Core Viewpoint - Thor Explorations Ltd has announced initial drilling results from its Guitry Gold Project in Côte d'Ivoire, indicating promising gold mineralization and the potential for further resource development [1][4][5]. Drilling Program Overview - The company completed a 3,000 metre reverse circulation drilling program during May and June 2025, aimed at understanding the geometry and geological controls on gold mineralization [2][14]. - Initial assay results have been received, confirming the new interpretation of mineralized lodes and intersecting previously untested deeper bedrock mineralization [5][19]. Significant Assay Results - Notable drill results include: - Drillhole GURC25-208: 14m at 2.59 g/t Au from surface - Drillhole GURC25-214: 10m at 10.36 g/t Au from 57m - Drillhole GURC25-219: 3m at 14.50 g/t Au from 82m - Drillhole GURC25-228: 5m at 12.65 g/t Au from 69m [8][19][29]. Project Background - The Guitry Project was acquired from Endeavour Mining for US$100,000 and a 2% Net Smelter Royalty, covering 295 square kilometres in a region known for significant gold deposits [9][28]. - The project is located within the Tehini Greenstone Belt, which hosts large gold deposits in Burkina Faso [9]. Future Exploration Plans - Further exploration at the Krakouadiokro Prospect will include infill and step-out drilling, as well as drilling on numerous geochemical anomalies at both the Krakouadiokro and Gbaloukro Prospects [3][26]. - The company plans to continue drilling after the rainy season and initiate a maiden drilling program on the Marahui Project [6][26].

Core Viewpoint - Bayridge Resources Corp. has announced the commencement of its maiden drill program at the Constellation uranium project, which is fully funded from the existing treasury, indicating a strong commitment to advancing exploration efforts [2][4]. Group 1: Drill Program Details - The drill program will focus on two conductor targets identified from the 2024 VTEM survey: the 5 km Brule Lake conductor (Area B) and the 2.5 km North conductor (Area A) [6]. - The program is budgeted for a minimum of 1,000 meters, with drill holes ranging from 300 to 350 meters in length [6]. Group 2: Prospecting and Mapping Results - In Area A (North Corridor), multiple samples showed elevated uranium concentrations, with a maximum value of 52.5 ppm, correlating with mapped structural trends [7]. - Area B (Brule Lake Conductor) reported the highest uranium concentration from the prospecting program at 488 ppm, with host rocks primarily consisting of psammitic to pelitic gneisses [8]. Group 3: Geological Context - The Constellation property has favorable geology for basement-hosted unconformity-style uranium deposits, with structural lineaments trending NNW and ESE that may act as pathways for hydrothermal activity [13]. - Historical NE-trending conductors on the property remain under-explored and un-drilled, presenting potential targets for future exploration [13]. Group 4: Company Background - Bayridge Resources Corp. is focused on advancing its portfolio of Canadian uranium and lithium projects, including the 1,337 ha Waterbury East project and the 11,142 ha Constellation project [17][18].

Core Viewpoint - Emperor Metals Inc. has announced its initial Mineral Resource Estimate for the Duquesne West Gold Project, indicating a significant increase in gold resources compared to historical estimates [1][3]. Group 1: Mineral Resource Estimate Highlights - The 2025 Duquesne West MRE includes an Inferred Mineral Resource of 26.9 million tonnes (Mt), containing 1.460 million ounces (Moz) of gold at an average grade of 1.69 grams per metric ton (g/t) [2][4]. - The current estimate represents an increase of over 104% from the historical resource, which was 727,000 ounces at a grade of 5.42 g/t [3][4]. - Approximately 44% of the total inferred gold resource is amenable to open-pit extraction, while 56% is potentially mineable via underground methods [6]. Group 2: Exploration and Future Plans - The company plans to conduct a summer drill program of approximately 8,000 to 10,000 meters starting in August to further expand the resource [6]. - The focus for 2025 is to surpass the inferred two-million-ounce mark through systematic exploration [4]. Group 3: Technical Details - The effective date of the 2025 Duquesne West MRE is July 2, 2024, and it was prepared by APEX Geoscience Ltd. [7]. - The MRE includes 292 drillholes with a total of 8,229.31 meters of drilling within the estimation domains [16]. - Gold grades were estimated using Ordinary Kriging with locally varying anisotropy to ensure grade continuity [18]. Group 4: Economic Assumptions - Economic assumptions for the MRE include a gold price of USD $2,300 per ounce, a processing cost of CA$12.5 per tonne, and a general and administrative cost of CA$3.0 per tonne [10].

Core Insights - Rocket Lab Corp. (RKLB) is nearing a significant milestone with its Neutron rocket set for its first flight in the second half of 2025, aiming to enter the medium-lift payload market and compete with heavy-lift providers like SpaceX [1][11] Company Developments - The Neutron rocket is a medium-class, reusable vehicle with a payload capacity of approximately 15,000 kg, designed to provide flexible and cost-effective access to space for various customers, including satellite constellations and government missions [2] - In May 2025, Rocket Lab announced a launch for the U.S. Air Force Research Laboratory, marking a new era in commercial launch capabilities for defense logistics [3] - The company is modifying an ocean landing platform for Neutron missions, which includes autonomous ground support equipment and blast shielding for safe landings [4] Market Performance - Recent announcements regarding the Neutron program have increased investor confidence, reflected in Rocket Lab's share price, which has increased by 40% year-to-date and 103.6% over the past three months [5][11] - The space launch services market is experiencing growth due to rising demand for satellite constellations and government investments, making it a favorable environment for Rocket Lab and other industry players [6] Competitive Landscape - Other notable companies in the space launch market include Boeing and Lockheed Martin, both of which have established positions and significant contributions to space missions [7][8][9] Financial Metrics - Rocket Lab's shares have outperformed the industry, gaining 630.8% over the past year compared to the industry's 50.9% growth [10] - The company currently trades at a forward Price/Sales ratio of 22.49X, significantly higher than the industry's average of 10.06X [12] Earnings Estimates - The Zacks Consensus Estimates for Rocket Lab's losses in 2025 and 2026 have improved over the past 60 days, indicating a positive trend in earnings expectations [13][14]

Core Viewpoint - Prospector Metals Corp. has initiated a fully funded drilling program at its ML Project in the Yukon, aiming to explore high-priority target areas identified in previous exploration efforts [1][2]. 2025 Drill Program - The 2025 ML Drill Program will involve up to 5,000 meters of diamond drilling across 15 to 20 holes targeting six areas: Bueno, Skarn Ridge, Rubble, Fishbowl, Java, and North Vein [2][3]. - The drilling is focused on high-grade, structurally controlled gold mineralization, with initial drilling starting at the Bueno target, where rock samples have shown values up to 156 g/t Au [2][3]. Target Areas - The six target areas for the drilling program include: - Bueno - Skarn Ridge - Rubble Cirque - North Vein - Java - Fishbowl [2][3]. Geological Insights - The drilling targets are based on a reinterpretation of geological data from the 2024 exploration program and historical data, focusing on intrusive units and adjacent altered meta-sediments [2]. - The Bueno target specifically is characterized by NE steeply dipping structures associated with strong fracturing, quartz veining, and mineralization including arsenopyrite and chalcopyrite [2]. Company Overview - Prospector Metals Corp. is part of the Discovery Group and focuses on early-stage exploration of gold and base metal prospects, primarily in Yukon and Ontario, Canada [6]. - The company aims to create shareholder value through new discoveries in underexplored mineral districts [6]. Qualified Person - The technical content of the press release has been reviewed and approved by Jodie Gibson, P.Geo., Vice President Exploration of Prospector, ensuring compliance with National Instrument 43-101 [5].

Core Viewpoint - Makenita Resources Inc. has engaged Vital Drilling Services to initiate its first drilling program at the Hector Silver Project in Ontario, with mobilization already underway and drilling expected to start later this month [1]. Group 1: Project Overview - The Hector Property consists of 126 contiguous unpatented mineral claims covering an area of 2,243 hectares [2]. - The initial drilling phase will target high-priority areas identified through geological interpretation and recent fieldwork, including regions made accessible by wildfire-related clear-cutting [2]. Group 2: Technical Details - The drilling program aims to explore new silver and cobalt targets based on an updated structural model derived from airborne magnetic and VLF-EM surveys conducted from 2017 to 2021, totaling 522.9 line-kilometers [3]. - A significant focus will be on the Block 9 silver anomaly, previously explored by Teck in the early 1970s, which yielded assays of 326 grams per tonne silver (9.5 oz/ton) [4]. - The program will also target the South Keora shaft, a historic high-grade prospect with reported sampling results of 12-15% cobalt and up to 1,000 oz/ton silver from around 1913 [4]. Group 3: Management Insights - Jason Gigliotti, President and CEO of Makenita Resources, emphasized that this drilling marks a significant milestone for the company, aiming to validate historical mineralization and unlock potential value for shareholders [5]. - The Hector Project is positioned as a core strategic asset for Makenita, situated in a historically rich mining district known for silver and cobalt production [5].

Mr. McDonald adds; "Congratulations to our team for their high standard of work, diligence and attention to detail and for taking Columba from a property exam to a negotiation of concession ownership, to surface access agreements, to discovery, and now the maiden resource. We believe this resource is just the first step in defining the true extent of the mineralized system at Columba and remain focused on advancing exploration. We will continue with step out drilling of several kilometers of undrilled veins ...

Core Insights - Makenita Resources has received final regulatory approval for its drilling permit at the Hector Silver/Cobalt Property in Ontario, allowing the company to commence its maiden drilling campaign [1][2][3] - The Hector Property consists of 126 unpatented mineral claims covering 2,243 hectares, with initial drilling targeting high-priority zones identified through geological assessments [2] - The company has achieved full DTC eligibility for its U.S. trading symbol, KENYF, facilitating easier trading for American investors [3][4] Company Developments - The commencement of drilling is expected to generate significant news flow and market interest, marking a pivotal moment for Makenita Resources [3][4] - The Hector Silver/Cobalt Project is positioned in a mining-friendly jurisdiction with a history of silver and cobalt production, enhancing its strategic value [4] - The company aims to leverage positive commodity fundamentals and a tightly held share structure to establish itself as a compelling exploration story in the North American resource sector [4]

Group 1 - Kestrel Group LLC and Maiden Holdings, Ltd. have successfully closed their combination, forming Kestrel Group Ltd, which will begin trading on Nasdaq under the ticker symbol "KG" on May 28, 2025 [1][3] - The new entity aims to create a values-driven insurance organization focused on innovation, client service, and long-term relationships, utilizing A.M. Best A- rated insurance carriers [2][4] - The combination is expected to position Kestrel Group to capitalize on favorable market opportunities and accelerate its growth plan to become a leading specialty program group nationwide [3] Group 2 - Kestrel Group specializes in providing fronting services to insurance program managers, MGAs, reinsurers, and reinsurance brokers, facilitating transactions through exclusive management contracts with four A- rated insurance carriers [4] - The company does not assume significant underwriting risk and produces various lines of business, including casualty, workers' compensation, and property insurance [4]

Investment Performance - As of March 31, 2025, Maiden Holdings has invested $254.2 million into alternative investments, including equity securities and other asset classes, aiming to exceed the benchmark cost of capital [219]. - The alternative investments portfolio increased by 1.1% during the three months ended March 31, 2025, primarily due to net purchases of private equity funds, but produced a lower positive net return of 0.3% compared to 3.4% for the same period in 2024 [230]. - The investment portfolio generated net unrealized gains of $0.7 million during the three months ended March 31, 2025, increasing the book value per common share by $0.01 [336]. - The company’s investment performance is subject to various risks, including market volatility and interest rate fluctuations, which could impact the value of its investment portfolio [327]. - Total investment return, including other comprehensive income, was $4,369,000 in Q1 2025, compared to $18,074,000 in Q1 2024 [358]. - The internal rate of return for the alternative investment portfolio was 4.9% as of March 31, 2025, with a multiple on invested capital of 1.12 [364]. - Private equity investments produced a total investment return of $2.4 million in Q1 2025, with an internal rate of return of 10.5% and a multiple on invested capital of 1.36 [366]. - The company realized total gains of $4.8 million from the sale of its stake in Betterview Marketplace, Inc., achieving an IRR of 25.8% and a MOIC of 1.74 [369]. Financial Performance - Net loss for the three months ended March 31, 2025, was $(8,645) thousand, compared to net income of $1,459 thousand for the same period in 2024, representing a change of $(10,104) thousand [237]. - The company's book value per common share decreased by 17.4% to $0.38 as of March 31, 2025, while non-GAAP book value decreased by 6.6% to $1.42 [237]. - Non-GAAP operating loss for the three months ended March 31, 2025, was $(2,807) thousand, an improvement from $(4,950) thousand in 2024 [237]. - The company's total capital resources decreased by $7.6 million to $299.9 million, primarily due to a net loss of $8.6 million [379]. - The ratio of debt to total capital resources increased to 87.5% as of March 31, 2025, compared to 85.3% at December 31, 2024 [237]. Underwriting and Premiums - Underwriting income for the three months ended March 31, 2025, was $7.5 million, driven by favorable prior year reserve development of $12.4 million [233]. - Gross premiums written decreased by 51.1% to $4,074 thousand for the three months ended March 31, 2025, down from $8,323 thousand in 2024 [237]. - Net premiums earned decreased by 37.9% to $7,684 thousand for the three months ended March 31, 2025, compared to $12,408 thousand in 2024 [237]. - Non-GAAP underwriting income for the three months ended March 31, 2025, was $6.467 million, compared to a loss of $2.524 million in the same period of 2024 [396]. Strategic Initiatives - Maiden Holdings is undergoing a strategic transformation, including divesting its IIS business to enhance shareholder value, with transactions including Renewal Rights and Asset Purchase Agreements with AmTrust Nordic AB and a Stock Purchase Agreement for Maiden LF and Maiden GF [211]. - The company has suspended its common share repurchase program in connection with the combination agreement with Kestrel Group LLC, which was approved by shareholders on April 29, 2025 [222]. - The combination with Kestrel is expected to close in the second quarter of 2025, representing a transformative milestone for Maiden Holdings [228][229]. - The company has ceased new commitments to alternative investments in the foreseeable future as part of its strategic initiatives [325]. Loss Development and Liabilities - Maiden Holdings' total insurance-related liabilities at March 31, 2025, amounted to $24.5 million, consisting of total loss reserves of $18.2 million, an underwriting-related derivative liability of $4.0 million, and net deferred gains on retroactive reinsurance of $2.3 million [223]. - The company has experienced significant adverse loss development in its AmTrust Reinsurance segment, prompting a reassessment of its business strategy [224][225]. - Maiden Holdings aims to resolve AmTrust liabilities not covered by the LPT/ADC Agreement through finality solutions, which may involve significant costs [232]. Cash Flow and Assets - Cash flows used in operating activities for the three months ended March 31, 2025, were $21.1 million, compared to cash flows provided of $8.0 million for the same period in 2024 [314]. - The company's total assets decreased by 6.2% to $1,234,584 thousand as of March 31, 2025, down from $1,316,006 thousand at December 31, 2024 [237]. - Unrestricted cash, cash equivalents, and fixed maturity investments decreased to $42.5 million as of March 31, 2025, from $75.0 million at December 31, 2024 [312]. Investment Portfolio Composition - As of March 31, 2025, investable assets were $641.7 million, down from $699.4 million as of December 31, 2024, a decrease of $57.7 million [302]. - The company holds 44,750,678 common shares owned by Maiden Reinsurance, with a market value of $25.5 million at March 31, 2025 [332]. - As of March 31, 2025, 100% of the fixed maturity investments consisted of investment grade securities [342]. - The alternative investments portfolio increased to $254,249,000 as of March 31, 2025, representing 50.8% of total cash and investments, up from 48.5% at December 31, 2024 [348].