuals, with an additional 43% contributed by strategic partners [10]. - Female participation across employees and contractors was 24.6%, with 40% female representation on the Board of Directors [10]. - The company reported zero environmental fines or non-compliance events, offsetting 1,200 tonnes of CO₂ through conservation efforts that protect 103,022 hectares of forest [10]. - Strategic community initiatives included 33 regional partnerships, support for 300 coffee farmers, training for 200 women, construction of rural roadways, and clean water access for 1,700 people [10]. Group 3: Company Background - Collective Mining Ltd. was founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value [6]. - The company is focused on gold, silver, copper, and tungsten exploration with projects in Caldas, Colombia, and has options to acquire 100% interests in two projects within an established mining camp [6][7]. - The flagship project, Guayabales, is anchored by the Apollo system, which hosts a large-scale, bulk-tonnage, and high-grade gold-silver-copper-tungsten system [7].

Corporate Update - Stallion Uranium Corp. provides a general corporate update, including financial filings, corporate activities, and market positioning [1] Financial Statement Filing Update - The filing of annual financial statements for the year ended December 31, 2024, is delayed from May 20, 2025, to May 23, 2025, due to extended timelines in completing the annual audit [2] - A Cease Trade Order (CTO) was issued by the British Columbia Securities Commission on May 7, 2025, due to the delay in filing [2][5] Audit Process Commitment - Stallion's management and audit team are working diligently to complete the audit process and are committed to refining internal processes for timely and accurate future filings [3] Trading Resumption and Corporate Calendar - Trading is expected to resume shortly after the filing of financials, with several key initiatives and milestones anticipated to drive significant progress in the coming months [4] Debt Settlement and Share Issuance - Stallion has reached a debt settlement agreement with Atha Energy Corp., involving the issuance of 802,809 common shares at a deemed price of $0.135 per share to settle outstanding obligations [6][8] - This agreement relates to exploration expenses under an option agreement for a 70% interest in property located in the Athabasca Basin [7] Community Engagement - Stallion attended the KCDA Core Days Conference and Career Fair to engage with northern communities, promote local employment, and build long-term partnerships [9] - The company prioritizes stakeholder engagement and community consultation as part of its commitment to sustainable development [10] Uranium Market Outlook - The uranium market shows strong momentum, with rising spot prices and sustained demand growth driven by global interest in nuclear energy [11] - Stallion Uranium is well-positioned to capitalize on this positive market outlook, enhancing the value of its strategic uranium assets [11] Company Overview - Stallion Uranium is focused on exploring approximately 2,700 sq/km in the Athabasca Basin, which contains the largest high-grade uranium deposits globally [12] - The company holds the largest contiguous project in the Western Athabasca Basin, adjacent to multiple high-grade discovery zones [12]