Arun Jayaram

Scott Gruber

Stephen Gengaro

Jeffrey LeBlanc

David Anderson

Donald Crist

J. David Anderson

John Anderson

- Cactus, Inc. plans to acquire **65%** of Baker Hughes Company's surface pressure control business (SPC) for **$344.5 million**, with the transaction expected to close in **late 2025 or early 2026**.  **[1699136_0001699136-25-000126_whd-20250902exhibit991.htm:10]** 
- The acquisition will be funded by **cash on hand and Cactus' undrawn $225 million revolving credit facility**.  **[1699136_0001699136-25-000126_whd-20250902exhibit991.htm:10]** 
- This strategic move is intended to enhance geographic diversification, particularly in the **Middle East** (SPC's 2024 revenue was approximately **85% from the Middle East**), and leverage SPC's **>$600 million backlog** as of December 31, 2024.  **[1699136_0001699136-25-000126_whd-20250902exhibit991.htm:10]**  
- For Q3 2025, Cactus anticipates Pressure Control revenue to be **down mid-to-high single digits** and Spoolable Technologies revenue to be **down high single digits** compared to Q2 2025.   
- The company also announced an **8% quarterly dividend increase in July 2025**.

Cactus, Inc. Announces Acquisition of Baker Hughes' Surface Pressure Control Business and Provides Q3 2025 Outlook

- Arizona Sonoran Copper Company (ASCU) acquired **2,123 acres** of private land adjacent to its Cactus Project, with **2,043 acres** acquired on August 29, 2025, and an additional **80-acre parcel** on June 27, 2025.  **[1699136_1252d117f189406792faf6c3dd8a5674_0]** 
- This acquisition is expected to provide the necessary acreage to support the anticipated development and operations plan for the Cactus Project, including plant infrastructure, and is considered a **major de-risking event** for the project.  **[1699136_1252d117f189406792faf6c3dd8a5674_0]** **[1699136_1252d117f189406792faf6c3dd8a5674_2]**  The consolidated land package for the Cactus Project now totals **7,843 acres**.  **[1699136_1252d117f189406792faf6c3dd8a5674_1]** 
- The Purchased Lands were acquired at an average price of approximately **$49,200 per acre**.  **[1699136_1252d117f189406792faf6c3dd8a5674_1]**  Approximately **6%** of the aggregate purchase price was paid on closing, with the balance deferred over the next four years under vendor carry-back loans.  **[1699136_1252d117f189406792faf6c3dd8a5674_1]** 
- ASCU anticipates securing project financing as early as **Q4 2026**, with the intention to pre-pay the consortium Vendor Loans in full prior to their August 29, 2029, maturity.  **[1699136_1252d117f189406792faf6c3dd8a5674_1]** **[1699136_1252d117f189406792faf6c3dd8a5674_3]**

Arizona Sonoran Copper Company Acquires Additional Land for Cactus Project

- Arizona Sonoran Copper Company has completed its Pre-Feasibility Study (PFS) drilling program, totaling **232,000 ft (70,715 m)** at the Cactus Project in Arizona, which included infill drilling to upgrade Inferred Mineral Resource Estimates (MRE) to Indicated classification.  **[1699136_5591a8a053584df29aceafe20e9859ae_0]** 
- The Company expects a **high mineral resource estimate conversion rate** from the PFS drilling, with an updated MRE for the Cactus Project anticipated soon, feeding into the PFS expected in **2H 2025**.  **[1699136_5591a8a053584df29aceafe20e9859ae_0]** 
- The Definitive Feasibility Study (DFS) infill drilling program has commenced, targeting approximately **80,000 ft (24,000 m)** of drilling with an expected completion by **early 2026** to upgrade the MRE to the Measured classification.  **[1699136_5591a8a053584df29aceafe20e9859ae_1]** 
- Drilling highlights include significant continuous mineralization intercepts such as **1,048 ft (319 m) @ 0.80% CuT** at Parks/Salyer and **761 ft (232 m) @ 0.98% CuT** at Cactus East.  **[1699136_5591a8a053584df29aceafe20e9859ae_2]**

Cactus (WHD)