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    Fedor Shabalin • B. Riley Securities

    Fedor Shabalin's questions to Bitfarms Ltd (BITF) leadership

    Fedor Shabalin's questions to Bitfarms Ltd (BITF) leadership • Q2 2025

    Question

    Fedor Shabalin of B. Riley Financial inquired about the development plan for the Panther Creek site, including the strategy for proceeding without pre-signed customers, the conditions for accessing the full Macquarie financing facility, and the total projected CapEx.

    Answer

    CEO Ben Gagnon explained that development is proceeding to meet the valuable 2026 power delivery timeline, with initial civil works and substation construction managed by T5 starting this year. He noted that while hyperscalers desire large campuses, the 2026 power availability makes their site highly attractive. CFO Jeff Lucas specified the CapEx for Panther Creek is approximately $10.5 million for the remainder of 2025, with a total projected build-out cost of around $400 million through 2026.

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    Fedor Shabalin's questions to Bitfarms Ltd (BITF) leadership • Q1 2025

    Question

    Fedor Shabalin, on behalf of Nick Giles, asked about the status of discussions with potential HPC tenants, the typical CapEx per megawatt, and whether Bitfarms expects to split development costs with tenants.

    Answer

    CEO Ben Gagnon stated that serious customer discussions will accelerate once the master site plan is complete. He outlined a range of development models, from powered land (hundreds of thousands/MW) to powered shell ($2-4M/MW) and full build-out ($8-10M/MW), identifying the powered shell as a likely 'sweet spot' for balancing ROIC and CapEx. The final model will depend on customer needs, with a focus on securing long-term contracted revenues.

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    Fedor Shabalin's questions to Ferroglobe PLC (GSM) leadership

    Fedor Shabalin's questions to Ferroglobe PLC (GSM) leadership • Q1 2025

    Question

    Fedor Shabalin, on behalf of Nick Gilles from BofA Securities, questioned the reiterated full-year guidance following a negative Q1, asking for the expected cadence of improvement. He also inquired about end-market strength, particularly in Asia, and what would trigger an increase in the magnitude of share repurchases.

    Answer

    CEO Marco Levi explained that the negative Q1 result was expected and budgeted for, maintaining confidence in the full-year guidance of $100M-$170M adjusted EBITDA. He anticipates a significant recovery driven by the positive impact of regulatory trade measures in the U.S. and Europe, which are expected to rebalance markets. On shareholder returns, Levi and CFO Beatriz García-Cos Muntañola stated that buybacks will remain opportunistic, funded by free cash flow after operational needs and CapEx. They stressed the priority of maintaining a strong, net-cash-positive balance sheet and will not use leverage to accelerate repurchases.

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    Fedor Shabalin's questions to NovaGold Resources Inc (NG) leadership

    Fedor Shabalin's questions to NovaGold Resources Inc (NG) leadership • Q1 2025

    Question

    Fedor Shabalin, on behalf of Nick Giles, inquired about the upcoming federal court hearing regarding the 404 permit and the tailings dam study. He also asked about the current drill program's role in converting resources to reserves and the potential for project revaluation given high gold prices and inflation.

    Answer

    Executive Greg Lang stated he is not overly concerned by the court ruling, describing it as narrow and not on the critical path, estimating the required study would take 6-8 months. Regarding the drill program, Lang explained it has two parts: fine-tuning mining parameters with tightly spaced drilling and upgrading inferred material in less-drilled areas to potentially increase reserves.

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    Fedor Shabalin's questions to NovaGold Resources Inc (NG) leadership • Q3 2024

    Question

    Fedor Shabalin of B. Riley Securities, asking on behalf of Lucas Pipes, inquired about the timeline for the final major permit, the Dam Safety Certification. He also asked if the updated feasibility study would reflect current high gold prices and questioned the company's expected cash burn rate and CapEx for 2025.

    Answer

    President and CEO Greg Lang confirmed the Dam Safety Certification is the last major permit required and is not on the critical path, with approval anticipated in 1 to 1.5 years. Lang noted that the current 'intriguing' gold price is a positive factor for the project and that guidance on 2025 activities will be provided by early next year. He also stated that the cash burn rate, around $30 million in 2024, is expected to increase slightly in 2025, but the company's treasury of over $100 million is sufficient to fund these activities.

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    Fedor Shabalin's questions to Bitdeer Technologies Group (BTDR) leadership

    Fedor Shabalin's questions to Bitdeer Technologies Group (BTDR) leadership • Q4 2024

    Question

    Fedor Shabalin, on behalf of Nick Giles, inquired about the 2025 CapEx outlook, requesting a breakdown by site and intended use. He also asked for specifics on the infrastructure readiness at the Clarington and Massillon sites.

    Answer

    Head of Capital Markets Jeff LaBerge explained that the $340-370M CapEx guidance assumes all sites are developed for Bitcoin mining and excludes the cost of SEALMINERs for self-mining. He detailed that the funds cover expansions in Texas, Bhutan, Ohio (Massillon and Clarington Phase 1), and the Alberta power generation facility. He confirmed the Massillon site construction is targeted for completion in H2 2025, while the Clarington substation is in the development stage.

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    Fedor Shabalin's questions to Bitdeer Technologies Group (BTDR) leadership • Q4 2024

    Question

    Fedor Shabalin, on behalf of Nick Giles at B. Riley Securities, requested a breakdown of the 2025 CapEx outlook and inquired about the specific infrastructure readiness timelines for the Clarington and Massillon, Ohio sites.

    Answer

    Jeff LaBerge, Head of Capital Markets, detailed that the $340M-$370M CapEx guidance covers infrastructure build-outs in Texas, Bhutan, Ohio, and Alberta, assuming development for Bitcoin mining. He specified that for the Ohio sites, the power infrastructure is expected to be available in 2025, with Massillon construction targeted for completion in H2 2025 and the Clarington substation construction beginning in 2025.

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