Nick Giles • B. Riley Securities

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CEO Samir Tabar stated that with the White Fiber IPO quiet period over, the company plans a 'reboot' of its marketing efforts to capture mindshare as a pioneering ETH treasury platform. On regulation, Tabar expressed a bullish outlook, citing a more crypto-friendly SEC and legislative progress like the Genius and Clarity Acts. He positioned Ethereum as a technologically superior asset to Bitcoin, capable of rewriting the financial system, which underpins their treasury strategy.

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CEO Samir Tabar stated that it was too early to provide specific details on the North Carolina site as the purchase agreement is not yet closed. He elaborated on the broader strategy, which includes evaluating over 500 megawatts of potential capacity across both Canada and the U.S., with a focus on retrofitting existing sites to reduce costs and timelines, leveraging the expertise of their acquired data center team.

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CFO Patrick Fleury stated that specific contract details like escalators are confidential but confirmed financing will be a 'series of transactions' given the company's improved credit profile. Management also affirmed their expectation that Google would backstop the additional capacity if the 30-day option is exercised.

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CEO Paul Prager explained that the Beowulf integration is undergoing a rigorous independent board process to ensure shareholder alignment and cannot be commented on in detail, but is viewed as a near-term, value-driving opportunity. CFO Patrick Fleury added that build costs, even with a 5-10% tariff impact, are expected to remain within the guided $6 million to $8 million per critical megawatt range due to site-specific advantages and design optimizations from the Core42 partnership.

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CEO Paul Prager confirmed the Lake Mariner site is capable of handling both training and inference workloads for its partner, Core42. He highlighted that the company's energy development expertise provides a competitive advantage in sourcing new sites, with Cayuga as the next priority. Prager emphasized that any conversion of mining capacity to HPC would be a strategic decision to achieve the highest value per megawatt, driven more by strong HPC customer demand than by Bitcoin mining economics.

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CEO Dan Dixon explained that the company's preference is not to hedge precious metals to provide shareholders with full price exposure. He noted that existing hedges are tied to a lending facility and will be wound down as debt is repaid with cash flow from Terronera. Dixon also stated that the negative working capital was by design and is expected to improve significantly in the second half of the year as Terronera begins generating positive cash flow.

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CEO Dan Dickson stated that formal guidance for Terronera hinges on achieving consistent throughput, with a planned 90-day ramp-up. COO Don Gray added that the team is focused on a system-by-system commissioning process. Regarding Kolpa, Dan Dickson provided an early estimate of $12 million to $16 million for the throughput expansion.

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President and CEO Brent Bilsland explained that while still in talks with their original data center partner, they are seeing more aggressive interest from utilities and are evaluating multiple offers to maximize value, likely resulting in one or two large deals. He noted the decision to co-fire with gas is dependent on the final PPA customer's needs. CFO Todd Talez addressed liquidity, stating they may use more prepaid forward sales but are also focused on refinancing their capital structure in 2026. Talez also confirmed that 2025 CapEx is expected to be lighter than initially planned.

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Brent Bilsland, an executive, explained that Hallador is evaluating whether to grant an exclusivity extension or negotiate on a non-exclusive basis to entertain other inbound interest. He clarified that most major points of the initial deal are negotiated and the final steps involve aligning details among all counterparties. Regarding natural gas co-firing, Bilsland stated they are in the early evaluation phase to determine costs and timing, viewing the project as highly feasible. He also confirmed that the long-term deal structure has been negotiated on a unit contingent basis for a term exceeding a decade.

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CEO Brent Bilsland stated that while he couldn't comment on specific regulatory filings, the company is encouraged by multiple power access requests in the state. He confirmed a study is underway for co-firing gas at Merom but wasn't ready to share cost details. On acquisitions, he noted the team is actively looking at both coal and gas assets in various markets. CFO Marjorie Hargrave broke down the $66M 2025 CapEx guidance, with about 20% ($14.8M) for ELG rules, and confirmed capacity payments are expected to cover the plant's ~$60M in fixed costs. Brent Bilsland added that coal cash costs improved to the low $40s in Q4.

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CEO Andy Eidson attributed the cost savings to a combination of higher productivity and internal initiatives to reduce spending, noting some of it was mean reversion from a difficult Q1. President & COO Jason Whitehead clarified the savings were roughly 50/50 between productivity and direct spending cuts. Regarding 2026, Eidson was hopeful but declined to give specific guidance. EVP & CCO Daniel Horn stated that for domestic contracts, they are negotiating for a 12-month term and require pricing that sustains the business, not just a reflection of the current spot market. Horn also explained that quarterly volume shifts to different regions are normal and driven by customer vessel schedules.

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CEO Andy Eidson stated that cost-cutting measures have offset lower fixed cost absorption and that the Kingston Wildcat project remains on track. President and COO Jason Whitehead confirmed CapEx savings came from redeploying assets and in-sourcing work, not from delaying growth. Chief Commercial Officer Dan Horn noted that realizations are tied to weak steel demand and that it's too early to define a domestic contracting strategy, though current domestic prices are favorable. Regarding the balance sheet, Eidson affirmed that their cautious approach to preserving liquidity continues to be the right strategy in the current market.

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CEO Charles Eidson confirmed the company is in 'cash preservation mode,' targeting a $400-$500 million cash balance and has suspended share repurchases until market conditions improve. On M&A, he stated that while nothing is actionable, they evaluate opportunities based on geographic, quality, and financial accretion criteria. He believes some producers are no longer covering variable costs and expects more high-cost supply to exit the market. He declined to comment on specific rail cost structures, noting only that they are somewhat aligned with indexes.

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President & CEO Jesse Gary explained that the Mt. Holly incentives are not public but are crucial. He noted the Hawesville review is in final negotiations with a decision expected by end of Q3. For the new smelter, the next milestone is site selection tied to an energy deal. On operations, he confirmed the Grundartangi casthouse ramp-up is progressing well. EVP & CFO Peter Trpkovski provided the 2026 CapEx forecast for Jamalco, estimating $10-15M for sustaining and $10-15M for investment capital.

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CEO Jason Les stated that the basis of design is a key milestone being driven by the new data center team and is expected to be completed by the end of Q3 2025. He noted that critical long-lead time items like the substation have already been procured and are arriving, and he does not believe equipment lead times will impede their ability to secure a lease.

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CEO Jason Les clarified that while Riot is not behind the task force's inception, they are deeply involved in public policy and understand grid operator requirements. He stated it's too early to define specific economic targets for data center deals, as the focus is on maximizing shareholder value by advancing development on the substation, fiber, land, and water to make the offering as attractive as possible.

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CFO Gary Vecchiarelli stated that the digital asset management strategy will ramp up over the next year as they onboard more counterparties and strategies. President and CEO Zachary Bradford added that CleanSpark's flexible load model is an asset to utilities, differentiating them from HPC data centers and creating abundant opportunities with manageable lead times.

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CEO Asher Genoot confirmed that capital has already been deployed at Riverbend for foundational work. He explained that for certain sites, they are comfortable investing in engineering during customer negotiations. He also highlighted the innovative Vega design, which allows for rapid upgrades and provides flexibility to invest in a base case with future upside.

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CEO Asher Genoot confirmed that capital has already been deployed at Riverbend for essential infrastructure like the switchyard and civil work. He explained their strategy includes both developing sites in partnership with specific customers and speculatively building in strategic locations, leveraging innovative and upgradable designs like the one at their Vega site.

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CFO Dale Boyles clarified that the cost guidance for the second half is conservative, accounting for potential unplanned repairs and maintenance common in underground mining. CEO Walter Scheller explained that the proportion of sales to South America has naturally declined due to the different product mix from the new Blue Creek mine, which is primarily sold to Asia, and confirmed that Brazilian customers are still accepting shipments.

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CFO Dale Boyles explained that lower realization was driven by transportation costs and the price relativity between PLV and high-vol A indexes. He declined to give Q2 shipment guidance, emphasizing a full-year focus. CEO Walter Scheller commented that while it's difficult to quantify, he would not be surprised to see production curtailments given the 'pain' being felt by higher-cost producers.

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CEO Walter Scheller clarified that Blue Creek is projected to produce 1 million tons, with sales commencing in Q3 after the prep plant is online. He also noted that tons destined for China would likely be redirected within Asia, minimizing transportation cost impacts, and confirmed the labor contract mentioned refers to ongoing negotiations. CFO Dale Boyles attributed the lower cash cost guidance primarily to reduced transportation and royalty costs from lower met coal price assumptions. Regarding the cash balance, Boyles stated they are reassessing the minimum level, which will likely be higher in the future, with an update to come closer to Blue Creek's launch.

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President and CEO Jim Grech reiterated the factors supporting the MAC claim but declined to speculate on the August 19th update. EVP & CFO Mark Spurbeck explained the improved seaborne thermal cost guidance was due to strong operational performance. Mr. Spurbeck also confirmed the $586M cash balance is unrestricted, with about $100M in CapEx remaining for Centurion in 2H 2025, and detailed that restricted cash is mainly for reclamation liabilities.

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President and CEO Jim Grech detailed the MAC process, emphasizing the need for "sustainable longwall production" for any resolution. CFO Mark Spurbeck confirmed deal financing is on hold. Regarding the PRB, Grech stated the new contract doesn't alter their long-term capital strategy and expressed confidence in future margins due to Peabody's low-cost position. Spurbeck provided an update on Centurion, noting $47 million was spent in Q1 with $150 million remaining for development.

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President and CEO Jim Grech confirmed the preemption process is progressing well with a mid-March deadline and that the company is open to minority stake sales in either the Anglo assets or Centurion at fair value. CFO Mark Spurbeck detailed that the 2025 met coal volume increase is driven by Shoal Creek and Centurion, while costs are consistent with 2024 but impacted by higher waste movement at Coppabella. CMO Malcolm Roberts added that Shoal Creek's Asian price realizations are currently in the $120 to $130 per ton range.

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CEO Wes Cummins confirmed that Applied Digital expects to break ground on one or potentially two additional campuses before the end of the current year. Regarding the financing timeline, Cummins cited the general industry slowdown in August as a potential factor, while CFO Saidal Mohmand added that dependencies on professional service providers could also affect the timing, though their partners are incentivized to work quickly.

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Executive Wesley Cummins clarified that two of six cloud clusters moved to an on-demand model, with technical issues now resolved. He also stated that the Bitcoin hosting business is seen as complementary to HPC data centers, utilizing excess power, and is expected to fit within a future REIT structure, viewing the two as effectively one business.

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Executive Wesley Cummins explained that since the initial diligence process was completed, subsequent discussions with other potential customers are progressing much more quickly. Regarding the Macquarie deal, he stated it was the result of a full, seven-month process that yielded the best possible terms and partner for the company.

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President & CEO Tom Ferguson affirmed the company's commitment to its share buyback program, noting about half of the $100 million authorization remains. He also highlighted the recent dividend increase and a full pipeline of bolt-on M&A opportunities. On copper tariffs, Ferguson stated it was too recent for specific feedback but emphasized that underlying demand drivers like reshoring and data center growth remain strong.

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Executive Tom Ferguson stated that for galvanizing, any geography in the U.S. or Canada is attractive. Executive Jason Crawford added that for Precoat, acquisitions would deepen their presence in existing markets. Crawford noted that while there are opportunities for working capital improvement, Executive Tom Ferguson mentioned the new Washington facility will absorb some capital, likely resulting in a relatively flat overall working capital position. Crawford confirmed the Washington facility will operate at a high margin profile, which should boost overall Precoat margins once fully ramped.

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CEO Nangeng Zhang responded that energy prices at their existing sites have remained stable. He expressed long-term optimism that policy changes in the U.S. could eventually unlock more energy supplies, improving the outlook for power availability without signaling a major immediate shift in acquisition strategy due to tariffs.

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CEO Nangeng Zhang explained that the company has flexible cooperation models for site acquisition and has secured more than enough resources for its deployment plan, seeing more opportunities than expected in the U.S. On demand, Zhang noted strong Q4 sales and that a Bitcoin price around $100,000 would be significant for achieving the annual target. CFO James Cheng added that while Q1 2025 revenue is projected to more than double year-over-year, recent price volatility has impacted order momentum, but the company remains confident in its full-year guidance, contingent on a positive macro environment.

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CEO Nangeng Zhang highlighted the demand recovery in North America with recent large orders from CleanSpark and HIVE, noting that pricing strategies are being adjusted to market conditions. Regarding R&D, he provided a long-term vision where the immediate focus is deploying infrastructure (targeting 200 MW) for Bitcoin mining in North America, which will create a foundation for future compute services, potentially including AI, rather than making a large, immediate investment in AI ASICs.

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Daniel Roberts, Co-Founder and Co-CEO, explained that scaling the AI Cloud is contingent on matching capital sources with customer contracts, with a preference for debt or GPU financing over equity to manage risk. Regarding JVs, Roberts stated they are a viable option for major developments like Sweetwater to leverage partners with a lower cost of capital, though IREN would prioritize maintaining strategic control and securing customer contracts first.

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COO Matt Brown explained that the monthly updates will provide additional color on progress, including targets for ready-for-service dates and key project milestones. He specified that as the company approaches commissioning and handover dates for sites like Denton, it will begin reporting on those achievements.

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Executive Shantanu Agrawal explained that the EBITDA uplift is due to the Haverhill II contract shipments being spread throughout the year, pushing some margin recognition into the second half. President and CEO Katherine Gates reiterated a disciplined approach to growth in areas of expertise, the commitment to the dividend, and the ability to fund the Granite City project. SVP and CFO Mark Marinko clarified the coal inventory build was a normal seasonal event expected to reverse.

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President and CEO Katherine Gates stated that SunCoke can adapt to cyclical markets by selling foundry and spot blast coke, as it has successfully done in the past, while continuing dialogue with long-term customers. On capital allocation, she highlighted a focus on profitable growth, like the GPI project, and shareholder returns. Executive Shantanu Agrawal added that the company's outstanding bonds have an attractive rate with no current plans for buybacks and explained that coal procurement for long-term contracts is a pass-through, while spot sales pricing accounts for current coal costs.

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President and CEO Katherine Gates stated that U.S. Steel determines the coke's destination. She confirmed the extension is a 'bridge' directly related to the GPI project, necessitated by delays in the government's approval of the U.S. Steel-Nippon sale. Regarding the KRT investment, Gates explained it will expand barge-to-rail unloading capacity from 2 million to 5 million tons to support a new contract and pursue additional business.

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President and CEO William Oplinger stated that Chinese producers react quickly to poor economics and are already extending maintenance, but it would not be economic for Alcoa to curtail refining to sell bauxite. EVP and CFO Molly Beerman noted that while there is some cost pressure from caustic and coke, the company expects to offset these increases with productivity initiatives in Q2.

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President and CEO William Oplinger confirmed Alcoa is in "constant contact" with developers for its legacy sites but emphasized the process is lengthy. EVP and CFO Molly Beerman stated that the company expects to achieve its $100 million run-rate savings target from the productivity program by the end of Q1 2025, noting these initiatives are now fully integrated into the 2025 operating plan for better accountability.

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CEO Ben Gagnon noted that while non-hyperscalers might offer higher margins, the superior credit and lower financing costs of hyperscalers likely provide better overall shareholder value. On miner purchases, he reiterated a focus on ROI, stating that while they could be opportunistic, they see no financial pressure to upgrade their current competitive fleet and prefer to allocate capital to infrastructure.

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CEO Paul Lang, CFO Mitesh Thakkar, and executive Deck Slone confirmed that the low $90s per ton cost target for the met segment in H2 is a comfortable starting point, with potential for further improvement from synergies and best-practice sharing. Regarding Leer South, Lang and Slone stated that while progress is ahead of the initial schedule, the midyear guidance remains appropriate due to the collaborative nature of the restart with regulators. Thakkar addressed capital returns, explaining the company targets a net cash position and will deploy excess cash beyond debt and working capital needs toward shareholder returns, taking advantage of the current equity valuation.

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CEO Paul Lang, President and CFO Mitesh Thakkar, and Executive Deck Slone confirmed the low $90s per ton cost target is a comfortable starting point, with potential for further improvement from synergies and best-practice sharing. Regarding Leer South, Paul Lang and Deck Slone noted that while progress is ahead of schedule, the midyear restart guidance is maintained to be methodical and collaborative with regulators. Mitesh Thakkar explained that the company will deploy excess cash towards shareholder returns while maintaining a net cash position, taking advantage of the current equity valuation.

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CEO Marco Levi explained that the guidance range reflects market volatility and uncertainty around trade cases, with the high end assuming a partial benefit from these measures. Chief Financial Officer Beatriz García-Cos Muntañola provided a sensitivity metric, stating a 1% price variance impacts EBITDA by approximately $14 million. Levi reaffirmed the company's commitment to the battery market and noted the US expansion project is proceeding. García-Cos added that share buybacks will remain opportunistic and will not be funded by new debt.

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CFO Darcy Daubaras confirmed that the new administration's pro-crypto stance and focus on clear regulation has made the U.S. more attractive for operations. Regarding HPC conversion, he noted that HIVE has engaged consultants to analyze the costs of repurposing its facilities in Sweden and New Brunswick for Tier 3 HPC use, emphasizing the need for stable, low-cost energy for such projects.

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CEO Robert Krcmarov stated that all options are being considered for Casa Berardi, balancing a potential divestment against waiting for future cash flows, with a clearer view expected in Q2. CFO Russell Lawlar confirmed the net leverage target remains under 1x, with priorities being revolver paydown and reinvestment in the business. Lawlar also noted the hydropower maintenance would occur mid-year, impacting costs by approximately $5 million.

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President and CEO Greg Lang stated that project appetite remains strong as inflationary pressures subside, and he views the new administration's support for Alaskan resource development as a positive catalyst. Lang detailed the $43 million budget, allocating approximately $15 million to drilling and camp operations, $5 million to update capital and operating costs, and $2 million for permit defense, with the remainder covering community relations and other project advancement activities.

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Jeff LaBerge clarified that a local firm will assess the Norway site for HPC suitability and that while the company is always open to strategic opportunities, it is not forced to acquire new sites given its current pipeline. Jihan Wu and Jeff LaBerge explained that the priority for the 18 exahash is self-mining, but a portion will be sold to establish their ASIC business, noting that about a third of the capacity has already been reserved by interested customers.

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Executive Christopher Ferraro stated that the project requires a significant retrofit of the existing facility, making the minimum deal size 'pretty large' from a logistical standpoint. He confirmed that a 'significant amount of work' on the design is already underway as a 'joint partner effort' involving Galaxy's internal team, external contractors, and the potential partner. He did not specify the management structure of the future facility.

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