Financial Data and Key Metrics Changes - Camden reported same-store revenue growth of 0.8% for Q3 2025, up 0.9% year-to-date, and up 0.1% sequentially [9] - Core funds from operations (FFO) for Q3 2025 were $186.8 million, or $1.70 per share, exceeding prior guidance by one cent [13] - The company increased its full-year core FFO guidance by $0.04 per share from $6.81 to $6.85, marking the third consecutive increase for 2025 [15] Business Line Data and Key Metrics Changes - Effective new lease rates decreased by 2.5%, while renewal rates increased by 3.5% in Q3 2025 [9] - The blended rate growth was 0.6%, a decline of 10 basis points from the previous quarter and 40 basis points compared to Q3 2024 [9] - Turnover rates remained 20-30 basis points below last year's levels, with move-outs attributed to home purchases at a record low of 9.1% [10] Market Data and Key Metrics Changes - Strong apartment demand continued, making 2025 one of the best years for apartment absorption in the last 25 years [5] - The company noted that apartment affordability improved, with 33 months of wage growth exceeding rent growth [5] - Private market sales of apartments showed robust activity, with cap rates for high-quality properties landing in the 4.75%-5% range [6] Company Strategy and Development Direction - Camden is focused on maintaining a strong balance sheet with no major dilutive refinances over the next couple of years [6] - The company plans to continue share buybacks, having repurchased $50 million of shares at a significant discount to net asset value [7] - Camden anticipates a stronger growth profile post-2025 as the excess supply from the post-COVID environment diminishes [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing reduced uncertainty compared to 2025 and a significant amount of multifamily supply absorbed in 2025 [19][20] - The company highlighted that demographic and migration trends support new demand going forward [6] - Management noted that the current disconnect between private and public market values for apartments is significant, with a 30% discount to consensus NAV [7][39] Other Important Information - Camden disposed of three older communities for a total of $114 million, using proceeds to repurchase shares [12] - The company expects occupancy for Q4 2025 to be in the range of 95.2%-95.4% [15] - Property expenses are expected to decline slightly, leading to a decrease in the full-year same-store expense midpoint from 2.5% to 1.75% [14] Q&A Session Summary Question: Early thoughts on 2026 earnings - Management indicated that earnings for 2026 are expected to be flat compared to 2025, with a more favorable environment anticipated [19] Question: Current appetite for investment in apartments - There remains robust demand for multifamily assets, with significant capital available, although transaction volumes are below pre-COVID levels [24][25] Question: Fourth quarter expectations relative to normal seasonality - The fourth quarter is expected to reflect typical seasonality, with blended lease tradeouts anticipated to be down approximately 1% [30] Question: Impact of concessions on market rents - In higher supply markets, concessions are averaging around five weeks, approximately 10%, which will need to roll off in 2026 [73][74] Question: Supply impact on 2026 - The company expects a significant decline in new deliveries, which should positively impact demand and absorption rates in 2026 [56][57]

Financial Data and Key Metrics Changes - In Q3 2025, TELUS reported a net income of CAD 431 million, with an EPS of CAD 0.32, reflecting a 68% increase primarily due to a gain on the purchase of long-term debt [18] - Adjusted net income decreased by 10% to CAD 370 million, with an EPS of CAD 0.24, down 14% [18] - Free cash flow increased by 8% to CAD 611 million, driven by TELUS International EBITDA growth and lower capital expenditures [19] - Capital expenditure, excluding real estate, declined by CAD 16 million, or 2%, with capital intensity improving to 12% from 13% in the prior year [18][19] Business Line Data and Key Metrics Changes - TELUS Health achieved revenue and adjusted EBITDA growth of 18% and 24%, respectively, with a significant expansion in its global reach [6] - The mobile segment saw healthy phone net additions of 82,000 and connected device net additions of 169,000, supported by a focus on profitable customer growth [4] - Wireline services delivered an industry-best 40,000 internet net additions, continuing a 15-year track record of positive wireline net additions [5] Market Data and Key Metrics Changes - TELUS reported a total of 288,000 customer additions, reflecting a 5% growth in customer connections year-over-year [3][4] - The company maintained an industry-best post-paid mobile phone churn rate of 0.91%, marking the twelfth consecutive year below 1% [4] Company Strategy and Development Direction - TELUS is focused on operational excellence and the strategic rollout of TELUS Pure Fiber connectivity, enhancing customer experiences through AI-powered solutions [3] - The acquisition of TELUS Digital is expected to generate annualized cash synergies of CAD 150 million to CAD 200 million, enhancing digital and AI capabilities [8] - The company aims to achieve a leverage ratio of approximately three times by the end of 2027 while eliminating its discount dividend reinvestment plan [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustained success driven by ongoing EBITDA expansion and disciplined capital deployment [11] - The company anticipates continued growth in TELUS Health, supported by strong sales bookings and improved customer experiences [56] - TELUS expects AI-enabling capabilities to drive significant revenue growth, projecting an increase from CAD 800 million in 2025 to approximately CAD 2 billion by 2028 [9][42] Other Important Information - TELUS increased its quarterly dividend by 4% to CAD 0.4184, reflecting a commitment to sustainable shareholder returns [11] - The company completed the acquisition of TELUS Digital, marking a significant milestone in its strategic evolution [8] Q&A Session Summary Question: Overview of ARPU growth and churn outlook - Management indicated that ARPU growth will depend on continued efforts in pricing and customer acquisition, with churn slightly increasing but still low [23][25] Question: Capital needs for Tereon - TELUS is looking to acquire towers and build new co-location towers, with cash flows from Tereon being net of capital expenditures [23][24] Question: Financial implications of partner build model - The partner build model is expected to have a margin profile similar to a wholesale model, with a focus on achieving better economic returns [29][30] Question: Revenue growth from sovereign AI - Revenue from sovereign AI is expected to manifest within TELUS Business Solutions and TELUS Digital, with additional guidance to be provided in February [46][47] Question: Health business outlook - Management sees strong organic growth in the health business, driven by improved sales bookings and customer experiences [55]

Financial Data and Key Metrics Changes - Average daily production increased by 27% year over year to 31,900 barrels of oil equivalent per day [4] - Adjusted EBITDA grew by 4% from the prior year period to $78.6 million [4] - Revenue for the third quarter was $112.7 million compared to $94.1 million in the prior year period [13] - Net income was $14.5 million, or $0.11 per diluted share, while adjusted net income was $11.8 million, or $0.09 per diluted share [13] - Operating cash flow before working capital changes totaled $73.1 million [13] - The company ended the quarter with a leverage ratio of 0.9 times, well below the long-term target of less than 1.25 times [4][15] Business Line Data and Key Metrics Changes - Capital expenditures totaled $80.5 million, consisting of $64 million in development and $16.5 million in acquisitions [4] - Approximately 50% of capital spending has been deployed in operator partnerships [5] - Admiral Permian Resources, the largest operator partnership, produced 7,400 BOE per day net to Granite Ridge, representing 23% of total production [8] Market Data and Key Metrics Changes - Oil and gas prices have remained relatively stable over the past 12 months, providing a constructive backdrop for continued disciplined growth [10] - The company expects to maintain production guidance of 31,000-33,000 BOE per day for the full year 2025 [14] Company Strategy and Development Direction - The company aims to scale its operator partnership platform and define its model as publicly traded private equity [5] - The operator partnership model is viewed as the most capital-efficient path to scale, allowing for deliberate, cycle-resilient decisions around capital allocation [8] - The company plans to pursue measured growth with modest outspend if oil prices are above $50, while pivoting to maintenance mode if prices fall below $55 [11] Management's Comments on Operating Environment and Future Outlook - Management is cautious about near-term oil price uncertainty but constructive on the long-term outlook [11] - The company is committed to maintaining flexibility in capital allocation and has a strong balance sheet to operate through cycles [12] - The company is focused on opportunities that clear a 25% full-cycle return hurdle and exceed its cost of capital [10] Other Important Information - The company continues to return cash to shareholders with a quarterly dividend of $0.11 per share, equating to an annualized yield of approximately 8.3% [15] - The company has successfully issued $350 million of senior unsecured notes due 2029 with an 8.875% annual coupon, enhancing its capital structure [5][15] Q&A Session Summary Question: Details on third and fourth partnerships - The partnerships are in aggregation mode, focused on the Permian Basin, with expected development activity in 2026 if successful in inventory aggregation [21][22] Question: CapEx adjustments in a low oil price environment - In a $55 or lower oil price environment, the company would cut CapEx back to $225 million, focusing on acquisitions rather than drilling [23][24] Question: Growth trajectory into 2026 - Production contributions from Petro Legacy are expected to ramp up by mid-year 2026, while Admiral is running two rigs [29] Question: LOE trends for Q4 and 2026 - LOE was higher due to increased saltwater disposal costs, and the company expects to be at the higher end of guidance for 2025 [34] Question: Waha gas pricing and hedging - The company does not currently have basis hedges for Waha exposure but is considering adding them [38] Question: CapEx trends into Q4 - The company expects Q4 CapEx to be around $125 million, primarily due to remaining acquisitions [45] Question: Capital allocation for next year - The company expects a significant oil weighting in capital allocation, with continued success in Appalachia [46]

Financial Data and Key Metrics Changes - The company reported oil sales of 13,332 barrels per day, slightly below the midpoint of guidance, while total sales were 20,789 barrels of oil equivalent per day, exceeding the midpoint of guidance [5][6] - Adjusted free cash flow for the quarter was $13.9 million, down from $24.8 million in the previous quarter, primarily due to higher capital spending and lower EBITDA [8][14] - The net loss for Q3 was $51.6 million or $0.25 per diluted share, including $72.9 million in non-cash impairment charges, compared to a net income of $20.6 million or $0.10 per diluted share in Q2 [13] Business Line Data and Key Metrics Changes - Lifting costs were reported at $10.73 per BOE, below the low end of guidance for the second consecutive quarter [7][11] - The company achieved a reduction in debt by $20 million during the quarter, exceeding guidance by $2 million [8][14] Market Data and Key Metrics Changes - Realized pricing for the third quarter decreased by 4% to $41.10 per BOE, driven by a 16% reduction in NGL prices [10] - The average realized oil price increased by 3% to $64.32, while realized gas prices remained negative but improved from the previous quarter [10][11] Company Strategy and Development Direction - The company focuses on maximizing adjusted free cash flow and reducing debt, with a disciplined approach to capital spending [5][8] - There is an emphasis on organic growth through reserves and inventory growth rather than acquisitions, especially in a challenging price environment [19][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational performance despite weak commodity prices and indicated a commitment to maintaining capital discipline [5][8] - The company plans to continue prioritizing debt reduction and improving leverage ratios, with expectations of potential growth when commodity prices recover [17][19] Other Important Information - The company updated its production guidance for the full year to 13,100-13,500 barrels of oil per day and 19,800-20,400 BOE per day [15] - The company is exploring opportunities for non-core divestitures to further reduce debt [18][41] Q&A Session Summary Question: Thoughts on terming out the revolver in the current interest rate environment - Management indicated that all options are on the table for strengthening the balance sheet, including evaluating the credit facility [24][25] Question: Expectations for service costs in the upcoming year - Management noted that service costs remain under pressure, and while they hope for stability, the situation is uncertain [29][30] Question: Positioning of Ring Energy's stock relative to peers - Management believes the stock is undervalued compared to peers and expects gradual improvement in stock performance [34][36] Question: Scenarios for further debt reduction in 2026 - Management projected a potential debt reduction of around $10 million in Q4, with uncertainties affecting the final amount [38][39] Question: Clarification on the $10 million deferred payment related to Lime Rock - Management confirmed that the deferred payment impacts the overall debt reduction strategy, emphasizing the focus on paying down debt [40][41] Question: Organic growth opportunities with existing assets - Management highlighted the potential for organic growth through developing existing reserves and inventory, particularly in the Central Basin Platform and Northwest Shelf [63][64]

Financial Data and Key Metrics Changes - Sales for Q3 2025 were $485 million, down 12% from Q3 2024, reflecting ongoing market headwinds [5][13] - Adjusted EBITDA for Q3 2025 was $70.9 million, compared to $77.4 million in Q3 2024, with an adjusted EPS of $1.21 per share versus $1.37 last year [5][6] - SG&A expenses were down 14% on an adjusted basis compared to the prior year, equating to over $19 million in savings [6][8] Business Line Data and Key Metrics Changes - RPS sales decreased by $15 million (6%), PC sales were down $32 million (18%), and CM&C sales decreased by $21 million (16%) compared to the prior year [13] - RPS generated adjusted EBITDA of $29 million with a 12.5% margin, while PC delivered $26 million with an 18.1% margin, and CM&C reported $16 million with a 14.4% margin [13][14] Market Data and Key Metrics Changes - The utility and industrial products market saw a 6% increase in volumes year-over-year, while residential demand was down by about 5% [19][20] - The railroad products and services business experienced a 7% decline in treated ties sales units compared to the prior year [22] Company Strategy and Development Direction - The company is focusing on cost control and simplifying its business structure, including the sale of its railroad structures business and the closure of the ThioLignin hydride plant [8][9] - The Catalyst initiative aims to enhance operational efficiency and is expected to deliver approximately $80 million in ongoing benefits by the end of 2028 [28][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in 2025 but expressed optimism for future growth, particularly in 2026 [32][33] - The company revised its consolidated sales guidance for 2025 to $1.9 billion, reflecting a soft demand environment across most markets [30][31] Other Important Information - The board declared a quarterly cash dividend of $0.08 per share, representing a 14% increase over the 2024 dividend [17] - The company ended Q3 2025 with a net leverage ratio of 3.4 times and $379 million in available liquidity [18] Q&A Session Summary Question: Concerns about cost management in the Performance Chemicals segment - Management indicated that costs are being managed, but they are cautious about cutting too deeply in PC due to its future potential [34][35] Question: Strategy for growing the utility pole business - The company sees significant market opportunities for growth in the utility pole sector and plans to expand its capabilities [38][39] Question: Outlook for the Performance Chemicals market - Management believes the current market setback is temporary and expects to see growth returning in line with historical trends [41][42]

Financial Data and Key Metrics Changes - Third quarter revenue was $83 million, down from $84 million in the same period last year, while adjusted EBITDA was $19.5 million, compared to $31.1 million last year, primarily due to lower realized RIN pricing and the expiration of ISCC pathway [13][14][15] - Realized RIN price decreased to $2.15 from $3.13 year-over-year [14] - Total liquidity at the end of the quarter was $184 million, including $29.9 million in cash and short-term investments [15] Business Line Data and Key Metrics Changes - RNG production reached 1.3 million MMBTU, a 30% increase year-over-year, driven by improved uptime and ramp-up of existing projects [5][10] - The company now operates 12 RNG facilities with a combined annual design capacity of 9.1 million MMBTU, up from two facilities at the time of going public in 2022 [10] - The fuel station services segment is expected to meet the lower end of the 30%-50% segment EBITDA growth target despite a challenging logistics environment [12] Market Data and Key Metrics Changes - The company is seeing a growing need for energy infrastructure assets to support CNG and RNG adoption in heavy-duty trucking, which is being recognized as a cost-effective alternative to diesel [9] - The downstream fuel station services business is performing well, with 47 operating fueling stations and 41 under construction, enhancing the company's cash flow profile [12][53] Company Strategy and Development Direction - The company is focused on expanding its vertically integrated platform and investing in fuel station services as a key growth area [9][54] - The strategy includes advancing new project opportunities and maintaining a disciplined capital allocation framework to ensure alignment with returns and liquidity [11][49] - The company aims to achieve a balanced earnings profile by leveraging both upstream RNG production and downstream fuel distribution [52][54] Management's Comments on Operating Environment and Future Outlook - Management remains confident in achieving full-year guidance despite lower RIN prices, citing improvements in production and the expected recognition of 45Z production tax credits [8][16] - The company anticipates continued growth in 2026, supported by strong production and the full-year impact of 45Z credits [22][28] Other Important Information - The company completed its fourth investment tax credit monetization for the year, bringing total gross proceeds to $43 million year-to-date [6][15] - The company is working on refinancing its preferred equity with Nexterra to enhance its capital structure [16] Q&A Session Summary Question: What is the trajectory of RNG production growth? - Management confirmed that RNG production is expected to continue growing at a rate of approximately 0.1 million MMBTU per quarter, with strong sequential growth anticipated through year-end and into 2026 [21][22] Question: What are the expectations for the final RVO and D3 RVO? - Management indicated that the final RVO rules are impacted by the government shutdown, but they remain cautiously optimistic about bipartisan support for RNG [23][24] Question: How does the company balance growth spending with free cash flow generation? - Management clarified that maintenance CapEx is included in operating cash flow, while growth CapEx is focused on new projects, ensuring a disciplined approach to capital deployment [26][49] Question: What is the outlook for the natural gas vehicle market? - Management expressed optimism about the adoption of natural gas vehicles, highlighting ongoing improvements in equipment pricing and the potential for significant growth in the coming years [35][38] Question: Is the company considering opportunities in the voluntary market? - Management noted interest in the marine fuel market but emphasized that they have not yet found it advantageous to transact in voluntary markets due to regulatory uncertainties [41][43] Question: Has competition in the RNG project development space increased? - Management acknowledged that while there are new entrants, limited access to capital and offtake markets may constrain competitors' growth [47][48]

Financial Data and Key Metrics Changes - The company generated $21 million in revenues, up 44% from Q3 of last year, despite lower silver-equivalent ounces sold [10] - Gross profit was just shy of $10 million, with a gross profit margin of 47%, significantly improved from 39% in Q3 of last year [11] - The company achieved its highest ever quarterly profit with $7.7 million in net income after taxes, up from $1.2 million in Q3 of last year [11] - Cash position reached a record $57.3 million, up $20 million from the last quarter and $30 million from the end of the year [13] - Working capital increased by over $10 million in the quarter [14] Business Line Data and Key Metrics Changes - The operational excellence driver included advancements in automation and process upgrades, leading to strong mill performance and sustained throughput [5] - The acquisition of outstanding royalties and contingent payments on La Preciosa improved project economics and operational flexibility [6] - The company reported positive assay results from drilling at La Preciosa, with significant grades indicating potential for further resource capture [8] Market Data and Key Metrics Changes - Avino was included in the Toronto Stock Exchange 2025 TSX 30, ranking fifth among top-performing companies, with a share price performance increase of 610% over three years [9] - The company was added to the Market Vectors Junior Gold Miners Index and VanEck's Junior Gold Miners ETF (GDXJ) [9] Company Strategy and Development Direction - The strategic vision focuses on transitioning from a single production operation to a multi-asset Mexican mid-tier producer [4] - The company aims to execute a five-year organic growth plan, with La Preciosa processing material and plans for further exploration and drilling [14][26] - The company is committed to integrating AI technology to improve data analysis and exploration efficiency [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial stability and growth potential, emphasizing the importance of operational discipline and market recognition [7][45] - The management highlighted the positive impact of hedging programs on financial performance, with expectations for continued benefits in the upcoming quarters [19] Other Important Information - The company reported a cash cost per silver-equivalent ounce of $17.06, up 14% from Q3 last year, with all-in sustaining costs at $24.06 per ounce, a 9% increase [12][17] - The company is focused on community engagement through various CSR initiatives, including health fairs and educational sponsorships [20][21] Q&A Session Summary Question: What is the targeted throughput rate from La Preciosa over the next few quarters? - The company is starting with one circuit and plans to ramp up to two circuits next year [29] Question: Can you provide insights on drilling results at La Preciosa? - The company is seeing significant high-grade results and improvements in width, with intervals beyond typical mining widths [32] Question: What factors will determine when La Preciosa will be reported as commercial production? - Revenue will be reported offset with cost of sales as soon as sales begin, following IFRS standards [39] Question: What is the maximum tonnage per day that can be processed from La Preciosa? - The mill is limited to 2,500 tons per day, and the company is contemplating an expansion [41]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $209 million, reflecting a slight increase from the prior year, with a 1% growth overall [16] - Total commission revenue remained flat compared to the prior year, while services revenue increased by 9% to a record $29 million [16][17] - The effective tax rate rose to 27.1%, up from 23% in the prior year, due to increased accrual for uncertain tax positions [17] Business Line Data and Key Metrics Changes - U.S. credit commission revenue decreased by 2% to $165 million, with strong growth in emerging markets (11%) and Eurobonds (9%) offsetting declines in U.S. high-grade (9%) and flat growth in U.S. high-yield [18] - Block trading ADV across U.S. credit, emerging markets, and Eurobonds increased by 23% year-to-date, with cumulative block trading volume reaching approximately $12 billion [11] - Portfolio trading ADV year-to-date is running 50% above the prior year, with U.S. credit portfolio trading market share over 18%, up 210 basis points [11] Market Data and Key Metrics Changes - 36% of global credit trading volume is now driven by clients outside of North America, up from 29% in 2020 [9] - In October, U.S. high-yield ADV growth was strong at 9%, despite a tough comparison to the prior year due to heightened activity before the U.S. presidential election [8] - The average size of non-block trades is decreasing, while the average block size is increasing, with blocks greater than or equal to $5 million representing approximately 45% of trade volume in U.S. high-grade [12] Company Strategy and Development Direction - The company is focused on providing a protocol-agnostic platform that utilizes data and analytics to assist clients in choosing the appropriate trading protocol [4][5] - Investments are being made in technology transformation, portfolio trading, dealer-to-dealer business, and automation tools to enhance competitive positioning [27][28] - The introduction of closing auctions to the fixed income market is aimed at providing an end-of-day liquidity solution and improving market organization [6][7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by limited volatility and tight spreads, impacting revenue growth in U.S. credit [5][15] - There is optimism regarding the potential for higher revenue growth in the coming quarters due to ongoing investments and technology enhancements [16][21] - The current market environment is showing signs of increased volatility, which could enhance the attractiveness of the company's all-to-all liquidity solutions [45][46] Other Important Information - The company generated $385 million in free cash flow over the trailing 12 months and repurchased 595,000 shares year-to-date for a total of $120 million [20] - Total operating expenses increased by only 3%, driven by higher employee compensation and technology costs, while headcount rose by 2% [19] Q&A Session Summary Question: Can you talk about the pipeline to add additional dealers for MIDEX and how it's interacting with portfolio trading? - The MIDEX solution is seeing good early volumes, and plans are in place to increase the number of sessions to enhance dealer participation [24][25] Question: What actions are being taken to deliver faster technology enhancements and address competition? - The company is investing in multiple technology areas to address competitive dynamics and enhance overall service offerings [27][28] Question: Can you provide insights on the closing auctions and their potential impact on market share? - The closing auction is designed to support the growing indexation of the fixed income market, with significant partnerships established to enhance liquidity [33][34] Question: How does the company plan to grow in a low-volatility environment? - The strategy includes focusing on portfolio trading and dealer-to-dealer initiatives, which are expected to perform well even in low-volatility conditions [50][51] Question: What are the expectations for the block trading market and its growth? - The block market is seen as a significant opportunity, with recent growth rates indicating positive momentum, particularly in U.S. investment-grade [41][42]

Financial Data and Key Metrics Changes - Wheaton Precious Metals achieved record revenue of $476 million in Q3 2025, a 55% increase compared to the previous year, driven by a 37% increase in commodity prices and a 13% increase in sales volumes [15][16] - Net earnings increased by 138% from the prior year to $367 million, while adjusted net earnings rose by 84% to $281 million [16] - Operating cash flow increased to $383 million, a 51% increase from last year [16] - The company reported a cash balance of approximately $1.2 billion at the end of Q3 2025, with expected annual operating cash flows of $2.5 billion over the next five years [17][18] Business Line Data and Key Metrics Changes - Overall production in Q3 was 173,000 gold-equivalent ounces (GEOs), a 22% increase from the prior year, primarily due to strong production at Salobo and Antamina [9][13] - Salobo produced 67,000 ounces of attributable gold, a 7% increase from last year [10] - Constancia produced 19,500 ounces of attributable GEOs, a 9% improvement from last year [10] - Blackwater produced 6,400 ounces of attributable GEOs, with production expected to be weighted towards Q4 2025 [11][12] Market Data and Key Metrics Changes - 58% of revenue came from gold, 39% from silver, and the rest from palladium and cobalt [15] - The company expects production guidance for 2025 to remain unchanged at 600,000-670,000 GEOs [12] Company Strategy and Development Direction - Wheaton continues to invest in innovation across the mining sector and community initiatives, launching its second annual Future of Mining Challenge focused on sustainable water management technologies [4] - The company announced two new streaming transactions, reinforcing its disciplined approach to capital deployment [8] - Wheaton's growth profile is further de-risked through progress across six key development projects scheduled to come online over the next 24 months, with a forecasted 40% production growth by 2029 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial foundation and ability to meet funding commitments while pursuing new opportunities [4][18] - The management team highlighted the competitive advantage of the streaming model in generating predictable cash flows compared to traditional royalty models [3] - The company remains optimistic about its growth profile, with significant contributions expected from new projects and existing operations [31][81] Other Important Information - The company made total upfront cash payments for streams of $250 million during the quarter, with a projected $2.5 billion in upfront payments expected by the end of 2029 [16][17] - Wheaton's balance sheet remains robust, providing exceptional financial flexibility and positioning the company with the strongest liquidity profile among peers [18] Q&A Session Summary Question: Future growth and volume growth comparison with peers - Management indicated that Wheaton's growth profile includes close to 250,000 ounces a year between now and 2029, which is significantly higher than peers [29][30] Question: Capital deployment into larger-scale copper projects - Management acknowledged the potential for future growth in large porphyry copper-gold systems, indicating that streaming will likely play a role in financing [32] Question: Technical information on Spring Valley - Management provided insights into the updated feasibility study and recovery rates, emphasizing the potential for higher production than forecasted [35][36] Question: Silver opportunities in the market - Management confirmed that there are larger silver opportunities available and that the company is actively pursuing them [46][48] Question: Payment profile for Spring Valley stream - Management explained that the majority of the $670 million payment will be made during development, with a small upfront payment [78]

Gray Media (NYSE:GTN) Q3 2025 Earnings Call November 07, 2025 11:00 AM ET Speaker1Good day, everyone, and thank you for joining this Gray Media Q3 2025 earnings call. As a reminder, all phone participants have been placed in a muted or listen-only mode to prevent background noise. Today's question-and-answer session will take place after our prepared remarks, and we ask today that you limit yourself to a single question and any follow-ups you engage with management following today's call. As a reminder, tod ...