Northern Star Resources (OTCPK:NESR.F) Update / Briefing January 04, 2026 10:00 PM ET Company ParticipantsDavid Radclyffe - Managing DirectorSimon Jessop - COOStuart Tonkin - Managing Director and CEOHugo Nicolaci - VPRyan Gurner - CFOConference Call ParticipantsMitch Ryan - Equity AnalystDaniel Morgan - Founding Principal and Mining Equity AnalystAdam Baker - Research AnalystLevi Spry - Mining AnalystOperatorI'd now like to hand the conference over to Stuart Tonkin, Managing Director and CEO. Please go ahe ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the housing finance industry, specifically Virginia Housing, which manages a $16 billion mortgage portfolio and addresses the housing shortage in Virginia [8][9]. - The call also touches on the broader economic landscape, including the impact of artificial intelligence (AI) on various sectors, particularly technology and entertainment [25][52]. Virginia Housing - Virginia Housing aims to create 200,000 new homes to meet the employment needs of 350,000 new workers over the next decade [9]. - The agency collaborates with Wells Fargo for interest rate hedging, liquidity, and bond originations, which supports innovative housing solutions [9][10]. - The partnership with Wells Fargo is described as transformative, enabling Virginia Housing to explore programs like workforce housing and 3D-printed homes [10]. Economic Insights - The U.S. economy is experiencing a disconnect between lived experiences and economic data, with recession indicators flashing red but the economy continuing to grow [38][43]. - Analysts predict a 42% chance of a recession in 2026, with GDP growth forecasted at 2% [43][44]. - The labor market is stagnant, with low unemployment but also low hiring rates, creating a challenging environment for workers [44][47]. AI and Technology Sector - The tech industry is projected to spend nearly $1.2 trillion annually on data centers by 2030, raising concerns about a potential AI bubble [25][28]. - Companies like Oracle are heavily investing in AI infrastructure, raising $38 billion in debt for data centers, which could lead to financial instability if customer demand does not materialize [36][37]. - The AI sector is seen as a double-edged sword, driving economic growth while also posing risks of overvaluation and speculative investments [27][36]. Fast-Casual Dining Industry - The fast-casual dining sector is facing challenges, with companies like Sweetgreen and Chipotle reporting significant sales declines [76][77]. - Sweetgreen's sales fell 9.5% in Q3 2025, and Chipotle's shares dropped 40% for the year, indicating a shift in consumer spending habits [76][77]. - There is a growing trend of consumers opting for cheaper fast-food options, leading to speculation about the sustainability of the fast-casual model [78][82]. Consumer Behavior - The wealthiest 10% of consumers account for nearly half of all spending in the U.S., raising concerns about economic inequality [50][51]. - Price sensitivity is increasing among consumers, with many seeking value in their purchases, which could impact the pricing strategies of fast-casual restaurants [88][89]. Conclusion - The conference call highlights the interconnectedness of housing finance, economic trends, AI investments, and consumer behavior, suggesting a complex landscape for investors and companies alike as they navigate potential risks and opportunities in 2026 [43][52].

Financial Data and Key Metrics Changes - The meeting confirmed a quorum with at least 132,154,996 shares of Class A Common Stock and 21,285,533 shares of Class B Common Stock represented, indicating strong shareholder engagement [6][8] - The voting results showed at least 256,240,476 votes in favor of the nominated directors, reflecting solid support for the board [7][8] - The ratification of Ernst & Young as the independent registered public accounting firm received at least 344,576,329 votes, demonstrating confidence in the company's financial oversight [8][9] - The advisory vote on executive compensation garnered at least 245,525,288 votes in favor, indicating shareholder approval of the compensation structure [9][10] Business Lines and Key Metrics Changes - No specific data on individual business lines was provided during the meeting, focusing instead on overall governance and shareholder matters Market Data and Key Metrics Changes - No specific market data or metrics were discussed in the meeting Company Strategy and Development Direction - The company continues to emphasize strong governance through the election of directors and the appointment of independent auditors, which aligns with best practices in corporate governance [7][8] - The focus on maintaining shareholder engagement and transparency is evident through the voting process and the advisory vote on executive compensation [9][10] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting, as the focus was primarily on governance and shareholder matters [11][12] Other Important Information - The meeting was recorded, and an audio replay will be available on the Investor Relations website, ensuring transparency and accessibility for shareholders [4][11] - Forward-looking statements were made with caution, highlighting the potential risks and uncertainties that could affect future results [11][12] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions submitted by shareholders during the meeting, indicating either satisfaction with the information provided or a lack of immediate concerns [14]

Financial Data and Key Metrics Changes - The meeting confirmed the presence of a quorum with at least 132,154,996 shares of Class A Common Stock and 21,285,533 shares of Class B Common Stock represented [6][8] - Stockholders cast at least 344,576,329 votes in favor of the ratification of Ernst & Young as the independent registered public accounting firm for the fiscal year ending December 31, 2025 [8][9] - The advisory vote on executive compensation received at least 245,525,288 votes in favor, indicating strong support for the compensation paid to the company's named executive officers [9][10] Business Line Data and Key Metrics Changes - No specific data on business line performance or key metrics was provided during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction and Industry Competition - The company continues to focus on maintaining strong governance and transparency as evidenced by the election of directors and the ratification of independent auditors [7][8] - The company is committed to aligning executive compensation with performance, as shown by the advisory vote on executive compensation [9] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting Other Important Information - The meeting was conducted virtually, and stockholders were encouraged to submit questions via the web portal, although no questions were received during the session [11][14] - The company emphasized that forward-looking statements are subject to risks and uncertainties, and actual results may differ from expectations [11][12] Q&A Session Summary Question: No questions were submitted during the meeting - There were no questions from stockholders during the Q&A session [14]

Financial Data and Key Metrics Changes - The company held its 2025 Annual Meeting of Stockholders, confirming a quorum was present, indicating strong shareholder engagement [3][4] - The appointment of KPMG LLP as the independent registered public accounting firm for the 2025 fiscal year was ratified, reflecting confidence in the company's financial oversight [6][8] Business Line Data and Key Metrics Changes - No specific financial data or business line metrics were provided in the meeting records Market Data and Key Metrics Changes - No specific market data or metrics were discussed in the meeting records Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance with the election of directors to serve until the 2026 Annual Meeting, indicating a commitment to stability and continuity in leadership [4][5] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting Other Important Information - The meeting concluded with an invitation for questions from shareholders, indicating an open line of communication for stakeholder engagement [9] Q&A Session Summary - No questions or answers were recorded during the meeting, as the focus was primarily on formal business and the election of directors [9][10]

Financial Data and Key Metrics Changes - The company held its 2025 Annual Meeting of Stockholders, confirming a quorum was present, indicating strong shareholder engagement [3][4] - The appointment of KPMG LLP as the independent registered public accounting firm for the 2025 fiscal year was ratified, reflecting confidence in the company's financial oversight [6][8] Business Line Data and Key Metrics Changes - No specific financial data or business line metrics were provided in the meeting records Market Data and Key Metrics Changes - No specific market data or metrics were discussed in the meeting records Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance with the election of directors to serve until the 2026 Annual Meeting, indicating a commitment to stability and continuity in leadership [4][5] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting Other Important Information - The meeting concluded with an invitation for questions from shareholders, indicating an open line of communication for stakeholder engagement [9] Q&A Session Summary - No questions or answers were recorded during the meeting, as the focus was primarily on formal business and the election of directors [9][10]

Financial Data and Key Metrics Changes - The meeting confirmed the election of directors and the ratification of KPMG LLP as the independent registered public accounting firm for the 2025 fiscal year, indicating stable governance and oversight [4][7]. Business Line Data and Key Metrics Changes - No specific financial data or business line metrics were discussed in the provided content. Market Data and Key Metrics Changes - No specific market data or metrics were discussed in the provided content. Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance through the election of experienced directors and the appointment of reputable auditors, which is crucial for its strategic direction [4][6]. Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook in the provided content. Other Important Information - The meeting was conducted virtually, allowing stockholders to participate and vote online, reflecting a modern approach to shareholder engagement [2][5]. Q&A Session Summary - No questions or answers were recorded in the provided content.

Financial Data and Key Metrics Changes - The meeting confirmed a quorum with at least 132,154,996 shares of Class A Common Stock and 21,285,533 shares of Class B Common Stock represented, indicating strong shareholder engagement [6][9] - The stockholders cast at least 344,576,329 votes in favor of the ratification of Ernst & Young as the independent registered public accounting firm for the fiscal year ending December 31, 2025, reflecting confidence in the company's financial oversight [9][10] Business Line Data and Key Metrics Changes - No specific data on business line performance or key metrics was provided during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction - The company continues to focus on maintaining strong governance and financial oversight as evidenced by the election of directors and the ratification of the independent auditor [9][10] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting, but emphasized the importance of shareholder engagement and governance [12][13] Other Important Information - The meeting included an advisory vote on executive compensation, with at least 245,525,288 votes in favor, indicating shareholder support for the compensation structure [10][11] - The company will file the final tabulations of the votes in a Form 8-K with the SEC, ensuring transparency [11] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions submitted by stockholders during the meeting [15]

Summary of SpaceX Conference Call Company Overview - **Company**: SpaceX - **Industry**: Aerospace and Satellite Communications Key Points and Arguments 1. **Mars Colonization Plan**: SpaceX aims to build a self-sustaining city on Mars with a population of over one million, requiring the transport of millions of tons of goods to the planet [4][6][15] 2. **Launch Capacity**: SpaceX plans to conduct 10 launches per day, transporting over 200 tons of goods to low Earth orbit and 250,000 tons to Mars during each transfer window [4][6] 3. **Investment Highlights**: - Unique asset in the space industry with a potential growth trajectory of $10 trillion [7] - Long-term commitment from Elon Musk, a successful entrepreneur [7] - Strong ecosystem support from Tesla, xAI, Neuralink, and others [7] - Advanced reusable rocket technology, giving SpaceX a monopolistic position in launches [7] - Development of the largest low Earth orbit satellite constellation, Starlink, leveraging first-mover advantages [7] - High industrial manufacturing capabilities and vertical integration efficiency [7] Financial Overview 1. **Revenue Projections**: - Total revenue expected to grow from $8.6 billion in 2023 to $141.9 billion by 2040, with a CAGR of 53.5% from 2023 to 2024 [61] - Starlink expected to account for 74.6% of total revenue by 2040 [61] 2. **Operating Expenses**: Projected operating expenses will increase from $6.7 billion in 2023 to $49.5 billion by 2040 [61] 3. **Profitability**: Operating profit is expected to turn positive by 2024, reaching $68.6 billion by 2040 [61] 4. **Launch Frequency**: Total launches are projected to increase from 96 in 2023 to 556 by 2040 [61] Starlink Developments 1. **User Growth**: Starlink's user base is projected to grow significantly, reaching over 1 billion subscribers by 2040 [61] 2. **Satellite Deployment**: Starlink has launched over 10,000 satellites, with approximately 9,400 currently operational [47] 3. **Market Position**: Starlink is positioned to fill the gap in global internet connectivity, with a focus on underserved regions [51] Technological Advancements 1. **Rocket Technology**: SpaceX's Falcon 9 and Starship rockets are designed for high payload capacities and reusability, significantly reducing launch costs [43][26] 2. **Engine Development**: The Raptor engine's performance improvements will lower the cost per kilogram for orbital launches [28][29] 3. **Starship's Future**: Starship is expected to transport millions of tons of goods to Mars, with the first unmanned mission planned in collaboration with the Italian Space Agency [37][38] Market Trends 1. **Rocket Launch Market Growth**: The global rocket launch market is entering a high-growth phase, driven by demand for low Earth orbit satellite networks [19] 2. **LEO Satellite Dominance**: Low Earth Orbit (LEO) satellites are becoming the dominant technology for satellite internet, with significant advantages over traditional ground-based communications [17] Additional Insights 1. **Vertical Integration**: SpaceX has established a highly integrated industrial system, managing everything from component production to multi-orbit launch delivery [24] 2. **Collaborative Ecosystem**: The integration of Starlink with Tesla and xAI enhances the overall value proposition, creating a robust data transmission network [11][12] This summary encapsulates the key insights from the SpaceX conference call, highlighting the company's ambitious plans, financial outlook, technological advancements, and market positioning.

Summary of Robex Resources Extraordinary General Meeting Company Overview - **Company**: Robex Resources (OTCPK: RSRB.F) - **Meeting Date**: December 30, 2025 - **Location**: Virtual meeting Key Points Discussed Meeting Structure and Participation - The meeting was conducted virtually to enhance accessibility and encourage shareholder participation regardless of geographic location [2][5] - A quorum was established with 50 shareholders represented by proxy, totaling 202,437,829 shares, which is 73.55% of the issued and outstanding shares [5] Agenda Items - The primary agenda item was the special resolution to approve a statutory plan of arrangement between Robex Resources, Predictive Discovery Limited, and 9548-5991 Quebec Inc. [3][11] - The management information circular and related documents were made available to shareholders prior to the meeting [4] Voting Procedures - Shareholders and proxy holders were allowed to vote online, with the requirement that at least two-thirds of the votes cast were needed to pass the arrangement resolution [9][10] - The voting process was facilitated through an online platform, allowing registered shareholders to change their votes if desired [11] Voting Results - The arrangement resolution was approved with a significant majority, receiving 94.54% of the votes in favor [17][22] Conclusion of Meeting - The meeting concluded with the resolution adopted, and a motion was made to officially close the meeting [22][26] Additional Important Information - The company emphasized the importance of maintaining order during the meeting and reserved the right to limit questions to ensure broad participation [6][7] - Shareholders were encouraged to submit questions relevant to the agenda items, with a limit on the number of questions per participant to facilitate discussion [6][8] This summary encapsulates the key aspects of the Robex Resources Extraordinary General Meeting, highlighting the company's commitment to shareholder engagement and the successful passage of the proposed arrangement resolution.