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    Nick Giles

    Research Analyst at B. Riley Securities

    Nick Giles is an Equity Research Analyst at B. Riley Securities, specializing in energy, digital assets, and basic materials, and has covered companies such as Warrior Met Coal (HCC), Core Natural Resources (CNR), BitFuFu (FUFU), and Canaan (CAN). Since joining B. Riley Securities as an associate analyst in January 2022 and earning promotion to research analyst in August 2024, Giles has been responsible for initiating price targets and investment recommendations for a variety of small- and mid-cap firms in his sectors. His published research includes recent buy ratings and price targets—such as a $74 target for Warrior Met Coal—with performance metrics available through industry data sources; however, detailed success rates and returns are proprietary to platforms like MarketBeat. Giles holds a B.A. and M.B.A. from the University of Memphis and maintains FINRA registration as a licensed professional with credentials listed on BrokerCheck.

    Nick Giles's questions to IREN (IREN) leadership

    Nick Giles's questions to IREN (IREN) leadership • FY 2025

    Question

    Nick Giles asked for clarity on the utilization of Horizon 1, specifically when the decision between self-filling with GPUs versus securing a colocation deal would be made, and if a hybrid model is possible. He also inquired about the potential revenue opportunity from expanding beyond bare metal to offer software solutions.

    Answer

    Chief Commercial Officer Kent Draper confirmed that the cloud and colocation models are not mutually exclusive and that a combination of both could be deployed within Horizon 1 to maximize risk-adjusted returns. Regarding software, he explained that while most large customers currently prefer bare metal, adding a software layer could attract smaller enterprise customers in the future. Co-CEO Daniel Roberts added that the revenue opportunity from software is currently small, as sophisticated users prefer their own stacks.

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    Nick Giles's questions to IREN (IREN) leadership • Q3 2025

    Question

    Nick Giles from E&P Capital inquired about IREN's strategy for expanding its AI Cloud services at the Prince George facility and the potential role and timing of joint ventures in financing large-scale projects like Horizon 1 and Sweetwater.

    Answer

    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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    Nick Giles's questions to Bit Digital (BTBT) leadership

    Nick Giles's questions to Bit Digital (BTBT) leadership • Q2 2025

    Question

    Nick Giles of B. Riley Securities asked about other ways Bit Digital can support the Ethereum ecosystem beyond ETH purchases and how it plans to market its platform amidst competition. He also inquired about the future direction of the regulatory framework.

    Answer

    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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    Nick Giles's questions to Bit Digital (BTBT) leadership • Q1 2025

    Question

    Nick Giles from B. Riley Securities questioned the company's strategy for U.S. expansion versus Canada following the North Carolina agreement and requested details on the potential timeline, capacity ramp, and CapEx for the new site.

    Answer

    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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    Nick Giles's questions to TERAWULF (WULF) leadership

    Nick Giles's questions to TERAWULF (WULF) leadership • Q2 2025

    Question

    Nick Giles asked for details on the revenue contract structure, such as the starting revenue per megawatt and annual escalators. He also inquired if the project financing would be a single event and if Google would backstop the potential expansion.

    Answer

    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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    Nick Giles's questions to TERAWULF (WULF) leadership • Q1 2025

    Question

    Nick Giles asked about the potential cost savings and timeline for the integration of TeraWulf and Beowulf, and inquired about expectations for capital intensity and build costs for future sites like Cayuga, considering potential tariff impacts.

    Answer

    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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    Nick Giles's questions to TERAWULF (WULF) leadership • Q4 2024

    Question

    Nick Giles inquired about TeraWulf's positioning for AI inference versus training demand at its Lake Mariner site, its strategy for new site acquisitions, and the primary factors that would drive a decision to convert Bitcoin mining capacity to HPC hosting.

    Answer

    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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    Nick Giles's questions to ENDEAVOUR SILVER (EXK) leadership

    Nick Giles's questions to ENDEAVOUR SILVER (EXK) leadership • Q2 2025

    Question

    On behalf of Nick Giles, Sandra Soriano asked about the company's future hedging strategy, given the recent volatility from derivatives, and questioned the outlook for working capital through the remainder of 2025.

    Answer

    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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    Nick Giles's questions to ENDEAVOUR SILVER (EXK) leadership • Q1 2025

    Question

    Nick Giles of BMO Capital Markets inquired about the specific milestones needed for Endeavour Silver to provide formal cost guidance for the Terronera project, the immediate priorities for the plant's ramp-up, and the estimated capital intensity for expanding the newly acquired Kolpa mine.

    Answer

    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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    Nick Giles's questions to HALLADOR ENERGY (HNRG) leadership

    Nick Giles's questions to HALLADOR ENERGY (HNRG) leadership • Q2 2025

    Question

    Nick Giles of B.Riley Securities inquired about Hallador's strategy for long-term power purchase agreements (PPAs), including the potential for multiple agreements and the end markets of new counterparties. He also asked about the decision-making process for co-firing with natural gas, liquidity management strategies, the company's appetite for re-entering exclusivity agreements, the expected timeline for a definitive PPA, details on the amended credit agreement, and future capital expenditure plans.

    Answer

    President, CEO & Chairman, Brent Bilsland explained that while still in discussions with their original data center counterparty, Hallador is seeing aggressive interest from utilities and is evaluating multiple offers to maximize shareholder value, likely resulting in one or two large deals rather than several small ones. He noted the company has little appetite for exclusivity in the current seller's market. CFO Todd Telesz addressed liquidity, mentioning the potential for further prepaid energy sales and refinancing the existing capital structure. He also clarified that the amended credit agreement deferred certain payments and covenants to enhance flexibility and that 2025 CapEx is expected to be lighter than initially forecasted due to delays in ELG-related spending.

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    Nick Giles's questions to HALLADOR ENERGY (HNRG) leadership • Q2 2025

    Question

    Nick Giles of B.Riley Securities inquired about Hallador's strategy for long-term power purchase agreements (PPAs), including customer concentration and end markets. He also asked about the funding and dependency of a potential natural gas co-firing project on a PPA, liquidity management, the company's appetite for new exclusivity agreements, the timeline for a definitive PPA, details on the amended credit agreement, and future capital expenditure plans.

    Answer

    President and CEO Brent Bilsland explained that the company is engaging with a broader group of potential partners, including more aggressive utilities, and is not seeking exclusivity at this time. He stated that a major PPA would be announced as a special event. CFO Todd Telesz addressed liquidity, mentioning potential prepays and refinancing efforts. Telesz also clarified that the credit agreement amendment postponed certain payments and defeased the term loan, and that full-year CapEx is expected to be lighter than initially planned.

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    Nick Giles's questions to HALLADOR ENERGY (HNRG) leadership • Q2 2025

    Question

    Nick Giles of B. Riley Securities inquired about Hallador's strategy for long-term power purchase agreements (PPAs), including counterparty diversification, end markets, and the potential for co-firing with natural gas. He also asked new CFO Todd Telesz about liquidity management, the amended credit agreement, and the CapEx outlook.

    Answer

    President & CEO Brent Bilsland stated the company is evaluating multiple PPA offers from utilities and data center developers, with no current appetite for exclusivity. He noted that the decision to co-fire with gas is customer-dependent. CFO Todd Telesz discussed liquidity strategies, including potential refinancing in 2026, explained that the credit agreement deferred payments and covenants, and projected lighter CapEx for the remainder of 2025.

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    Nick Giles's questions to HALLADOR ENERGY (HNRG) leadership • Q2 2025

    Question

    Nick Giles asked about Hallador's strategy for long-term Power Purchase Agreements (PPAs), including its openness to multiple agreements, the potential end markets of new counterparties, the conditionality of co-firing the Merom plant with natural gas, and the company's liquidity management and capital expenditure plans.

    Answer

    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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    Nick Giles's questions to HALLADOR ENERGY (HNRG) leadership • Q1 2025

    Question

    Nick Giles of Unknown asked about the ongoing data center negotiations, specifically the decision-making process around extending the exclusivity period given other unsolicited offers. He also inquired about the final steps needed to reach a definitive agreement, the potential timeline and capital intensity for co-firing the Merom plant with natural gas, and the contractual structure of a potential long-term deal with a hyperscaler.

    Answer

    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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    Nick Giles's questions to HALLADOR ENERGY (HNRG) leadership • Q4 2024

    Question

    Nick Giles of B. Riley Securities inquired about the regulatory process for the data center deal, the capital required for co-firing natural gas at Merom, and the strategy for acquiring additional generation assets. He also asked for a breakdown of the 2025 CapEx guidance, the role of capacity payments, and an update on coal operations optimization and fuel costs.

    Answer

    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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    Nick Giles's questions to Alpha Metallurgical Resources (AMR) leadership

    Nick Giles's questions to Alpha Metallurgical Resources (AMR) leadership • Q2 2025

    Question

    Nick Giles asked for a breakdown of the drivers behind the significant Q2 cost improvements, the sustainability of these lower costs into 2026, Alpha's strategy for upcoming domestic contract negotiations, and the reason for the Q2 volume shift between Australian-indexed and other-priced tons.

    Answer

    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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    Nick Giles's questions to Alpha Metallurgical Resources (AMR) leadership • Q1 2025

    Question

    Nick Giles of B. Riley Securities asked about the cadence of costs following recent cuts, whether the reduced CapEx guidance would impact growth projects like Kingston Wildcat, and the outlook for price realizations. He also followed up on the domestic contracting strategy for later in the year, the potential for more competitor production to come offline, and whether the prolonged market weakness has altered Alpha's strategy regarding its cash balance.

    Answer

    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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    Nick Giles's questions to Alpha Metallurgical Resources (AMR) leadership • Q4 2024

    Question

    Nick Giles of B. Riley Financial, Inc. asked about the target cash level in a weak market, its relation to share repurchases, potential M&A opportunities, the current marginal cost of production in Central Appalachia, and details on transportation cost structures.

    Answer

    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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    Nick Giles's questions to CENTURY ALUMINUM (CENX) leadership

    Nick Giles's questions to CENTURY ALUMINUM (CENX) leadership • Q2 2025

    Question

    Nick Giles of B. Riley Securities asked for details on the economic incentives for the Mt. Holly restart, an update on the Hawesville strategic review, milestones for the new smelter project, progress at the Grundartangi casthouse, the European premium outlook, and the 2026 CapEx forecast for Jamalco.

    Answer

    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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    Nick Giles's questions to Riot Platforms (RIOT) leadership

    Nick Giles's questions to Riot Platforms (RIOT) leadership • Q2 2025

    Question

    Nick Giles from B. Riley Securities asked for an update on the 'basis of design' for Riot's data center project, seeking clarity on which aspects like cooling and layout are defined. He also questioned if RFPs have been sent to contractors and how the tariff landscape might affect development timing.

    Answer

    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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    Nick Giles's questions to Riot Platforms (RIOT) leadership • Q1 2025

    Question

    Nick Giles of B. Riley Securities inquired about Riot's involvement with the large flexible load task force in Texas, the strategic shift from flexible to redundant power loads for data centers, and the potential economics and CapEx targets for these new projects.

    Answer

    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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    Nick Giles's questions to CLEANSPARK (CLSK) leadership

    Nick Giles's questions to CLEANSPARK (CLSK) leadership • Q3 2025

    Question

    Nick Giles from B. Riley Securities asked about the expected timeline to reach targeted run rates for the new digital asset management strategy and inquired about the current state of relationships with utility partners, including lead times and competition from HPC sites.

    Answer

    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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    Nick Giles's questions to Hut 8 (HUT) leadership

    Nick Giles's questions to Hut 8 (HUT) leadership • Q2 2025

    Question

    Nick Giles from B. Riley Securities questioned the development strategy for the Riverbend site, asking how much capital would be deployed without a definitive tenant agreement.

    Answer

    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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    Nick Giles's questions to Hut 8 (HUT) leadership • Q2 2025

    Question

    Nick Giles of B.Riley Securities asked about the strategy for developing assets like Riverbend without definitive agreements and the importance of marketing sites already under development.

    Answer

    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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    Nick Giles's questions to WARRIOR MET COAL (HCC) leadership

    Nick Giles's questions to WARRIOR MET COAL (HCC) leadership • Q2 2025

    Question

    Nick Giles of B.Riley Securities questioned the updated cost guidance, which implies higher costs in the second half of 2025 despite strong year-to-date performance. He also asked about the potential impact of new Brazilian tariffs on sales volumes, market diversion strategies, and price realizations.

    Answer

    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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    Nick Giles's questions to WARRIOR MET COAL (HCC) leadership • Q1 2025

    Question

    Nick Giles from B. Riley Securities asked for more detail on the factors driving lower price realization, shipment volume expectations for Q2, and the potential for production curtailments in the U.S. met coal market.

    Answer

    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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    Nick Giles's questions to WARRIOR MET COAL (HCC) leadership • Q4 2024

    Question

    Nick Giles of B. Riley Securities inquired about the sales guidance breakdown between Blue Creek and existing mines, the cadence of Blue Creek sales, the drivers behind the reduction in cash cost guidance, and potential shifts in sales geography due to freight differentials. He later asked about the status of the United Mine Workers labor contract and the company's target for minimum cash balance post-Blue Creek's completion.

    Answer

    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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    Nick Giles's questions to Ferroglobe (GSM) leadership

    Nick Giles's questions to Ferroglobe (GSM) leadership • Q2 2025

    Question

    Asked about the potential structure and timing of EU safeguards, which assets would benefit, the impact of furnace conversions in the US, and any trade-related benefits for the Coorshell investment.

    Answer

    The company declined to speculate on the unannounced EU safeguard details but remains optimistic, with a preliminary decision expected in August and a final one in November. They identified French and Spanish silicon metal plants as best positioned to increase volume. The furnace conversions to ferrosilicon are driven by strong US demand and weak EU silicon metal markets. The Coorshell investment is progressing well, with its pilot plant producing cells for OEMs, benefiting from the strategic push to find alternatives to Chinese graphite.

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    Nick Giles's questions to Ferroglobe (GSM) leadership • Q4 2024

    Question

    Nick Giles inquired about the assumptions behind the wide 2025 annual guidance range, seeking specifics on pricing and volume for the low and high ends. He also asked for EBITDA sensitivity metrics, commentary on silicon metal growth markets like solar and batteries, and the company's strategy for share repurchases.

    Answer

    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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    Nick Giles's questions to Ramaco Resources (METC) leadership

    Nick Giles's questions to Ramaco Resources (METC) leadership • Q2 2025

    Question

    Nick Giles of B.Riley Securities followed up on the scandium market, asking for details on its primary growth drivers and why a new Western source would create incremental demand when global supply did not previously appear constrained. He also shifted to the metallurgical coal business, inquiring about current price realizations into Asia and the netback levels for a spot vessel in the current challenging market.

    Answer

    EVP of Critical Minerals Operations Mike Woloschuk explained that the key growth driver for scandium is the aerospace industry, with major players like Boeing and Airbus hesitant to use it due to reliance on Chinese supply. He clarified that demand has been constrained by the lack of a secure, long-term Western source, not by global availability. Regarding coal pricing, EVP & CCO Jason Fannin stated that netbacks to the mine for Asian spot sales are currently below $100 per ton. CFO Jeremy Sussman added that Ramaco is over 95% committed and is deliberately avoiding the Asian spot market to protect margins rather than sell at a loss.

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    Nick Giles's questions to Ramaco Resources (METC) leadership • Q1 2025

    Question

    Nick Giles of B. Riley Securities inquired about Ramaco's metallurgical coal business, specifically asking for clarity on the implied sales mix and cost improvements for the second half of 2025. He also questioned the potential for the Brook Mine rare earth project to be included on the FAST 41 list and the associated benefits. Additionally, he asked about the company's interest in bringing on a strategic partner for the rare earth venture, the reasons for the delay in the preliminary economic analysis, and how the project's coal component contributes to its overall economics.

    Answer

    EVP Jeremy Sussman confirmed that Q2 sales guidance implies a production and sales ramp-up in the second half of the year, with costs expected to be at the higher end of the annual range in Q2 due to lower tonnage. Chairman and CEO Randall Atkins clarified that the Brook Mine was not on the FAST 41 list because it already has its permits, but the company is exploring other avenues for federal support. Mr. Atkins firmly stated that Ramaco is not seeking a joint venture partner and intends to finance the project independently. He attributed the delay in the economic analysis to backlogs at testing labs and explained that revenue from selling the project's thermal coal byproduct will significantly lower the cost basis for the rare earth mining operation.

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    Nick Giles's questions to Ramaco Resources (METC) leadership • Q4 2024

    Question

    Nick Giles asked for clarification on the pricing of seaborne volumes, specifically a $111 per ton figure, and inquired about the highest return opportunities in the current market. He also questioned the capital intensity of potential growth projects, the market conditions needed to initiate them, and whether this growth CapEx is included in current guidance. Finally, he sought details on the expected development CapEx for the rare earth project and its pilot plant.

    Answer

    Chief Commercial Officer Jason Fannin explained the $111 price was for settled index-linked contracts from January and February, heavily weighted to Asia, and noted the highest returns are currently in the Atlantic market. Executive Jeremy Sussman added that despite netbacks, cash margins remain strong at around $33 per ton. Chairman and CEO Randall Atkins detailed that the growth projects are capital-efficient, requiring roughly $40 million over two years to add 2 million tons, and that the company is awaiting market clarity before proceeding. Regarding the rare earth project, Atkins stated that detailed CapEx figures will be released in an upcoming techno-economic report from Fluor to avoid providing piecemeal information.

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    Nick Giles's questions to PEABODY ENERGY (BTU) leadership

    Nick Giles's questions to PEABODY ENERGY (BTU) leadership • Q2 2025

    Question

    In a follow-up, Nick Giles from B. Riley Securities asked about Peabody's liquidity, specifically how much of its cash was unencumbered and the remaining capital spend for the Centurion mine. He also inquired about the timeline for potentially unlocking the company's restricted cash.

    Answer

    EVP & CFO Mark Spurbeck clarified that the entire $586 million cash balance is unrestricted and fully available. He stated that about $100 million in capital spend remains for Centurion in the second half of the year. He explained the restricted cash is primarily for pre-funded reclamation and that they are actively working to reduce this balance through ongoing reclamation work and bond releases.

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    Nick Giles's questions to PEABODY ENERGY (BTU) leadership • Q2 2025

    Question

    In a follow-up, Nick Giles from B. Riley Securities asked about Peabody's liquidity, specifically how much of its cash was unencumbered, the remaining capital spend for the Centurion mine, and if there were timelines for unlocking restricted cash.

    Answer

    EVP & CFO Mark Spurbeck clarified that the entire $586 million of cash and cash equivalents is unrestricted and fully available. He stated that approximately $100 million in capital spend remains for the Centurion South development in the second half of the year. Regarding restricted cash, he noted that about $520 million relates to reclamation surety and that the company is actively working to reduce this amount by completing reclamation work and securing bond releases.

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    Nick Giles's questions to PEABODY ENERGY (BTU) leadership • Q2 2025

    Question

    Nick Giles of B. Riley Securities asked for clarity on the upcoming August 19th update regarding the Anglo deal and what incremental factors have solidified Peabody's MAC position. He also questioned the drivers behind the seaborne thermal cost guidance, which implies higher costs in the second half of the year.

    Answer

    President and CEO Jim Grech stated that the 90-day MAC cure period expires on August 19, giving Peabody the right to terminate, but declined to speculate further. EVP & CFO Mark Spurbeck addressed the cost guidance, attributing the full-year improvement to strong cost management in H1, which more than offsets the recovery of 400,000 tons missed in Q2 due to port congestion.

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    Nick Giles's questions to PEABODY ENERGY (BTU) leadership • Q2 2025

    Question

    Nick Giles of B. Riley Securities requested more detail on the upcoming August 19th update on the Moranbah North MAC dispute and the factors influencing Peabody's position. He also questioned the seaborne thermal cost guidance, which implies higher second-half costs. In a follow-up, he asked about the company's unencumbered cash, remaining Centurion capex, and timelines for unlocking restricted cash.

    Answer

    President and CEO Jim Grech reiterated the key factors supporting the MAC claim, including the unknown cause of the ignition and future production de-rates. EVP & CFO Mark Spurbeck addressed costs, stating the guidance was lowered due to strong performance despite port congestion. Spurbeck also confirmed the $586 million cash balance is fully unrestricted, with about $100 million in capex remaining for Centurion in H2 2025, and noted restricted cash can be reduced via reclamation work.

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    Nick Giles's questions to PEABODY ENERGY (BTU) leadership • Q1 2025

    Question

    Nick Giles of B. Riley Securities asked about the process following the Material Adverse Change (MAC) notification for the Moranbah North acquisition, what a resolution would entail, and the status of financing. He later followed up on the new Associated Electric Cooperative agreement, its impact on PRB capital strategy and margins, and the capital spending for the Centurion mine.

    Answer

    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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    Nick Giles's questions to PEABODY ENERGY (BTU) leadership • Q4 2024

    Question

    Nick Giles inquired about the status of the preemption rights process for the Anglo American asset acquisition, the company's preference for potential stake sales between the Anglo assets and the Centurion mine, and the key drivers for the 2025 metallurgical coal volume and cost guidance. He also asked about Shoal Creek's recent performance, price realizations, and its long-term strategic fit in the portfolio.

    Answer

    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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    Nick Giles's questions to Applied Digital (APLD) leadership

    Nick Giles's questions to Applied Digital (APLD) leadership • Q4 2025

    Question

    Nick Giles inquired about the development cadence for 2026, specifically asking if a second campus could break ground, and sought details on the gating items for the Polaris Forge One project financing.

    Answer

    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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    Nick Giles's questions to Applied Digital (APLD) leadership • Q3 2025

    Question

    Nick Giles inquired about the strategic review of the cloud services business, including the capacity split between on-demand and contracted models, and asked about the long-term strategic fit of the Bitcoin hosting business within a potential REIT structure.

    Answer

    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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    Nick Giles's questions to Applied Digital (APLD) leadership • Q2 2025

    Question

    Nick Giles inquired about the status of due diligence with other potential hyperscalers for the Ellendale campus, whether the company would re-enter an exclusivity agreement, and the timeline and terms of the Macquarie investment.

    Answer

    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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    Nick Giles's questions to CLEVELAND-CLIFFS (CLF) leadership

    Nick Giles's questions to CLEVELAND-CLIFFS (CLF) leadership • Q2 2025

    Question

    Nick Giles of B. Riley Securities inquired about the expected cadence of cost reductions following the Q2 beat, working capital considerations, and future Capital Expenditure (CapEx) expectations for 2027, including a potential blast furnace reline and plans for the Middletown facility.

    Answer

    EVP & CFO Celso Goncalves projected a further cost reduction of approximately $20 per ton in Q3, with more to follow in Q4, maintaining the full-year target of a $50 per ton decrease from 2024. Chairman, President & CEO Lourenco Goncalves clarified that the next reline is not until 2027 and that the original Middletown hydrogen project was withdrawn due to lack of hydrogen availability, with plans now focused on enhancing the existing blast furnace with the DOE's collaboration.

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    Nick Giles's questions to CLEVELAND-CLIFFS (CLF) leadership • Q1 2025

    Question

    Nick Giles from B. Riley Securities inquired about the timeline for realizing the announced $300 million in cost savings and the cadence of cost improvements versus average selling prices (ASPs) into the second quarter.

    Answer

    CFO Celso Goncalves explained that the full run-rate of the $300 million in savings will materialize in the second half of 2025 due to the 60-day WARN notice period. For Q2, he guided for costs to be up slightly (~$5/ton) before seeing significant improvement, while ASPs are expected to increase by approximately $40/ton.

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    Nick Giles's questions to AZZ (AZZ) leadership

    Nick Giles's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Nick Giles from B. Riley Securities inquired about capital allocation priorities following significant debt reduction, asking if share repurchases would increase. He also sought color on customer sentiment regarding recent copper tariffs.

    Answer

    President & CEO Thomas Ferguson affirmed a commitment to opportunistic share buybacks under the existing plan, alongside a recent dividend increase, a pipeline of bolt-on M&A, and strategic CapEx. On copper tariffs, he stated it was too recent for specific feedback but noted the overall project environment remains positive due to infrastructure spending and reshoring initiatives, not expecting a significant impact.

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    Nick Giles's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Nick Giles from B. Riley Securities asked about AZZ's capital allocation priorities, particularly the potential for increased share repurchases following significant debt reduction. He also sought color on customer sentiment and project timelines in light of recent copper tariff announcements.

    Answer

    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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    Nick Giles's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Nick Giles from B. Riley Securities asked about capital allocation, specifically if the significant debt reduction to below 2.0x leverage could lead to an increase in share repurchases. He also inquired about customer feedback on project timelines following recent copper tariff announcements.

    Answer

    President & CEO Thomas Ferguson confirmed the company's commitment to its share buyback program, noting about half of the $100 million authorization remains. He highlighted a multi-pronged capital allocation strategy including the recent dividend increase, a full pipeline of bolt-on M&A, and CapEx for productivity. Regarding copper tariffs, Ferguson stated it was too recent for specific feedback but that overall project sentiment remains positive, driven by reshoring and infrastructure demand.

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    Nick Giles's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Nick Giles from B. Riley Securities asked about capital allocation priorities following significant debt reduction, specifically if share repurchases would increase. He also sought insights on customer sentiment and project timelines in light of recent copper tariff announcements.

    Answer

    President & CEO Thomas Ferguson affirmed the company's commitment to its share buyback program, bolt-on M&A, and productivity-enhancing CapEx, noting the company is approaching its low-end leverage target of 1.5x. Regarding copper tariffs, he stated it was too recent for specific feedback but highlighted overall positive project drivers like reshoring and streamlined permitting.

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    Nick Giles's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Nick Giles from B. Riley Securities asked about capital allocation, questioning if the significant debt reduction could lead to increased share repurchases. He also sought insights on customer sentiment and project timelines following recent copper tariff announcements.

    Answer

    President & CEO Thomas Ferguson affirmed the company's commitment to its share buyback program, bolt-on acquisitions, and CapEx investments, highlighting the recent dividend increase. Regarding copper tariffs, he stated it was too recent for specific feedback but noted the overall positive environment driven by reshoring, data centers, and infrastructure spending, which should mitigate potential impacts.

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    Nick Giles's questions to AZZ (AZZ) leadership • Q1 2026

    Question

    Nick Giles of B. Riley Securities questioned future capital allocation priorities following significant debt reduction, specifically asking about the potential for increased share repurchases. He also sought insights on customer reactions and potential project delays due to recent copper tariff announcements.

    Answer

    President & CEO Thomas Ferguson affirmed the company's commitment to opportunistic share repurchases under its current plan, in addition to a recent dividend increase and a focus on bolt-on acquisitions and strategic CapEx. Regarding copper tariffs, Ferguson stated it was too early for direct customer feedback but did not anticipate a significant impact on their projects, citing broader positive trends like reshoring and infrastructure spending.

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    Nick Giles's questions to AZZ (AZZ) leadership • Q4 2025

    Question

    Nick Giles of B. Riley Securities inquired about the most compelling geographies for bolt-on acquisitions, working capital considerations for FY2026, and the expected margin cadence as the Washington facility ramps up.

    Answer

    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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    Nick Giles's questions to Canaan (CAN) leadership

    Nick Giles's questions to Canaan (CAN) leadership • Q1 2025

    Question

    Nick Giles inquired about how the current tariff landscape is influencing Canaan's strategy regarding site acquisitions in the U.S. and its interest in pursuing HPC or AI opportunities.

    Answer

    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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    Nick Giles's questions to Canaan (CAN) leadership • Q4 2024

    Question

    Nick Giles asked for an update on site acquisition and power infrastructure procurement, and inquired about the demand outlook for the second half of the year, particularly regarding pricing and its relation to annual guidance.

    Answer

    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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    Nick Giles's questions to Canaan (CAN) leadership • Q3 2024

    Question

    Nick Giles inquired about Canaan's growth strategy in North America, asking for specific targets, and questioned how R&D spending in 2025 would be allocated between the A16 miner series and other initiatives like AI.

    Answer

    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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    Nick Giles's questions to Core Scientific, Inc./tx (CORZ) leadership

    Nick Giles's questions to Core Scientific, Inc./tx (CORZ) leadership • Q1 2025

    Question

    Nick Giles asked what specific project milestones investors should monitor in the company's new monthly construction updates to gain clarity on whether the development timeline remains intact.

    Answer

    COO Matt Brown responded that the monthly updates will provide additional color on ready-for-service dates and key project milestones. He specified that as projects approach commissioning and handover dates, the company will report on clearing these milestones at Denton and other sites.

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    Nick Giles's questions to Core Scientific, Inc./tx (CORZ) leadership • Q4 2024

    Question

    Nick Giles asked for clarification on the customer diversification strategy, questioning if the newly outlined 700 MW of capacity would be entirely for new customers, and inquired about the expected cadence of new contract announcements.

    Answer

    CEO Adam Sullivan affirmed that the 700 MW of available capacity is the primary focus for securing new clients to achieve the goal of reducing CoreWeave's concentration below 50%. He expressed confidence in executing contracts with new customers this year, noting active discussions with the majority of hyperscalers and large enterprises.

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    Nick Giles's questions to SunCoke Energy (SXC) leadership

    Nick Giles's questions to SunCoke Energy (SXC) leadership • Q1 2025

    Question

    Nick Giles of B. Riley Securities inquired about the expected cadence of adjusted EBITDA, noting that guidance implies a second-half uplift. He also asked about capital allocation priorities beyond the GPI project and the nature of other potential growth opportunities, and questioned the driver behind the Q1 coal inventory build.

    Answer

    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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    Nick Giles's questions to SunCoke Energy (SXC) leadership • Q4 2024

    Question

    Nick Giles asked about the long-term outlook for the Haverhill facility in the event of a contract nonrenewal, the company's willingness for incremental spot market exposure, potential debt paydown strategies given strong cash flow, and the timing of metallurgical coal contracting.

    Answer

    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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    Nick Giles's questions to SunCoke Energy (SXC) leadership • Q3 2024

    Question

    Nick Giles of B. Riley Securities inquired about the destination of coke from the extended Granite City supply agreement, its connection to the GPI project, and details on the $12 million capital investment at the Kanawha (KRT) logistics facility.

    Answer

    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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    Nick Giles's questions to Alcoa (AA) leadership

    Nick Giles's questions to Alcoa (AA) leadership • Q1 2025

    Question

    Nick Giles asked about the conditions that would lead to Chinese alumina curtailments, the viability of selling bauxite instead of producing alumina, and the expected timing for lower input costs to benefit the company's financials.

    Answer

    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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    Nick Giles's questions to Alcoa (AA) leadership • Q4 2024

    Question

    Nick Giles of B. Riley Securities asked about the nature of conversations with hyperscalers regarding legacy power assets and requested an update on the company's productivity and competitiveness program.

    Answer

    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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    Nick Giles's questions to Bitfarms (BITF) leadership

    Nick Giles's questions to Bitfarms (BITF) leadership • Q4 2024

    Question

    Nick Giles asked about HPC customer preferences between hyperscalers and others, and whether Bitfarms might make opportunistic miner purchases if prices fall, despite plans to limit CapEx.

    Answer

    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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    Nick Giles's questions to Core Natural Resources (CNR) leadership

    Nick Giles's questions to Core Natural Resources (CNR) leadership • Q4 2024

    Question

    The analyst inquired about the normalized metallurgical cost outlook, the potential for an earlier-than-guided restart at the Leer South mine, and the company's plans for deploying excess cash for shareholder returns, including the target minimum cash balance.

    Answer

    Executives stated that while the low $90s met cost is a comfortable target for H2 2025, they see potential for further improvement from synergies. On Leer South, they are maintaining the midyear guidance to be methodical and because the restart is a collaboration with regulators, but acknowledged that progress is ahead of schedule. Regarding cash, the company targets keeping net cash on hand, with cash beyond debt and working capital reserves available for deployment, and they plan to use the current equity weakness to put some of that excess cash to work via buybacks.

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    Nick Giles's questions to Core Natural Resources (CNR) leadership • Q4 2024

    Question

    Nick Giles from B. Riley Securities asked about the normalized cost target for the metallurgical segment post-Leer South restart, the potential conservatism in the mine's recovery timeline, and the company's appetite for deploying excess cash toward shareholder returns.

    Answer

    CEO Paul Lang and President & CFO Mitesh Thakkar stated that a low-$90s per ton cost for the met segment in H2 2025 is a comfortable target, with potential for further improvement from synergies. Regarding Leer South, Lang and Executive Deck Slone confirmed the midyear restart guidance is appropriate, citing the need for a methodical, collaborative approach with regulators despite excellent progress. Thakkar added that the company will deploy excess cash beyond debt and working capital needs toward shareholder returns, taking advantage of the current equity valuation.

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    Nick Giles's questions to Core Natural Resources (CNR) leadership • Q4 2024

    Question

    Nick Giles from B. Riley Securities asked about the metallurgical segment's cost target for the second half of the year and its potential as a normalized level, the possibility of conservatism in the midyear guidance for resuming longwall mining at Leer South, and the potential magnitude of excess cash available for shareholder returns.

    Answer

    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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    Nick Giles's questions to HIVE Digital Technologies (HIVE) leadership

    Nick Giles's questions to HIVE Digital Technologies (HIVE) leadership • Q3 2025

    Question

    Nick Giles of B. Riley Securities questioned whether the new U.S. administration has increased HIVE's desire to own operating assets in the United States. He also requested additional details on the potential conversion of existing data centers to support HPC, including any work done on colocation opportunities and CapEx estimates.

    Answer

    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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    Nick Giles's questions to HECLA MINING CO/DE/ (HL) leadership

    Nick Giles's questions to HECLA MINING CO/DE/ (HL) leadership • Q4 2024

    Question

    Nick Giles inquired about the strategic review process for the Casa Berardi mine, the company's net leverage ratio targets, and the potential for increased capital returns versus funding organic growth. He also asked for details on the timeline and cost impact of the hydropower utility maintenance at Greens Creek.

    Answer

    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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    Nick Giles's questions to NOVAGOLD RESOURCES (NG) leadership

    Nick Giles's questions to NOVAGOLD RESOURCES (NG) leadership • Q4 2024

    Question

    Nick Giles of Echelon Wealth Partners inquired about the project appetite among major mining companies given cost inflation and the new U.S. administration. He also requested a detailed breakdown of the $43 million budget approved for the Donlin Gold project in 2025.

    Answer

    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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    Nick Giles's questions to Bitdeer Technologies (BTDR) leadership

    Nick Giles's questions to Bitdeer Technologies (BTDR) leadership • Q3 2024

    Question

    Nick Giles of B. Riley Securities, Inc., on for Lucas Pipes, asked if the TLM assessment extends to international sites, whether the company is pursuing new site acquisitions, and how the initial 18 exahash of SEALMINER A2 production will be allocated between self-mining and sales.

    Answer

    Head of Capital Markets Jeff LaBerge clarified that a local firm will assess the Norway sites, which are viewed as very attractive for HPC. Executive Jihan Wu explained that the priority for the 18 exahash is self-mining, but a portion will be sold to build long-term customer relationships, noting about one-third of the capacity has already been reserved by customers.

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    Nick Giles's questions to Galaxy Digital (GLXY) leadership

    Nick Giles's questions to Galaxy Digital (GLXY) leadership • Q3 2024

    Question

    Nick Giles, on behalf of Lucas Pipes, asked if there is a minimum capacity takedown required for the hyperscaler transaction to be executed. He also inquired if the data center would be tenant-managed and about the current status of the design process with the partner.

    Answer

    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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