Group 1 - Argo Gold Inc. intends to renew its normal course issuer bid (NCIB) to purchase up to 3,654,388 common shares, representing 5% of its issued and outstanding shares, over a 12-month period starting June 27, 2025 [1] - Since the inception of the original NCIB, Argo Gold has purchased 777,307 shares and cancelled 747,807 shares, with the uncancelled shares set to be cancelled by June 30, 2025 [2] - The board and management believe that the market price of the common shares may not fully reflect the company's value and prospects, making the share buyback an appropriate strategy for increasing long-term shareholder value [3] Group 2 - The purchase of common shares will be conducted through the Canadian Securities Exchange (CSE) or alternative trading systems, with the price based on the prevailing market price at the time of purchase [4] - Argo Gold is a Canadian mineral exploration and development company, as well as an oil producer, with information available on SEDAR+ and its website [5]

Core Viewpoint - Quantum computing concept stocks in the US market experienced a significant pre-market surge, indicating growing investor interest and optimism in this emerging technology sector [1] Company Summaries - D-Wave Quantum saw a pre-market increase of nearly 13%, following an overnight surge of approximately 26%, highlighting strong market momentum and investor confidence in its growth potential [1] - Arqit Quantum experienced a rise of over 5%, reflecting positive market sentiment towards its business prospects and advancements in quantum technology [1] - SEALSQ CORP also rose nearly 5%, suggesting a favorable outlook among investors for its operations within the quantum computing space [1]

Core Insights - Argo Gold Inc reported a total oil production of 3,249 barrels in March 2025, averaging 105 barrels per day [1] - The average oil price for March 2025 was CDN$65 per barrel, resulting in oil revenue of $211,595 and net operating cash flow of $112,770 [1][2] Production Breakdown - Lindbergh 1 (37.5% interest): 103 bbl/day, oil revenue $78,114, net operating cash flow $43,967 [2] - Lloyd 1 (18.75% interest): 142 bbl/day, oil revenue $53,608, net operating cash flow $28,131 [2] - Lindbergh 2 (37.5% interest): 64.5 bbl/day, oil revenue $48,860, net operating cash flow $24,407 [2] - Lloyd 2 (18.75% interest): 5 bbl/day, oil revenue $1,915, net operating cash flow -$1,440 [2] - Lindbergh 3 (18.75% interest): 77 bbl/day, oil revenue $29,097, net operating cash flow $17,704 [2] Tax Obligation - In April 2025, Argo paid an annual Alberta tax of $130,619 on its 2024 oil production from freehold lands [2]

Core Viewpoint - Argo Gold Inc. has released its Year-End 2024 Reserves Report, indicating significant reserves of heavy crude oil and providing detailed evaluations of its oil production assets [1][2]. Reserves Summary - The Reserves Report, effective December 31, 2024, was prepared by Petrotech and Associates and follows the Canadian Oil and Gas Evaluation Handbook standards [1]. - The report details Argo's interests in five producing oil wells and five undeveloped well locations in Alberta [2]. Reserves Data - Proved Developed Producing Reserves: 827.4 Mbbl gross, 200.3 Mbbl company net, with NPV at 10% of $10.6 million, 15% of $7.0 million [2]. - Proved Undeveloped Reserves: 907.2 Mbbl gross, 170.1 Mbbl company net, with NPV at 10% of $8.0 million, 15% of $4.6 million [2]. - Total Proved Reserves: 1,734.5 Mbbl gross, 370.3 Mbbl company net, with NPV at 10% of $18.6 million, 15% of $11.6 million [2]. - Probable Reserves: 435.8 Mbbl gross, 96.0 Mbbl company net, with NPV at 10% of $5.4 million, 15% of $2.2 million [2]. - Total Proved plus Probable Reserves: 2,170.3 Mbbl gross, 466.3 Mbbl company net, with NPV at 10% of $24.0 million, 15% of $13.8 million [2]. Regulatory Filings - The Company has filed its Form 51-101 F1, F2, and F3 reports for the year ending December 31, 2024, which are available on its website and SEDAR+ [4]. Company Overview - Argo Gold is a Canadian mineral exploration and development company, also engaged in oil production, listed on the Canadian Securities Exchange [5].

Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has a background in auditing with PricewaterhouseCoopers and transitioned to day trading nearly 20 years ago [2] - The experience includes navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Financial Performance - Total revenue reached $27.2 million, a 25% year-over-year increase, driven by improved Average Selling Price (ASP) and end-market diversification[6, 10] - Adjusted EBITDA was $4.1 million, compared to a loss of $0.4 million in the prior year period, marking four consecutive quarters of positive Adjusted EBITDA[7, 10] - The company achieved net profitability during Q1 2025, with a net income of $0.2 million compared to a net loss of $3.4 million in Q1 2024[10] - Gross margin remained strong at 36.4% in Q1 2025[6, 20] PAC Business - The company achieved its 8th consecutive quarter of double-digit year-over-year growth in PAC ASP, with an approximately 13% ASP increase year-over-year[6, 11, 18] - 100% of PAC contracts are now net cash producers, as loss-making contracts have been eliminated[6, 7, 18] GAC Business & Red River Project - The Red River project is expected to add 25 million pounds of incremental GAC product capacity[27, 31] - The company has entered into supply contracts for approximately 16 million pounds of the Red River plant's nameplate capacity[31] - First commercial-scale production of on-specification GAC product is anticipated by the end of Q2 or early Q3 2025[31, 35] PFAS Regulations & Market Impact - EPA regulations potentially increase municipal water market demand by 3-5x vs the existing approximately 170 million pounds per year[39] - The company estimates that the annual GAC market could grow approximately 75% to over 700 million pounds[108]

分组1 - Arq, Inc. reported break-even quarterly earnings per share, surpassing the Zacks Consensus Estimate of a loss of $0.03, compared to a loss of $0.09 per share a year ago, representing an earnings surprise of 100% [1] - The company posted revenues of $27.25 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 6.43%, and showing an increase from year-ago revenues of $21.74 million [2] - Over the last four quarters, Arq, Inc. has surpassed consensus revenue estimates four times, but has only exceeded consensus EPS estimates once [2] 分组2 - The stock has underperformed, losing about 43.9% since the beginning of the year, while the S&P 500 has declined by 4.7% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is breakeven on $29.2 million in revenues, and $0.13 on $132.2 million in revenues for the current fiscal year [7] 分组3 - The Zacks Industry Rank indicates that the Waste Removal Services industry is currently in the bottom 23% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that tracking these revisions can be beneficial for investors [5] - The estimate revisions trend for Arq, Inc. is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6]

Financial Performance - Revenue for Q1 2025 totaled $27.2 million, reflecting a 25% increase compared to $21.7 million in the prior year period[7] - Net income for Q1 2025 was $0.2 million, a significant improvement from a net loss of ($3.4) million in the prior year period[13] - Operating income for Q1 2025 was $662,000, compared to a loss of $2,980,000 in Q1 2024, indicating a significant turnaround[26] - Adjusted EBITDA for Q1 2025 was $4.1 million, compared to an Adjusted EBITDA loss of ($0.4) million in the prior year period, marking the 4th consecutive quarter of positive Adjusted EBITDA[13] - Adjusted EBITDA for Q1 2025 was $4,063,000, compared to a loss of $362,000 in Q1 2024, showing improved operational performance[33] Cost and Expenses - Gross margin for Q1 2025 was 36.4%, slightly down from 36.9% in the prior year period, impacted by start-up costs associated with the GAC line[8] - Selling, general and administrative expenses decreased by approximately 21% to $6.1 million in Q1 2025, down from $7.7 million in the prior year period[9] - The company incurred $17,332,000 in cost of revenue for Q1 2025, which is an increase from $13,713,000 in Q1 2024, reflecting higher operational costs[26] - Research and development expenses decreased to $874,000 in Q1 2025 from $1,625,000 in Q1 2024, a reduction of 46.0%[26] Capital and Debt - Capital expenditures for 2025 are forecasted to remain between $8 million and $12 million, with Q1 2025 capex totaling $3.7 million[14] - Total debt as of March 31, 2025, was $26.8 million, an increase from $24.8 million as of December 31, 2024, primarily due to the revolving credit facility[15] Assets and Liabilities - Total current assets decreased to $48,234,000 as of March 31, 2025, down from $52,356,000 at the end of 2024, a decline of 7.4%[24] - Total liabilities decreased to $65,498,000 as of March 31, 2025, down from $67,092,000 at the end of 2024, a reduction of 2.4%[24] Sales and Market Activity - Average sales price (ASP) increased by approximately 13% in Q1 2025, marking the 8th consecutive quarter of double-digit year-over-year growth in ASP[5] - The company signed its second largest PAC contract in history in April 2025, indicating strong business momentum[5] - The first commercial GAC production is now expected by the end of Q2 or early Q3 2025, reflecting a delay from previous guidance[6] Shareholder Information - The weighted-average number of common shares outstanding increased to 41,322,000 in Q1 2025 from 37,062,000 in Q1 2024, an increase of 11.0%[26] Cash Position - Cash and restricted cash at the end of Q1 2025 was $14,803,000, down from $44,019,000 at the end of Q1 2024, a decrease of 66.4%[28]

Financial Performance - For the three months ended March 31, 2025, revenue increased by 25% to $27.247 million compared to $21.740 million in the same period of 2024, driven by higher volumes and pricing [119]. - Net income for the three months ended March 31, 2025, was $0.2 million, a significant improvement from a net loss of $3.4 million in the same period of 2024 [117]. - Earnings from equity method investments for the three months ended March 31, 2025, were $0.155 million, compared to no earnings in the same period of 2024 [131]. - For the three months ended March 31, 2025, the company reported a net income of $203,000, a significant improvement from a net loss of $3.4 million in the same period of 2024 [139]. - Adjusted EBITDA for the same period was a loss of $4.1 million, compared to a loss of $362,000 in the prior year, indicating a worsening operational performance despite the net income improvement [139]. Operating Expenses - Operating expenses decreased by 16% to $9.253 million for the three months ended March 31, 2025, compared to $11.007 million in the same period of 2024 [123]. - Research and development expenses decreased by 46% to $0.874 million for the three months ended March 31, 2025, compared to $1.625 million in the same period of 2024 [123]. - Interest expense decreased by 8% to $0.724 million for the three months ended March 31, 2025, compared to $0.791 million in the same period of 2024 [133]. Cash Flow and Liquidity - Cash and restricted cash decreased from $22.2 million as of December 31, 2024, to $14.8 million as of March 31, 2025, reflecting a challenging liquidity position [140]. - Cash flow used in operating activities was $5.8 million for the three months ended March 31, 2025, a decrease of $6.3 million from cash provided by operating activities of $0.5 million in the same period of 2024 [141]. - Cash flows used in investing activities decreased by $6.0 million, primarily due to a reduction in property, plant, and equipment additions related to the Red River Plant expansion [142]. - Cash flows provided by financing activities increased by $3.0 million, mainly due to net borrowings on the Revolving Credit Facility of $2.4 million [143]. - As of March 31, 2025, the company had cash on hand of $6.3 million and availability of $13.8 million under a $30.0 million secured revolving credit facility [146]. Future Outlook - The U.S. EPA's new PFAS National Primary Drinking Water Regulation is expected to drive a material increase in GAC demand in the water purification market over the next five years [116]. - The company anticipates that product price increases will help offset fluctuations in volumes due to competing power generation sources [122]. - The company expects to begin using Arq Powder as a feedstock for high-quality GAC products in the second half of 2025, potentially accessing new markets [113]. - The company expects to complete commissioning of the Red River Project by the end of Q2 or early Q3 2025, which is crucial for the production of new GAC products [147]. - The company plans to resume normal operations at the Corbin Facility after completing the commissioning of the Red River Project [149]. - The company anticipates that its ability to generate sufficient cash flow will depend on executing contracts and increasing market share for APT consumables [144].

Core Insights - Arq, Inc. achieved 8 consecutive quarters of double-digit year-over-year average sales price (ASP) growth, with a strong gross margin of 36.4% and positive adjusted EBITDA for four consecutive quarters, indicating a solid financial performance [1][5][14] - The company signed the second largest PAC contract in its history, showcasing the sustainability and value of its foundational business [1][6] - The timeline for the first commercial GAC production at the Red River facility has been updated to the end of Q2 or early Q3 2025 [1][6] - Jay Voncannon has been appointed as Chief Financial Officer, bringing 35 years of finance experience to oversee the company's transformation and growth [1][6] Financial Highlights - Revenue for Q1 2025 was $27.2 million, a 25% increase from $21.7 million in the prior year, driven by higher ASP, positive product mix changes, and increased volumes sold [5][8] - ASP increased by approximately 13% in Q1 2025 compared to the prior year, marking the eighth consecutive quarter of double-digit year-over-year growth [5][8] - Gross margin was 36.4% in Q1 2025, slightly down from 36.9% in the prior year, influenced by improved pricing and customer mix, offset by start-up costs related to the GAC line [10][13] - Net income for Q1 2025 was $0.2 million, a significant improvement from a net loss of $3.4 million in the prior year [13][14] - Adjusted EBITDA for Q1 2025 was $4.1 million, compared to an adjusted EBITDA loss of $0.4 million in the prior year, reflecting four consecutive quarters of positive adjusted EBITDA [14][15] Operational Highlights - All powder activated carbon (PAC) contracts are now net cash producers following the resolution of negative margin agreements as of December 31, 2024 [5] - The company completed mechanical construction of the GAC facility in January 2025, with small non-commercial scale volumes produced, but not yet at the consistency required for commercial production [6][7] - The company maintains a guidance of a 3-6 month ramp-up phase to reach a 25-million-pound nameplate capacity at Red River after the first commercial production [6] Capital Expenditures and Balance Sheet - Capital expenditures for 2025 are forecasted to remain between $8 million and $12 million, with $3.7 million spent in Q1 2025 [16] - As of March 31, 2025, cash and restricted cash totaled $14.8 million, down from $22.2 million as of December 31, 2024, primarily due to capital expenditures and inventory buildup [16] - Total debt, including financing leases, was $26.8 million as of March 31, 2025, an increase from $24.8 million as of December 31, 2024, driven by the revolving credit facility [17]