Core Viewpoint - Golden Cariboo Resources Ltd. is participating in the Vancouver Resource Investment Conference (VRIC) on January 25-26, 2026, to engage with shareholders and potential investors about its exploration activities in the Cariboo Gold District [1][3]. Company Overview - Golden Cariboo Resources Ltd. is focused on rediscovering the Cariboo Gold Rush through targeted drilling and trenching programs on its Quesnelle Gold Quartz Mine property, which spans 94,899 hectares (234,501 acres) [6]. - The Quesnelle Gold Quartz Mine property is located 4 kilometers (2.5 miles) northeast of Hixon, British Columbia, and includes a historical gold-silver deposit discovered in 1865 [7]. Conference Details - The Vancouver Resource Investment Conference (VRIC) is a significant event for investors and industry professionals in the commodities sector, featuring over 120 keynote speakers [4][5]. - The conference will take place at the Vancouver Convention Centre West Building, with Golden Cariboo exhibiting at Booth 1019 [8].

Core Insights - The oil and gas refining sector has seen standout gains from companies like Valero Energy, Par Pacific Holdings, and HF Sinclair, with each up over 30% year to date, significantly outperforming the broader energy sector [1][8] Industry Dynamics - Refining margins have remained strong due to low global product inventories and steady demand for fuels, particularly distillates like diesel and jet fuel [3] - Supply constraints have been exacerbated by maintenance issues, outages, and refinery closures, leading to healthier margins for refiners [3] - Improved operational reliability has allowed refiners to maintain high throughput and low unplanned downtime, enhancing profitability [4] Operational Advantages - Companies have benefited from flexibility in product mix, allowing them to shift production towards higher-value products based on market signals [5] - Access to advantaged crude supplies and strong logistics networks have maximized margin capture, while retail and marketing segments provided stability [5] Future Outlook - The refining and marketing industry is expected to remain supported by tight supply-demand dynamics and limited new capacity additions, although predicting stock performance for 2026 is challenging [6] - Valero Energy, Par Pacific, and HF Sinclair are highlighted as companies to watch as industry fundamentals evolve [6] Company Profiles - **Valero Energy**: Operates 15 refineries with a throughput of about 3.2 million barrels per day, producing various refined products. The company has a significant renewables footprint and is expected to see 24.5% earnings growth in 2026 [9][10] - **Par Pacific**: Runs an integrated energy business with a refining capacity of 219,000 barrels per day and is involved in decarbonization efforts. The company has a market capitalization of $1.9 billion and a 19% increase in 2026 earnings estimates [11][12] - **HF Sinclair**: Operates seven refineries with a combined throughput of approximately 678,000 barrels per day. The company has diversified into renewable diesel and specialty lubricants, with a 6.5% growth forecast for 2026 earnings [13][14]

Summary of Expert Call on China's Preclinical CRO Industry Industry Overview - The focus is on China's preclinical Contract Research Organization (CRO) industry, particularly a medium-sized private preclinical CRO firm - Notable recovery in the industry observed in Q425, with stronger trends noted in the second half of November [2][8] Key Insights Order Inflow and Growth Outlook - Order inflow for projects involving Non-Human Primates (NHP) increased approximately 30% quarter-over-quarter (QoQ) in volume terms in Q425, with service fees rising by 10-20% [2][8] - The expert anticipates sustained growth into 2026, primarily driven by improved funding and R&D demand from upstream R&D firms [2][8] NHP Pricing Dynamics - NHP prices rose about 25% QoQ in Q425, with average selling price (ASP) around Rmb130,000 [3][10] - For trials scheduled to start in Q126, prices have reached Rmb150,000 in some instances, indicating tight supply/demand dynamics [3][10] Supply Chain and Import Challenges - The supply of suitable NHPs remains tight, particularly for those aged over three years, with limited imports expected due to complex procedures [3][10] - The likelihood of exporting NHPs is low for the next three years, as they are considered a strategic resource for innovative drug R&D [3][10] Market Concentration and Competitive Landscape - The expert predicts increased concentration among the top 5-10 CRO firms due to their superior specialty and management capabilities [4][15] - Some small CRO firms are seeking qualifications to expand their capacities, but the number remains limited [4][13] Demand Recovery by Project Type - Demand for large molecules, particularly bispecific and trispecific antibodies, has recovered more robustly than for small molecules [9][8] - Innovative therapies such as peptides and CAR-T are also seeing increased demand, with tumors and autoimmunity being major therapeutic areas [9][8] Order Cancellation Trends - Order cancellations have become rare, indicating a more stable market environment [16][8] Financial Metrics - The total cost for a standard order of 64 NHPs is approximately Rmb130,000 multiplied by 64, with additional expenses around Rmb3-4 million [17][8] - Transaction prices typically range from 70-80% of quotations, reflecting a rebound in margins [17][8] Risks and Challenges - Potential risks for the healthcare industry include unexpected price cuts from government programs, intensified competition, and regulatory challenges [18][8] Conclusion - The preclinical CRO industry in China is experiencing a notable recovery, with positive trends expected to continue into 2026, driven by increased funding and demand for innovative therapies. However, challenges related to supply constraints and regulatory risks remain significant.

Company Overview - Nutrien Ltd. is the world's largest fertilizer producer and has a significant farm center business, with a strong influence in potash and nitrogen markets [1]. Market Outlook - The company has a positive outlook for 2025, indicating robust demand for crop inputs during the North American spring season, with approximately 95 million acres of corn expected to be planted in the U.S. [6]. - Strong field activity and planting progress reports from the U.S. suggest a healthy demand environment for Nutrien's products [6]. Supply and Demand Dynamics - Nutrien is experiencing favorable supply-demand dynamics across all three key nutrients: potash, nitrogen, and phosphate, leading to firming prices in these markets [7].