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Juan Pablo Bellolio, VP of Plant Nutrition, stated the SPN strategy is to grow by adding products and services to maintain brand strength and pricing. Mark Fones, CEO of the International Lithium division, confirmed the Mount Holland expansion decision is deferred beyond 2025 and will be reviewed next year. Pablo Altimiras, CEO of the Iodine division, explained that iodine demand growth is supply-constrained and that despite some new capacity expected next year, strong fundamentals should maintain stable market dynamics.

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Juan Pablo Bellolio, VP of Plant Nutrition, stated the SPN strategy is to grow by adding products and services to maintain brand strength and pricing. Mark Fones, CEO of the International Lithium Division, confirmed the Mount Holland expansion decision is deferred from 2025 pending further review. Pablo Altimiras, CEO of the Iodine Division, explained that iodine demand remains strong and is currently supply-constrained, with no significant price changes expected next year despite some new capacity coming online.

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VP of Services & Finance, Gerardo Illanes, confirmed that SQM's lithium operations are expected to remain significantly profitable and far from breakeven in Q2, citing the company's low-cost position. He also stated that the company's strong balance sheet and cash generation from other business lines mean its capital structure strategy remains unchanged and is not a constraint on growth projects. CEO Ricardo Ramos characterized the Codelco JV discussions as political 'noise' typical of an election year, reaffirming that the deal is beneficial for all parties and is proceeding as planned toward a final execution in the second half of the year.

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Gerardo Illanes, VP of Services & Finance, confirmed that SQM's lithium operations are far from breakeven and will remain significantly cash-positive. He also noted the company's strong balance sheet and diverse business lines provide ample capacity to fund growth without constraint. CEO Ricardo Ramos characterized the Codelco JV debate as political "noise" typical of an election year, reaffirming that the deal is progressing as planned for execution in H2 2025.

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President & CEO Ken Seitz maintained a constructive outlook for 2026 across all nutrients. He argued that for potash, strong trend demand and supply project delays support the market. For nitrogen, he cited Chinese export limits and supply disruptions. For phosphate, he acknowledged elevated prices are being monitored. Overall, Seitz believes these supportive supply-side fundamentals will persist into 2026, even with lower crop prices.

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President and CEO Kenneth Seitz stated that while prices are not too low to respond, it is still early in the year. He confirmed the company is maintaining its current guidance range but acknowledged that market conditions could push them towards the higher end of that range as the year progresses. Seitz emphasized that Nutrien has the operational flexibility with its six mines to surge capacity to meet customer demand if the market calls for it.

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CEO Kenneth Seitz responded, focusing primarily on potash, which he identified as the most significant area of concern. He stated that Nutrien believes the U.S. farmer would ultimately bear the cost of any tariffs on Canadian potash, given Canada supplies over 80% of the U.S. market. Seitz noted that Nutrien has mechanisms in place to manage the collection of tariffs and has been pre-emptively filling its U.S. distribution channels to ensure supply continuity for the spring season.

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CEO Kenneth Seitz acknowledged the challenges and stated that a complete commercial review of the Brazil business is underway. He framed Nutrien's presence as a strategic entry point into a major agricultural market for potash and proprietary products. He confirmed that for the balance of the business, a strategic review is in progress to determine the best path forward.

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Bruce Bodine, CEO, President & Director, acknowledged the market's concern over Q2's extraordinary expenses and lower-than-guided phosphate production volumes due to maintenance delays at New Wales. However, he stressed that these issues are transitory and the underlying performance drivers, including potash costs, Biosciences progress, and Brazil operations, are trending positively and align with Investor Day targets, positioning the company for a strong second half.

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EVP, Commercial Jenny Wang detailed that growth comes from both high-margin (60%) proprietary products and lower-margin (30-40%) licensed products. President and CEO Bruce Bodine added that they view the business as complementary and are considering how to achieve a sum-of-the-parts valuation as it scales.

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President, CEO & Director Rich Sumner explained that the value of idled assets is primarily option value tied to future feedstock availability, not a significant monetizable sum today. Regarding sanctions, he believes Iran will continue to get its product to market via its 'shadow fleet,' with the main impact being a potential limitation on which customers will accept the product.

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Executive Rich Sumner responded that the company's primary focus is deleveraging the balance sheet following the OCI acquisition and that share repurchases are not currently being considered. Regarding Iran, he stated the port explosion is not believed to be impacting methanol, and that while Iranian operating rates were very low in Q1 due to gas constraints, they are expected to increase in the coming months.

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President and CEO Rich Sumner clarified the New Zealand guidance reflects a one-plant operation at less than full rates, with long-term viability dependent on future upstream investment. Regarding the OCI deal, he confirmed the regional mix shift would likely result in a higher ASP due to more Atlantic-based sales, but this was factored into forecasts and would not necessarily translate to higher margins as it replaces lower-margin purchased product.

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President and CEO Rich Sumner explained that Methanex is currently operating one plant in New Zealand and will assess its long-term strategy in the coming months. Regarding the Entropy project, he noted that its replicability is limited by the need for supportive regulatory frameworks and available sequestration sites, making it a unique opportunity.

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CEO Sean McLaren and SVP of Sales and Marketing Matt Tobin explained that price spreads between SPF and SYP are driven by supply, demand, and customer preference, widening in low-demand periods. Regarding a potential quota, McLaren stated that all options are on the table in broader trade discussions and that West Fraser is prepared for any outcome. CFO Chris Virostek declined to comment on segment-specific cash flow but emphasized the company's resilience due to its diversified portfolio, cost optimization, and strong balance sheet.

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CEO Sean McLaren and SVP of Sales and Marketing Matt Tobin explained that price spreads between SPF and SYP are driven by supply, demand, and customer preference, widening in low-demand periods. Regarding trade, McLaren stated all options are on the table for a broader Canada-U.S. trade deal and West Fraser is prepared for any outcome. CFO Chris Virostek declined to comment on segment-specific cash flow but emphasized the company's resilience due to its diversified portfolio and cost discipline.

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President and CEO Sean McLaren, along with SVP of Sales and Marketing Matt Tobin, explained that lumber price spreads are demand-driven, narrowing in high demand and widening in low demand, with customer preference being a key factor. Regarding trade, McLaren stated all options are on the table in government discussions and West Fraser is positioned to adapt. CFO Chris Virostek addressed the cash flow question by highlighting the company's diversified portfolio and cost discipline, which create resilience to drive cash flow even in difficult markets, without confirming segment-specific profitability.

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President and CEO Sean McLaren, along with SVP of Sales and Marketing Matt Tobin, explained that price spreads between SPF and SYP are driven by supply, demand, and customer preference, widening in soft markets. Regarding trade, Mr. McLaren stated that all options are on the table in discussions with the U.S. and that West Fraser is prepared to adapt. CFO Chris Virostek declined to comment on segment-level cash flow but emphasized the company's overall resilience and ability to generate cash through cycles due to its diversified portfolio and cost discipline.

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President and CEO Sean McLaren, along with SVP of Sales and Marketing Matt Tobin, explained that lumber price spreads are driven by supply, demand, and customer preference. Regarding trade, McLaren stated that all options are on the table for a broader Canada-U.S. agreement and that West Fraser is prepared for any outcome. CFO Chris Virostek declined to comment on segment-specific cash flow but emphasized the company's resilience due to its diversified portfolio and cost management.

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President & CEO Sean McLaren, along with SVP of Sales & Marketing Matt Tobin, explained that price spreads between SPF and SYP widen in low-demand periods based on specific supply-demand dynamics and customer preference. Regarding trade, McLaren noted all options are on the table in Canada-US discussions and West Fraser is prepared for any outcome. SVP & CFO Chris Virostek declined to comment on segment-level cash flow but highlighted the company's overall resilience due to product diversity, portfolio optimization, and counter-cyclical investments.

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President and CEO Sean McLaren, along with SVP of Sales and Marketing Matt Tobin, stated that they see normal inventory levels and buying patterns, noting that uncertainty generally doesn't drive purchasing. Regarding portfolio impact, McLaren explained that while it's difficult to predict specifics, the company has experience with duties and is well-positioned to react in both Canada and the U.S. to meet customer needs, leveraging its operational flexibility.

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President and CEO Sean McLaren and SVP of Sales and Marketing Matt Tobin described the lumber order book as 'normal' for this time of year. McLaren stated that West Fraser's own 800 million board feet of curtailments have brought its supply in balance with current demand, and they are positioned to adjust as the market changes. He also explained that while there are localized, short-term pressures on pulpwood costs for OSB, the long-term trend is favorable due to increased SYP production and recent pulp mill closures in the U.S. South.

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Sam Pigott, President and CEO, confirmed a 5-10% cost improvement is expected this year and that long-term costs should meet or beat the $6,500/tonne feasibility study target, with DLE offering further reductions. He also affirmed that production is on track with guidance. Alex Shulga, VP and CFO, explained that easing FX restrictions will allow for a freer flow of capital. He clarified the compensation expense was primarily one-time, stock-based compensation related to bonuses and contract changes, and is not expected to recur at that level.

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An executive, likely CFO Neal Sheorey, explained that the shape of the covenant waiver was designed to align with the trailing 12-month EBITDA calculation. The structure anticipates the look-back effect of EBITDA generated throughout 2024, ensuring the company maintains flexibility as it navigates the current market.

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The power disruptions were caused by an unusual number of electrical storms, and mitigation efforts like improving redundancies are underway. The positive cash flow forecast is based on recent, year-to-date average lithium prices.

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