Duolingo 2025 Investor Day Summary Company Overview - **Company**: Duolingo (NasdaqGS:DUOL) - **Event**: 2025 Investor Day - **Date**: September 16, 2025 Key Points Industry and Market Position - Duolingo aims to provide access to language education for everyone, regardless of financial status, addressing educational inequality [3][2] - Over 130 million active learners on Duolingo, with 90% learning for free [3] - Duolingo is used globally, with the most commonly learned language being English in most countries [4][5] Educational Approach and Features - Introduction of the **Duolingo Score**, a numerical representation of language proficiency ranging from 0 to 160 [8][9] - The score correlates with the Common European Framework of Reference (CEFR), with specific ranges indicating different proficiency levels [10][11][12][13] - Courses are designed to help learners reach a score of 130, enabling them to qualify for knowledge jobs in the language learned [14][15] - Learning duration to reach various scores: - Score 30: 93 hours - Score 60: 192 hours - Score 100: 397 hours - Score 130: 550 hours [16][18] Learning Tools and Engagement - Features like leaderboards and friend streaks are implemented to motivate learners [19] - Different lesson types evolve with the learner's score, including adventures, Duo Radio, and stories [20][21][24] - Research indicates that Duolingo's teaching effectiveness has improved over time, with learners achieving better results in recent years [26][28] Certification and Partnerships - The **Duolingo English Test** offers a certified score for language proficiency, accepted by 99 of the top 100 U.S. universities [30] - Aiming for the Duolingo Score to become a global standard for language proficiency, with integration into platforms like LinkedIn [49][52] New Features and Innovations - Introduction of **video call** feature with a conversational agent named Lily, designed to provide real-time speaking practice [34][35] - Ongoing enhancements to the video call experience, including personalized support and feedback mechanisms [41][43] - Launch of **Duolingo Math**, expanding the platform's educational offerings beyond language learning [72] Chess Course Launch - Duolingo has introduced a chess course, emphasizing strategic thinking and problem-solving skills [80][87] - The course includes lessons, mini matches, and a capstone experience against a character named Oscar [90][92] User Testimonials and Impact - Personal stories highlight the transformative impact of Duolingo on learners' lives, including success in higher education and career opportunities [74][76][78] Additional Insights - The focus on gamification and personalization in learning experiences is a key strategy for maintaining user engagement [43][44] - Continuous A/B testing is employed to refine app features and improve user experience based on data-driven insights [64][66][70] This summary encapsulates the core themes and developments discussed during the Duolingo 2025 Investor Day, highlighting the company's commitment to accessible education and innovative learning solutions.

TOMI Environmental Solutions (NasdaqCM:TOMZ) 2025 Conference September 16, 2025 12:00 PM ET Company ParticipantsHalden Shane - Chairman & CEODavid Vanston - CFOOperatorGood day, and welcome to the iAccess Alpha Virtual Best Ideas Fall Investment Conference twenty twenty five. The next presenting company is TOMI Environmental Solutions. If you would like to ask a question during this webcast, you may do so at any point during the presentation by clicking the ask question button on the left side of your scree ...

Summary of Compugen Conference Call Company Overview - **Company**: Compugen (NasdaqCM:CGEN) - **Industry**: Immuno-oncology - **Focus**: Utilizing AI-based computational biology tools to identify novel drug targets for cancer treatment [1][2] Core Points and Arguments - **Leadership Transition**: Eran Ophir will become the President and CEO, succeeding Anat Cohen-Dayag, who will take on the role of Executive Chairperson [1][10] - **Immuno-oncology Landscape**: The field has been revolutionized by drugs like Keytruda, which generated $29 billion in sales last year. However, many patients do not benefit from existing therapies, indicating a need for novel approaches [2] - **Computational Platform**: Compugen's AI-based platform, Unigen™, has a validated database of patient samples, allowing the company to take drug targets from computational predictions to clinical trials [3] - **Clinical Assets**: - **COM701**: Targets PVRIG, currently in a randomized study for platinum-sensitive ovarian cancer [5][9] - **COM902**: Targets TIGIT, positioned as a potential best-in-class antibody, with ongoing phase III trials by AstraZeneca and Arcus [3][4] - **Rifleucostamid**: A PD-1/TIGIT bispecific antibody, with AstraZeneca running 10 phase III trials, potentially generating over $5 billion in sales [6] - **GS0321**: Targets ILT in binding protein, licensed to Gilead, with potential milestones exceeding $758 million [7] Financial Highlights - **Cash Position**: As of June 30, Compugen has approximately $94 million in cash, providing a runway into 2027 [5] - **Milestone Opportunities**: Eligible for over $1 billion in future milestones from collaborations with AstraZeneca and Gilead [5][7] Clinical Development - **COM701 Study**: Aiming for a readout in the second half of 2026, with expectations of improving progression-free survival by at least three months compared to placebo [9] - **Upcoming Results**: Compugen will present pooled analysis results at the upcoming ESMO conference, which may support the rationale for ongoing studies [10] Strategic Partnerships - **AstraZeneca**: Engaged in a broad clinical development program for rifleucostamid, which may replace previous PD-1 therapies [6] - **Gilead**: Collaboration on GS0321, with significant milestone payments and royalties expected [7] Additional Insights - **First-Mover Advantage**: Compugen is the first to bring COM701 to the clinic, with a differentiated approach to targeting PVRIG [8] - **Adaptive Trial Design**: The new study design for COM701 aims to address unmet needs in patients with low tumor burden after chemotherapy [9] - **Leadership Confidence**: The new leadership structure is expected to enhance growth potential, supported by a strong scientific foundation and innovative pipeline [10] Conclusion Compugen is strategically positioned in the immuno-oncology sector with a robust pipeline, significant partnerships, and a strong financial foundation, aiming to address unmet medical needs in cancer treatment [10]

Financial Data and Key Metrics Changes - Revenue for Q3 reached an all-time high of $149.7 million, up 14% year over year and 9% sequentially [21] - Gross margin percentage was 27%, consistent with Q3 last year and up from 26% sequentially [22] - Adjusted EBITDA was a record $10.6 million, up 11% year over year and 32% sequentially [23] - Free cash flow of $7.7 million grew 148% year over year, marking the second highest level since disclosure began [25] - Net income turned positive at $832,000, a significant turnaround from a $2.8 million net loss in Q2 [8] Business Line Data and Key Metrics Changes - Bricks-and-mortar revenue was a record, up 18% year over year, with same-store sales growth accelerating to 7.4% [6][21] - Bricks-and-mortar adjusted EBITDA was $12.7 million, an all-time high, up 42% year over year [8][23] - E-commerce business continues to underperform, representing less than 3% of consolidated revenues [46] Market Data and Key Metrics Changes - Canna Cabana's market share across five operating provinces reached 12%, the highest level since legalization [6] - In Germany, High Tide has a 16% market share, positioning itself strongly in the medical cannabis market [12] Company Strategy and Development Direction - The company aims to leverage its relationships with licensed producers to channel German medical cannabis shipments through its network [10] - High Tide's acquisition of Remexian reflects a disciplined shareholder-first approach, targeting growth in the German market [9][15] - The company plans to expand its presence in other European markets, including the UK, Poland, Czechia, and Switzerland [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the bricks-and-mortar business, with no signs of slowing down in same-store sales [6][30] - The company is optimistic about the integration of Remexian and the potential for growth in the German market [62] - Management acknowledged temporary challenges in the supply chain from Portugal but expects normalization by November [40] Other Important Information - The company closed a $30 million junior subordinated loan with Kronos, validating its strategy and execution [17] - High Tide has now sold over $1.9 billion of federally legal cannabis, establishing itself as a leader in the industry [10] Q&A Session Summary Question: On same-store sales, how much of the recent acceleration is due to industry improvement versus market share gains? - Management indicated that the same-store sales growth is primarily due to having the best retail model, not just competitor closures [29][30] Question: What is the company's philosophy on capital allocation post-Remexian transaction? - Management highlighted the need for working capital to support Remexian's growth and emphasized organic store openings while considering M&A opportunities [36][39] Question: How confident is the company in executing a turnaround for the e-commerce business? - Management acknowledged the underperformance but expressed optimism about new initiatives and partnerships to improve the segment [46] Question: What is driving the expansion of margins in the bricks-and-mortar segment? - Management attributed margin increases to a combination of white label sales, price stabilization, and operational efficiencies [49][53] Question: How are newer stores performing relative to prior cycles? - Management reported that new stores are ramping up sales faster than expected, benefiting from brand recognition and high-quality locations [57][58] Question: What are the opportunities across Europe for future investments? - Management confirmed ongoing monitoring of other EU markets for compelling commercial opportunities while focusing on the integration with Remexian [61]

Financial Data and Key Metrics Changes - Revenue for Q3 reached an all-time high of $149.7 million, up 14% year over year and 9% sequentially [22] - Adjusted EBITDA was a record $10.6 million, up 11% year over year and 32% sequentially [24] - Free cash flow of $7.7 million grew 148% year over year, marking the second highest level since disclosure began [9][26] - Net income turned positive at $832,000, a significant turnaround from a $2.8 million net loss in Q2 [9] Business Line Data and Key Metrics Changes - Bricks-and-mortar revenue was a record, up 18% year over year, with same-store sales growth accelerating to 7.4% [7][22] - Bricks-and-mortar adjusted EBITDA reached an all-time high of $12.7 million, up 42% year over year [9][24] - E-commerce business continues to underperform, with less than 3% of consolidated revenues, prompting management to implement changes [25][47] Market Data and Key Metrics Changes - Canna Cabana's market share across five operating provinces reached 12%, the highest since legalization [8] - In Germany, the company started with a 16% market share, leveraging relationships with licensed producers [13][19] Company Strategy and Development Direction - The company aims to expand its brick-and-mortar presence, targeting 300 stores in Canada, with plans to open 20 to 30 new locations annually [40] - The recent acquisition of Remexian is seen as a strategic move to enter the German market, with plans to leverage existing relationships with Canadian licensed producers [10][11] - The company is focused on curating a diverse menu of cannabis strains in Germany and expanding into other European markets [15][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the bricks-and-mortar business, with no signs of slowing down in same-store sales [8][31] - The company is optimistic about the integration of Remexian and the potential for growth in the German market, despite temporary supply chain issues from Portugal [39][41] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities [18][39] Other Important Information - The company has closed a $30 million junior subordinated loan with Kronos, which is seen as validation of its strategy [18] - Management emphasized the importance of operational efficiency, with salaries and wages representing 12.2% of revenue, the lowest in seven quarters [24] Q&A Session Summary Question: How much of the recent acceleration in same-store sales is due to industry improvement versus market share gains? - Management indicated that the company has the best retail model, contributing to the acceleration in same-store sales, with competitor closures playing a minor role [30][31] Question: What is the company's philosophy on capital allocation post-Remexian transaction? - Management stated that significant working capital is required for growth, and they plan to use raised funds to support Remexian while continuing organic store openings [38][39] Question: How confident is the company in executing a turnaround for the e-commerce business? - Management acknowledged the underperformance of the e-commerce segment but expressed optimism about new initiatives and partnerships to improve sales [47][49] Question: What is driving the expansion of margins in the bricks-and-mortar segment? - Management attributed margin expansion to a combination of white label sales, price increases, and operational efficiencies [54] Question: How are newer stores performing relative to prior cycles? - Management reported that newer stores are ramping up sales faster than expected, benefiting from the strong brand recognition of Canna Cabana [58][60] Question: What are the opportunities for expansion in other European markets? - Management indicated that while the focus is on integrating Remexian, they are monitoring other EU markets for potential entry when compelling opportunities arise [63]

Summary of Ascent Industries Co. Conference Call Company Overview - **Company Name**: Ascent Industries Co. (NasdaqGM:ACNT) - **Industry**: Specialty Chemicals - **Current Focus**: Transitioned to a pure-play specialty chemical company after divesting stainless steel assets Key Points and Arguments 1. **Leadership Transition**: Bryan Kitchen joined Ascent in Q4 2023 to grow the specialty chemical segment and took over as CEO in February 2024, leading a transformational journey [4][5][6] 2. **Financial Performance**: Achieved a $20 million turnaround in adjusted EBITDA in 2024, with significant improvements in gross margin and cash generation from operations [6][7] 3. **Divestitures**: Sold stainless steel holdings in April and July 2024, fully transitioning to a specialty chemical focus [7][8] 4. **Business Model**: Operates on a "chemicals as a service" model, providing comprehensive support to customers, including technical and supply chain services [8][9][10] 5. **Market Focus**: Concentrates on four primary markets: oil and gas, coatings, water treatment, and HI&I, while also exploring other opportunities [12][13] 6. **Sales Growth**: Increased product sales significantly, with a focus on improving the quality of custom manufacturing [13][14] 7. **Utilization Rates**: Currently operating at approximately 50% utilization across manufacturing assets, indicating potential for growth without significant capital investment [14][15] 8. **Cost Management**: Achieved a 24% reduction in costs in the first half of 2025 compared to the previous year, contributing to improved EBITDA [15][16] 9. **Cash Position**: As of the end of Q2 2025, the company had $60 million in cash and $30 million in debt capacity, positioning it well for future investments [24][25] 10. **M&A Strategy**: Plans to pursue small, strategic acquisitions to enhance growth, while maintaining a disciplined approach to ensure value creation [22][24] 11. **Share Repurchase**: Retired approximately 6% of outstanding shares in Q2 2025, reflecting confidence in the company's future [25] 12. **Market Opportunity**: The U.S. specialty chemical market is valued at $220 billion, with Ascent's addressable market for its products estimated at $9 billion, indicating substantial growth potential [26][27] 13. **Pricing Power**: Successfully increased prices to improve margins, while remaining competitive against larger peers [27][28] 14. **Sales Pipeline**: End of Q1 2025 had a $45 million active selling project pipeline, which grew to $70 million by the end of Q2 2025, with a conversion rate of 18% [18][19][20] 15. **Future Milestones**: Key milestones for the next 12-18 months include the sale of the Munn Hall property, organic growth, and potential inorganic growth opportunities [29][30] Additional Important Content - **Employee Engagement**: The company is enhancing its marketing and sales functions to better engage with both existing and new customers [33][34] - **Long-term Goals**: Aiming for gross margins around 35% and SG&A at 15%, with a focus on both organic and inorganic growth strategies [21][22] - **Operational Efficiency**: Continuous improvements in labor, overhead, and materials costs have been a significant focus, achieving around 20% improvements in these areas [31][32] This summary encapsulates the key insights and strategic direction of Ascent Industries Co. as discussed during the conference call.

Financial Data and Key Metrics Changes - Revenue for Q3 reached an all-time high of $149.7 million, up 14% year-over-year and 9% sequentially [21] - Adjusted EBITDA was a record $10.6 million, up 11% year-over-year and 32% sequentially [23] - Net income turned positive at $832,000, a significant turnaround from a $2.8 million net loss in Q2 [8] - Free cash flow of $7.7 million grew 148% year-over-year, marking the second highest level since disclosure began [25] Business Line Data and Key Metrics Changes - Bricks-and-mortar revenue was a record, up 18% year-over-year, with same-store sales growth accelerating to 7.4% [6][21] - Bricks-and-mortar adjusted EBITDA reached an all-time high of $12.7 million, up 42% year-over-year [7][23] - E-commerce business continues to underperform, with less than 3% of consolidated revenues, prompting management to consider strategic changes [24][46] Market Data and Key Metrics Changes - Canna Cabana's market share across five operating provinces reached 12%, the highest since legalization [6] - In Germany, the company started with a 16% market share, leveraging its position in the two largest federally legal cannabis markets [12][18] Company Strategy and Development Direction - The company aims to expand its footprint in Germany through the acquisition of Remexian, which adds significant revenue and EBITDA to its operations [9][10] - High Tide plans to leverage relationships with licensed producers to enhance its supply chain and market presence in Germany and other European markets [14][66] - The company is focused on organic growth, targeting 20-30 new store openings in Canada while also considering potential acquisitions [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the bricks-and-mortar business, with no signs of slowing down in same-store sales [6][30] - The company is optimistic about the integration of Remexian and the potential for growth in the German market, despite temporary supply chain issues from Portugal [40][62] - Management highlighted the importance of maintaining a strong balance sheet while pursuing growth opportunities [17][19] Other Important Information - The company closed a $30 million junior subordinated loan with Kronos, which is seen as a validation of its strategy [17] - Management emphasized the importance of maintaining operational efficiency, with salaries and wages representing 12.2% of revenue, the lowest in seven quarters [23] Q&A Session Summary Question: On same-store sales growth and market share gains - Management indicated that the strong same-store sales growth is primarily due to having the best retail model in the country, not just competitor closures [29][30] Question: Capital allocation philosophy post-Remexian transaction - Management stated that significant working capital is required for Remexian's growth, and they plan to use raised funds for this purpose while continuing organic growth in Canada [36][38] Question: Confidence in e-commerce turnaround - Management acknowledged the underperformance of the e-commerce segment but expressed optimism about new initiatives and partnerships to drive sales [45][46] Question: Margins in bricks-and-mortar segment - Management noted that gross margins have expanded due to various factors, including white label sales and price stabilization, and they expect to maintain margins despite new store openings [49][52] Question: Performance of newer stores - Management reported that newer stores are ramping up sales faster than expected, benefiting from brand recognition and high-quality locations [58][59] Question: Opportunities across Europe - Management confirmed ongoing monitoring of other European markets for potential expansion, while focusing on successful integration with Remexian [61][62] Question: Exclusivity agreements with licensed producers - Management indicated that exclusivity agreements were expected and do not come with lower margins, as they leverage their buying power to secure favorable terms [66]

Financial Data and Key Metrics Changes - Revenue for Q3 reached an all-time high of $149.7 million, up 14% year over year and 9% sequentially [19] - Gross margin percentage was 27%, consistent with Q3 last year and up from 26% sequentially [21] - Adjusted EBITDA was a record $10.6 million, up 11% year over year and 32% sequentially [22] - Free cash flow of $7.7 million grew 148% year over year, marking the second highest level since disclosure began [8][24] Business Line Data and Key Metrics Changes - Bricks-and-mortar revenue was a record, up 18% year over year, with same-store sales growth accelerating to 7.4% [5][19] - Bricks-and-mortar adjusted EBITDA reached an all-time high of $12.7 million, up 42% year over year [7][22] - E-commerce business continues to underperform, with less than 3% of consolidated revenues, prompting management to implement a turnaround strategy [23][46] Market Data and Key Metrics Changes - Canna Cabana's market share across five operating provinces reached 12%, the highest since legalization [6] - In Germany, the company started with a 16% market share, leveraging relationships with licensed producers [12][17] Company Strategy and Development Direction - The company aims to expand its footprint in Germany through the acquisition of Remexian, which adds significant revenue and EBITDA to operations [10][14] - Plans to continue opening 20 to 30 new locations in Canada, focusing on organic growth while considering potential acquisitions [40] - The strategy includes leveraging existing relationships with licensed producers to enhance supply chain efficiency and market presence [12][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued strength of the bricks-and-mortar business, with no signs of slowing down in same-store sales [6][30] - The company is optimistic about future growth opportunities in both Canadian and German markets, with plans to capitalize on the eventual adult-use market in Germany [13][14] - Management acknowledged challenges in the e-commerce segment but remains committed to turning it around [23][46] Other Important Information - The company closed a $30 million junior subordinated loan with Kronos, validating its strategy and execution [16] - The acquisition of Remexian was structured to generate value for shareholders while providing growth opportunities [15] Q&A Session Summary Question: How much of the recent acceleration in same-store sales is due to industry improvement versus market share gains? - Management indicated that the company has the best retail model, contributing to the acceleration in same-store sales, with competitor closures playing a minor role [28][30] Question: What is the company's philosophy on capital allocation post-Remexian transaction? - Management highlighted the need for working capital to support Remexian's growth and emphasized the focus on organic store openings while considering M&A opportunities [36][40] Question: How confident is the company in executing a turnaround in the e-commerce business? - Management acknowledged the underperformance of the e-commerce segment but expressed optimism about new initiatives and partnerships to drive sales [45][46] Question: What is the expected gross margin for Remexian compared to the existing business? - Management indicated that Remexian's gross margin is in the mid-20s, with expectations to improve it through better procurement strategies [42][66] Question: How are newer stores performing relative to prior cycles? - Management reported that newer stores are ramping up sales faster than expected, benefiting from the strong brand recognition [58][59] Question: Are other provinces catching up to Ontario in terms of store performance? - Management confirmed that same-store sales are growing in every province, with improvements noted in Saskatchewan [70]

Summary of Orion Energy Systems Conference Call Company Overview - **Company Name**: Orion Energy Systems (NasdaqCM: OESX) - **Market Capitalization**: Slightly higher than $26 million [2] - **Recent Share Price**: Approximately $7.40 [2] - **Trailing 12 Months Sales**: Around $80 million [3] Core Business Segments - **LED Lighting Systems**: Focus on energy-efficient solutions for commercial and industrial applications [2][3] - **EV Charging Infrastructure**: End-to-end solutions including site design, installation, and maintenance [4][5] - **Maintenance and Managed Services**: Recurring services for lighting and EV systems, including preventative and reactive maintenance [4][7] Key Highlights - **Project Completion**: Over 25,000 projects completed, primarily in the commercial and industrial retrofit sector [4] - **Recurring Revenue Opportunities**: Maintenance contracts and EV charging operations provide stable revenue streams [15][23] - **Customer Base**: Strong long-term relationships with blue-chip clients across various sectors, including government and healthcare [9][10] Competitive Advantages - **Manufacturing Flexibility**: U.S.-based manufacturing facility in Wisconsin with 266,000 square feet, compliant with Buy American Act [6][12] - **Quick Product Development**: Ability to bring products to market within four to six months [6] - **Technological Leadership**: Industry-leading energy efficiency and smart design capabilities [5][17] Recent Developments - **New Projects**: Awarded an $11 million electrical infrastructure project for exterior LED lighting and EV charging [11][16] - **Maintenance Revenue Growth**: Grew over 20% last quarter, with a focus on profitable recurring contracts [23] Market Dynamics - **EV Segment Outlook**: Conservative approach due to initial funding pullbacks but optimistic about future growth as funding stabilizes [16][18] - **Competitive Landscape**: Increased competition in the EV segment, with potential for market consolidation [17] Financial Performance - **Gross Margin Improvement**: Approaching 30%, with fluctuations due to revenue volumes and restructuring of maintenance contracts [13][21] - **Cost Management**: Ongoing efforts to reduce product costs to improve margins [22] Strategic Focus - **Expansion of Services**: Plans to grow lighting maintenance services and explore electrification opportunities with municipalities [12][18] - **Partnerships**: Collaborations with leading EV charging station manufacturers like ChargePoint and ABB [5][8] Conclusion Orion Energy Systems is positioned as a competitive player in the energy efficiency and EV charging markets, with a strong focus on recurring revenue and customer satisfaction. The company is leveraging its U.S.-based manufacturing and technological capabilities to drive growth and maintain compliance with government regulations.

Summary of Barrick Gold Corporation Conference Call Company Overview - **Company**: Barrick Gold Corporation - **Industry**: Mining, specifically gold and copper Key Points and Arguments 1. **Market Context**: The mining sector is experiencing volatility, with gold prices at record highs, emphasizing the importance of a long-term strategy over short-term gains [2][20] 2. **Financial Performance**: Barrick reported adjusted earnings of $0.40 per share, the strongest in over a decade, and ended the quarter with a net cash position, allowing for a dividend declaration of 15¢ [3][4] 3. **Reserve Growth**: Since the merger, Barrick has increased reserves per share by 29% in gold and 71% in gold equivalents, adding 111 million gold equivalent ounces through disciplined exploration at a cost of $10 per ounce [5][6] 4. **Shareholder Returns**: The company has returned nearly $7 billion to shareholders since the merger, with $753 million returned in the first half of the year alone through dividends and buybacks [6][7] 5. **Capital Strategy**: Barrick maintains a strong balance sheet while funding growth projects without raising equity or incurring new debt, contrasting with many mining companies that dilute shareholders [8][20] 6. **Growth Projects**: Key projects include: - **Pablo Viejo**: Plant expansion extending its life beyond 20 years [10] - **Goldrush**: Expected to ramp up to 400,000 ounces per year by 2028 [11] - **Lemoana**: Expansion funded by its own cash flows, aiming for 240,000 tons of copper per year [12] - **Ricoh Deck**: Projected to produce 240,000 tons of copper and 300,000 ounces of gold annually by 2028 [13] - **Fourmile**: Described as the greatest gold discovery of the century, with potential for significant resource expansion and high grades [14][16] 7. **Strategic Advantages**: Fourmile's location and metallurgy provide cost advantages and flexibility in processing, enhancing its potential as a tier one asset [18][20] 8. **Long-term Vision**: Barrick aims to build a standout mining company with sustainable returns and leverage to gold and copper, supported by disciplined capital allocation and exploration excellence [19][20] Additional Important Content - **Market Positioning**: Barrick positions itself as a peerless investment in gold and copper, with a resilient portfolio built for long-term success [10][20] - **Future Outlook**: The company believes there is significant upside ahead, with ongoing robust operating performance and a clear growth strategy [19][21]