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Cerrado Gold maintains an attractive risk/reward profile, driven by Minera Don Nicolas' transformation into a robust cash flow generator. Q1 results highlight a dramatic AISC reduction from $1932 to $1348/oz and EBITDA growth, though cash flow quality remains a concern due to high reinvestment. Q2 production reached 15,415 GEO, supporting confidence in 50,000–60,000 GEO annual guidance, with operational stability…

Saul Centers trades at a steep 7.84x price/book, up 30%, despite lagging peers in 3-year total return. BFS preferreds (BFS.PR.D, BFS.PR.E) yield 7.3% and 6.6% but lack credit ratings and trade below par. Moody's methodology suggests a Ba3 credit profile for BFS, implying B2 for its preferreds—signaling elevated credit risk.

BETHESDA, Md., June 18, 2026 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2026, to holders of record on July 15, 2026.

Saul Centers has rallied 15% since mid-May, benefiting from stabilized DC-area fundamentals and ramping growth projects. BFS delivered Q1 FFO of $0.71, with same-property revenue up 7% and multifamily occupancy at a robust 97.6%. High leverage (55% debt/EV, 8x EBITDA) persists, but deleveraging is expected as new properties scale and contribute to earnings.

BFS HIGHLIGHTS Base-case NPV of approximately US$670 million (and US$829 at 105% production) IRR of 20.2% at 100% production (and 23.1% at 105% production) significantly exceeding the Project's estimated WACC of 4.6%, indicating substantial value creation above the cost of funding After startup in 2028, indicative gross margin of approximately 50% at projected 2030 domestic pricing After startup in 2028, estimated…