Disclosures - TPH Research

General Disclosures

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FINRA Rule 2241 and CIRO Rule 3600 Part B require certain disclosure and compliance in research reports. Specifically, we are required to provide disclosure of potential conflicts of interest between TPH and our clients. The conflicts which must be disclosed include:

Whether or not TPH and its affiliates own 1% or more of the outstanding shares of any active covered company in our research universe.
Whether or not one or more of the TPH Research Analysts (or members of their household) have a long or short position in the debt or equity securities of the subject company of a research report.
Any services provided to a subject company of a research report by any Partner, Director, or Officer of TPH Research, or the Analyst(s) involved in the preparation of the report, other than services provided in the normal course of investment advisory or trade execution services for remuneration during the 12 months immediately preceding the date the research report or recommendation was issued.
Any investment banking services or non-investment banking services provided by TPH or its affiliates to the subject company of a research report for remuneration during the 12 months immediately preceding the date the research report or recommendation was issued.
The name of any Partner, Director, Officer or employee of TPH who is also a Partner, Director, Officer or employee of the subject company of a research report, or who serves in an equivalent advisory capacity to the subject company.
If the Analyst(s) received any compensation from the subject company in the previous 12 months.
If TPH is making a market in any equity security or equity related security of the subject company of a research report.
If within the past 12-months of the date of publication of a research report and while employed by TPH, the publishing Canadian Analyst(s) responsible for creating the report have visited the operations of the subject company.
Any other material conflict of interest known to the Analyst(s) at the time of publication.

Where TPH response to any particular conflict disclosure is to the negative, then no disclosure for that conflict will be provided. TPH does not receive compensation for any non-securities related services. Securities transactions, when offered, are offered by Analyst Hub Securities, LLC through Stone X Financial Inc. (“SFI”) both FINRA and SIPC member firms. Employees and Officers of TPH Research are registered representatives of Analyst Hub Securities, LLC (FINRA/SIPC member firm).

Regulatory Disclosures

Analyst Certification: All contributing TPH Research Analysts do hereby certify that, to the best of their knowledge, the views and opinions in this research report accurately reflect their personal views about the company and its securities. They have not nor will they receive direct or indirect compensation in return for expressing specific recommendations or viewpoints in this report.

Analyst Compensation: The compensation of Research Analysts is intended to reflect the value of the services they provide to the Firm. As with most other employees, the compensation of Research Analysts is impacted by the overall profitability of the firm.

Dissemination of Research: The Firm’s investment research is available to our clients on a confidential basis. Clients of the Firm may request to receive our research reports by email or hardcopy. Requests for access to our research should be sent to the Research Department at [email protected]. Senior management of the Securities Department reviews all requests to receive research reports and related information. Approval to receive our Firm’s investment research is based on the given client being in good standing with the Firm and in compliance with regulatory requirements. The Firm’s research reports are for the exclusive use of the client to which the research report was sent by the Firm and may not be reproduced or redistributed without the Firm’s express written consent.

Institutional Communication Only: Under FINRA Rule 2210, TPH Research and Analyst Hub Securities, LLC email communications are deemed institutional sales material and are not meant for distribution to retail investors. Recipients should not forward TPH email communications to a retail investor.

Research Ratings & Price Target Methodology: TPH Research ratings and price targets are designed for those with a long-term investment horizon (“investor research”). From time to time, TPH may provide a recommendation with a short-term investment horizon (“trading research”) which may lead to trading research containing different recommendations or ratings that could result in short-term price movements contrary to the recommendation in the firm’s investment research.

Rating System

Buy – The stock should be purchased aggressively at current prices. The stock has among the best combination of risk/reward and positive company specific catalysts within the sector. Stock is expected to trade higher on an absolute basis and be a top performer relative to peer stocks over the next 12 months.

Hold – Do nothing with the stock at current prices. The stock has average risk/reward and is expected to perform in line with peer stocks over the next 12 months.

Sell – The stock should be sold aggressively at current prices. The stock’s risk/reward is skewed to the downside with possible negative company specific catalysts or excessive valuation. The stock is expected to trade lower on an absolute basis and be among the worst performers relative to peer stocks over the next 12 months.

Other Disclosures

Trade Name: TPH Research.

Legal Entities Disclosure: U.S.: Analyst Hub Securities, LLC is a member of FINRA and SIPC.

Artificial Intelligence: Portions of this report may include content generated, sourced, or created with assistance from artificial intelligence (AI) tools. TPH considers this content to be reliable but does not guarantee that such content is accurate or complete and accepts no liability for loss arising from the use of this content. No portion of this report may be used to train or otherwise develop a generative AI or machine learning model without TPH express written consent.

Canada: This report is not, and under no circumstances should be construed as a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. To the full extent permitted by law neither TPH nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct, indirect or consequential loss arising from, or in connection with any use of this report or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior written consent of TPH in each instance. All opinions and estimates contained in this report constitute TPH judgement as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. Nothing in this report constitutes legal, accounting or tax advice or individually tailored investment advice. This report is not an offer to sell or a solicitation of an offer to buy any securities. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

In accordance with the Canadian Anti-Spam Legislation, TPH has implied consent from you as a member of the investment community with whom we have already established a relationship through business discussions or dealings, or your email address was made available to TPH. However, if you are Canadian and wish to stop receiving ANY emails from TPH (and its affiliated companies), please send an email to [email protected]. Please note that this does not apply if you are an existing client and CIRO rules and regulations require us to continue to send you critical email communications.

This publication is produced by Analyst Hub Securities, LLC which is regulated in the United States by FINRA. It is to be communicated only to persons of a kind described in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. It must not be further transmitted to any other person without our consent. Any other person should not rely on or act upon the content of this publication. Persons falling within Article 19 include authorized or exempt investment firms, UK or overseas governments, UK or overseas local authorities or international organizations. Persons falling within Article 49 include (i) companies or unincorporated associations with net assets or called-up share capital of £5 million, or (ii) companies with more than 20 members, or subsidiary companies of the same that have net assets or called-up share capital of £500,000.

Some employees and officers of TPH Research are registered representatives of Analyst Hub Securities, LLC (FINRA/SIPC member firm). www.finra.org