Core Insights - The article emphasizes a versatile investment strategy suitable for various investor profiles, including dividend investors, value seekers, and those looking for growth opportunities [1]. Group 1 - The author, Alberto, possesses a Master's degree in Business Economics and has a strong managerial and economic background, complemented by a solid quantitative foundation [1]. - The investment strategy described is adaptable to different sectors and types of stocks, making it broadly applicable [1].

评级及分析师信息 [Table_IndustryRank] 行业评级：推荐 [Table_Pic] 行业走势图 [Table_Author] 分析师：晏溶 邮箱：yanrong@hx168.com.cn SACNO：S1120519100004 相关研究： 1.《行业点评|Fortuna Mining 2025Q3 黄金产量环比 增加 2.4%至 1.97 吨，白银产量环比减少 2.9%至 7.27 吨，调整后归母净利润环比增长 14%至 5100 万美元》 2025.12.4 2.《行业点评|Fortuna Mining 2025Q2 黄金产量环比 减少 32.8%至 1.92 吨，白银产量环比减少 21.5%至 7.48 吨，调整后归母净利润环比减少 27.2%至 4260 万美元》 2025.8.9 3.《行业点评|Fortuna Mining 2025Q1 黄金产量环比 减少 4%至 2.86 吨，白银产量环比减少 71%至 7.56 吨，调整后归母净利润环比增长 68%至 6210 万美 元》 2025.5.13 请仔细阅读在本报告尾部的重要法律声明 证券研究报告|行业研究报告 [Table_Tit ...

Core Insights - Valkea Resources Corp. has made strategic appointments to enhance its leadership and technical expertise, including Thomas Credland as President, Marc Turcotte as Director, and Dr. Charlotte Seabrook as Technical Advisor [1][2] Leadership Appointments - Thomas Credland, with over 25 years of experience in mining, previously served at Rupert Resources, where he contributed to the discovery and development of the 4Moz Ikkari Gold Project [3] - Marc Turcotte brings over 20 years of experience in corporate development and capital markets, having played a key role in MAG Silver's acquisition for approximately US$2.1 billion [4] - Dr. Charlotte Seabrook has over 25 years of geological experience and was instrumental in the discovery of the Ikkari Project while at Rupert Resources [5][6] Company Strategy and Assets - Valkea Resources focuses on mineral exploration in the Central Lapland Greenstone Belt in Northern Finland, holding nearly 400 km² of land across five core properties [2][3] - The company aims to adopt a systematic methodology for exploration, similar to that which led to the discovery of Ikkari and other gold occurrences in the region [2] Market Position and Future Plans - The appointments are seen as a significant enhancement to the company's capabilities at a crucial time, with expectations for further updates on property appraisals and technical team expansions [2][7]

Core Viewpoint - Argenta Silver has announced promising assay results from its El Quevar Project, indicating high-grade silver mineralization and plans for an extensive drilling program to further explore and expand resources [1][3][6]. Company Overview - Argenta Silver acquired the El Quevar project for USD 3.5 million in October 2024, following the previous operator's asset sales due to liquidity issues [2]. - The company currently has a market capitalization of CND $169 million [2]. - Year-to-date, silver prices have increased by 62%, rising from USD $29 per ounce to USD $47 per ounce [2]. - Argenta's share price has surged by 310% over the past year, from USD $0.21 to USD $0.65 [2]. Recent Developments - The latest assay results confirm high-grade silver intervals, including 694 g/t over 2.1 meters at the Yaxtché Deposit and 204 g/t over 2.00 meters at the Mani exploration target [3][12]. - The company is fully funded with a treasury of C$23 million and is set to commence the 2025–2026 Drill Program at El Quevar [5][18]. - The upcoming drilling campaign aims to cover 12,000 to 15,000 meters and is scheduled to start on November 1, 2025 [18]. Drilling Objectives - The 2025 Winter Drilling Program had three main objectives: confirming known high-grade zones, stepping out along strike, and testing new targets [9]. - Historical drilling has primarily focused on the resource area, with only 3% of the property explored, indicating significant potential for new discoveries [20]. Exploration Insights - Recent drilling has confirmed the presence of multiple silver and gold mineralization intervals, enhancing the geological model for the Yaxtché Deposit [10][11]. - The exploration drillhole QVD-418 has shown anomalous silver results, suggesting mineralization extends to new targets [11]. - The company plans to allocate 40% of capital to resource expansion and 60% to aggressive exploration outside the known resource area [21][20]. Industry Context - The El Quevar project is located in Salta Province, Argentina, which was voted as Latin America's top mining jurisdiction by The Fraser Institute in 2024 [15]. - The provincial government has initiated a Sustainable Mining Development Plan for 2030, aimed at enhancing infrastructure and supporting the mining industry [16].

Core Viewpoint - The prices of gold and silver have declined, leading to a drop in the stock prices of precious metal mining companies listed in the U.S. [1] Group 1: Market Impact - Newmont's stock price fell by 5% [1] - First Majestic Silver's stock price decreased by 3.6% [1] - Coeur Mining's stock price dropped by 3.4% [1] - Fortuna Mining's stock price declined by 2.6% [1] Group 2: Commodity Price Movement - International spot gold prices have seen a significant decline, breaking below $4030 per ounce, with a daily drop exceeding 2% [1] - Spot silver prices fell below $47 per ounce, experiencing a daily decrease of 3.27% [1] - New York silver futures also fell below $47 per ounce, with a daily drop of 3.27% [1] Group 3: Geopolitical Context - The easing of trade tensions between China and the U.S. has contributed to the expanded decline in gold and silver prices [1]

Core Viewpoint - Aldebaran Resources has spun out its exploration-stage assets into a new company, Centauri Minerals, to unlock additional value for shareholders while focusing on the Altar project as its sole asset [2][6]. Company Overview - Aldebaran Resources is a Vancouver-based copper-gold developer that has transitioned its focus to the Altar project in San Juan province, which is currently its only asset [1][8]. Spin-off Details - The new subsidiary, Centauri Minerals, will manage six greenfield projects covering over 430 sq. km across Salta, Jujuy, and Catamarca provinces [3]. - Centauri will receive the exploration assets from Aldebaran in exchange for 40 million shares, representing 78.1% of the subsidiary's outstanding shares [6]. Project Highlights - The most advanced project under Centauri is Rio Grande, which has a resource of 71 million tonnes grading 0.30% copper and 0.36 g/t gold in the indicated category, and 41 million tonnes at 0.23% copper and 0.28 g/t gold in the inferred category [3]. - Another significant project is Aguas Calientes, which has not been drilled since 2019 despite having a well-mineralized surface [4]. Leadership and Funding - Sam Leung, a director at Aldebaran with experience in South American mining projects, will lead Centauri Minerals [5]. - Centauri plans to raise approximately C$5.7 million through private seed financing at C$0.50 per share to fund exploration initiatives and administrative costs [6][7]. Future Plans - Centauri aims to complete a technical report on Rio Grande and conduct field programs in preparation for drilling [7]. - Aldebaran's goal for the Altar project is to advance it towards a prefeasibility study in the coming year [8]. Market Reaction - Following the spin-off announcement, Aldebaran's stock increased by 0.6%, resulting in a market capitalization of C$580.5 million (approximately $414.3 million) [9].

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - Fortuna Mining's Q2 2025 gold production decreased by 32.8% to 1.92 tons, while silver production decreased by 21.5% to 7.48 tons. Adjusted net profit attributable to shareholders decreased by 27.2% to $42.6 million [1][2][4] - The realized price for gold in Q2 2025 was $3,307 per ounce, up 14.7% quarter-on-quarter and up 41.7% year-on-year. The realized price for silver was $33.77 per ounce, up 6.3% quarter-on-quarter and up 18.4% year-on-year [2][4] - The all-in sustaining cost (AISC) for gold in Q2 2025 was $1,932 per ounce, an increase of 17.8% quarter-on-quarter and 17.7% year-on-year, primarily due to increased cash costs and royalties [3] Production and Operational Performance - Q2 2025 silver production was 240,621 ounces (7.48 tons), a decrease of 21.5% quarter-on-quarter and 1.0% year-on-year. Silver sales remained stable quarter-on-quarter but decreased by 6.4% year-on-year [1][2] - Q2 2025 gold production was 61,736 ounces (1.92 tons), a decrease of 32.8% quarter-on-quarter but an increase of 10.2% year-on-year. Gold sales also decreased by 31.6% quarter-on-quarter but increased by 12.7% year-on-year [2] Financial Performance - Q2 2025 revenue was $230.4 million, a decrease of 20.3% quarter-on-quarter but an increase of 47.4% year-on-year. The increase in revenue was driven by higher gold prices and increased sales volume from the Lindero mine [4][6] - Q2 2025 operating income was $83.7 million, a decrease of 8.9% quarter-on-quarter but an increase of 171.8% year-on-year [7] - Adjusted EBITDA for Q2 2025 was $127.7 million, a decrease of 14.9% quarter-on-quarter but an increase of 76.1% year-on-year [8] Company Developments - The company completed the sale of its interest in the Yaramoko mine for $70 million in cash and potential additional payments of up to $53.6 million [9][10] - The company also sold its 100% stake in the San Jose mine for $6.5 million, with additional potential payments based on future production [11][12] - A stock buyback plan was announced, allowing the company to repurchase up to 15,347,999 shares [13]

Financial Data and Key Metrics Changes - The company reported a net income attributable to Fortuna of $42.6 million or $0.14 per share, a 380% increase compared to Q2 2024, driven by higher metal prices and an increase in gold sold [30][31] - Liquidity increased to $537 million, up $76 million from the previous quarter, primarily due to $84 million in proceeds from mine sales [9][10] - Free cash flow from operations was $57.5 million, down from $66 million in Q1, mainly due to the timing of tax payments [10][34] - The average realized gold price was $3,306 per ounce, a 14% increase from Q1 [11] Business Line Data and Key Metrics Changes - Consolidated gold equivalent production for the period was 75,950 ounces, with gold production from continuing operations at 71,229 ounces, slightly above the previous quarter [12] - At the Seguela mine, production was 38,186 ounces, consistent with the prior quarter and exceeding the mine plan [18] - Lindero produced 23,450 ounces of gold, marking a 16% increase over Q1, with an all-in sustaining cost (AISC) of $17.83 per ounce, a 6.7% reduction from the previous quarter [23][24] Market Data and Key Metrics Changes - The indicated resource at the Ambassador project in Senegal grew by 53%, and inferred resources increased by 93%, totaling a combined 1 million ounces [7] - The company’s cash cost per ounce was $929, up 7% from Q1, primarily due to the gold to base metal ratio at the Caylloma mine [12][31] Company Strategy and Development Direction - The company aims to rebuild production to 5 million ounces per year, focusing on higher margin, longer life, and lower risk ounces [6][16] - The sale of the San Jose and Yaramoko mines generated $84 million in gross proceeds and allowed the company to redirect capital towards high-value growth opportunities [15] - The company is actively pursuing greenfield and brownfield exploration opportunities, with a total exploration budget of $51 million for 2025, up from $41 million in 2024 [74][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s growth potential, highlighting a robust balance sheet with $537 million in liquidity and $215 million in net cash [7][9] - The company is well-positioned for strong growth in 2026, with ongoing investments in the Seguela and Ambassador projects [16][60] - Management noted that the elevated AISC is a temporary effect related to capital expenditures and waste stripping, with expectations for costs to decrease in the latter half of the year [13][37] Other Important Information - The company achieved a record of 7.2 million work hours without any lost time injury, improving from the previous record of 6.7 million work hours [8] - The company’s capital expenditures for the quarter totaled $47 million, with $15 million classified as growth CapEx [33] Q&A Session Summary Question: Comments on stock performance and support - Management acknowledged the stock's performance and clarified that the EPS miss was due to the timing of withholding taxes, emphasizing the company's strong financial position [41] Question: Investments in other companies - Management confirmed ongoing investments in various projects, including Awale, and expressed confidence in the growth potential of these investments [46][49] Question: Permitting experience in Senegal - Management reported positive interactions with the Senegalese government and expressed confidence in obtaining necessary permits for the Ambassador project [52][53] Question: Key milestones for the Ambassador project - Management outlined a timeline for the environmental approval and PEA, expecting to submit the environmental document soon and aiming for approval early next year [60][62] Question: CapEx cadence for the second half of the year - Management indicated a slight increase in CapEx spending in Q3, with expectations for a decrease in Q4, contributing to lower AISC in the latter part of the year [63][64] Question: Greenfield projects and exploration budget - Management detailed ongoing greenfield projects and confirmed an exploration budget of $51 million for 2025, highlighting the focus on early-stage opportunities [74][75] Question: Acquisition strategy - Management stated that while they are open to acquisitions, their primary focus is on organic growth within their existing portfolio, emphasizing value over volume [80]