Cauchari-Olaroz Operations - Cauchari-Olaroz's Q3 2025 production volume reached approximately 8,300 tonnes, operating at over 80% capacity[30] - The company maintains its 2025 production guidance of 30,000-35,000 tonnes of LCE[30] - Stage 1 capital costs for Cauchari-Olaroz were $979 million[59] PPG Scoping Study Results - The scoping study indicates a resource of 151 million tonnes of LCE (Measured & Indicated) and 67 million tonnes of LCE (Inferred)[48] - The project's after-tax NPV, using an 8% discount rate, is $81 billion, with an IRR of 327% at a price of $18,000 per tonne[48] - Stage 1 of PPG is projected to have a capacity of 50,000 tonnes per annum (tpa) of LCE, with the full project targeting 150,000 tpa[48] - Stage 1 capital expenditure (CAPEX) is estimated at $11 billion, while the total CAPEX for the full project is $33 billion[48] - The operating expenditure (OPEX) for Stage 1 is projected at $5,344 per tonne, decreasing to $5,027 per tonne for the full project[48] Strategic Initiatives - The company plans to submit RIGI applications in H1 2026[85] - A new joint venture with Ganfeng will consolidate the Pastos Grandes Project, Sal de la Puna Project, and Pozuelos-Pastos Grandes Project[6]

Company Performance & Strategy - BKV's corporate 1-year decline rate is 99% for all PDP reserves including impact from the Bedrock Acquisition[11] - BKV aims to increase ownership in Power JV to 75%[18] - BKV's assets are aligned with the fastest-growing energy markets in the US[16] - BKV is the largest producer in the Barnett with potential to expand[67] Financial Highlights (Q3 2025) - Combined Adjusted EBITDAX attributable to BKV was $918 million[35] - Total Accrued CAPEX was $796 million, against a guidance of $65-$105 million[35] - Adjusted Free Cash Flow Attributable to BKV was $(106) million[35] - Net Leverage was 132x as of September 30, 2025[35] CCUS Projects - Barnett Zero is operational with a projected annual average injection of 183 ktpy (kilotonnes per year)[148] - Eagle Ford Project is at FID (Final Investment Decision) stage with a projected annual average injection of 90 ktpy[148] - Cotton Cove is at FID stage with a projected annual average injection of 32 ktpy[148]

Financial Performance - Starwood Property Trust reported Q3 2025 GAAP earnings of $0.19 per diluted share and Distributable Earnings (DE) of $0.40 per diluted share[6] - The company invested $4.6 billion in Q3 2025 and $10.2 billion in the first nine months of the year[6] - The company paid a quarterly dividend of $0.48 per share, maintaining this dividend for over a decade[6] Capital Activities - Starwood Property Trust raised $2.3 billion of capital across equity, term loan B, and high yield markets[6] - The company has a record liquidity of $2.2 billion[6] - The company repriced $1.6 billion of term loans at record low spreads[28] Portfolio Composition - The company has successfully deployed $112 billion of capital since inception and manages a portfolio of $30 billion across debt and equity investments[11] - U S office represents only 8% of the company's diversified $29.9 billion asset base[29] - The company acquired Fundamental, a $2.2 billion portfolio of durable, long-term, high quality net lease assets[7] Lending Activities - The company originated $1.4 billion in commercial lending during the quarter[6] - The company invested a record $0.8 billion in infrastructure lending during the quarter[6] - The company securitized or priced $222 million of conduit loans in five transactions[26]

Financial Performance - Q3 2025 - Revenue reached $51.4 million, exceeding guidance of $44.0 million to $47.0 million, representing a 116% year-over-year growth[9, 11] - GAAP Gross Margin was 39.9%, surpassing the assumed guidance of approximately 34.0% to 35.5%[9, 11] - Cash Gross Margin was 44.8%, exceeding the assumed guidance range due to strong performance across all business lines[9, 11] - Adjusted EBITDA reached $10.1 million with a 19.6% margin, exceeding the top end of the guidance range[9] - Cash Flow from Operations was $9.1 million, and Free Cash Flow was $6.6 million, marking a year-over-year growth of $16.5 million[9, 11] Financial Performance - 9 Months 2025 - Revenue increased by 44% to $118.0 million from $81.9 million in the same period of the previous year[15] - Adjusted EBITDA increased by $20.3 million to $10.8 million[15] - Free Cash Flow increased by $39.9 million[15] Business Segments - Security Solutions revenue increased by 154% year-over-year to $46.5 million for the nine months ended September 30, 2025, driven by expansion within the Telos ID portfolio[17] - Secure Networks revenue decreased by 9% year-over-year to $5.0 million for the nine months ended September 30, 2025, primarily due to the completion of certain programs[17] Future Outlook - Q4 2025 - The company forecasts revenue growth of 67% to 76% year-over-year, projecting revenue between $44.0 million and $46.3 million[20]

Financial Performance - Net investment income (NII) per share was $0.82, exceeding the $0.77 quarterly dividend[2] - The company declared a fourth quarter 2025 dividend of $0.77 per share[3] - The annualized net investment income return was 12.0%[11] - The dividend yield was 11.3% based on NAV[11] - Dividend coverage was 106%[11] Portfolio Composition and Investment Activity - 97.5% of the portfolio is first lien, senior secured debt[11] - Non-accrual debt investments represent 0.1% of total investments[11] - New investment commitments totaled $1.3 billion at par, with $1.0 billion funded[15] - The fair value of investments was approximately $13.8 billion as of September 30, 2025[6] Liquidity and Capital Structure - The company has $2.5 billion of liquidity in unrestricted cash and undrawn debt[15] - The total all-in cost of debt was 5.04% in 3Q 2025[15]

DISCLAIMER, COMPLIANCE & CAUTIONARY STATEMENTS This presentation has been prepared by FireFly Metals Ltd (Company) based on information from its own and third party sources. No party other than the Company has authorised or caused the issue, lodgement, submission, dispatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. To the maximum extent permitted by law, the Company and its related bod ...

Q3 2025 Financial & Operational Highlights - Q3 2025 saw a 23% year-over-year (YOY) growth in Total Transaction Value (TTV)[19] - Revenue increased by 13% YOY[19] - Adjusted Gross Profit Margin was 60%[19] - Adjusted EBITDA grew by 9% YOY[19] - Free Cash Flow reached $38 million[20] - The value of new wins over the Last Twelve Months (LTM) totaled $3.2 billion, excluding CWT[20] CWT Acquisition & Synergies - The acquisition of CWT closed on September 2, 2025, adding approximately $700 million in acquired revenue[19, 26] - Net cost synergies of approximately $155 million are expected over 3 years[27] - Synergies of approximately $55 million are anticipated in 2025/2026, with $5 million in 2025 and an incremental $50 million in 2026[28, 47] SAP Concur Strategic Alliance - The alliance with SAP Concur offers access to a vast customer base, including 98 out of 100 of the world's largest companies and approximately 80% of SAP's customers being SMEs, with over 104 million SAP Concur end users[30] SME Opportunity & Egencia - The estimated total travel spend for SMEs in 2024 is $834 billion, with $625 billion of the global SME segment being unmanaged[32] - Egencia's LTM TTV is approximately $8 billion, with approximately $2.2 billion in LTM SME New Wins Value, and a customer retention rate of approximately 95%[34] FY 2025 Guidance & FY 2026 Expectations - The company raised its FY 2025 revenue guidance to $2.705 billion - $2.725 billion, an increase of approximately $227 million due to incremental revenue from CWT, representing a 12% YOY increase[49] - Adjusted EBITDA guidance for FY 2025 is $523 million - $533 million, an increase of approximately $5 million due to CWT synergies execution, representing a 9%-11% YOY increase[49] - Preliminary expectations for FY 2026 include revenue growth of 19%-21% and Adjusted EBITDA growth of 16%-22%, reaching $615 million - $645 million[52]

Q3 2025 Financial Performance - Revenues remained relatively unchanged at $575 million compared to $574 million in Q3 2024[11] - GAAP Income from Continuing Operations showed a decrease of 82%, falling from $(11) million in Q3 2024 to $(20) million in Q3 2025[11] - Adjusted EBITDA decreased by 12%, from $85 million in Q3 2024 to $74 million in Q3 2025, representing a margin of 12.9% compared to 14.8% in the previous year[11] - Adjusted diluted loss per share from continuing operations was $(0.08), compared to $(0.01) in Q3 2024[11] - Adjusted Free Cash Flow was $6 million, a significant change from $(34) million in Q3 2024[11] Segment Performance - Harsco Environmental's revenues decreased by 6% to $261 million, and Adjusted EBITDA decreased by 17% to $44 million[12] - Clean Earth's revenues increased by 6% to $250 million, and Adjusted EBITDA increased by 4% to $43 million[16] - Harsco Rail's revenues increased by 10% to $64 million, but Adjusted EBITDA decreased by 48% to $(4) million[20] Revised 2025 Outlook - GAAP Loss from Continuing Operations is projected to be between $(103) million and $(93) million, revised from the prior outlook of $(74) million to $(56) million[24] - Adjusted EBITDA is expected to be between $268 million and $278 million, revised from the prior outlook of $290 million to $310 million[24] - Adjusted Free Cash Flow is projected to be between $(30) million and $(20) million, revised from the prior outlook of $15 million to $35 million[24]

Disclaimer and Forward-Looking Statements This presentation has been prepared solely for information and does not purport to contain all of the information that may be necessary or desirable to fully and accurately evaluate Caledonia Mining Corporation Plc ("Caledonia" or "the Company") or its business prospects. For the purposes of this notice, "presentation" includes this document, any oral presentation, any questions and answer session and any written or oral material discussed or distributed by the Comp ...

Financial Performance - The company achieved its sixth consecutive quarter of year-over-year (YoY) growth in Sales, Adjusted Operating Income (AOI), and adjusted Earnings Per Share (EPS)[5] - Q4 2025 sales reached $13860 million, a 48% increase compared to the previous year, excluding the impact of legal contingency accruals[28, 29] - Adjusted Operating Income (AOI) for Q4 2025 was $608 million, a 19% increase YoY[28] - Adjusted EPS for Q4 2025 was $115, a 25% increase YoY[28] - The company's free cash flow for fiscal year 2025 was $1177 million[31] Segment Performance - Chicken segment achieved record profitability[5] - Chicken segment sales for Q4 2025 were $4411 million, a 38% increase YoY, with AOI at $457 million, a $101 million increase YoY[15] - Beef segment sales for Q4 2025 were $5489 million, a 43% increase YoY, but with an AOI loss of $94 million[18] - Pork segment sales for Q4 2025 were $1414 million, a 17% decrease YoY, but with AOI at $31 million, a $12 million increase YoY[21] - Prepared Foods segment sales for Q4 2025 were $2546 million, a 30% increase YoY, with AOI at $189 million[11] Financial Position - The company's net leverage ratio improved YoY, reaching 21x in Q4 2025[5, 33] FY26 Guidance - The company projects sales growth of 2%-4% for fiscal year 2026[37] - Total AOI is projected to be between $21 billion and $23 billion[37]