ContextLogic (NasdaqGS:LOGC) M&A Announcement December 08, 2025 09:00 AM ET Company ParticipantsTed Goldthorpe - ChairmanDavid Sugarman - CEOMarc Ward - PresidentRaja Bobbili - ChairmanOperatorGood morning, ladies and gentlemen, and thank you for standing by. Welcome to today's call, announcing the acquisition of US Salt by ContextLogic and the formation of a new business ownership platform backed by Abrams Capital and BC Partners. At this time, all participants are in a listen-only mode. There will not be ...

Disclaimer About Forward-Looking Statements & Third-Party Sources INVESTOR PRESENTATION This presentation (this "Investor Presentation") is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential transaction (the "Transaction") between ContextLogic Holdings Inc., and its subsidiaries (the "Company"), US Salt Parent Holdings, LLC and its subsidiaries ("US Salt"), affiliates of Abrams Capital Management, L.P. ("Abra ...

Marks the first step in building ContextLogic into a differentiated business ownership platform. ContextLogic will be focused on owning niche, competitively-advantaged, long-duration businesses run by world-class management teams.US Salt, the first such acquisition, is a 132-year old business producing high-purity evaporated salt products for recession-resilient end markets. Led by a management team with 25+ year record of value creation, US Salt has consistently delivered strong revenue growth, robust marg ...

Core Insights - Atlas Salt Inc. has released the results of its Updated Feasibility Study (UFS) for the Great Atlantic Salt Project, indicating strong financial metrics and project viability [1] Financial Metrics - Post-tax NPV at 8% is CAD 920 million, with a post-tax IRR of 21.3% and a payback period of 4.2 years [1] - Pre-tax NPV at 8% is CAD 1.68 billion, with a pre-tax IRR of 27.1% [1] - Total undiscounted post-tax cash flow, including initial capital cost, is CAD 3.93 billion [1] Capital and Operating Costs - Initial capital cost is CAD 589 million, with sustaining capital over the life of the mine estimated at CAD 609 million [1] - Average operating cost is CAD 28.17 per tonne FOB mine site port [1] Production and Mine Life - Average annual life of mine (LOM) operating cash flow (EBITDA) is CAD 325 million per annum [1] - Average annual post-tax free cash flow in operation is CAD 188 million [1] - The mine has a life span of 24 years based on proven and probable reserves, with an average steady-state production of 4.0 million tonnes of high-purity road salt per annum [1]

Summary of BCI Minerals Conference Call - July 24, 2025 Company Overview - BCI Minerals is recognized as the world's most significant new industrial salt producer, operating Australia's largest salt project in Western Australia, with a projected output of 5,350,000 tonnes of premium industrial salt annually [1][2]. Key Points Operational Status - BCI Minerals has an infinite resource base, utilizing ocean water, which results in extremely low sustaining capital expenditures (CapEx) and strong free cash flow [2][3]. - The company has received all necessary environmental approvals and is on track to deliver its first salt shipment by December 2026 [3][17]. - Currently, 70% of the project is complete, with a total investment of $1,100,000,000 [6][25]. Financial Performance - The market capitalization recently reached $1,000,000,000, but the company trades at a discount compared to its investment [6]. - At full production, the salt operation is expected to generate approximately $286,000,000 in annual EBITDA, while the production of Sulfate of Potash (SOP) is projected to deliver around $99,000,000 in EBITDA [23]. Market Dynamics - The salt market is experiencing a shift due to rising production costs in Europe, leading to increased construction of chlor-alkali and caustic soda plants in Asia, which benefits BCI Minerals as it aligns with their production timeline [10][11][12]. - BCI has secured offtake agreements with major markets including China, Japan, Korea, Taiwan, and Indonesia, positioning itself favorably in the Asian market [12]. Strategic Advantages - BCI Minerals is constructing a multi-user port with a capacity of 20,000,000 tonnes, which will facilitate its operations and provide access to port facilities in a region with limited availability [8][9]. - The company emphasizes its commitment to delivering on promises, having adjusted its strategies to maintain timelines despite previous delays in environmental approvals [16][17]. Future Outlook - The company is focused on producing both salt and SOP, with plans to increase dividends significantly as production ramps up [7][8]. - The outlook for the salt market is positive, driven by the essential nature of sodium and chloride in various industries, including chemicals, glass manufacturing, and even paper production [15][13][14]. Additional Insights - BCI Minerals has established strong partnerships with debt providers, including NAF, EFI, ICBC, Westpac, and Export Development of Canada, which supports its financial stability [5]. - The project is located in the Pilbara region, known for its long history of salt production, which provides a competitive edge due to established infrastructure and expertise [18][19]. This summary encapsulates the critical aspects of BCI Minerals' conference call, highlighting the company's operational status, financial performance, market dynamics, strategic advantages, and future outlook.