Summary of Royal Gold Conference Call Company Overview - **Company**: Royal Gold - **Industry**: Precious metals royalty and streaming - **Portfolio**: 364 properties across 30 countries at various stages of development [1] Core Insights and Arguments - **Transformational Year**: 2025 is described as a transformational year for Royal Gold, highlighted by significant acquisitions such as Sandstorm and Horizon [1] - **Portfolio Strength**: The merger with Sandstorm has combined a strong producing portfolio (e.g., Milligan, Pueblo Viejo, Cortez) with a robust development portfolio (e.g., Platreef, Mara, Hod Maden), effectively doubling the number of growth assets [2][3] - **Diversification Focus**: The company emphasizes diversification to mitigate event risk associated with concentration in specific assets. Milligan is the only asset exceeding 10% of the portfolio on a NAV basis, which is considered a strong position [3][4] - **Political Risk Management**: The addition of countries like South Africa, Turkey, and Zambia is seen as beneficial for diversification. The company assesses political risk based on the importance of the mining industry to the respective governments [5] - **Asset Longevity**: Key assets like Mount Milligan have extended mine lives, with projections extending to 2045, which enhances the portfolio's long-term value [6][8] Key Assets and Developments - **Mount Milligan**: Ongoing optimization efforts focus on understanding grade issues through infill drilling. The market may not fully appreciate the potential of this asset [8][9] - **Pueblo Viejo**: Recent performance has been disappointing due to recovery issues, attributed to the weathered nature of stockpiles. Solutions are being explored, but improvements are not expected in the short term [10] - **Kansanshi**: A cornerstone asset with a 20-year mine plan, showing potential for gold production alongside copper. The company is well-positioned to benefit from future developments [11][12] - **Cortez**: The Four Mile project has exceeded expectations in terms of speed of development, with a long runway for future growth anticipated [14][15] - **Hod Maden**: The company aims to convert its 30% equity stake into a more conventional royalty or stream structure, prioritizing this conversion to mitigate cost overrun risks [24][26] Market Environment and Deal Dynamics - **Deal Size Evolution**: The typical deal size has shifted from the $100 million-$300 million range to $200 million-$500 million, driven by rising metal prices [31] - **M&A Activity**: There is a renewed interest in M&A, with the company optimistic about the potential for more transactions in the industry, particularly as larger companies engage in streaming products [33][35] - **Competition**: The competitive landscape is described as stable, with the company focused on integrating its recent acquisitions rather than pursuing new deals in the short term [40][41] Regulatory and Growth Potential - **Regulatory Support**: Efforts in North America to streamline permitting processes are seen as beneficial for the company's assets, particularly in Canada and the U.S. [43] - **Long-term Growth Assets**: Cortez, Zaventem, and Milligan are highlighted as having significant organic growth potential that may be underappreciated by the market [45][46][47] Additional Insights - **Equity Positions**: The company has been rationalizing non-core equity positions, such as the sale of the Versament block, which generated nearly $150 million to pay down debt [28][29] - **Operational Partnership**: The company positions itself as an operational partner, not just a financial one, emphasizing collaboration with asset operators to unlock value [50] This summary encapsulates the key points discussed during the Royal Gold conference call, providing insights into the company's strategy, asset performance, and market dynamics.

All figures are in United States dollars unless otherwise stated. This news release contains forward-looking information that is subject to risk factors and assumptions as set out in the “Cautionary Note Regarding Forward-Looking Information” below.  TORONTO, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Centerra Gold Inc. (“Centerra” or the “Company”) (TSX: CG) (NYSE: CGAU) announces its 2025 year-end estimates for mineral reserves and mineral resources. Proven and probable gold mineral reserves increased 58% year-ove ...

At Nkran, Cardinaels said pre-stripping continued ahead of plan, with 23% more material moved compared with Q3, including small quantities of oxide ore that are being identified and blended with Abore fresh ore “to supplement the plant feed.” He said an additional excavator fleet is expected to be operational before the end of Q1 2026 as the company continues the expansion of Cut 3.Chief Operating Officer Michael Cardinaels added that the company ended 2025 with a lost time injury frequency rate of 0.24 and ...

Core Insights - Lahontan Gold Corp. is advancing its Santa Fe project in Nevada towards a potential restart, supported by permitting progress and drilling aimed at increasing mineable ounces [1] - The company is also exploring silver potential at its nearby West Santa Fe project as exploration activities continue [1] Company Developments - The Santa Fe project is a key focus for Lahontan Gold Corp., with efforts directed towards obtaining necessary permits and enhancing the resource base through drilling [1] - The evaluation of silver potential at the West Santa Fe project indicates the company's commitment to expanding its mineral portfolio [1]

Core Viewpoint - Magna Mining Inc. has provided its 2026 guidance for the McCreedy West Mine, highlighting production and cost estimates while also discussing ongoing projects and potential opportunities for increased production and profitability [1][3]. Production and Cost Guidance - The operational guidance for the McCreedy West Mine includes ore sales of 355,000 to 375,000 short tons from the 700 Copper Zone, with a copper equivalent grade of 3.2% to 3.5% [4]. - Payable copper equivalent production is estimated to be between 16.0 million and 18.0 million pounds [4]. - Cash costs, excluding stream payments, are projected at $3.40 to $3.80 per pound of copper equivalent, while all-in sustaining costs (AISC) are expected to be between $4.20 and $4.70 per pound [4]. Mining Projects Updates - The company is advancing the Levack and Crean Hill projects towards restart decisions, with a Preliminary Economic Assessment (PEA) for Levack expected to be completed in Q3 2026 [6][8]. - A ramp is being developed at Levack to enhance access and support production, with hoisting capabilities anticipated to be re-established in the second half of 2026 [7]. - The PFS for Crean Hill is also underway, with dewatering expected to commence in Q2 2026 [8]. Mineral Reserves and Optimization - The inaugural Mineral Reserves report for McCreedy West is nearing completion, with ongoing mine plan optimization and stope sequencing [3]. - The potential to restart mining in the Intermain Nickel Zone is being evaluated, with nickel ore shipping possible within months of a restart decision [3].

Core Viewpoint - Cerrado Gold Inc. reported stable production results for Q4 2025 and provided guidance for 2026, highlighting ongoing operational improvements and exploration efforts at its Minera Don Nicolas Mine in Argentina, as well as developments in its Lagoa Salgada and Mont Sorcier projects [1][4][8]. Production Results - Q4 2025 production totaled 13,806 Gold Equivalent Ounces (GEO), slightly down from 13,832 GEO in Q3 2025, with full-year production at 50,238 GEO, aligning with guidance [12]. - Heap leach production was impacted by low water availability, resulting in reduced irrigation capacity, while underground operations contributed higher-grade ore to the processing plant [12][2]. - Average recovery rates decreased due to increased primary ore on leach pads, but this was offset by higher volumes from underground mining processed through the CIL plant [2][12]. Production Guidance - The company anticipates annual production for 2026 to be between 50,000 and 60,000 GEO, with a significant increase expected in the second half of the year due to the mining of lower-grade heap leach material early in the year [4][12]. Growth Capital Plans - Cerrado approved a 2026 budget with approximately $45 million allocated for growth capital expenditures, primarily focused on the Minera Don Nicolas Mine, including a 50,000-meter exploration program and expansion of the tailing facility [5][12]. - Additional funding is earmarked for equipment upgrades and maintenance to support long-term operations [5]. Exploration and Development - The exploration program at Minera Don Nicolas is ongoing, targeting resource expansion to extend mine life, with a focus on the central Paloma area [6][7]. - The company plans a 50,000-meter drill program for 2026, utilizing multiple drill rigs to test high-value targets [7]. - Progress continues on the Lagoa Salgada and Mont Sorcier projects, with feasibility studies expected to be completed in Q1 and Q2 2026, respectively [8][9][14]. Project Updates - At Lagoa Salgada, the Optimized Feasibility Study is underway, with a slight delay expected due to consultant changes, but results from advanced geophysical exploration are anticipated soon [9]. - The Mont Sorcier project is advancing with an infill drilling program aimed at updating resource estimates, targeting an increased production rate of 8 million tonnes per annum of high-purity iron concentrate [14][15].

Core Viewpoint - Alphamin Resources Corp. reported strong operational and financial performance for the year and quarter ended December 31, 2025, with significant increases in tin production and EBITDA, despite some challenges in processing recoveries and costs. Operational and Financial Performance - For the year ended December 31, 2025, contained tin production reached 18,576 tonnes, a 7% increase from the previous year, and aligned with revised guidance of 18,000 to 18,500 tonnes [3] - The overall processing recovery for FY2025 was 75%, with Q4 recovery at 73%, slightly below the target due to feed grade fluctuations [2][3] - The average tin price achieved for FY2025 was US$34,388 per tonne, a 13% increase from the previous year, with Q4 price at US$37,995 per tonne [6][5] Financial Metrics - EBITDA for FY2025 is estimated at US$341 million, a 25% increase from US$274 million in FY2024, driven by higher production and sales volumes [6][10] - The All-In Sustaining Cost (AISC) for FY2025 was US$16,381 per tonne sold, a 7% increase from the previous year, with Q4 AISC at US$16,861 [6][5] - The company had US$56 million in cash at the end of December 2025, up from US$30 million the previous year, after significant debt reduction and tax payments [7] Production Guidance - Production guidance for the year ending December 31, 2026, is approximately 20,000 tonnes of contained tin, reflecting continued growth from FY2025 [9][10] Management Changes - The CEO, Mr. Maritz Smith, will retire, with Mr. Eoin O'Driscoll appointed as the new CEO effective March 1, 2026, and Mr. JP van Staden as CFO, subject to regulatory approval [16][18]

In 1804 the Lewis and Clark voyagers set out to explore America’s newly acquired territory. Their expedition holds important lessons for today https://t.co/h46o2ndkPd ...

Good morning. Stay with me. I want you to imagine this.And it's best done with your eyes closed. So, close your eyes. Imagine you're in a box, a room 6x 6x 6, no windows, no doors.You can smell nothing. You can hear nothing. You can see nothing.And now you're 18 years old and one of the walls breaks. You can open your eyes. What do you see besides this.So we all live in a box and the box has boundaries. And if you were to step out at the age of 18 having felt nothing, seen nothing, heard nothing, smelt noth ...

That was late. So when I was introduced as a tech guy from the bank, you might not have expected that entrance. And similarly, the future is also full of surprises.And although the future is going to surprise us anyhow, we can in fact influence whether it goes astonishingly well or turns dangerously dystopian. And I'm here to tell you how we can make it go astonishingly well. Isn't she pretty.>> Gorgeous. >> Yeah, she is. So, motorcycles, they're they're a big part of me.I have, in fact, three of them. And ...