Summary of North American Metals & Mining Conference Call Industry Overview - **Industry**: North American Precious Metals - **Key Commodities**: Gold and Silver Core Insights and Arguments 1. **Price Forecasts**: - Gold is projected to reach **$5,000/oz** and silver to **$65/oz** in the next 12-18 months, with 2026 average forecasts for gold raised by **18%** to **$4,329/oz** and silver by **29%** to **$54.88/oz** [1][10][11] - Investment demand for gold is expected to increase by **14%** in 2026, similar to the current year [2] 2. **Market Dynamics**: - Key conditions supporting gold price strength include: - US structural deficit - Inflationary pressures from deglobalization - Threats to the independence of the US central bank - Ongoing global geopolitical tensions [1] 3. **Investment Trends**: - ETF purchases of gold surged by **880% YoY** in September, reaching an all-time high of **$14 billion** [2] - Total physical and paper gold investment has nearly doubled, exceeding **5%** of global equity and fixed income markets [2] 4. **Risks to Monitor**: - Supreme Court ruling on President Trump's tariffs - Potential hawkish pivot from the Federal Reserve if economic data improves - Outcomes of the US mid-term elections affecting economic policy implementation [2] Company-Specific Updates 1. **Net Asset Value (NAV) and Price Objectives (PO)**: - NAV estimates for North American Precious Metals coverage increased by **10%**, with average POs raised by **16%** [3][19] - IAMGOLD (IAG) saw the largest PO increase of **49%** to **$16.75** per share, reflecting improved jurisdictional risk [3][15] - SSR Mining (SSRM) PO raised by **41%** to **$18.00** per share, despite an Underperform rating due to uncertainties regarding Çöpler mine [3][15] 2. **Top Picks**: - Agnico Eagle Mines (AEM) is highlighted as the top pick due to its strong track record and growth projects [4] - Pan American Silver (PAAS) is favored for balanced exposure to silver and gold [4] 3. **EBITDA Revisions**: - Average EBITDA estimates for 2026 and 2027 increased by **25%** and **18%**, respectively, driven by revised commodity price forecasts [20] 4. **Valuation Multiples**: - Target multiples for IAMGOLD and SSR Mining adjusted to **1.60x** and **1.00x**, respectively, reflecting improved performance and market conditions [15][16] Additional Important Information - The report indicates potential conflicts of interest due to BofA Securities' business relationships with covered issuers [6] - The document includes various disclosures and certifications relevant to the research [5][6] This summary encapsulates the key points from the conference call, focusing on industry trends, company-specific updates, and potential investment opportunities and risks.

Core Insights - IAMGOLD Corporation (NYSE:IAG) is recognized as one of the best gold stocks to buy according to hedge funds, with a recent price target increase from $9 to $13 by Raymond James while maintaining a Market Perform rating [1][2] - The price target adjustment is attributed to raised gold and silver price forecasts based on recent price trends and strong year-to-date performance [2] - Analysts maintain a positive outlook on IAMGOLD, with a 12-month median price target indicating a potential upside of 10.35% from current levels [3] Company Overview - IAMGOLD Corporation is a Canadian intermediate gold producer and developer with operations in North America and West Africa [4]

Core Insights - Gold prices are nearing the unprecedented $4,200 mark, with significant operational improvements noted in mid-tier gold mining companies Iamgold Corp. and SSR Mining Inc. [1] Group 1: Gold Price and Market Context - As of the publication, gold prices were at $4,130.71 per ounce, reflecting a 55.78% increase over the year and a 28.61% rise in the last six months [6] - The S&P 500 index, Nasdaq 100, and Dow Jones indices also experienced gains, indicating a positive market environment [6] Group 2: Company Performance - Iamgold's quality percentile improved from 89.93 to 91.00, a week-on-week increase of 1.07, with the stock up 142.83% year-to-date and 184.07% over the past year [7] - SSR Mining's quality percentile rose from 88.24 to 89.33, gaining 1.09 over the week, with a year-to-date increase of 227.58% and a 309.76% rise over the year [7] Group 3: Quality Rankings - Quality rankings are based on a percentile metric that evaluates profitability, balance sheet strength, and performance relative to peers, indicating consistent operational upgrades [5] - Movement into the top decile of quality rankings signifies resilience and long-term operational improvements [5]

Core Points - IAMGOLD Corporation plans to release its third quarter 2025 operating and financial results on November 4, 2025, after market hours [1] - A conference call to discuss these results will be held on November 5, 2025, at 8:30 a.m. Eastern Time [1] Company Overview - IAMGOLD is an intermediate gold producer and developer based in Canada, with operating mines in North America and West Africa [3] - The Côté Gold Mine, which achieved full nameplate production in June 2025, has the potential to be one of the largest gold mines in Canada [3] - IAMGOLD employs approximately 3,700 people and is committed to high standards of Environmental, Social, and Governance practices [3]

Group 1 - The price of gold has reached a historic high, currently standing at $3,890 per ounce, leading to a pre-market rise in gold stocks in the US [1] - AngloGold shares increased by over 3%, while Harmony Gold and Kinross Gold saw gains of over 2% [1] - Other companies such as Pan American Silver and Fortuna Silver also experienced pre-market increases of over 1% [1] Group 2 - AngloGold's latest price is $70.33, with a market capitalization of $35.499 billion and a year-to-date increase of 216.85% [2] - DRDGOLD shares are priced at $27.60, with a market cap of $2.385 billion and a year-to-date increase of 226.89% [2] - Kinross Gold's latest price is $24.85, with a market cap of $30.287 billion and a year-to-date increase of 170.31% [2]

Core Insights - IAMGOLD Corporation is highlighted as a top Canadian stock to consider for investment due to recent positive assay results from its Nelligan and Monster Lake Projects in Quebec [1] Group 1: Project Developments - The Nelligan Project and Monster Lake Project are located approximately 15 kilometers apart and about 60 kilometers southwest of Chibougamau, Quebec [1] - The combined exploration camp now holds approximately 9 million ounces of resources, making the Nelligan project one of the largest gold projects in Canada [2] - The 2025 drilling program for the Nelligan Project involved 27 diamond drill holes totaling 11,583 meters, conducted between January and April 2025 [2] - For the Monster Lake Project, results from 16 diamond drill holes totaling 10,137.5 meters were reported, confirming high-grade veins in the Megane Zone [3] - The top intercept at the Monster Lake Project was 9.0 meters at 23.37 g/t Au, which included a notable 0.7 meters at 191.5 g/t Au in hole ML-25-292 [3] Group 2: Company Overview - IAMGOLD Corporation operates as a gold producer and developer in Canada and Burkina Faso [4] - The company holds a 100% interest in the Westwood project, a 60% interest in the Côté gold project, and a 90% interest in the Essakane project [4]

Core Insights - IAMGOLD Corporation has announced positive assay results from its 2025 drilling programs at the Nelligan and Monster Lake projects, confirming the extension of mineralized zones at both sites [2][3] - The combined resources at Nelligan and Monster Lake are nearly 9 million ounces, positioning Nelligan among the largest gold projects in Canada with significant growth potential [3][16] Nelligan Project Highlights - The 2025 drilling program at Nelligan included 27 diamond drill holes totaling 11,583 meters, confirming significant extensions of gold-bearing zones, particularly in the Renard, Footwall, and Zone 36 areas [8][16] - Notable assay results include 20.6 meters at 1.93 grams per tonne (g/t Au) and 36.5 meters at 3.03 g/t Au, indicating high-grade mineralization [6][8] - As of December 31, 2024, Nelligan's estimated mineral resources comprised 102.8 million tonnes of Indicated Resources grading 0.95 g/t Au for 3.1 million ounces and 166.4 million tonnes of Inferred Resources grading 0.96 g/t Au for 5.2 million ounces [21][22] Monster Lake Project Highlights - The Monster Lake drilling program involved 16 diamond drill holes totaling 10,137.5 meters, aimed at expanding mineralized zones and improving resource classification [23][24] - Significant assay results include 4.9 meters at 127.3 g/t Au and 9.0 meters at 23.4 g/t Au, showcasing the high-grade nature of the mineralization [11][30] - As of December 31, 2024, the estimated mineral resources at Monster Lake included 239,000 tonnes of Indicated Resources grading 11.0 g/t Au for 84,200 ounces and 1,053,000 tonnes of Inferred Resources grading 14.4 g/t Au for 488,500 ounces [30] Future Exploration Plans - The next phases of drilling at both Nelligan and Monster Lake will focus on infill drilling to convert Inferred Resources into Indicated Resources and to explore deeper extensions of the mineralized zones [14][25] - Regional exploration activities will continue to refine geological and structural models to identify additional targets for evaluation [15][25]

Core Viewpoint - iA Financial Corporation Inc. has appointed Johanne Papillon and Yousry Bissada to its Board of Directors, effective September 23, 2025, enhancing its leadership team with experienced professionals in the financial services sector [1] Group 1 - Johanne Papillon brings over 25 years of experience in the Canadian financial services industry [1] - From January 2020 to December 2022, she served as Senior Vice-President, Business & Financial Implications, IFRS 17/9 at Sun Life Financial Inc. [1] - Yousry Bissada's background and experience details were not provided in the document [1]

Core Insights - Three stocks in the materials sector are showing signs of being overbought, which may concern momentum-focused investors [1][2] Company Summaries - **OR Royalties Inc (OR)**: - Achieved quarterly earnings in line with expectations and is on track to meet its 2025 guidance of 80,000-88,000 GEOs. The stock gained approximately 13% over the past month, reaching a 52-week high of $35.44. The RSI value is 82.8, indicating overbought conditions. The stock price fell 1.1% to close at $34.61 [8]. - **Iamgold Corp (IAG)**: - Reported weaker-than-expected quarterly earnings but is positioned to generate significant cash flows moving forward. The stock increased around 33% over the past month, with a 52-week high of $10.27. The RSI value is 78, suggesting it is nearing overbought territory. The stock price decreased 0.6% to close at $10.02 [8]. - **Equinox Gold Corp (EQX)**: - Delivered better-than-expected second-quarter results and is entering a pivotal growth phase. The stock surged approximately 50% over the past month, achieving a 52-week high of $10.00. The RSI value is 85.8, indicating it is overbought. The stock price increased 1.2% to close at $9.95 [8].

Core Insights - Three stocks in the materials sector are showing signs of being overbought, which may concern momentum-focused investors [1][2]. Company Summaries - **OR Royalties Inc (OR)**: - Achieved quarterly earnings in line with expectations, with a projected annual guidance of 80,000-88,000 GEOs for 2025. - The stock increased by approximately 13% over the past month, reaching a 52-week high of $35.44. - Current RSI value is 82.8, and the stock closed at $34.61, down 1.1% [8]. - **Iamgold Corp (IAG)**: - Reported weaker-than-expected quarterly earnings but is positioned to generate significant cash flows moving forward. - The stock rose around 33% in the last month, with a 52-week high of $10.27. - Current RSI value is 78, and the stock closed at $10.02, down 0.6% [8]. - **Equinox Gold Corp (EQX)**: - Delivered better-than-expected second-quarter results, entering a pivotal growth phase with significant increases in mining and processing rates. - The stock surged approximately 50% over the past month, achieving a 52-week high of $10.00. - Current RSI value is 85.8, and the stock closed at $9.95, up 1.2% [8].