Core Viewpoint - Liberty Gold Corp. has appointed Brad Ralph as Senior Vice President of Corporate Development, bringing over twenty years of experience in corporate development and investment banking, particularly in the mining sector [1][2]. Company Overview - Liberty Gold is focused on developing open pit oxide deposits in the Great Basin of the United States, which is known for its large-scale gold projects suitable for open-pit mining [4]. - The company is advancing the Black Pine Project in southeastern Idaho, which is a past-producing, Carlin-style gold system with significant resource potential and strong economic viability [4]. Executive Profile - Brad Ralph has a robust background in corporate development and investment banking, having served as CEO of Accelera Capital Inc. and held senior roles at various financial institutions [2][3]. - His expertise includes managing acquisition and sale transactions, sourcing funding solutions, and leading due diligence processes, with a notable track record in public markets and equity financing [3]. Leadership Statement - Jon Gilligan, President and CEO of Liberty Gold, expressed enthusiasm about Brad Ralph's appointment, highlighting his extensive experience in M&A transactions and project financing as critical for the company's growth [4].

Core Insights - Equinox Gold Corp. is recognized as one of the best gold stocks to buy according to hedge funds, highlighting its strong market position [1] - The Valentine Gold Mine has commenced gold production ahead of schedule, with significant operational progress reported [1][2] - The company aims to ramp up production significantly, targeting 15,000 to 30,000 ounces of gold in Q4 and achieving a consistent capacity of 2.5 million tonnes per year by Q2 2026 [1] Company Developments - Equinox Gold acquired 100% ownership of the Valentine Gold Mine through the acquisition of Calibre Mining Corp. on June 17, 2025, enhancing its asset portfolio [2] - The acquisition also included full ownership of the Greenstone Mine in Ontario, positioning Equinox as the second-largest gold producer in Canada [2] - The company operates gold mines across Canada, the United States, Mexico, and Brazil, focusing on growth and aiming for over one million ounces of annual gold production from expansion projects [3]

Core Insights - Calibre Mining Corp. is a mid-tier gold producer focused on high-return assets in the Americas, particularly in Central America, with a strategy that combines production and exploration to enhance cash flow and reserve growth [2][3][47] Company Profile - Calibre Mining Corp. is publicly listed on the Toronto Stock Exchange under the ticker TSX:CXB, concentrating on the acquisition, exploration, and development of gold deposits [3][36] - The company aims to optimize near-mine brownfield opportunities while pursuing selective greenfield projects with high margin potential [3][21] Operational Strategy - Calibre's operational profile is characterized by a focus on maximizing operating cash flow, extending mine lives through near-mine exploration, and evaluating accretive acquisitions [5][21] - The company employs a disciplined exploration strategy that integrates near-mine drilling to reduce discovery risk and enhance resource conversion [23][46] Financial Metrics - Calibre's market capitalization and revenue are influenced by commodity price fluctuations, production performance, and investor sentiment, with revenue primarily driven by gold sales [10][20] - Analysts monitor key performance indicators such as production volumes, all-in sustaining cost (AISC) per ounce, reserve revisions, and cash position to assess financial health [6][7][20] Market Position - Calibre operates within a competitive landscape alongside peers like B2Gold, Yamana Gold, and larger companies such as Newmont Corporation and Barrick Gold, focusing on operational efficiency and jurisdictional risk management [2][4][24] - The company's strategic posture includes maintaining operational efficiency while growing reserves, which may attract interest from larger miners seeking acquisitions [38][39] Leadership and Governance - The leadership team at Calibre is noted for its blend of technical mining expertise and financial experience, emphasizing operational efficiency and capital discipline [31][35] - Management's decisions regarding exploration and capital allocation significantly impact the company's risk-return profile [32][35] Industry Context - Calibre operates in a capital-intensive gold mining sector where returns are driven by cost control and strategic exploration, with a focus on Central America [21][22] - The company benefits from existing infrastructure and established mining jurisdictions, which facilitate operational synergies [21][25]

Core Insights - Equinox Gold Corp. reported solid financial and operational results for Q2 2025, indicating a pivotal growth phase with significant production increases and upcoming contributions from new assets [2][3][4]. Financial Highlights - The company produced 219,122 ounces of gold in Q2 2025, with cash costs of $1,478 per ounce and all-in sustaining costs (AISC) of $1,959 per ounce [7][10]. - Revenue for Q2 2025 was $478.6 million, with a net income of $23.8 million, translating to $0.05 per share [10][33]. - Adjusted EBITDA for the quarter was $200.5 million, reflecting strong operational performance [10][33]. Operational Highlights - Mining rates at the Greenstone project increased by 23%, and processing rates improved by 20% compared to Q1 2025 [3]. - The company anticipates a strong Q3 2025, driven by contributions from the Calibre assets, the startup of the Valentine Gold Mine, and continued improvements at Greenstone [3][4]. Production Guidance - Equinox Gold expects full-year consolidated production to be between 785,000 to 915,000 ounces for 2025, with a strong second half anticipated [4][17]. - The company’s updated guidance reflects the integration of Calibre assets and a focus on ramping up production at Greenstone and Valentine [17][18]. Cash Flow and Debt Management - Cash flow from operations before changes in non-cash working capital was $126.0 million for Q2 2025, with mine-site free cash flow before changes in non-cash working capital at $154.5 million [10][29]. - As of June 30, 2025, the company had cash and cash equivalents of $406.7 million and net debt of $1,373.7 million [11][10]. Strategic Developments - The acquisition of Calibre Mining Corp. was completed on June 17, 2025, enhancing the scale and earnings power of the combined company [4][7]. - The Valentine Gold Mine is in the final stages of commissioning, with ore processing expected to commence by the end of August 2025 [11][10].

Core Viewpoint - Great Atlantic Resources Corp. has received approval for a bulk sample extraction at its Golden Promise Gold Property, targeting high-grade gold zones with an inferred resource of 119,000 ounces at an average grade of 10.4 g/t gold [1][4][15]. Group 1: Project Details - The bulk sample approval allows for the extraction of up to 1,000 cubic meters (approximately 2,700 tonnes) from the Jaclyn Main Zone, with equipment mobilization occurring this month and extraction set to begin in September [2][3]. - The project is strategically located just 1 kilometer from Calibre Mining Corp.'s Valentine Gold Mine, enhancing its potential within a high-potential gold region [5]. - The extraction will utilize Novamera Inc.'s Surgical Mining™ technologies, which combine conventional drilling with advanced digital technologies to reduce costs [10][7]. Group 2: Financial and Technical Aspects - The bulk sampling work will be partially funded by co-investment from Digital Technology Supercluster Canada, supporting innovation in the mining sector [13]. - Previous drilling in the area has shown promising results, with several drill holes reporting high gold grades, including 120.89 g/t over 0.44 meters [16]. - The inferred resource estimate for the Jaclyn Main Zone is compliant with National Instrument 43-101, indicating a significant potential for gold extraction [15]. Group 3: Company Positioning - Great Atlantic Resources Corp. is positioning itself as a key player in the mining sector, leveraging innovative technologies to enhance operational efficiency and resource extraction [7][20]. - The company is focused on developing mineral assets in Atlantic Canada, which is recognized as a leading mining region globally [20].

Core Insights - Equinox Gold Corp. (EQX) achieved a record gold production of 145,290 ounces in Q1, marking a 30% increase from 111,725 ounces in the same quarter last year, driven by the ramp-up at Greenstone [1][6] - For the full year 2025, EQX expects consolidated gold production between 785,000 and 915,000 ounces, excluding the suspended Los Filos mine and the Valentine mine, which is set to start production in Q3 2025 [2][6] - The company anticipates improved production in the second half of 2025 despite current milling grades and throughput at Greenstone being below expectations [2] Company Performance - EQX's year-to-date stock performance has increased by 16.1%, while the Zacks Mining – Gold industry has risen by 56.6% [5] - The forward 12-month earnings multiple for EQX is 7.78, which is approximately 42.5% lower than the industry average of 13.52 [7] - The Zacks Consensus Estimate indicates a significant year-over-year earnings rise of 135% for 2025 and 123.4% for 2026, although EPS estimates have been trending lower over the past 60 days [8]

Core Insights - Equinox Gold Corp. has completed its merger with Calibre Mining Corp., forming a diversified gold producer focused on the Americas, with significant operations in Canada [1][7] - The combined entity will be the second-largest gold producer in Canada, with a production capacity exceeding 1.2 million ounces annually from its Greenstone and Valentine mines [3][7] Company Overview - The merger enhances Equinox Gold's asset base, adding operating mines in Nicaragua and the United States, along with earlier-stage projects in the U.S. [2] - The Valentine Gold Mine in Newfoundland is projected to begin production in Q3 2025 [2] Production and Financial Outlook - The integrated company will benefit from low-cost production growth, increased cash flow, and a stronger balance sheet, supported by approximately 23 million ounces of proven and probable gold reserves [3][7] - The Zacks Consensus Estimate indicates a significant year-over-year earnings increase of 135% for 2025 and 123.4% for 2026, although EPS estimates have been trending lower recently [8] Valuation Metrics - Equinox Gold is currently trading at a forward 12-month earnings multiple of 6.31, which is about 55.2% lower than the industry average of 14.08 [11] - The company holds a Value Score of B, indicating potential undervaluation relative to its peers [11] Industry Context - The merger reflects a broader trend of consolidation in the gold mining sector, with notable transactions such as Newmont Corporation's acquisition of Newcrest Mining and Gold Fields Limited's acquisition of Osisko Mining [4][5] - These consolidations aim to create stronger portfolios and enhance operational efficiencies within favorable mining jurisdictions [4][5]

Core Viewpoint - Equinox Gold Corp. has successfully completed the acquisition of Calibre Mining Corp., creating a diversified gold producer focused on the Americas with significant growth potential [1][2]. Company Overview - The merger has resulted in a company with a portfolio of mines across five countries, highlighted by two major Canadian gold mines: Greenstone Gold Mine in Ontario and Valentine Gold Mine in Newfoundland & Labrador [2]. - Valentine Gold Mine is nearing completion, with first gold production expected by the end of Q3 2025 [2]. - With both Greenstone and Valentine operating at full capacity, Equinox Gold is positioned to become the second largest gold producer in Canada [2]. Leadership Changes - The Board of Directors of Equinox Gold has seen new appointments from Calibre, including Blayne Johnson, Doug Forster, Omaya Elguindi, and Mike Vint, while retaining several existing directors [4]. - The leadership team will include Greg Smith as CEO, Darren Hall as President and COO, and Peter Hardie as CFO [4]. Strategic Importance - The merger is described as transformative, combining the strengths of both companies to enhance production capabilities and long-term value for shareholders [5]. - Equinox Gold plans to delist Calibre shares from the Toronto Stock Exchange and cease its public reporting requirements [5]. Shareholder Information - Calibre shareholders will automatically receive Equinox Gold shares in their trading accounts within two weeks of the merger closing [6]. - Shareholders with physical certificates must submit a Letter of Transmittal to receive their Equinox Gold shares [6]. Advisory Roles - BMO Capital Markets and GenCap Mining Advisory served as financial advisors to Equinox Gold, while multiple firms provided advisory services to Calibre [7].

Valuation and Market Position - Equinox Gold Corp. (EQX) is currently trading at a forward price/earnings ratio of 6.54X, which represents a 51.2% discount to the Zacks Mining – Gold industry's average of 13.4X [1][5] - EQX's valuation is lower than key peers such as B2Gold Corp. (BTG), Eldorado Gold Corporation (EGO), and IAMGOLD Corporation (IAG), all of which have a Value Score of A [1][5] Technical Indicators - EQX stock broke out above its 50-day simple moving average (SMA) on May 30, 2025, and is currently trading above the 200-day SMA, indicating a bullish trend [2][3] Production Expansion and Growth Strategy - Equinox Gold is expanding production capacity and acquiring Calibre Mining Corp. to boost output beyond 1.2 million ounces annually [5][10] - The company has five producing mines and three expansion projects expected to add approximately 300,000 ounces of annual production in the coming years [8] - Greenstone mine is ramping up towards a full production target of 196,000 tons per day, expected to produce around 390,000 ounces of gold annually at full capacity [9] - The acquisition of Calibre includes the Valentine Gold Mine, which is anticipated to start production in Q3 2025, further enhancing EQX's asset base [10][11] Financial Performance and Cash Flow - EQX ended the first quarter with approximately $173 million in unrestricted cash and $65 million in an undrawn credit facility, indicating strong liquidity [15] - The company generated cash flow from operations of $73.3 million in the first quarter, supporting its growth projects [15] Gold Price Impact - Gold prices have increased by roughly 27% this year, driven by global trade tensions and central bank purchases, which are expected to enhance EQX's profitability [12][14] - Despite a decline from April 2025 highs, gold prices remain favorable, hovering above $3,300 per ounce, which is anticipated to boost EQX's cash flow generation [14] Cost Challenges - EQX's all-in-sustaining costs (AISC) rose to $2,065 per ounce, a 6% increase from the previous year, indicating operational cost inflation [16] - The suspension of operations at the Los Filos mine is expected to contribute to ongoing cost pressures, with approximately $35 million in charges anticipated in Q2 2025 [17] Stock Performance - EQX shares have gained 36% over the past year, underperforming the industry average of 51.7% but outperforming the S&P 500's rise of 11.2% [18] Earnings Estimates - Earnings estimates for EQX have been revised downward recently, but the Zacks Consensus Estimate for 2025 and 2026 implies year-over-year increases of 230% and 106%, respectively [21] Conclusion - With a strong expansion roadmap and an upcoming merger, EQX is positioned for growth, although high costs may pose challenges in the near term [22]

Core Viewpoint - Equinox Gold Corp. has updated its 2025 gold production and cost guidance, reflecting the business combination with Calibre Mining Corp. and slower-than-expected ramp-up at the Greenstone Gold Mine, projecting a pro forma production of 785,000 to 915,000 ounces of gold with total cash costs between $1,400 and $1,500 per ounce and all-in sustaining costs between $1,800 and $1,900 per ounce [2][3][5]. Production and Cost Guidance - The pro forma full-year 2025 production is expected to be between 785,000 and 915,000 ounces of gold, with total cash costs of $1,400 to $1,500 per ounce and all-in sustaining costs of $1,800 to $1,900 per ounce [2][3]. - Greenstone Gold Mine's revised production guidance is set at 220,000 to 260,000 ounces of gold due to slower ramp-up and operational challenges [3][4]. - For Q2 2025, Equinox Gold anticipates consolidated production of 135,000 to 145,000 ounces, including 45,000 to 50,000 ounces from Greenstone [3]. Individual Mine Contributions - Greenstone: 220,000 - 260,000 ounces, TCC of $1,275 - $1,375, AISC of $1,700 - $1,800, Growth Capital of $80 - $85 million, Exploration of $2 - $3 million [4][6]. - Brazil: 250,000 - 270,000 ounces, TCC of $1,725 - $1,825, AISC of $2,275 - $2,375, Growth Capital of $35 - $40 million, Exploration of $21 - $24 million [4][6]. - Mesquite: 85,000 - 95,000 ounces, TCC of $1,200 - $1,300, AISC of $1,800 - $1,900, Growth Capital of $10 - $15 million, Exploration of $2 - $3 million [4][6]. - Nicaragua: 200,000 - 250,000 ounces, TCC of $1,200 - $1,300, AISC of $1,400 - $1,500, Growth Capital of $60 - $70 million, Exploration of $25 - $30 million [4][6]. - Pan: 30,000 - 40,000 ounces, TCC of $1,600 - $1,700, AISC of $1,600, Growth Capital of $5 - $10 million, Exploration of $5 - $10 million [4][6]. Comparison with Previous Guidance - The original guidance for Greenstone was 300,000 - 350,000 ounces, TCC of $790 - $890, and AISC of $1,045 - $1,145, indicating a significant downward revision [7]. - Consolidated original guidance projected 635,000 - 750,000 ounces, TCC of $1,075 - $1,175, and AISC of $1,455 - $1,550, which has also been adjusted downwards [7]. Future Outlook - The company is focusing on improving operational performance at Greenstone, with a 25% increase in mining rates observed in May 2025 compared to Q1 2025 [3]. - Construction and commissioning at the Valentine Gold Mine are on schedule, with first gold expected by the end of Q3 2025 [3].