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Topaz Energy Corp. (TPZ:CA) Q4 2025 Earnings Call Transcript

I see a rising risk of a second inflation wave, with consensus underestimating persistent inflation above 3% through 2026. Leading indicators like the ISM Manufacturing Prices Index and commodity prices signal renewed inflationary pressures despite subdued official CPI data. My investment thesis favors energy royalties, critical materials, infrastructure, and luxury stocks with strong pricing power to offset…

We are transitioning from a globalization-focused world to one prioritizing resilience, autarky, and supply chain security. Heightened geopolitical risks and deglobalization support investment in defense, resource, and infrastructure sectors for portfolio resilience. Stock exchange operators, defense contractors, resource producers, and infrastructure enablers are positioned to benefit from this new world order.

Topaz Energy (TPZ:CA) offers resilient cash flow and dividend safety, leveraging royalty infrastructure and exposure to Canadian natural gas and oil prices. Despite weak 2025 natural gas prices, TPZ's infrastructure and liquids revenue supported robust free cash flow and a comfortably covered 5% dividend yield. TPZ's capital-light model enables C$150M annual M&A, targeting 10-18% returns, with management projecting…

Miami International Holdings offers a high-growth, technology-driven exchange platform aiming to disrupt entrenched market leaders with ultra-low latency and strategic partnerships. MIAX's sale of MIAXdx to Robinhood, retaining a 10% stake, positions it for upside in prediction markets without retail risk exposure. Topaz Energy delivers a 4.8% yield, 90% free cash flow margins, and resilient dividend growth,…