Market Signal Briefing

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BAE Systems PLC (LSE:BA.) said it remains on track to meet its full-year 2025 guidance, underpinned by strong operational and financial performance in the second half and supported by a growing order book.

After 10 months, the FTSE 100-listed defence giant reported more than £27 billion of order intake so far this year, up from £13.2 billion at the half-year stage.

This includes a £4 billion contract with Türkiye to supply 20 Typhoon aircraft and related weapons integration, with other notable awards including $3.3 billion in electronic systems, $1.7 billion in US combat vehicle contracts, and £1.1 billion in orders for the MBDA joint venture.

BAE highlighted a supportive market environment, with increased defence spending across NATO, and said it is well positioned to benefit from opportunities across platforms including frigates, drones, electronic warfare, and space systems.

"In the US, the President recently voiced support for the tri-lateral AUKUS programme and momentum has continued to build around the architecture of the Golden Dome air and missile defense initiative, to which our technologies and capabilities are well aligned."

Management are encouraged by recent actions to end the US government shutdown and said that, to date, "we do not see material effects on our US business. If the shutdown persists, delays to contract funding and timing of payments before year end are possible."

BAE expects sales to grow by 8% to 10% this year, with underlying EBIT forecast to rise 9% to 11%. Free cash flow is projected at more than £1.1 billion. Guidance was unchanged from the mid-year update.

Total returns to shareholders are anticipated to reach around £1.5 billion in 2025, comprising dividends and £500 million of share buybacks.

November 12, 2025 3:01 AM EST | Source: Argo Graphene Solutions Corp.
Vancouver, British Columbia--(Newsfile Corp. - November 12, 2025) - Argo Graphene Solutions Corp. (CSE: ARGO) (OTCQB: ARLSF) (FSE: 94Y) ("Argo" or the "Company"), a leader in innovative graphene-based technologies announces the signing of a lease agreement and the opening of its new 2,000-square-foot warehouse and mixing facility located in Regina, Saskatchewan. This location will accelerate the commercialization of the Company's graphene-based construction additive products across North America.

The facility is intended to provide a primary controlled site to receive, mix and distribute graphene-enhanced concrete and cement-based additive products. It will serve as a dedicated hub for receiving current purchase orders of bulk high-purity graphene oxide liquid dispersion paste and mixing graphene-based additives for distribution.

The facility will also be used for testing graphene as a performance-enhancing additive for concrete and cement-based applications. Such cement-based applications include Stucco, Mortar and 3-D cement structure printing. Cement-based finishes, widely used in residential and commercial construction, represent a multi-billion-dollar opportunity for graphene integration. The global cement-based market is projected at approximately USD 49 billion in 2025.

"Opening our Regina facility will allow us operational efficiency and responsiveness to existing and anticipated market demand as we commence receiving bulk graphene oxide paste. We are excited to expand our capabilities by developing additional performance-based testing to support the creation of new market-ready products for the construction sector," said Scott Smale, CEO of Argo Graphene.

About Argo Graphene Solutions Corp.

Argo Graphene Solutions Corp. is a Canadian advanced materials company dedicated to developing sustainable high-performance solutions for the construction and agricultural industries. Through subsidiaries like Argo Green Concrete Solutions Inc. Argo leverages cutting-edge graphene technologies to create eco-friendly products that address global challenges in infrastructure renewal and carbon reduction.

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for its adequacy or accuracy.

Forward-Looking Statements

Certain information in this press release constitutes "forward-looking information" under Canadian securities legislation, including statements regarding the development of Argo's technology and the creation of eco-friendly products. Forward-looking statements are based on management's opinions and estimates as of the date of this release and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially. These factors include, but are not limited to, the receipt of necessary regulatory approvals. Argo undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Readers should not place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274097

VANCOUVER, BC / ACCESS Newswire / November 12, 2025 / Apex Critical Metals Corp. (CSE:APXC)(OTCQX:APXCF)(FWB:KL9) ("Apex" or the "Company"), a Canadian mineral exploration company focused on the identification and development of critical and strategic metals, is pleased to announce the completion and results from a high resolution airborne geophysical survey completed at the Company's 100%-owned Cap Critical Minerals Project ("Cap" or the "Cap Project") in central British Columbia.

Highlights

Strong magnetic high measuring approximately 2.2 km x 1.8 km with northwest offshoot

Magnetic anomaly roughly correlates with the 1.8 km niobium-in-soil trend identified in 2024 and confirmed in 2025 drilling

Helicopter borne magnetic and radiometric survey completed by Precision GeoSurveys Inc

781 line-km flown at 40 m spacing

Assays remain pending for 2,251 m of core, with results expected shortly

Sean Charland, CEO of Apex Critical Metals, commented, "The new airborne survey has provided valuable insight into the scale and geometry of the magnetic anomaly, giving us a stronger foundation to evaluate future drill targets and plan the next phase of exploration in 2026. We anticipate receiving assays from the remaining drillholes shortly, which will further guide our understanding of the mineralized system."

The helicopter-borne survey was completed by Precision GeoSurveys Inc. of Langley, British Columbia, on September 15 and 16, 2025, and covered a total of 781 line-km at 40-m line spacing. The program was designed to provide detailed magnetic and radiometric data to assist in mapping the extent and geometry of carbonatite-hosted mineralization at the Cap Project.

The airborne magnetic survey delineates a large, well-defined magnetic high measuring approximately 2.2 km by 1.8 km, with a smaller magnetic offshoot extending northwest (Figure 1). The offshoot roughly correlates with the 1.8 km niobium-in-soil trend identified during the 2024 exploration program, which was subsequently confirmed in the subsurface during 2025 drilling. All drillholes completed in 2025 intersected carbonatite and/or associated alteration, with drillhole CAP25-006 returning 0.59 % Nb₂O₅ over 36.0 m, demonstrating a spatial correlation between magnetic intensity and niobium mineralization.

Figure 1. Map showing Total Magnetic Intensity (TMI) relative to historical and 2025 drillholes. Apex Critical Metals 2025.Historical drilling completed by the previous operator in 2017 tested the magnetic feature but is interpreted to have not drilled deep enough to intersect the primary source of the anomaly. The offshoot is interpreted to connect to the main magnetic body, suggesting a more extensive carbonatite system than previously recognized.

Magnetic anomalies in carbonatite systems are commonly caused by high magnetite content and associated iron-rich minerals such as pyrrhotite, which can act as geophysical markers for niobium and rare earth element-bearing carbonatites. The strong, coherent magnetic feature at CAP supports and enhances the current geological interpretation developed from Apex's drilling and surface mapping programs.

The interpretation of geophysical data is preliminary in nature. While the magnetic anomaly described is spatially associated with previously intersected carbonatite and niobium mineralization, there is no certainty that the anomaly itself is directly related to mineralization or that it represents the full extent of the carbonatite system. Additional drilling will be required to confirm the source of the magnetic feature.

Qualified Person

The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo. (EGBC Licence 48336), Geologist for Dahrouge Geological Consulting Ltd. (EGBC Permit to Practice 1003035), and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects. Mr. Schmidt has verified all scientific and technical data disclosed in this news release and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process.

About Apex Critical Metals Corp. (CSE: APXC) (OTCQX: APXCF) (FWB: KL9)

Apex Critical Metals Corp. is a Canadian exploration company focused on advancing rare earth element (REE) and niobium projects that support the growing demand for critical and strategic metals across the United States and Canada. The Company's flagship Rift Project, located within the highly prospective Elk Creek Carbonatite Complex in Nebraska, U.S.A., hosts extensive rare earth rights surrounding one of North America's most advanced niobium-REE deposits. Historical drilling across the complex has reported broad intervals of high-grade REE mineralization, including intercepts such as 155.5 m of 2.70% REO and 68.2 m of 3.32% REO.

In Canada, Apex continues to advance its 100%-owned Cap Project, located 85 kilometres northeast of Prince George, British Columbia. The 2025 drill program confirmed a significant niobium discovery with 0.59% Nb₂O₅ over 36 metres, including 1.08% Nb₂O₅ over 10 metres, within a 1.8-kilometre-long niobium trend. The Cap Project continues to demonstrate strong potential for niobium mineralization within a large and previously unrecognized carbonatite system.

With a growing portfolio of critical mineral projects in both Canada and the United States, Apex Critical Metals is strategically positioned to help strengthen domestic supply chains for the minerals essential to advanced technologies, clean energy, and national security. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC and quoted on the OTCQX market in the United States under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at www.apexcriticalmetals.com and to sign up for free news alerts please go to https://apexcriticalmetals.com/news/news-alerts/, or follow us on X (formerly Twitter), Facebook or LinkedIn.

On Behalf of the Board of Directors

APEX CRITICAL METALS CORP.,

Sean Charland
Chief Executive Officer
Tel: 604.681.1568
Email: [email protected]

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release may contain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include (without limitation) statements with respect to anticipated assay results from remaining 2025 drillholes, statements regarding the Company's US-based prospective assets (more particularly described above), including the potential for additional acquisitions and the potential for exploration, and statements regarding the potential for future exploration and drilling to confirm the source of magnetic anomalies. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Risks that could change or prevent these events, activities or developments from coming to fruition include: the Company's properties are at an early stage of development and no current mineral resources or reserves have been identified by the Company thereof, that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able to raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from our properties may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements herein are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE: Apex Critical Metals Corp.

The London-listed defense company said, however, that the U.S. government shutdown hasn't yet had material effects on its U.S. business.

The $1 trillion club is growing due to record earnings and investor enthusiasm.

Lately, the stock market has been marking many market capitalization milestones. Nvidia surpassed $5 trillion in market cap, and Microsoft and Apple soared above $4 trillion.

At this writing, Alphabet is over $3.3 trillion, Amazon is around $2.6 trillion, and Broadcom, Meta Platforms, and Tesla are all over $1.4 trillion.

But the only nontech-focused U.S. company with a market cap over $1 trillion is Berkshire Hathaway (BRK.A +0.17%) (BRK.B +0.02%).

Here's why JPMorgan Chase (JPM 0.40%) could become the next value stock to join the $1 trillion club, and why the dividend stock is a buy now.

Image source: Getty Images.

Two financial titans
Warren Buffett's Berkshire Hathaway gets a lot of attention for its positions in public equities. But the value of its controlled businesses, led by insurance, as well as its mound of cash, cash equivalents, and Treasury bills, is far more valuable.

Berkshire's strength is its ability to produce growing operating earnings from its controlled businesses, which takes the pressure off the need to buy shares in public companies. In fact, Berkshire has been reducing its stakes in top holdings like Apple and Bank of America (BAC +0.39%) and has gone five consecutive quarters without repurchasing Berkshire Hathaway stock.

JPMorgan is similar to Berkshire in that it is a highly differentiated business that can pull multiple levers to grow earnings. The diversified bank generates revenues from its commercial and investment banking services, as well as net interest income (NII) from interest-earning assets. When interest rates are high, the company can generate more NII, but high rates can also slow deal-making, mergers and acquisitions, and mortgage and car loan activity.

NII is the difference between interest earned on loans and interest paid on deposits. It's similar to an insurance company's float, which is the amount of premiums that haven't been paid out in claims. For decades, Warren Buffett has discussed the importance of growing Berkshire's float. The stockpile is now so large that Berkshire generates billions of income from it each quarter. NII is valuable because it is highly profitable and high margin.

The other side of the business is non-interest revenue, which JPMorgan generates from fees, commissions, investment banking services, and asset management.

As shown in the table, JPMorgan has steadily increased its NII and non-interest revenue (practically uninterrupted) for the last decade.

Metric

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025 (Guidance)

Net interest income (billions)

$46.08

$50.1

$55.05

$55.06

$54.56

$52.31

$66.71

$89.27

$92.58

$95

Non-interest revenue (billions)

$49.59

$50.61

$53.97

$53.72

$64.98

$69.34

$61.99

$68.84

$84.97

N/A

Data source: JPMorgan Chase.

Over the last three years, results have accelerated in lockstep with JPMorgan's surging stock price -- which has tripled in the last five years. The financial sector has more than doubled over that period, outperforming the S&P 500 (^GSPC +0.21%).

Today's Change

(

-0.40

%) $

-1.27

Current Price

$

315.62

Elevated valuations
JPMorgan's outsized gains are backed by quarter after quarter of blowout results. In third quarter 2025, JPMorgan earned a whopping 20% return on tangible common equity (ROTCE). ROTCE is a key profitability metric used by big banks to show how effectively they are profiting from their capital. It's similar to how investors compare operating margin as a profitability metric in other industries.

JPMorgan's ROTCE tends to be higher than its peers -- Bank of America, Wells Fargo (WFC +0.10%), and Citigroup (C 0.72%). This is why JPMorgan has a more expensive valuation, based on price-to-earnings (P/E) and price-to-book (P/B) value.

JPM PE Ratio data by YCharts

For context, JPMorgan's 10-year median P/E is 11.9 and its 10-year median P/B is just 1.5. So the bank is relatively expensive right now, but for good reason because its growth rate has accelerated.

Similar to JPMorgan, Walmart's (WMT +1.00%) stock price has skyrocketed in recent years. Both companies now have market caps over $800 billion -- pushing them closer to joining the $1 trillion club.

Like JPMorgan, Walmart's stock price is responding to improving fundamentals in the underlying business. The company has done a masterful job of delivering value to its customers and producing solid results, even as many of its retail and consumer staples peers struggle. In its latest quarter, Walmart grew revenue by 4.8% year over year, but adjusted operating income was up less than 1%.

Walmart is leveraging artificial intelligence (AI) to improve its operations -- announcing a partnership with OpenAI that allows customers to complete purchases from Walmart directly within ChatGPT. Walmart is producing excellent results from its advertising business, as well as e-commerce and delivery through Walmart+. But still, those results aren't good enough to justify its sky-high P/E of 38.7, compared to a 10-year median P/E of 28.4.

A premium-priced stock worth buying now
Buying stocks at all-time highs is never easy. But in today's market, it's hard to find high-quality, industry-leading companies at dirt cheap valuations.

The solution isn't to sell out of an expensive market, but rather to center your portfolio around companies that can consistently grow earnings fast enough to justify their valuations.

JPMorgan stands out as the most likely candidate to join Berkshire Hathaway in the $1 trillion club, simply by continuing to grow its NII over time. Meanwhile, Walmart is already expensive and doesn't have a clear path toward accelerating earnings growth at a rate that would justify its already overextended valuation.

JPMorgan and Walmart pass along a considerable amount of capital to shareholders through buybacks and dividends, but JPMorgan has a higher yield at 1.9% compared to Walmart's 0.9%.

All told, JPMorgan stands out as the type of expensive stock that's worth buying and holding, whereas Walmart isn't growing earnings rapidly enough to justify its nosebleed valuation.

Taylor Wimpey PLC (LSE:TW.) said it remains on track to meet its full-year 2025 expectations for UK completions and group operating profit, despite subdued market conditions and a softer sales rate in the second half of the year.

The housebuilder reported a year-to-date net private sales rate of 0.72 homes per outlet per week, with the second half at 0.63, with cancellation rates unchanged at 17%. This is down from 0.79 per outlet per week at the half-year stage, or 0.73 if excluding bulk deals.

It added that government planning reforms were showing early signs of progress, supported by increased engagement with local authorities. However, in the short-term, it said the market was being held back as homeowners wait to see what is announced in the Budget later this month. 

As of 9 November, the company’s order book stood at 7,253 homes with a value of approximately £2.1 billion, down from 7,771 homes and £2.2 billion a year earlier.

Chief executive Jennie Daly said: “We have delivered a resilient performance thanks to the hard work of our teams on the ground.

"Market conditions remain challenging, impacted by uncertainty ahead of the upcoming UK Budget and continued affordability pressures.”

Outlet openings have accelerated in 2025, with 51 launched so far compared to 34 over the same period last year. Taylor Wimpey said it remains on track to end the year operating from between 210 and 215 outlets.

The company continues to expect low single-digit build cost inflation and said underlying pricing remains broadly flat.

Vancouver, BC, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Trident Resources Corp. (TSX-V: ROCK) (OTCQB: TRDTF) (“Trident” or the “Company”) is pleased to announce positive diamond drill results (Figure 1) from the first 3 holes totaling 746 metres (m), of a total planned 6,500m, at its Contact Lake Gold Project. Drill hole CL25003 intersected 7.03 gpt Au over 43.25m including 30.06 gpt Au over 9.25m (Figure 3). Drill hole CL25002 intersected 2.49 gpt Au over 29.61m including 27.09 gpt Au over 2.21m and hole CL25001 intersected 0.56 gpt Au over 29.50m (Figure 2).

Highlights:

     7.03 gpt gold over 43.25m from drill hole CL25003 from 121.0m, including 30.06 gpt gold over 9.25m from 155.0m
      7.89 gpt gold over 23.00m from drill hole CL25003 from 69.0m, including 23.86 gpt gold over 6.89m from 75.0m
      2.49 gpt gold over 29.61m from drill hole CL25002 from 39.26m, including 27.09 gpt gold over 2.21m from 39.26m
      The discovery of high-grade gold in hole CL25003 represents an important advancement for future exploration at the project as the mineralization was encountered below the Bakos shear structure and well beyond the limits of the historical mining footprint. Note: Width refers to drilled intercepts, true widths have not been determined. The gold values represent length-weighted averages through the zones.

Jon Weisblatt, CEO, commented "We are extremely encouraged by these initial drill results from Contact Lake — the first exploration undertaken at this historic site in nearly 30 years. The strength and continuity of the mineralization we’re seeing reinforces our belief that Contact Lake is a highly prospective asset within Trident’s portfolio. The former Cameco mine produced approximately 200,000 ounces of gold at impressive head grades of 6 to 7 grams per tonne before closing in 1998, a decision driven by low gold prices (~$300/oz) and Cameco’s strategic focus on uranium. Our early success clearly indicates that significant high-grade gold mineralization was left behind, and modern exploration is beginning to unlock that potential."

Mr. Wiesblatt went on to say "It’s early days, but the geological setting and tenor of results we’re seeing at Contact Lake share encouraging similarities with the early discovery phases of companies like Skeena Resources and SSR’s Seabee Gold Mine — both of which began as focused high-grade exploration stories that grew into significant Canadian gold discoveries. While every project is unique, these parallels reinforce our confidence that Contact Lake could evolve into something very meaningful."

"Importantly, Contact Lake is just one of five gold deposits within Trident’s growing project portfolio, all located in Saskatchewan’s underexplored La Ronge Gold Belt. We see a much larger regional opportunity unfolding here — one that could ultimately define one of Canada’s next emerging gold camps. Contact Lake is only the beginning, and these results mark an exciting first step in realizing the full potential of this district-scale play."

Mr. Wiesblatt concluded by saying "With approximately $12 million in cash and marketable securities and an attractive share structure, Trident is exceptionally well-positioned to continue advancing its ambitious exploration programs across the La Ronge Gold Belt. We have the financial strength, focus, and technical expertise to build sustained value through discovery and resource delineation."

Summary of the Initial Drill Holes:

The discovery of high-grade gold in the first three holes of the 2025 Contact Lake drill program represents an important advancement for future exploration at the project as the mineralization was encountered below the Bakos shear structure and well beyond the limits of the historical mining footprint. The Bakos shear is the main host to gold mineralization at Contact, but the high-grade intercepts from the lower portions of holes CL25002 and CL25003 demonstrate that significant gold values are present outside of the shear envelope.

The 9.25m zone that averaged 30.06 gpt Au (from 155.00m to 164.25m) in hole CL25003 is hosted in a strongly quartz vein altered granodiorite that showed very little evidence of shearing. The zone was encountered approximately 100m outboard of the nearest historical mining activity. The 2025 drill program was designed to test for both lateral and depth extensions to the known gold mineralization at Contact Lake, in areas that had only limited historical drilling. 

Trident will continue to explore and drill test the Contact Lake deposit in a systematic manner as we look to expand on the high-grade gold mineralization discovered between the historical mine infrastructure and the unmined BK3 zone, located immediately ENE of the 2025 drilling. During the current drill program, Trident has collected a comprehensive database of oriented drill core measurements that will be used to delineate the geologic structures that host gold in the deposit area and guide future drill programs. Pre-existing geologic structures exert a first-order control on gold mineralization throughout the La Ronge Gold Belt, so Trident will focus on understanding the complex structural history in order to realize the full potential of the region.     

Figure 1: Plan View of the Contact Lake Drilling
https://www.tridentresourcescorp.com/_resources/news/nr-20251112-NRplan1c.jpg

Figure 2: Cross Section Depicting Depth CL25001 & CL25002
https://www.tridentresourcescorp.com/_resources/news/nr-20251112-X-section-CL25001-to-CL25002.jpg

Figure 3: Cross Section Depicting the Extension to Vertical Depth – CL25003
https://www.tridentresourcescorp.com/_resources/news/nr-20251112-X-section-CL25003.jpg

Description of the Drill Holes:

CL25001 was oriented toward the northwest (336º) at a -45º dip to target shallow high-grade mineralization above, within and below the Bakos Shear Zone. This drill hole was collared 65 metres northeast of the nearest underground infrastructure in an area with limited historical drilling.

CL25002 was collared from the same drill pad as CL25001 along a similar azimuth but at a steeper dip angle (-55º) to target parallel mineralized zones at a greater depth. This hole intersected gold mineralization within the Bakos Zone and in a separate shear zone located in the footwall of the Bakos structure, 40 metres below the upper mineralized zone. A third horizon of gold mineralization was discovered within the granodiorite host rock, between 241.0 to 251.6m downhole depth, in an area that had not been previously drilled.

CL25003 was collared from a drill pad located 25m southeast of drill holes CL25001 and CL25002. This hole was oriented toward the north (azimuth 000º) at a dip angle of -45º to target the depth and lateral extension of gold mineralization first discovered in drill hole TU88-01 (342º azimuth/-45º dip), which was located 50m northeast of CL25003. Drill hole CL25003 encountered significant high-grade gold within both the Bakos Shear Zone and the footwall below the structure.

The lowermost high-grade intersection (30.06 gpt Au over 9.25m starting at 155.0m downhole depth) is hosted in a weakly sheared but strongly altered granodiorite located 100m from the nearest historical underground mine infrastructure and at least 30m from gold mineralization in hole TU88-01.    

Contact Lake Gold Project:

The Contact Lake Project covers approximately 22,790 hectares and includes the past-producing Contact Lake Gold Mine, which was operated by Cameco Corporation between 1994 and 1998. Situated in the highly prospective La Ronge Gold Belt of Saskatchewan, the property hosts multiple historical deposits such as the Contact Lake Deposit, Preview SW Deposit, Preview North Deposit and the North Lake Deposit. Together, these provide shareholders with significant discovery potential across a well-endowed gold belt.

Mining at the Contact Lake Gold Mine, also referred to historically as the Bakos Gold Zone, took place from December 1994 through May 1998. The deposit was initially identified in 1984 by Saskatchewan Mining Development Corporation - later Cameco Corporation - during its Preview Lake Exploration Program. This program also led to the discovery of other nearby targets including Point Lake and the Preview SW Deposit.

The Contact Lake deposit lies near the meeting point of the La Ronge, Kisseynew and Glennie litho-structural domains and is hosted by the Little Deer Lake pluton, a composite pluton dominated by granitic and granodioritic rocks near its core. Composite plutons such as the Little Deer Lake pluton are often spacially associated with significant gold mineralization throughout the La Ronge Gold Belt. 

Figure 4: Drill core from hole CL25003 shows a weakly sheared and strongly quartz veined zone that hosts high-grade gold mineralization located in the footwall well below the Bakos shear zone. 

https://www.tridentresourcescorp.com/_resources/news/nr-20251112-Figure-4-Core-Photo-CL25003.jpg

Figure 5: Upper panel shows low-angle quartz vein that hosts high-grade gold (187.5 g/t over 0.65m) in a weakly sheared granodiorite. Lower panel shows sheared granodiorite with sulfides and strong gold mineralization (from a 1.0m zone that returned 147.0 g/t Au).

https://www.tridentresourcescorp.com/_resources/news/nr-20251112-Figure-5-Core-Photo.jpg

Quality Control:

All drill core is logged, photographed and cut in half with a diamond saw. Half of the core is placed in sealed poly bags with unique identification numbers and transported to ALS Global in Saskatoon, Saskatchewan for analysis, while the other half is archived and stored on site for verification and reference purposes.

At the lab, samples are received and digitally recorded then dried and pulverized into a fine powder. Gold is assayed using a 30g fire assay method and 49 additional elements are analyzed by Inductively Coupled Plasma (ICP) utilizing a 4-acid digestion. Quality Assurance and Quality Control (QAQC) samples including field blanks, duplicates and lab-certified standards are inserted in the sample stream at a rate of greater than 10% of all samples submitted to the lab. ALS Global also conducts their own internal QAQC protocol.

Table 1: Drillhole Results at Contact Lake (November, 2025)

Drill Hole ID From (m) To (m) Width (m) Au (g/t)           CL25001 41.50 71.00 29.50 0.56           CL25002 39.26 68.87 29.61 2.49 including 39.26 41.47 2.21 27.09 CL25002 94.00 110.00 16.00 0.42 CL25002 241.00 251.61 10.61 0.47           CL25003 46.88 53.89 7.01 0.66 CL25003 69.00 92.00 23.00 7.89 including 75.00 81.89 6.89 23.86 CL25003 121.00 164.25 43.25 7.03 including 155.00 164.25 9.25 30.06 Widths are drilled intercepts, true widths have not been determined. Gold values are length-weighted averages.

Table 2: Drillhole ID Contact Lake (November, 2025)

Hole ID` X Collar Y Collar Elev. (m) Azimuth Dip Depth (m)               CL25001 507933 6141324 402 335.80 -45.10 198.00               CL25002 507933 6141324 402 339.00 -55.10 311.35               CL25003 507941 6141303 401 359.90 -45.10 236.43     UTM Zone 13 NAD 83

Qualified Person:

The scientific and technical data contained in this news release was reviewed and approved by Cornell McDowell, P.Geo., a non-independent “Qualified Person” under the National Instrument 43-101 Standards of Disclosure of Mineral Projects.

About Trident Resources Corp.:

Trident Resources Corp. is a Canadian public mineral exploration company listed on the TSX Venture Exchange focused on the acquisition, exploration and development of advanced-stage gold and copper exploration projects in Saskatchewan, Canada. The Company is advancing its 100% owned Contact Lake and Greywacke Lake projects which host significant historical gold resources located within the prospective and underexplored La Ronge Gold Belt, as well as the 100% owned Knife Lake copper project which contains a historical copper resource.

To find out more about Trident Resources Corp. (TSX-V: ROCK), visit the Company’s website at www.tridentresourcescorp.com
Trident Resources Corp.

Jonathan Wiesblatt, Chief Executive Officer
Email: [email protected]

For further information contact myself or:
Andrew J. Ramcharan, PhD, P.Eng., Corporate Communications

Trident Resources Corp.
Telephone: 647-309-5130
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email:

[email protected] NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Forward-Looking Information and Statements

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements that address the TSX Venture Exchange approval of the Agreement, expected results from the current drill program at Contact Lake Gold Project, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, equipment failures, failure to obtain or maintain all necessary government permits, approvals and authorizations, decrease in the price of gold, copper and other metals, the impact of viruses and diseases on the Company’s ability to operate, failure to obtain or maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

SoftBank’s latest financial manoeuvres highlight a familiar tension for the Japanese group: balancing Masayoshi Son’s appetite for high-risk, high-reward bets with the practical limits of its own balance sheet.

The company has been selling down lucrative holdings, including a multibillion-dollar stake in Nvidia Corp (NASDAQ:NVDA, ETR:NVD) and a portion of its T-Mobile US shares, to help fund an ambitious new spending spree centred on artificial intelligence (AI). In recent months, SoftBank has either committed or lined up more than $40 billion for acquisitions and investments.

That includes a $22.5 billion follow-on investment in ChatGPT creator OpenAI, a $6.5 billion deal to acquire US chipmaker Ampere, and a $5.4 billion purchase of ABB’s robotics unit.

Analysts say that while the group’s cash reserves remain strong, its funding needs for the current quarter are “substantial”. At the end of September, SoftBank held roughly $28 billion in cash, a comfortable buffer but one that could quickly shrink given the pace of its commitments.

To bridge the gap, the conglomerate has tapped bond markets in several currencies and secured large credit lines, including an $8.5 billion loan linked to its OpenAI investment and a $6.5 billion bridging loan for the Ampere deal.

The rapid build-up in spending has prompted fresh scrutiny from investors, particularly as valuations in the tech and AI sectors continue to soar.

Some market watchers fear that SoftBank could be extending itself too far, too fast, repeating patterns seen during earlier investment cycles.

Others note that recent sales of liquid assets such as Nvidia stock are pragmatic rather than pessimistic, freeing up cash for what Son sees as the next great technology frontier.

“SoftBank’s liquidity has improved since it last issued hybrid bonds, but it still needs to stay proactive in managing its funding,” observed analyst Mary Pollock of CreditSights in a recent note.

SoftBank’s leadership remains unfazed by the debate. Son has repeatedly argued that AI represents the defining technological shift of the century and that SoftBank must be at its forefront.

The group’s Vision Fund chief financial officer, Navneet Govil, has also pushed back on comparisons to the early 2000s tech bubble, pointing out that today’s AI firms are generating real revenue, not just speculation-driven valuations.

In that sense, SoftBank’s latest portfolio reshuffle, monetising old winners to fund new ones, fits its long-standing playbook.

Yet as the company deepens its exposure to AI, investors and analysts alike will be watching to see whether Son’s conviction delivers another era of growth or stretches SoftBank’s resources to their limit.

SummaryRobinhood Markets Inc. recently released their Q3 results, which revealed exceptional revenue growth, significant milestones, and potential new business segments.HOOD's founder-led management, led by CEO Vlad Tenev, is committed to democratizing investing and actively engages with the retail investor community.The company is diversifying with new products like Robinhood Social, Ventures, banking, and credit cards, aiming to reduce reliance on volatile trading revenues.Despite valuation risks and market cyclicality, HOOD is rated a long-term buy due to its growth trajectory, product innovation, and recent stock pullback.Scott Olson/Getty Images News

Robinhood Markets Inc. (HOOD) has demonstrated incredible growth over the past two years, growing revenue 38% and 57% in 2023 and 2024. Q3 saw a significant increase in trading volume with record deposits of over $20 billion, and the company recently

Analyst’s Disclosure:I/we have a beneficial long position in the shares of HOOD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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, /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game-related entertainment and services provider, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights

Total net revenues increased by 9.8% to RMB1,688.3 million (US$237.1 million) for the third quarter of 2025, from RMB1,537.7 million for the same period of 2024.
Game-related services, advertising and other revenues increased by 29.6% to RMB531.6 million (US$74.7 million) for the third quarter of 2025, from RMB410.2 million for the same period of 2024.
Net income attributable to HUYA Inc. was RMB9.6 million (US$1.3 million) for the third quarter of 2025, compared with RMB23.6 million for the same period of 2024.
Non-GAAP net income attributable to HUYA Inc.[1] was RMB36.3 million (US$5.1 million) for the third quarter of 2025, compared with RMB78.0 million for the same period of 2024.
Average MAUs[2] for the third quarter of 2025 was 162.3 million.

Mr. Junhong Huang, Acting Co-Chief Executive Officer and Senior Vice President of Huya, commented, "As we close the third quarter of 2025, we are encouraged to report that Huya has returned to a promising growth trajectory, with total net revenues up approximately 10% year-over-year. This progress reflects both stabilization in our live streaming revenues and accelerating contributions from game-related services, advertising and other initiatives.

"Game-related services, advertising and other revenues grew approximately 30% year-over-year, accounting for over 30% of our total net revenues for the first time, marking a key milestone since our strategic transformation two years ago. In-game item sales have been a main driver of this segment as we deepened and expanded collaborations with game partners both in China and abroad," Mr. Huang concluded.

Mr. Raymond Peng Lei, Acting Co-Chief Executive Officer and Chief Financial Officer of Huya, added, "We are pleased to see total net revenues re-accelerate and operating performance continue to improve in the third quarter. These results reflect our steady execution on revenue diversification and prudent cost management. Looking ahead, we will continue to explore opportunities in a measured way, pursuing growth thoughtfully while preserving earnings quality and building long-term shareholder value."

Third Quarter 2025 Financial Results

Total net revenues increased by 9.8% to RMB1,688.3 million (US$237.1 million) for the third quarter of 2025, from RMB1,537.7 million for the same period of 2024.

Live streaming revenues increased by 2.6% to RMB1,156.7 million (US$162.5 million) for the third quarter of 2025, from RMB1,127.5 million for the same period of 2024, primarily due to the improvement of average spending per paying user for live streaming services.

Game-related services, advertising and other revenues increased by 29.6% to RMB531.6 million (US$74.7 million) for the third quarter of 2025, from RMB410.2 million for the same period of 2024. The increase was primarily due to higher revenues from game-related services and advertising, which were mainly attributable to the Company's deepened cooperation with Tencent and other game companies.

Cost of revenues increased by 9.6% to RMB1,461.6 million (US$205.3 million) for the third quarter of 2025 from RMB1,334.1 million for the same period of 2024, primarily due to increased revenue sharing fees and content costs as well as costs of in-game items, partially offset by decreased bandwidth and server custody fees. Revenue sharing fees and content costs, a key component of cost of revenues, increased by 7.8% year-over-year to RMB1,262.9 million (US$177.4 million) for the third quarter of 2025, primarily due to increased revenues.

Gross profit increased by 11.3% to RMB226.6 million (US$31.8 million) for the third quarter of 2025, from RMB203.6 million for the same period of 2024. Gross margin was 13.4% for the third quarter of 2025, compared with 13.2% for the same period of 2024.

Research and development expenses decreased by 2.8% to RMB121.9 million (US$17.1 million) for the third quarter of 2025 from RMB125.5 million for the same period of 2024, primarily due to decreased staff costs as a result of enhanced efficiency.

Sales and marketing expenses decreased by 4.4% to RMB70.1 million (US$9.8 million) for the third quarter of 2025 from RMB73.3 million for the same period of 2024, primarily due to decreased channel promotion fees. 

General and administrative expenses increased by 15.4% to RMB57.7 million (US$8.1 million) for the third quarter of 2025 from RMB50.0 million for the same period of 2024, primarily due to increased professional service fees and staff costs.

Other income was RMB8.9 million (US$1.2 million) for the third quarter of 2025, compared with RMB13.0 million for the same period of 2024, primarily due to lower government subsidies.

Operating loss was RMB14.3 million (US$2.0 million) for the third quarter of 2025, compared with RMB32.3 million for the same period of 2024.

Non-GAAP operating income was RMB6.3 million (US$0.9 million) for the third quarter of 2025, compared with non-GAAP operating loss of RMB13.2 million for the same period of 2024.

Interest income was RMB34.7 million (US$4.9 million) for the third quarter of 2025, compared with RMB96.6 million for the same period of 2024, primarily due to a lower time deposit balance, which was mainly attributable to the special cash dividends paid.

Net income attributable to HUYA Inc. was RMB9.6 million (US$1.3 million) for the third quarter of 2025, compared with RMB23.6 million for the same period of 2024.

Non-GAAP net income attributable to HUYA Inc. was RMB36.3 million (US$5.1 million) for the third quarter of 2025, compared with RMB78.0 million for the same period of 2024.

Basic and diluted net income per American depositary share ("ADS") were each RMB0.04 (US$0.01) for the third quarter of 2025. Basic and diluted net income per ADS were each RMB0.10 for the third quarter of 2024. Each ADS represents one Class A ordinary share of the Company.

Non-GAAP basic and diluted net income per ADS were each RMB0.16 (US$0.02) for the third quarter of 2025. Non-GAAP basic and diluted net income per ADS were each RMB0.34 for the third quarter of 2024.

As of September 30, 2025, the Company had cash and cash equivalents, short-term deposits and long-term deposits of RMB3,828.2 million (US$537.7 million), compared with RMB3,766.4 million as of June 30, 2025.

Earnings Webinar

The Company's management will host a Tencent Meeting Webinar at 5:00 a.m. U.S. Eastern Time on November 12, 2025 (6:00 p.m. Beijing/Hong Kong time on November 12, 2025), to review and discuss the Company's business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration:

A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.

[1] "Non-GAAP net income attributable to HUYA Inc." is defined as net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. For more information, please refer to the section titled "Use of Non-GAAP Financial Measures" and the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this press release.

[2] Refers to the average total monthly active users who accessed the Company's domestic and overseas platforms and services (primarily the domestic Huya Live platform, its global mobile application service platform, its overseas game live streaming platform, and related services), inclusive of users across all devices (mobile, PC and web). Average MAUs for any period is calculated by dividing (i) the sum of total active users for each month during such relevant period, by (ii) the number of months during such relevant period. The Company shifted to total MAU reporting starting from the second quarter of 2025 to provide a more comprehensive view of user activity, in line with its business expansion, cross-platform strategy, and overseas initiatives.

[3] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People's Republic of China, and Taiwan.

About HUYA Inc.

HUYA Inc. is a leading game-related entertainment and services provider. Huya delivers dynamic live streaming and video content and a rich array of services spanning games, e-sports, and other interactive entertainment genres to a large, highly engaged community of game enthusiasts. Huya has cultivated a robust entertainment ecosystem powered by AI and other advanced technologies, serving users and partners across the gaming universe, including game companies, e-sports tournament organizers, broadcasters and talent agencies. Leveraging this strong foundation, Huya has also expanded into innovative game-related services, such as game distribution, in-game item sales, advertising and more. Huya continues to extend its footprint in China and abroad, meeting the evolving needs of gamers, content creators, and industry partners worldwide.

For more information, please visit: https://ir.huya.com.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that the consolidated statement of changes in shareholders' equity, consolidated statements of cash flows, and the detailed notes have not been presented. Huya uses non-GAAP gross profit, non-GAAP operating income (loss), non-GAAP net income attributable to HUYA Inc., non-GAAP net income attributable to ordinary shareholders, non-GAAP basic and diluted net income per ordinary share, and non-GAAP basic and diluted net income per ADS, which are non-GAAP financial measures. Non-GAAP gross profit is gross profit excluding share-based compensation expenses allocated in cost of revenues. Non-GAAP operating income (loss) is operating loss excluding share-based compensation expenses and amortization of intangible assets from business acquisitions. Non-GAAP net income attributable to HUYA Inc. is net income (loss) attributable to HUYA Inc. excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP net income attributable to ordinary shareholders is net income (loss) attributable to ordinary shareholders excluding share-based compensation expenses, gain arising from disposal of an equity investment, net of income taxes, impairment loss of investments, and amortization of intangible assets from business acquisitions, net of income taxes, to the extent applicable. Non-GAAP basic and diluted net income per ordinary share and per ADS is non-GAAP net income attributable to ordinary shareholders divided by the weighted average number of ordinary shares and ADS used in the calculation of non-GAAP basic and diluted net income per ordinary share and per ADS. The Company believes that separate analysis and exclusion of the impact of (i) share-based compensation expenses, (ii) gain arising from disposal of an equity investment, net of income taxes, (iii) impairment loss of investments, and (iv) amortization of intangible assets from business acquisitions (net of income taxes), add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures represent useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, and (ii) amortization of intangible assets from business acquisitions (net of income taxes), which have been and will continue to be significant recurring expenses in its business, and (iii) gain arising from disposal of an equity investment, net of income taxes, and (iv) impairment loss of investments, which may recur when there is observable price change in the future. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider a non-GAAP financial measure in isolation from or as an alternative to the financial measures prepared in accordance with U.S. GAAP.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results" at the end of this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the Renminbi or U.S. dollar amounts referred to in this announcement could have been or could be converted into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the quotations from management in this announcement, as well as Huya's strategic and operational plans, contain forward-looking statements. Huya may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Huya's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huya's goals and strategies; Huya's future business development, results of operations and financial condition; the expected growth of the live streaming market and game market; the expectation regarding the rate at which to gain active users, especially paying users; Huya's ability to monetize the user base; Huya's efforts in complying with applicable data privacy and security regulations; fluctuations in general economic and business conditions in China; the economy in China and elsewhere generally; any regulatory developments in laws, regulations, rules, policies or guidelines applicable to Huya; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huya's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Huya does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact: 

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: [email protected] 

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: [email protected] 

In the United States:

Piacente Financial Communications 
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected] 

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of September 30,

2024

2025

2025

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

1,188,911

725,818

101,955

Restricted cash

17,031

9,107

1,279

Short-term deposits

4,075,048

3,042,408

427,365

Accounts receivable, net

76,044

164,647

23,128

Prepaid assets and amounts due from related
    parties, net

207,565

391,211

54,953

Prepayments and other current assets, net

523,674

579,821

81,447

Total current assets

6,088,273

4,913,012

690,127

Non-current assets

Long-term deposits

1,470,000

60,000

8,428

Investments

440,790

393,639

55,294

Goodwill

463,796

458,447

64,398

Property and equipment, net

484,008

550,873

77,381

Intangible assets, net

153,190

133,263

18,719

Right-of-use assets, net

339,492

311,464

43,751

Prepayments and other non-current assets

128,262

15,749

2,212

Total non-current assets

3,479,538

1,923,435

270,183

Total assets

9,567,811

6,836,447

960,310

Liabilities and shareholders' equity

Current liabilities

Accounts payable

66,613

235,391

33,065

Advances from customers and deferred revenue

265,628

226,512

31,818

Income taxes payable

54,594

59,193

8,315

Accrued liabilities and other current liabilities

1,360,949

1,006,309

141,356

Amounts due to related parties

161,529

177,154

24,885

Lease liabilities due within one year

28,581

22,015

3,092

Total current liabilities

1,937,894

1,726,574

242,531

Non-current liabilities

Lease liabilities

20,047

2,946

414

Deferred tax liabilities

23,405

20,148

2,830

Deferred revenue

35,786

32,647

4,586

Total non-current liabilities

79,238

55,741

7,830

Total liabilities

2,017,132

1,782,315

250,361

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)

As of December 31,

As of September 30,

2024

2025

2025

RMB

RMB

US$

Shareholders' equity

Class A ordinary shares (US$0.0001 par value;
    750,000,000 shares authorized as of December
    31, 2024 and September 30, 2025, respectively;
    74,845,398 and 73,019,089 shares issued and
    outstanding as of December 31, 2024 and
    September 30, 2025, respectively)

52

53

7

Class B ordinary shares (US$0.0001 par value;
    200,000,000 shares authorized as of December
    31, 2024 and September 30, 2025, respectively;
    150,386,517 and 150,386,517 shares issued and
    outstanding as of December 31, 2024 and
    September 30, 2025, respectively)

98

98

14

Treasury shares

(108,101)

(142,299)

(19,989)

Additional paid-in capital

8,866,492

6,452,211

906,337

Statutory reserves

122,429

122,429

17,197

Accumulated deficit

(2,100,291)

(2,095,349)

(294,332)

Accumulated other comprehensive income

770,000

716,989

100,715

Total shareholders' equity

7,550,679

5,054,132

709,949

Total liabilities and shareholders' equity

9,567,811

6,836,447

960,310

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

N ine Months Ended

S eptember 30,

2024

June 30,

2025

S eptember 30,

2025

S eptember 30,

2025

S eptember 30,

2024

S eptember 30,

2025

S eptember 30,

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Live streaming

1,127,499

1,153,232

1,156,681

162,478

3,621,007

3,448,064

484,347

Game-related services, advertising and others

410,160

413,857

531,570

74,669

962,281

1,315,861

184,838

Total net revenues

1,537,659

1,567,089

1,688,251

237,147

4,583,288

4,763,925

669,185

Cost of revenues(1)

(1,334,085)

(1,354,771)

(1,461,627)

(205,314)

(3,944,297)

(4,136,500)

(581,051)

Gross profit

203,574

212,318

226,624

31,833

638,991

627,425

88,134

Operating expenses(1)

Research and development expenses

(125,508)

(122,156)

(121,942)

(17,129)

(389,324)

(373,623)

(52,483)

Sales and marketing expenses

(73,330)

(57,699)

(70,107)

(9,848)

(211,251)

(188,501)

(26,479)

General and administrative expenses

(50,025)

(63,743)

(57,729)

(8,109)

(173,786)

(182,917)

(25,694)

Total operating expenses

(248,863)

(243,598)

(249,778)

(35,086)

(774,361)

(745,041)

(104,656)

Other income, net

12,958

7,577

8,854

1,244

38,486

19,965

2,804

Operating loss

(32,331)

(23,703)

(14,300)

(2,009)

(96,884)

(97,651)

(13,718)

Interest income

96,580

59,074

34,655

4,868

316,155

158,645

22,285

Impairment loss of investments

(36,298)

(30,000)

(8,698)

(1,222)

(81,377)

(38,698)

(5,436)

Disposal gain of investments

-

-

1,500

211

-

1,500

211

Foreign currency exchange losses, net

(1,225)

(2,112)

(2,008)

(282)

(3,280)

(4,536)

(637)

I ncome before income tax expenses

26,726

3,259

11,149

1,566

134,614

19,260

2,705

Income tax expenses

(3,113)

(7,388)

(508)

(71)

(10,366)

(11,144)

(1,565)

Income (loss) before loss in equity method
    investments, net of income taxes

23,613

(4,129)

10,641

1,495

124,248

8,116

1,140

Loss in equity method investments, net of
    income taxes

-

(1,362)

(1,085)

(152)

-

(3,124)

(439)

Net income (loss) attributable to HUYA Inc.

23,613

(5,491)

9,556

1,343

124,248

4,992

701

Net  income (loss) attributable to ordinary
    shareholders

23,613

(5,491)

9,556

1,343

124,248

4,992

701

HUYA INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

Nine Months Ended

S eptember 30,

2024

June 30,

2025

S eptember 30,

2025

S eptember 30,

2025

S eptember 30,

2024

S eptember 30,

2025

S eptember 30,

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Net income (loss) per ordinary share

—Basic

0.10

(0.02)

0.04

0.01

0.54

0.02

0.00

—Diluted

0.10

(0.02)

0.04

0.01

0.53

0.02

0.00

Net income (loss) per ADS*

—Basic

0.10

(0.02)

0.04

0.01

0.54

0.02

0.00

—Diluted

0.10

(0.02)

0.04

0.01

0.53

0.02

0.00

Weighted average number of ADS used in
    calculating net income (loss) per ADS 

—Basic

231,366,502

227,675,862

229,032,506

229,032,506

231,852,981

228,715,412

228,715,412

—Diluted

232,948,154

227,675,862

231,210,726

231,210,726

234,514,598

231,084,419

231,084,419

 * Each ADS represents one Class A ordinary share.

  (1) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three Months Ended

N ine Months Ended

S eptember 30,

2024

June 30,

2025

S eptember 30,

2025

S eptember 30,

2025

S eptember 30,

2024

S eptember 30,

2025

S eptember 30,

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Cost of revenues

3,521

3,707

1,666

234

12,298

8,756

1,230

Research and development expenses

5,497

6,563

4,335

609

20,986

17,211

2,418

Sales and marketing expenses

171

394

213

30

983

927

130

General and administrative expenses

4,014

7,385

8,435

1,185

12,855

23,868

3,353

HUYA INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except share, ADS, per share data and per ADS data)

Three Months Ended

N ine Months Ended

S eptember 30,

2024

June 30,

2025

S eptember 30,

2025

S eptember 30,

2025

S eptember 30,

2024

S eptember 30,

2025

S eptember 30,

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Gross profit

203,574

212,318

226,624

31,833

638,991

627,425

88,134

Share-based compensation expenses allocated
    in cost of revenues

3,521

3,707

1,666

234

12,298

8,756

1,230

Non-GAAP gross profit

207,095

216,025

228,290

32,067

651,289

636,181

89,364

Operating loss

(32,331)

(23,703)

(14,300)

(2,009)

(96,884)

(97,651)

(13,718)

Share-based compensation expenses

13,203

18,049

14,649

2,058

47,122

50,762

7,131

Amortization of intangible assets from
    business acquisitions

5,937

6,005

5,958

837

17,808

17,959

2,523

Non-GAAP operating ( loss ) income

(13,191)

351

6,307

886

(31,954)

(28,930)

(4,064)

Net income (loss) attributable to HUYA Inc.

23,613

(5,491)

9,556

1,343

124,248

4,992

701

Gain arising from disposal of an equity
    investment, net of income taxes

-

-

(1,500)

(211)

-

(1,500)

(211)

Impairment loss of investments

36,298

30,000

8,698

1,222

81,377

38,698

5,436

Share-based compensation expenses

13,203

18,049

14,649

2,058

47,122

50,762

7,131

Amortization of intangible assets from
    business acquisitions, net of income taxes

4,928

4,984

4,945

695

14,781

14,906

2,094

Non-GAAP net income attributable to
    HUYA Inc.

78,042

47,542

36,348

5,107

267,528

107,858

15,151

Net income (loss) attributable to ordinary
    shareholders

23,613

(5,491)

9,556

1,343

124,248

4,992

701

Gain arising from disposal of an equity
    investment, net of income taxes

-

-

(1,500)

(211)

-

(1,500)

(211)

Impairment loss of investments

36,298

30,000

8,698

1,222

81,377

38,698

5,436

Share-based compensation expenses

13,203

18,049

14,649

2,058

47,122

50,762

7,131

Amortization of intangible assets from
    business acquisitions, net of income taxes

4,928

4,984

4,945

695

14,781

14,906

2,094

Non-GAAP net income attributable to
    ordinary shareholders

78,042

47,542

36,348

5,107

267,528

107,858

15,151

Non-GAAP net income per ordinary share

—Basic

0.34

0.21

0.16

0.02

1.15

0.47

0.07

—Diluted

0.34

0.21

0.16

0.02

1.14

0.47

0.07

Non-GAAP net income per ADS

—Basic

0.34

0.21

0.16

0.02

1.15

0.47

0.07

—Diluted

0.34

0.21

0.16

0.02

1.14

0.47

0.07

Weighted average number of ADS used in
    calculating Non-GAAP net income per
    ADS

—Basic

231,366,502

227,675,862

229,032,506

229,032,506

231,852,981

228,715,412

228,715,412

—Diluted

232,948,154

230,562,291

231,210,726

231,210,726

234,514,598

231,084,419

231,084,419

SOURCE HUYA Inc.

Advanced Micro Devices Inc (NASDAQ:AMD, ETR:AMD) has laid out an ambitious roadmap to expand its presence in the artificial intelligence (AI) data centre market, forecasting a 60% rise in data centre revenue over the next three to five years.

The company expects sales from the division to grow from $16 billion in 2025 as it seeks to win business from long-time rival Nvidia.

Chief executive Lisa Su told investors at the company’s Financial Analyst Day in New York that AMD sees the total addressable market for AI data centres reaching $1 trillion within five years. That figure includes everything from chips and networking hardware to entire rack-scale systems.

Chief financial officer Jean Hu said total company revenue should climb about 35% over the same period, from $34 billion in 2025, with most of that growth driven by demand for AI infrastructure. Hu also guided to gross margins between 55% and 58% and operating margins above 35%.

AMD is already working to position itself at the heart of large-scale AI infrastructure projects. It has announced a 6-gigawatt deal with OpenAI and a plan to deliver 50,000 processors to Oracle, both due to begin in 2026.

While no new contracts were disclosed, Su said the company sees “multiple gigawatt-scale” opportunities for its MI450 chips and Helios rack systems across major cloud providers and emerging sovereign AI programmes.

Alongside its accelerator line-up, AMD plans to increase its share of the data centre CPU market to around 50%, up from 40% currently, and expects its client computing division, covering PCs and gaming, to grow revenue by more than 10% over the next five years.

The company also confirmed work on its next-generation MI500 processors, which remain under wraps.

Analysts have questioned how AI data centre operators will meet the huge power and financing demands of such expansion. Su argued that strong underlying demand should support long-term investment.

“This is a very unique moment in AI,” she said, noting that the industry should not focus only on short-term returns.

The company’s management emphasised that, unlike the early 2000s tech boom, AI firms are already generating meaningful revenue.

With its expanded chip range and growing customer pipeline, AMD is betting that its combination of graphics and central processors can carve out a larger share of the fast-growing AI computing market.

“Traders are increasingly positioning for a rate cut before year-end,” said one market strategist at a London-based brokerage. “Any dovish shift from the Fed tends to reduce the opportunity cost of holding non-yielding assets like gold.”

Silver mirrored gold’s cautious tone, slipping modestly as investors sought clarity on monetary policy. Despite its industrial use, silver’s dual role as both a safe-haven and growth-linked asset has made it sensitive to shifts in interest rate expectations.

The rally in precious metals lost traction after the US dollar rebounded from a two-week low. The move came as investors welcomed progress on the government funding deal, easing short-term fiscal concerns and restoring confidence across equity markets.

The stronger greenback, which often moves inversely to commodities, curbed foreign demand for metals.

“Dollar resilience is keeping gold and silver trapped in a narrow range,” said analysts at Saxo Bank, noting that improving global risk appetite has also reduced safe-haven demand.

Market Focus Turns to Upcoming Fed Speeches
Investors now await fresh policy signals from upcoming Federal Reserve remarks and key economic indicators later this week. Traders are watching for confirmation of whether rate cuts remain on the table amid lingering inflation risks.

Bayer said on Wednesday that third-quarter adjusted operating income gained 20.8%, citing gains at the Crop Science division and reconciliation effects in accounting.

Revenue in the year to the end of September expected to reflect booming demand for chips powering artificial-intelligence data centers.

Diamond Drilling to Commence at Pitfield Ahead of Pilot-Scale Testwork Phase

LONDON, UK / ACCESS Newswire / November 12, 2025 / Empire Metals Limited (LON:EEE)(OTCQX:EPMLF), the AIM-quoted and OTCQX-traded resource exploration and development company, is pleased to announce the commencement of a diamond drilling ('DD') campaign at the Thomas prospect within the Pitfield Project in Western Australia. The campaign has been designed to test the high-grade TiO 2 -rich core of the Thomas Prospect identified from previous drilling and incorporated within the recently announced Mineral Resource Estimate ('MRE').

Highlights

Diamond drilling campaign to commence at the Thomas Prospect, designed to provide geological, geochemical, metallurgical and geotechnical data for ongoing development studies and MRE expansion.

Programme comprises approximately 1,000m of drilling across 10 holes, with assay results expected in January 2026.

Proceeds from the recent £7 million capital raising, together with existing cash reserves of £4 million, fully fund all planned work programmes.

Workstreams over the next three to six months will focus on advancing metallurgical testwork, initiating pilot-scale testwork, and planning future phases of resource expansion drilling.

The Pitfield Project hosts one of the largest and highest-grade titanium resources globally, with a Mineral Resource Estimate of 2.2 billion tonnes at 5.1% TiO₂ representing only 20% of the known mineralised footprint.

Shaun Bunn, Managing Director, said: "We are pleased to commence this important diamond drilling campaign at Pitfield, focused on testing the high-grade TiO 2 -rich central zone of the Thomas Prospect and delivering both metallurgical and geotechnical drillcore samples which are essential for our ongoing project development studies.

"Following the recently announced £7 million capital raising, the Company is well funded and has set its sights on swiftly completing this next round of drilling, accelerating the metallurgical testwork programmes and moving into continuous pilot-scale testwork in early 2026 in order to deliver high-purity TiO 2 product samples to potential end users and to support our ongoing engineering and economic studies."

Development Pathway

The coming months will see Empire transition from this targeted drilling campaign into a major scale-up phase. By early 2026, the Company plans to have completed the metallurgical and initiate pilot-scale testwork programmes and to commence the next phase of large-scale drilling to significantly expand the current resource base. Preparations are also underway to advance early engineering, environmental and permitting studies to support a development pathway at Pitfield. Together, these initiatives mark an intensive three-to-six-month period of activity aimed at positioning Empire for pilot-scale production and delivery of titanium dioxide product samples to end users.

Diamond Drilling Programme November-December 2025

The giant titanium discovery at Pitfield is of unprecedented scale and hosts one of the largest and highest-grade titanium resources reported globally, with a MRE totalling 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂ (announced 14 October 2025).

The MRE, which covers only the Thomas and Cosgrove deposits (refer Figure 1), includes a weathered zone resource of 1.26 billion tonnes at 5.2% TiO₂ and a significant Indicated Resource of 697 million tonnes at 5.3% TiO₂, predominantly from the Thomas deposit. Titanium mineralisation at Pitfield occurs from surface and displays exceptional grade continuity along strike and down dip. The MRE extends across just 20% of the known mineralised footprint, providing substantial potential for further resource expansion.

Following the announcement on the 30 October 2025 that the Company had raised £7 million by way of a subscription and that the proceeds of the subscription, together with existing cash reserves of £4 million, were to be primarily used to maintain momentum across key workstreams including resource expansion and advanced metallurgical and pilot-scale testwork, the Company has rapidly moved to implement the next phase of the development plan with the commencement of this diamond drilling campaign.

The drill campaign will consist of 10 holes for 1,000m and has been designed to test the high-grade TiO 2 -rich core of the Thomas Prospect identified from previous drilling and seen within the recently announced MRE.

Figure 1: MRE outlines for Thomas and Cosgrove Deposits with background images of airborne gravity survey results with the location of the AC, RC and DD drillholes

The November-December 2025 drilling campaign is a multi-faceted programme designed to generate:

Detailed geological and structural information through the high grade in situ weathered zone and into the fresh bedrock that will feed into the geological and resource models and provide greater understanding of the mineral deposit;

Geochemical analytical results that will add to the geological database and feed into future upgrades of the MRE;

PQ drill core for metallurgical samples that will be an intrinsic part of the ongoing metallurgical testwork programme; and

Geotechnical data that will help with current and future mining and engineering studies.

Wallis Drilling Pty Ltd have been awarded the contract to undertake the drilling, which will run from 17 November until 22 December. Geochemical analytical results from this DD programme are expected to be returned in late January.

Figure 2. Location of DD hole collars with respect to previous drilling

Figure 3. Location of DD hole collars with respect to high grade core

Competent Person Statement

The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy (AusIMM). Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

**ENDS**

For further information please visit www.empiremetals.com or contact:

Empire Metals Ltd

Shaun Bunn / Greg Kuenzel / Arabella Burwell

Tel: 020 4583 1440

S. P. Angel Corporate Finance LLP (Nomad & Broker)

Ewan Leggat / Adam Cowl

Tel: 020 3470 0470

Shard Capital Partners LLP (Joint Broker)

Damon Heath

Tel: 020 7186 9950

St Brides Partners Ltd (Financial PR)

Susie Geliher / Charlotte Page

Tel: 020 7236 1177

About Empire Metals Limited

Empire Metals Ltd (AIM:EEE) and (OTCQX:EPMLF) is an exploration and resource development company focused on the rapid commercialisation of the Pitfield Titanium Project, located in Western Australia. The titanium discovery at Pitfield is of unprecedented scale and hosts one of the largest and highest-grade titanium resources reported globally, with a Mineral Resource Estimate (MRE) totalling 2.2 billion tonnes grading 5.1% TiO₂ for 113 million tonnes of contained TiO₂.

The MRE, which covers only the Thomas and Cosgrove deposits, includes a weathered zone resource of 1.26 billion tonnes at 5.2% TiO₂ and a significant Indicated Resource of 697 million tonnes at 5.3% TiO₂, predominantly from the Thomas deposit. Titanium mineralisation at Pitfield occurs from surface and displays exceptional grade continuity along strike and down dip. The MRE extends across just 20% of the known mineralised footprint, providing substantial potential for further resource expansion.

Conventional processing has already produced a high-purity product grading 99.25% TiO₂, suitable for titanium sponge metal or pigment feedstock. The friable, in-situ weathered zone supports low-cost, strip mining without the need for blasting or overburden removal.

With excellent logistics and established infrastructure, including rail links to deep-water ports with direct access to Asia, the USA, Europe and Saudi Arabia, Pitfield is strategically positioned to supply the growing global demand for titanium and other critical minerals.

Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal and/or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.

The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: Empire Metals Limited

November 12, 2025 02:00 ET

 | Source:

Diversified Energy PLC

DIVERSIFIED ENERGY COMPANY PLC

("Diversified", or the "Company")

DIVERSIFIED ENERGY COMPANY PLC (LSE:DEC, NYSE:DEC) announces that, in accordance with the terms of its share buyback programme announced on 20 March 2025, the Company has purchased 30,623 Ordinary Shares of 20 Pence each in the capital of the Company (the "Shares") in the market at a volume-weighted average price of $14.4983 per Share through Mizuho Securities USA LLC (MSUSA). The Shares acquired will, in due course, be cancelled.

Aggregated Information

Date of Purchase:11 November 2025Aggregate Number of Ordinary Shares Purchased:30,623Lowest Price Paid per Share (USD):14.40Highest Price Paid per Share (USD):14.50Volume-Weighted Average Price Paid per Share (USD):14.4983 Following the cancellation of Shares, Diversified will have 76,725,668 Ordinary Shares of 20 Pence each in issue and no Ordinary Shares are held in treasury. This figure of 76,725,668 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation), (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the table below contains detailed information of the individual trades made by Mizuho Securities USA LLC as part of the buyback programme.

Schedule of Purchases

Shares purchased:DIVERSIFIED ENERGY COMPANY PLC (ISIN: GB00BQHP5P93)Dates of purchases:11 November 2025Investment firm:Mizuho Securities USA LLC Aggregate number of 
ordinary shares
acquiredDaily volume
weighted average
price paidDaily highest
price paid per
shareDaily lowest price per shareTrading Venue394 $14.4967$14.50$14.49ARCX106 $14.5000$14.50$14.50BATS100 $14.5000$14.50$14.50BATY325 $14.5000$14.50$14.50EDGX200 $14.5000$14.50$14.50EPRL27,813 $14.4997$14.50$14.49IEXG94 $14.5000$14.50$14.50MEMX198 $14.4988$14.50$14.50UBSA593 $14.5000$14.50$14.50XNAS800 $14.4600$14.50$14.40XNYSTrading venueCurrency   NYSEUSD$14.4983 30,623   For further information, please contact:

Diversified Energy Company PLC+1 973 856 2757Doug [email protected] Vice President, Investor Relations & Corporate Communicationswww.div.energy About Diversified Energy Company PLC

Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

Aristocrat Leisure Limited (OTCPK:ARLUF) Q4 2025 Earnings Call November 11, 2025 6:30 PM EST

Company Participants

Trevor Croker - CEO, MD & Director
Sally Denby - Chief Financial Officer

Conference Call Participants

Adrian Lemme - Citigroup Inc., Research Division
Justin Barratt - CLSA Limited, Research Division
Annabel Li - Goldman Sachs Group, Inc., Research Division
Matthew Ryan - Barrenjoey Markets Pty Limited, Research Division
Sriharsh Singh - BofA Securities, Research Division
David Fabris - Macquarie Research
Andre Fromyhr - UBS Investment Bank, Research Division
Liam Robertson - Jarden Limited, Research Division
Kai Erman - Jefferies LLC, Research Division
Rohan Sundram - MST Financial Services Pty Limited, Research Division
Sam Bradshaw - E&P, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to Aristocrat Full Year 2025 Results Briefing Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I'd now like to hand the conference over to your first speaker today, Mr. Trevor Croker, Chief Executive Officer and Managing Director of Aristocrat. Thank you. Please go ahead.

Trevor Croker
CEO, MD & Director

Good morning, and welcome to Aristocrat's financial results presentation for the full year to 30 September 2025. My name is Trevor Croker, Chief Executive Officer and Managing Director of Aristocrat. Joining me today is Sally Denby, our Chief Financial Officer. Sally will step through the highlights of the results and provide an update on our strategy. Sally will then discuss our group financial results and balance sheet, after which I'll run through the operational performance and outlook. All figures are in reported currency, unless otherwise stated. FY '24 was restated to exclude Plarium at the last result. Please note the usual disclaimer statement on the back of the deck.

Turning now to Slide 2. Aristocrat delivered on our second half performance commitments and achieved another strong full year

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of GTLB either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Brett Smith

Good morning, everyone. Welcome to Mount Gibson's 2025 Annual General Meeting. I'm Brett Smith. I'm the Chairman -- or the new Chairman of the company, and I welcome you all to this meeting. We've elected to hold this as a hybrid, which enables shareholders who can't attend in person to dial in on the Compuserve platform.

Firstly, I'd like to introduce my fellow nonexecutive directors, Simon, put your hand up mate. Alan, Paul and Evian and our executive team, Peter, Gill and David here, Cote.

Okay. A copy of our 2024 annual general meeting is available for inspection at the entrance to the room. So if you want to grab one, grab one. Okay.

Moving to Slide 2. I'm advised that we have a quorum, and therefore, I formally declare the meeting open, and I'll begin with my Chairman's address, followed by the formal business and then the CEO's address. Following that, all of the shareholders are invited to ask any questions they wish and to have a cup of tea and have a cup of coffee with us afterwards.

Okay. I'm Brett. I'm the new Chairman, I'm glad to be able to speak to you guys for the first time as Chairman. The recent incident at Koolan has changed what we were probably going to say to you, but it's a significant rockfall, and we've had to suspend the mining in the Main Pit. It's a significant safety risk and a little story from my past. Once upon a time, I was a engineer up at Mt Isa and doing a shutdown of the lid smelter and a load separated and fell and killed

TEL AVIV, Israel & ST. LOUIS--(BUSINESS WIRE)--ICL (NYSE: ICL) (TASE: ICL), a leading global specialty minerals company, today reported its financial results for the third quarter ended September 30, 2025. Consolidated sales were $1.9 billion, up $100 million versus the prior year. Operating income was $230 million versus $214 million in the third quarter of last year, with adjusted operating income of $241 million versus $243 million. For the third quarter, net income attributable to shareholders was $115 million versus $113 million in the prior year, with adjusted net income of $124 million compared to $136 million. Adjusted EBITDA of $398 million was up 4% versus $383 million. Diluted earnings per share of $0.09 were equivalent to the third quarter of last year, with adjusted diluted EPS of $0.10 versus $0.11.

“For the third quarter, ICL delivered solid year-over-year growth in both sales and EBITDA, even as some regional and end-market performance varied. Sales were once again led by our specialties-driven businesses, with combined Industrial Products, Phosphate Solutions and Growing Solutions sales up for both the third quarter and first nine months of the year. For our Potash segment, sales increased over the same time periods on improved pricing for both contracted and spot transactions," said Elad Aharonson, president and CEO of ICL.

“We are pleased with our third quarter and year-to-date performance and are also looking toward the future. Over the past several months, we have completed an extensive and comprehensive review of our entire business. As a result of this work, we identified two main growth engines: specialty crop nutrition, which is part of Growing Solutions, and specialty food solutions, part of our Phosphate Solutions. These two growth engines are expected to drive sustainable and profitable growth for ICL in the coming years, through a combination of strategic acquisitions and focused organic initiatives. This is an exciting time for ICL, and I will be sharing an overview of our new strategy on our earnings call later today.

“As part of this strategy, we will be sharpening our focus on maximizing our core businesses, such as Potash and Industrial Products. We will also be reallocating resources to opportunities that best align with our capital allocation priorities and reevaluating non-synergistic and low-potential activities. Finally, we will maintain and expand our efforts around delivering overall portfolio optimization and cost efficiency across all activities.

"For our portfolio optimization efforts, we have shifted our approach to LFP battery materials. While we will remain a provider of raw materials to battery customers, we will not be moving further downstream into cathode active materials. This means we will be discontinuing our previously announced projects into St. Louis and Spain. This decision was made after a careful review of shifting market dynamics and reflects the impact of recent changes in government policies, including the termination of the U.S. Department of Energy grant. In addition, high investment and operating costs, combined with expected low prices, have led us to conclude the project is not currently competitive. As a result, we intend to focus our efforts on other opportunities that offer a better strategic fit and provide greater potential for ICL.

“Additionally, we recently signed a MOU with the State of Israel regarding the Dead Sea Concession. We believe ICL is the most suitable candidate for the next Concession, and this significant step forward provides ICL with long-term regulatory clarity and business certainty and both are essential for our continued operations and future growth. We further believe that it is also expected to provide greater financial and operational certainty and is likely to promote fairer and more transparent terms for the future concession. It will allow us to stay focused on our core mission - driving profitable growth in our specialty businesses and strengthening our leadership across all business segments,” concluded Aharonson.

The company reiterated its guidance for specialties-driven EBITDA of between $0.95 billion to $1.15 billion for full year 2025. For Potash, the company continues to expect sales volumes of between 4.3 million and 4.5 million metric tons. (1a)

The earnings call will begin today at 8:30 a.m. New York time (1:30 p.m. London and 3:30 p.m. Tel Aviv). The dial-in number for financial analysts in North America is (800) 549-8228, or (289) 819-1520 for international analysts, and the conference ID is 10635. Employees, the media and the public are invited to listen to the call using the webcast link found at ICL Group Investors Relations - Reports News & Events.

Key Financials

Third Quarter 2025

US$M

Ex. per share data

3Q'25

3Q'24

Sales

$1,853

$1,753

Gross profit

$604

$596

Gross margin

33%

34%

Operating income

$230

$214

Adjusted operating income (1)

$241

$243

Operating margin

12%

12%

Adjusted operating margin (1)

13%

14%

Net income attributable to shareholders

$115

$113

Adjusted net income attributable to shareholders (1)

$124

$136

Adjusted EBITDA (1)

$398

$383

Adjusted EBITDA margin (1)

21%

22%

Diluted earnings per share

$0.09

$0.09

Diluted adjusted earnings per share (1)

$0.10

$0.11

Cash flows from operating activities (2)

$308

$408

Industrial Products

Third quarter 2025

Sales of $295 million vs. $309 million.

EBITDA of $67 million vs. $65 million.

Relatively stable performance versus the prior year and in-line market expectations.

Key developments versus prior year

Flame retardants: Overall sales decreased, as bromine-based product sales declined – mainly due to continued softness in the construction end-market – however, higher prices continued to improved profitability. Both sales and profitability of phosphorous-based solutions increased, as higher volumes and prices followed the implementation of duties on Chinese imports in the United States.

Elemental bromine: Sales decreased on lower volumes, however, higher prices once again contributed to improved profitability.

Clear brine fluids: Sales remained stable.

Specialty minerals: Both sales and profitability increased on higher pricing and volume growth in the food end-market.

Potash

Third quarter 2025

Sales of $453 million vs. $389 million.

EBITDA of $169 million vs. $120 million.

Grain Price Index decreased 10.9% year-over-year, with corn up 4.7%, while rice, soybeans and wheat were down 19.8%, 3.0% and 13.3%, respectively. On a sequential basis, the Index declined 7.7%, with corn, rice, soybeans and wheat down 9.5%, 8.1%, 3.1% and 8.7%, respectively.

Key developments versus prior year

Potash price: $353 per ton (CIF).

- Up 6% on a sequential basis and 19% year-over-year.

Potash sales volumes: 1,046 thousand metric tons.

- Volumes were roughly stable on a year-over-year basis.

ICL Dead Sea and ICL Iberia

- Production improved sequentially, due in part to operational improvements.

Phosphate Solutions

Third quarter 2025

Sales of $605 million vs. $577 million.

EBITDA of $134 million vs. $140 million.

Both specialty and commodity phosphates delivered year-over-year growth in sales, with specialty performance driven by higher volumes and commodity results driven by higher prices.

Key developments versus prior year

White phosphoric acid: Sales increased on higher volumes and prices.

Industrial phosphates: Sales were up slightly, despite lower prices, as volumes were higher in North America.

Food phosphates: Sales increased on improved volumes, especially in North America and Asia Pacific.

Battery materials: Sales increased in China year-over-year, reflecting both higher volumes and prices.

Commodity phosphates: Phosphate fertilizer prices strengthened further during the quarter, as Chinese trade restrictions remained the key driver of tight availability and firmer pricing.

Growing Solutions

Third quarter 2025

Sales of $561 million vs. $538 million.

EBITDA of $50 million vs. $64 million.

Year-over-year sales growth driven by continued regional focus on specialty solutions.

Key developments versus prior year

Brazil: Sales and profit both declined year-over-year on lower volumes, due to reduced farmer affordability and a slow start to the season.

Europe: Strong growth in both sales and profit, with increased sales of specialty agriculture products.

North America: Significant increase in both sales and profit, reflecting higher volumes.

Asia: Sales increased, but rising raw materials costs impacted profit.

Segment trends: Specialty agriculture sales increased slightly, with higher volumes in the United States and India partially offset by lower volumes in Brazil. Turf and ornamental sales increased slightly, as favorable pricing offset lower quantities.

Financial Items

Financing Expenses

Net financing expenses for the third quarter of 2025 were $44 million, up versus $39 million in the corresponding quarter of last year, with the increase primarily due to net exchange rate differences and hedging transactions, partially offset by a decrease in net interest expense.

Tax Expenses

Reported tax expenses in the third quarter of 2025 were $57 million, reflecting an effective tax rate of 31%, compared to $49 million in the corresponding quarter of last year, reflecting an effective tax rate of 28%. The relatively higher effective tax rate in the quarter was primarily due to the appreciation of the average exchange rate of the Israeli shekel versus the U.S. dollar.

Available Liquidity

ICL’s available cash resources, which are comprised of cash and deposits, unutilized revolving credit facility, and unutilized securitization, totaled $1,549 million, as of September 30, 2025.

Outstanding Net Debt

As of September 30, 2025, ICL’s net financial liabilities amounted to $2,205 million, an increase of $354 million compared to December 31, 2024.

Dividend Distribution

In connection with ICL’s third quarter 2025 results, the Board of Directors declared a dividend of 4.80 cents per share, or approximately $62 million, versus 5.27 cents per share, or approximately $68 million, in the third quarter of last year. The dividend will be payable on December 17, 2025, to shareholders of record as of December 2, 2025.

About ICL

ICL Group Ltd. is a leading global specialty minerals company, which creates impactful solutions for humanity's sustainability challenges in the food, agriculture and industrial markets. ICL leverages its unique bromine, potash and phosphate resources, its global professional workforce, and its sustainability focused R&D and technological innovation capabilities, to drive the company's growth across its end markets. ICL shares are dual listed on the New York Stock Exchange and the Tel Aviv Stock Exchange (NYSE and TASE: ICL). The company employs more than 12,000 people worldwide, and its 2024 revenue totaled approximately $7 billion.

For more information, visit ICL’s website at icl-group.com.

To access ICL's interactive CSR report, visit icl-group-sustainability.com.

You can also learn more about ICL on Facebook, LinkedIn, YouTube, X and Instagram.

Guidance

(1a) The company only provides guidance on a non-GAAP basis. The company does not provide a reconciliation of forward-looking adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting, and quantifying certain amounts that are necessary for such reconciliation, in particular, because special items such as restructuring, litigation, and other matters, used to calculate projected net income (loss) vary dramatically based on actual events, the company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material, and therefore could result in projected GAAP net income (loss) being materially less than projected adjusted EBITDA (non-GAAP). The guidance speaks only as of the date hereof. The company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law. The company provides guidance for Specialties-driven EBITDA, which includes Industrial Products, Growing Solutions and Phosphate Solutions. For the Potash business, the company is providing sales volumes guidance.

Non-GAAP Statement

The company discloses in this quarterly report non-IFRS financial measures titled adjusted operating income, adjusted net income attributable to the company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA. Management uses adjusted operating income, adjusted net income attributable to the company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA to facilitate operating performance comparisons from period to period. The company calculates adjusted operating income by adjusting operating income to add certain items, as set forth in the reconciliation table under “Adjustments to reported operating, and net income (non-GAAP)” below. Certain of these items may recur. The company calculates adjusted net income attributable to the company’s shareholders by adjusting net income attributable to the company’s shareholders to add certain items, as set forth in the reconciliation table under “Adjustments to reported operating, and net income (non-GAAP)” below, excluding the total tax impact of such adjustments. The company calculates diluted adjusted earnings per share by dividing adjusted net income by the weighted-average number of diluted ordinary shares outstanding. Adjusted EBITDA is calculated as net income before financing expenses, net, taxes on income, share in earnings of equity-accounted investees, depreciation and amortization, and certain adjustments presented in the reconciliation table under “Consolidated adjusted EBITDA, and diluted adjusted earnings per share for the periods of activity” below, which were adjusted for in calculating the adjusted operating income.

You should not view adjusted operating income, adjusted net income attributable to the company’s shareholders, diluted adjusted earnings per share or adjusted EBITDA as a substitute for operating income or net income attributable to the company’s shareholders determined in accordance with IFRS, and you should note that the company’s definitions of adjusted operating income, adjusted net income attributable to the company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA may differ from those used by other companies. Additionally, other companies may use other measures to evaluate their performance, which may reduce the usefulness of the company’s non-IFRS financial measures as tools for comparison. However, the company believes adjusted operating income, adjusted net income attributable to the company’s shareholders, diluted adjusted earnings per share, and adjusted EBITDA provide useful information to both management, and investors by excluding certain items that management believes are not indicative of ongoing operations. Management uses these non-IFRS measures to evaluate the company's business strategies and management performance. The company believes these non‑IFRS measures provide useful information to investors because they improve the comparability of financial results between periods and provide for greater transparency of key measures used to evaluate performance.

The company presents a discussion in the period-to-period comparisons of the primary drivers of change in the company’s results of operations. This discussion is based in part on management’s best estimates of the impact of the main trends on the company’s businesses. The company has based the following discussion on its financial statements. You should read such discussion together with the company’s financial statements.

Forward-looking Statements

This announcement contains statements that constitute “forward‑looking statements”, many of which can be identified by the use of forward‑looking words such as “anticipate”, “believe”, “could”, “expect”, “should”, “plan”, “intend”, “estimate”, “strive”, “forecast”, “targets” and “potential”, among others. The company is relying on the safe harbor provided in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in making such forward-looking statements.

Forward‑looking statements appear in a number of places in this announcement and include, but are not limited to, statements regarding the company intent, belief or current expectations. Forward‑looking statements are based on the company management’s beliefs and assumptions and on information currently available to the company management. Such statements are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward‑looking statements due to various factors, including, but not limited to:

Changes in exchange rates or prices compared to those we are currently experiencing; the effects of the ongoing security situation in Israel, including the nature and duration of related conflicts; loss or impairment of business licenses or mineral extractions permits or concessions; volatility of supply and demand and the impact of competition; the difference between actual reserves and the company reserve estimates; natural disasters and cost of compliance with environmental regulatory legislative and licensing restrictions including laws and regulation related to, and physical impacts of climate change and greenhouse gas emissions; failure to "harvest" salt which could lead to accumulation of salt at the bottom of the evaporation Pond 5 in the Dead Sea; disruptions at the company seaport shipping facilities or regulatory restrictions affecting the company ability to export the company products overseas; general market, political or economic conditions in the countries in which the company operates, including tariffs and trade policies; price increases or shortages with respect to the company principal raw materials; delays in termination of engagements with contractors and/or governmental obligations; the inflow of significant amounts of water into the Dead Sea which could adversely affect production at the company plants; labor disputes, slowdowns and strikes involving the company employees; pension and health insurance liabilities; disruptions from pandemics that may impact the company sales, operations, supply chain and customers; changes to governmental incentive programs or tax benefits, creation of new fiscal or tax related legislation; and/or higher tax liabilities; changes in the company evaluations and estimates, which serve as a basis for the recognition and manner of measurement of assets and liabilities; failure to integrate or realize expected benefits from mergers and acquisitions, organizational restructuring and joint ventures; currency rate fluctuations; rising interest rates; government examinations or investigations; disruption of the company, or the company service providers', information technology systems or breaches of the company, or the company service providers', data security; failure to retain and/or recruit key personnel; inability to realize expected benefits from the company cost reduction program according to the expected timetable; inability to access capital markets on favorable terms; cyclicality of the company businesses; changes in demand for the company fertilizer products due to a decline in agricultural product prices, lack of available credit, weather conditions, government policies or other factors beyond the company control; sales of the company magnesium products being affected by various factors that are not within the company control; the company ability to secure approvals and permits from the authorities in Israel to continue the company phosphate mining operations in Rotem Amfert Israel; volatility or crises in the financial markets; hazards inherent to mining and chemical manufacturing; the failure to ensure the safety of the company workers and processes; litigation, arbitration and regulatory proceedings; exposure to third party and product liability claims; product recalls or other liability claims as a result of food safety and food-borne illness concerns; insufficiency of insurance coverage; closing of transactions, mergers and acquisitions; war or acts of terror and/or political, economic and military instability in Israel and its region; including the current security tension in Israel and the resulting disruptions to the company supply and production chains; filing of class actions and derivative actions against the company, its executives and Board members; the company is exposed to risks relating to its current and future activity in emerging markets; and other risk factors discussed under ”Item 3 - Key Information— D. Risk Factors" in the company's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2025 (the “Annual Report”).

Forward-looking statements speak only as of the date they are made, and the company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Investors are cautioned to consider these risks and uncertainties and to not place undue reliance on such information. Forward-looking statements should not be read as a guarantee of future performance or results and are subject to risks and uncertainties, and the actual results may differ materially from those expressed or implied in the forward-looking statements.

This announcement for the third quarter of 2025 (the “Quarterly Report”) should be read in conjunction with the Annual Report of 2024 as of and for the year ended December 31, 2024 published by the company on Form 20-F and the published reports for the first and second quarters of 2025 (the "prior quarterly reports"), including the description of the events occurring subsequent to the date of the statement of financial position, as filed with the US SEC.

Appendix

Condensed Consolidated Statements of Income (Unaudited)

$ millions

Three-months ended

September 30,

Nine-months ended

September 30,

Year ended

December 31,

2025

2024

2025

2024

2024

Sales

1,853

1,753

5,452

5,240

6,841

Cost of sales

1,249

1,157

3,734

3,519

4,585

Gross profit

604

596

1,718

1,721

2,256

Selling, transport and marketing expenses

286

280

828

833

1,114

General and administrative expenses

77

63

226

191

259

Research and development expenses

16

19

53

50

69

Other expenses

3

22

30

27

60

Other income

(8

)

(2

)

(15

)

(8

)

(21

)

Operating income

230

214

596

628

775

Finance expenses

45

46

205

166

181

Finance income

(1

)

(7

)

(111

)

(59

)

(41

)

Finance expenses, net

44

39

94

107

140

Share in earnings of equity-accounted investees

-

1

-

1

1

Income before taxes on income

186

176

502

522

636

Taxes on income

57

49

159

139

172

Net income

129

127

343

383

464

Net income attributable to the non-controlling interests

14

14

44

46

57

Net income attributable to the shareholders of the Company

115

113

299

337

407

Earnings per share attributable to the shareholders of the Company:

Basic earnings per share (in dollars)

0.09

0.09

0.23

0.26

0.32

Diluted earnings per share (in dollars)

0.09

0.09

0.23

0.26

0.32

Weighted-average number of ordinary shares outstanding:

Basic (in thousands)

1,290,669

1,290,171

1,290,550

1,289,869

1,289,968

Diluted (in thousands)

1,291,403

1,290,371

1,291,428

1,290,094

1,290,039

Condensed Consolidated Statements of Financial Position as of (Unaudited)

$ millions

September 30,

2025

September 30,

2024

December 31,

2024

Current assets

Cash and cash equivalents

356

393

327

Short-term investments and deposits

120

110

115

Trade receivables

1,416

1,393

1,260

Inventories

1,778

1,591

1,626

Prepaid expenses and other receivables

377

337

258

Total current assets

4,047

3,824

3,586

Non-current assets

Deferred tax assets

165

149

143

Property, plant and equipment

6,762

6,414

6,462

Intangible assets

962

916

869

Other non-current assets

326

255

261

Total non-current assets

8,215

7,734

7,735

Total assets

12,262

11,558

11,321

Current liabilities

Short-term debt

787

606

384

Trade payables

1,016

921

1,002

Provisions

54

49

63

Other payables

964

874

879

Total current liabilities

2,821

2,450

2,328

Non-current liabilities

Long-term debt and debentures

1,894

1,845

1,909

Deferred tax liabilities

509

495

481

Long-term employee liabilities

367

339

331

Long-term provisions and accruals

246

223

230

Other

44

71

55

Total non-current liabilities

3,060

2,973

3,006

Total liabilities

5,881

5,423

5,334

Equity

Total shareholders’ equity

6,134

5,873

5,724

Non-controlling interests

247

262

263

Total equity

6,381

6,135

5,987

Total liabilities and equity

12,262

11,558

11,321

Condensed Consolidated Statements of Cash Flows (Unaudited)

$ millions

Three-months ended

September 30,

Nine-months ended

September 30,

Year ended

December 31,

2025

2024

2025

2024

2024

Cash flows from operating activities

Net income

129

127

343

383

464

Adjustments for:

Depreciation and amortization

157

140

458

439

596

Fixed assets impairment

-

7

-

7

14

Exchange rate, interest and derivative, net

72

9

32

105

152

Tax expenses

57

49

159

139

172

Change in provisions

(7

)

-

(5

)

(53

)

(50

)

Other

3

2

14

6

13

282

207

658

643

897

Change in inventories

(87

)

(14

)

(65

)

95

(7

)

Change in trade receivables

27

73

(56

)

(42

)

26

Change in trade payables

(69

)

46

(10

)

17

104

Change in other receivables

(4

)

(31

)

(23

)

(27

)

39

Change in other payables

71

22

9

4

43

Net change in operating assets and liabilities

(62

)

96

(145

)

47

205

Income taxes paid, net of refund

(41

)

(22

)

(114

)

(57

)

(98

)

Net cash provided by operating activities

308

408

742

1,016

1,468

Cash flows from investing activities

Proceeds (payments) from deposits, net

(1

)

-

(4

)

61

56

Purchases of property, plant and equipment and intangible assets

(180

)

(159

)

(572

)

(446

)

(713

)

Proceeds from divestiture of assets and businesses, net of transaction expenses

1

1

4

19

19

Proceeds (payments) from settlement of derivatives, net

6

-

(10

)

-

-

Interest received

5

4

12

14

17

Business combinations

(9

)

(50

)

(12

)

(72

)

(74

)

Other

-

-

-

-

1

Net cash used in investing activities

(178

)

(204

)

(582

)

(424

)

(694

)

Cash flows from financing activities

Dividends paid to the Company's shareholders

(55

)

(63

)

(162

)

(183

)

(251

)

Receipts of long-term debt

470

273

1,514

611

889

Repayments of long-term debt

(881

)

(307

)

(1,416

)

(919

)

(1,302

)

Receipts (repayments) of short-term debt, net

151

8

54

7

(1

)

Interest paid

(16

)

(16

)

(74

)

(79

)

(122

)

Receipts (payments) from transactions in derivatives

-

(2

)

(2

)

1

(2

)

Dividend paid to the non-controlling interests

(22

)

-

(64

)

(57

)

(57

)

Net cash used in financing activities

(353

)

(107

)

(150

)

(619

)

(846

)

Net change in cash and cash equivalents

(223

)

97

10

(27

)

(72

)

Cash and cash equivalents as of the beginning of the period

582

287

327

420

420

Net effect of currency translation on cash and cash equivalents

(3

)

9

19

-

(21

)

Cash and cash equivalents as of the end of the period

356

393

356

393

327

Adjustments to Reported Operating and Net income (non-GAAP)

$ millions

Three-months ended

September 30,

Nine-months ended

September 30,

2025

2024

2025

2024

Operating income

230

214

596

628

Charges related to the security situation in Israel

11

14

36

40

Impairment and write-off of assets and provision for site closure (1)

-

15

5

15

Fire incident at Ashdod Port

-

-

4

-

Provision for early retirement (2)

-

-

9

-

Total adjustments to operating income

11

29

54

55

Adjusted operating income

241

243

650

683

Net income attributable to the shareholders of the Company

115

113

299

337

Total adjustments to operating income

11

29

54

55

Total tax adjustments

(2

)

(6

)

(9

)

(12

)

Total adjusted net income - shareholders of the Company

124

136

344

380

Consolidated EBITDA for the Periods of activity

$ millions

Three-months ended

September 30,

Nine-months ended

September 30,

2025

2024

2025

2024

Net income

129

127

343

383

Financing expenses, net

44

39

94

107

Taxes on income

57

49

159

139

Less: Share in earnings of equity-accounted investees

-

(1

)

-

(1

)

Operating income

230

214

596

628

Depreciation and amortization

157

140

458

439

Adjustments (1)

11

29

54

55

Total adjusted EBITDA

398

383

1,108

1,122

Calculation of Segment EBITDA

$ millions

Industrial Products

Potash

Phosphate

Solutions (1)

Growing

Solutions

Three-months ended September 30,

2025

2024

2025

2024

2025

2024

2025

2024

Segment operating income

52

50

104

59

85

100

31

49

Depreciation and amortization

15

15

65

61

49

40

19

15

Segment EBITDA

67

65

169

120

134

140

50

64

South African mobile telecoms operator Vodacom Group said on Wednesday that it has signed an agreement with Elon Musk's Starlink to deliver high-speed, low-latency broadband internet for businesses across Africa.

Atlantic Lithium Ltd (AIM:ALL, ASX:A11, OTCID:ALLIF) said its mining lease for the Ewoyaa Lithium Project in Ghana has been formally submitted to Parliament for ratification, the final step before development of what is set to become the country’s first lithium mine.

The Africa-focused developer confirmed that the lease, which grants it exclusive mining and production rights for an initial 15-year period, has been referred to Ghana’s Parliamentary Select Committee on Lands, Forestry and Mines.

The committee will review the agreement and provide a recommendation to Parliament on whether to approve it.

Chief executive Keith Muller said: “We are pleased to note that the Ewoyaa Mining Lease has been put to Parliament for consideration in the current parliamentary sitting.

"We hope that the ratification can swiftly follow, which will serve as a key catalyst for the financing and development of the project.”

The lease was originally granted in October 2023, following the completion of all required regulatory approvals. Ratification would mark the final stage in the permitting process and pave the way for Atlantic Lithium to advance funding and offtake negotiations.

The current parliamentary session began on 21 October, and the company said it remains confident that ratification will proceed in due course, though it cautioned there can be no guarantee of parliamentary approval.

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