Oveporexton Clinical Trial Results - Oveporexton U S and global filings are on track to start in FY25, with a global peak revenue potential of $2-3B+[11] - Phase 3 results demonstrated oveporexton's potential to achieve outcomes that matter most to patients[99] - Oveporexton is designed to treat the root cause of NT1 and has the potential to be a transformative Orexin therapy[99] - Ph3 results demonstrated oveporexton's potential to achieve outcomes that matter most to patients[99] Efficacy and Safety - In The First Light study, 95% of participants who completed the study continued into the long-term extension study[121] - In The Radiant Light study, 99% of participants who completed the study drug continued into the long-term extension study[157] - Oveporexton significantly improved mean sleep latency at 12 weeks compared with placebo, with 69% of participants in The Radiant Light study achieving mean sleep latency ≥20 min[163] - Oveporexton significantly reduced WCR over 12 weeks versus placebo and increased the number of cataplexy-free days for both doses[132] - Across both studies, >70% of participants treated with oveporexton had mild symptoms at week 12 versus <25% with placebo[204] Market Opportunity - Takeda estimates Oveporexton's NT1 global peak revenue potential at $2-3B+[93]

Company Overview - Immunic Therapeutics is a clinical-stage biopharmaceutical company focused on developing oral therapies for chronic inflammatory and autoimmune diseases[5] - The company's lead drug candidate, Vidofludimus Calcium, has a peak sales potential of $3-7 billion in Multiple Sclerosis (MS)[5] - As of June 30, 2025, Immunic had a cash balance of $55.3 million[5] Clinical Pipeline - Vidofludimus Calcium's Phase 2 EMPhASIS trial in Relapsing-Remitting Multiple Sclerosis (RRMS) was successfully completed, showing a reduction in disability worsening[6] - The CALLIPER trial for Progressive Multiple Sclerosis (PMS) with Vidofludimus Calcium also showed substantial reductions in disability worsening[6] - Top-line data for the ENSURE trials (ENSURE-1 and ENSURE-2) in Relapsing Multiple Sclerosis (RMS) are expected by the end of 2026[6] Vidofludimus Calcium Efficacy - The EMPhASIS trial showed a 78% reduction in cumulative unique active (CUA) lesions and a 74% reduction in Gadolinium-enhancing (Gd+) lesions with the 45mg dose compared to placebo[44] - In the CALLIPER trial, Vidofludimus Calcium demonstrated a 24% risk reduction of 24-week confirmed disability worsening (24wCDW) in the overall study population[94] - A 34% reduction of 24wCDW was observed in patients without baseline inflammatory lesions in the CALLIPER trial[95] Market Opportunity - The Multiple Sclerosis (MS) market is large and growing, with many brands generating over $1 billion in global annual sales in 2024[100] - The MS therapies market is currently a $20 billion market growing at 4% year-over-year[101] - Vidofludimus Calcium has a potential peak sales of $1-2 billion for Relapsing MS (RMS), $1-2 billion for non-active Secondary Progressive MS (naSPMS), and $2-3 billion for Primary Progressive MS (PPMS)[108]

Strategic Shift & Clinical Focus - SoftOx Solutions AS is refining its clinical focus towards chronic lung infections, particularly Cystic Fibrosis (CF), with SIS 003 as a Proof of Concept (PoC) [9, 15] - The Cystic Fibrosis (CF) pathway is a commercially valid and strategic first step, creating a foundation for long-term value creation in the inhaled pan-microbial pharmaceuticals space [17] - The company aims to transform antimicrobial therapy and combat antibiotic resistance with a novel mode of action that eradicates bacteria independent of metabolism [22] Market Opportunity & Commercial Potential - The Cystic Fibrosis (CF) addressable market is estimated to be greater than $600 million, with approximately 13,000 addressable patients in the US & EU4+UK, based on an annual treatment cost of $75,000/€20,000 [25, 53, 55] - The Non-Cystic Fibrosis Bronchiectasis (NCFB) addressable market is estimated to be greater than $5 billion, with approximately 445,000 addressable patients in the US & EU4+UK [31, 58] - Assuming a feasible market share of 15% in CF, the annual turnover potential is $90 million [55] Clinical Development & Investment - SoftOx plans to invest 7-8 million EUR to conclude Phase IIa and conduct partnership processes [45] - The company plans to submit a Clinical Trial Application (CTA) by the end of September 2025 for a Phase IIa PoC study in CF [45, 49] - The PoC study is designed to demonstrate a reduction in lung bacterial load in CF patients, with a primary endpoint of ≥ 2 log10 CFU/g reduction in bacterial load in expectorated sputum [41, 42, 51] Financial Flexibility - SoftOx has a financing facility with Long State Investment for a total commitment of NOK 50 million over 24 months, with the option to extend to NOK 80 million over 36 months [68]

Financial Performance - Record revenue of $1,647 million was achieved in FY25[28] - Record EBITDA of $780 million was achieved in FY25, with a margin of 47%[28, 34] - Record operating cash flow of $821 million was achieved in FY25[28, 34] - Record net profit after tax (NPAT) increased to $254 million in FY25[28, 34] - Cash and bullion reached a record of $517 million[28, 46] Production and Costs - Gold sales amounted to $1,647 million from 375,000 ounces of gold sold at an average price of $4,387 per ounce[46] - Gold production was 373,000 ounces at an All-in Sustaining Cost (AISC) of $2,531 per ounce[34, 46] - FY26 production guidance is 350,000-380,000 ounces at an AISC of $2,610 - $2,990 per ounce, including $170 per ounce of non-cash stockpile draw[46] Reserves and Resources - Total Mineral Resources are 7.5 million ounces[21] - Total Ore Reserves are 1.7 million ounces[21] - Duketon FY26 production guidance is 220,000 - 240,000 ounces, and AISC guidance is $2,790 - $3,200 per ounce[21] - Tropicana FY26 production guidance is 130,000 - 140,000 ounces, and AISC guidance is $2,240 – $2,560 per ounce[21] McPhillamys Project - McPhillamys has a Mineral Resource of 2.7 million ounces[21, 123] - $10-20 million is allocated for McPhillamys in FY26[51, 119]

Financial Performance - SCEE achieved record revenue of $801.5 million in FY25, a 45.2% increase compared to $551.9 million in FY24[11, 13, 80] - Record EBITDA reached $54.8 million, up 36.6% from $40.1 million in the previous year[11, 13, 80] - The company reported record EBIT of $45.9 million, a 40.4% increase from $32.7 million in FY24[11, 13, 80] - Record NPAT was $31.7 million, up 44.5% from $21.9 million in the prior year[11, 13, 80] Order Book and Sector Diversification - The order book stood at $685 million, a 4.9% decrease from $720 million in the previous year[11, 80] - Infrastructure sector contributed 63.8% of total revenue, amounting to $511.6 million, more than doubling from $233.7 million in FY24[11, 13] - Commercial sector revenue was $152.5 million, compared to $171.1 million in FY24[13] - Resources sector revenue was $137.4 million, compared to $147.0 million in FY24[13] Acquisitions and Strategy - SCEE's strategy involves diversifying into adjacent disciplines and servicing infrastructure, commercial, and resources sectors[6, 8] - The acquisition of Force Fire was completed on April 1, 2025, contributing to the final quarter results[11, 36, 80] - The company is exploring multiple further acquisition targets to enhance geographic diversification and capabilities[8, 45, 74, 81] Future Outlook - FY26 EBITDA guidance is projected to be in the range of $65 million to $68 million, representing an 18-24% growth on FY25 EBITDA[29, 81]

Bowdens Silver Project Overview - Bowdens Silver Project is one of the largest silver development projects in Australia[52, 81], 100% owned by Silver Mines Limited[29] - The project has a Mineral Resource estimate of 180 million ounces of silver (Moz Ag) and 334 Moz of silver equivalent (AgEq)[29, 79] - The Ore Reserve is estimated at 71.7 Moz Ag, supporting a mine life of 16½ years[22, 38, 79, 81] - Pre-production capital expenditure is estimated at A$331 million[38, 54, 81] Financial and Operational Highlights - The Optimisation Study completed in December 2024 outlines a robust, high-margin silver project[18, 54] - The project targets an average output of 4.25 Moz Ag per annum in the first 10 years[54] - The Life of Mine (LOM) All-In Sustaining Cost (AISC) is projected to be less than A$25/oz, with an AISC of <A$23/oz (~US$15/oz) over the first 10 years[38, 54] - The LOM operating margin is estimated at A$948 million[38, 54] - The pre-tax Net Present Value (NPV5) is A$359 million, with a payback period of 3.9 years[38, 54] Silver Market and Demand - Silver has significant industrial applications, with electrical and electronics accounting for 23% of demand (excluding photovoltaics)[101] - Photovoltaics (solar) account for 17% of silver demand[101] - The solar industry is valued at over $350 billion per annum and is still growing[105]

For personal use only WAGNERS INVESTOR PRESENTATION SEPTEMBER 2025 Executive Summary | | ▪ | Wagners Holding Company Limited ("WGN" or the "Company") is undertaking a capital raising of approximately A$30 million by way of an institutional placement | | --- | --- | --- | | | | ("Placement") of new fully paid ordinary shares in the Company ("New Shares"), the ("Offer"). | | Transaction Overview | ▪ | The funds received under the Placement will be used to pursue growth strategies in Construction Materials and ...

Transaction Summary - Elemental Altus and EMX are combining to create Elemental Royalty Corp, a leading revenue-driven royalty company[16] - Proforma market capitalization is approximately US$930 million, based on 6294 million shares outstanding and Elemental's closing price of C$205/share on September 4, 2025[17, 18] - Proforma 2026E consensus revenue is estimated to be around US$80 million[17] - Elemental Altus and EMX shareholders will own approximately 51% and 49% of the proforma company, respectively, following a placement to Tether[43] Portfolio and Assets - The combined portfolio includes 16 cash flowing royalties, 31 advanced development projects, and over 200 total royalties[22] - Cornerstone assets include Caserones, Karlawinda, Laverton, and Timok[19] - The company has a diversified jurisdictional exposure with 45% of the portfolio being cash generating[24] Financial Performance and Growth - The company has a track record of revenue growth, with approximately 57% of total year revenues already earned in H1 2025[27] - Karlawinda Ore Reserve Estimate increased by 15% to 1428 koz of gold[59] - Timok has generated over US$17 million in cumulative revenue since 2021[49]

Financial Performance - Q2 2025 revenues were $36.3 million, a 22.8% decrease compared to $47.0 million in Q2 2024 due to stronger market rates in the previous year[5] - Net income for Q2 2025 was $12.8 million, compared to $19.5 million in Q2 2024, but higher than $11.3 million in Q1 2025[5] - EBITDA for Q2 2025 was $17.1 million[5] - For the first half of 2025, net income was $24.1 million, EBITDA was $31.8 million, and operating cash flow generation was $42.0 million[9] Fleet and Operations - Fleet operational utilization was 83.1% in Q2 2025, compared to 80.9% in Q2 2024[9] - Approximately 60% of fleet calendar days were dedicated to time charter activity, while about 37% were dedicated to spot activity[9] - The company's fleet book value increased by 54.4% to over $350 million within a single quarter[9] - The company took delivery of two kamsarmax and five supramax drybulk carriers in Q2 2025, operating a fleet of 19 non-Chinese vessels[9] Liquidity and Valuation - Cash and cash equivalents, including time deposits, were $212.2 million as of June 30, 2025, which is about 80% higher than the current market capitalization of approximately $120 million[9] - Net Asset Value (NAV) was estimated at $13.5 per share as of June 30, 2025, while the current share price was approximately $3.5[9] Market Trends - Drybulk trade volumes have increased by 2% year-over-year since July 2025[27] - Since the start of 2025, 302 bulkers (2.1% of fleet) have been delivered[27] - Orderbook is 9% for panamax/kamsarmax vessels, 6% for handysizes and 11% for supramax/ultramax bulk carriers[27]

Financial Performance - Revenue reached $2.2 billion, with organic growth of 5%[7] - Net income was $41.8 million, while adjusted net income was $51.7 million[7] - Adjusted EBITDA stood at $125.8 million, with an adjusted EBITDA margin of 5.9%[7] - Free cash flow was $150.2 million, a sequential increase of $135.0 million[7] - The company repurchased 555,000 shares in Q3 for $27.1 million at an average cost of $48.77[32] Segment Performance - Business & Industry (B&I) revenue was $1,038.7 million, a 2.8% increase[19] - Aviation revenue was $235.1 million, up 8.7%[25] - Manufacturing & Distribution (M&D) revenue reached $249.5 million, an 8.4% increase[27] - Education revenue was $408.9 million, a 3.0% increase[23] - Technical Solutions revenue was $291.8 million, a 19.0% increase[20] Strategic Initiatives - New bookings for the first nine months of 2025 totaled $1.5 billion, a 15% increase[7] - A restructuring program was initiated after the quarter, expected to yield a minimum of $35 million in annual run-rate savings[7] - The board approved a $150 million increase in share repurchase authorization[7] - Total indebtedness was $1.6 billion, with a leverage ratio of 2.8x[32]