Summary of Tesoro Gold Ltd. Conference Call Company Overview - **Company**: Tesoro Gold Ltd. - **Project**: El Zorro Gold Project located in Chile - **Market Symbols**: OTCQB: TESORF, ASX: TSO - **Current Status**: Single-asset company developing a significant gold deposit Key Points and Arguments 1. **Project Scale and Resource Update**: - The El Zorro Gold Project hosts one of the largest undeveloped gold deposits in Chile, with an updated mineral resource of 2 million ounces at 1.07 grams per ton gold, or 1.82 million ounces at 1.1 grams constrained within a $3,000 per ounce pit [2][3][9] 2. **Technical and Economic Viability**: - A recent scoping study indicates a technically simple and economically robust project, with a post-tax NPV of $663 million at a gold price of $2,750 per ounce [5][10] - The all-in sustaining cost is projected to be around $1,200 per ounce, with a modest upfront capital requirement of just under $250 million [11][12] 3. **Strategic Location**: - The project is situated in a coastal location with access to essential infrastructure such as power, water, and workforce within 25 kilometers [3][8] - The average elevation of the project is around 650 meters, with a desalination plant located 20 kilometers away for water supply [18] 4. **Shareholder Support**: - Gold Fields Limited, a major gold producer, holds approximately 50% of the company's issued capital and has invested over $14 million in the project [6][21] - Institutional investors have shown strong interest, with the company recently raising $34 million Australian from institutional investors [5] 5. **Future Development Plans**: - The company is moving towards a pre-feasibility study, expected to be completed by April 2026, which will enable the announcement of the first ore reserve [12][13] - An aggressive exploration campaign is planned across the El Zorro district, with up to 11,000 meters of drilling to discover additional deposits [14][15] 6. **Market Conditions and M&A Potential**: - The current gold price environment is favorable, with potential for increased M&A activity in the sector [20] - The company remains open to M&A opportunities, particularly given the interest from Gold Fields Limited [19][20] Additional Important Information - **Metallurgy**: The deposit exhibits high metallurgy with over 94% gold recovery at a coarse grind size of 125 microns, indicating efficient processing capabilities [4][16] - **Environmental Considerations**: The project is in a well-established mining region, with a straightforward permitting process that has seen over $100 billion in mining projects permitted in Chile in the last two years [13] - **Exploration Targets**: The company is actively exploring high-priority targets within its concession holding, with the potential for significant resource growth [14][15] Conclusion - Tesoro Gold Ltd. is positioned for significant growth with its El Zorro Gold Project, backed by strong shareholder support and a clear development pathway towards production. The upcoming months are expected to be critical for advancing the project and exploring additional gold deposits.

Core Viewpoint - CopAur Minerals Inc. has submitted a Temporary Discharge Permit Application for Closed Facility Exploration to the Nevada Division of Environmental Protection, aiming to assess the potential for further processing of materials from the Kinsley project [1][2]. Company Overview - CopAur is focused on developing projects in mineral-rich regions of Nevada, with the Kinsley Mountain Gold Project being its flagship project located 90 kilometers south of the Long Canyon mine [6]. Project Background - The Kinsley Mountain Mine produced approximately 138,000 ounces of gold from 1994 to 1998 and was closed in 1999 due to bankruptcy [2]. - The mine site was reclaimed by the Bureau of Land Management (BLM) from 2004 to 2006 [2]. Current Resources - The Kinsley project currently hosts mineral resources of 418,000 indicated ounces at an average grade of 2.63 g/t gold and 117,000 inferred ounces at 1.51 g/t gold, including 302,000 ounces averaging 6.11 g/t gold within the high-grade Western Flank Zone [3]. Permit Application Details - The Temporary Discharge Permit Application seeks authorization to sample the closed and reclaimed heap leach pad for metallurgical testing, which is part of the evaluation for developing a district-scale gold project in the area [2][4]. - The application was completed with the assistance of Thorne Solutions LLC, and the company's technical team is prepared for any follow-up from regulators [4].

Core Viewpoint - CopAur Minerals Inc. has appointed Andrew Neale to advance its Kinsley Mountain Gold Project in Nevada, which has significant gold resources and a history of production [1][4]. Company Developments - Andrew Neale has joined CopAur after a decade of experience in mining projects across Southeast Asia, focusing on finalizing the design of the Kinsley Mountain heap leach pad sampling program [1][2]. - The Kinsley Mountain Gold Project has a historical production of approximately 138,000 ounces of gold from 1995 to 1999 and currently hosts 418,000 indicated ounces at 2.63 g/t gold and 117,000 inferred ounces at 1.51 g/t gold, including 302,000 ounces averaging 6.11 g/t gold in the high-grade Western Flank Zone [2][4]. - The company expects to submit a completed application for the sampling work this week, with a permit anticipated before the end of the year, allowing work to commence in early 2026 [3]. Industry Context - The Kinsley Mountain project was last in production in 1998 when gold prices averaged around US$360 per ounce, and operations were suspended due to non-technical reasons, despite its strong exploration potential [5]. - CopAur is focused on developing projects in the mineral-rich regions of Nevada, with Kinsley Mountain being its flagship project located 90 kilometers south of the Long Canyon mine [7].

Core Insights - Newmont announced the first gold pour at its Ahafo North project in Ghana on September 19, marking a significant milestone towards commercial production expected in Q4 2025 [1][5] Project Development - The Ahafo North project has completed key development phases, including ore stockpiling that began in late 2024 and the commissioning of essential infrastructure such as processing circuits and mining support facilities [2] - The project is currently ramping up towards full operational readiness [2] Production Capacity - The Ahafo North project, initiated in 2021, is located 30 kilometers north of the existing Ahafo South operations and is projected to add over three million ounces of gold production over an initial 13-year mine life [3][4] - It is expected to deliver between 275,000 and 325,000 ounces of gold annually during its operational life [6] Economic Impact - The project has created approximately 4,500 contracted jobs and will generate around 560 permanent and 1,000 contracted roles once fully operational [6] - It is anticipated to significantly contribute to Ghana's economy through royalties, taxes, fees, and local development programs [6]

Tesoro Gold Conference Summary Company Overview - **Company**: Tesoro Gold (OTCPK:TSOR.F) - **Conference Date**: September 11, 2025 - **Speaker**: Jeff McNamara, co-founder and non-executive director Key Points Industry and Project Location - Tesoro Gold is involved in gold mining, specifically in Chile, which is noted for its geological diversity and mineral deposits [2][7] - The project is located at a relatively low altitude, averaging 400 meters above sea level, which is advantageous for operations [3][2] Infrastructure and Agreements - The company has secured MOUs for water and power supply, with agreements expected to be finalized by the end of the year [4][5] - Water will be sourced from a nearby desalination plant, while power will be sourced from solar arrays, costing approximately 12¢ per kilowatt hour [6][5] Geological Insights - The project is situated in the Coastal Cordillera, identified for its mineralization potential due to intersecting geological structures [8][9] - The geological model indicates a well-mineralized system with significant potential for gold deposits [9][18] Resource Estimates and Scoping Study - The current resource estimate is 2,000,000 ounces, with a potential to grow to 5,000,000 ounces through further exploration [11][14] - A recent scoping study indicates a capital cost of approximately US$250 million, with a projected NPV of US$663 million at a gold price of US$2,750 per ounce [10][19][27] - The project has an all-in sustaining cost of US$1,216 per ounce, with a payback period of 20 months at the base case gold price [19][27] Exploration and Drilling Plans - The company plans to drill additional targets in the coming weeks, including Brea, Calderillos, and Kitsune, to further assess the mineralization potential [21][22] - A total of 140,000 meters of diamond core drilling has been completed, with promising intercepts indicating high-grade mineralization [15][17] Financial Position and Market Strategy - Tesoro Gold has a market capitalization of approximately US$100 million and US$7.5 million in cash reserves [23][22] - The company is preparing to return to the market for additional funding early next year to support ongoing exploration and development [23][22] Management and Team Expansion - Recent additions to the management team include Mark Connolly as independent non-executive chairman and Tim Williams as project director [24][22] - The team is focused on advancing the project towards permitting and construction phases [24][22] Future Outlook - The strategy includes growing the resource base to 3,000,000 ounces and pursuing further discoveries within a 30-kilometer gold corridor [20][28] - The company is optimistic about making new discoveries based on geological surveys and ongoing drilling efforts [28][29] Additional Insights - The geological features and infrastructure advantages position Tesoro Gold favorably within the competitive landscape of gold mining in Chile [2][10] - The focus on low-cost operations and high recovery rates enhances the project's attractiveness to investors [19][27]

Core Viewpoint - Cabral Gold Inc. has announced significant improvements in its updated Prefeasibility Study (PFS) for the Cuiú Cuiú gold project in Brazil, highlighting enhanced financial metrics and a promising pathway to initial gold production within 12 months of an investment decision [1][4][10]. Financial Metrics - The after-tax Net Present Value (NPV) has increased by nearly 200% from US$25.2 million to US$73.9 million [6][16]. - The after-tax Internal Rate of Return (IRR) has risen from 47% to 78% based on a base case gold price of US$2,500 per ounce, with payback of initial capital reduced from 18 months to 10 months [6][22]. - At the current spot gold price of US$3,340 per ounce, the after-tax IRR increases to 139% and the after-tax NPV to US$137 million [6][16]. Project Development - The project aims to develop a low-cost starter operation that will generate significant cash flow to support further exploration and development of the primary hard rock resources [3][11]. - Initial gold production is targeted for the second half of 2026, with advanced negotiations for project financing ongoing [4][77]. Resource and Production Capacity - Probable Mineral Reserves have increased by 54% from 83,762 ounces to 128,908 ounces of gold, with life of mine gold production rising by 56% from 72,478 ounces to 113,155 ounces [6][22]. - The annual processing capacity has been increased from 720,000 tonnes per year to 1,000,000 tonnes per year, extending the mine life from 4.4 years to 6.2 years [6][22]. Operational Improvements - The project has reduced capital intensity, with initial capital costs remaining essentially unchanged at US$37.7 million compared to US$37.4 million in the previous PFS [6][22]. - The waste-to-ore ratio has improved from 0.93 to 0.78, indicating more efficient resource extraction [22]. Exploration Potential - Recent drilling has identified a fifth gold-in-oxide blanket at the Jerimum Cima target, which could provide opportunities for future resource expansion [9][11]. - The company is pursuing an aggressive exploration drilling program to increase the primary hard rock resource base [11][12]. Infrastructure and Access - The Cuiú Cuiú project is strategically located near existing infrastructure, with ongoing upgrades to access roads to support year-round operations [52][53]. - The project will utilize a diesel generator bank for power, minimizing initial energy costs [56][57]. Next Steps - The company plans to finalize project financing and achieve an investment decision by the Cabral Board in the second half of 2025 [77].

Ausgold (AU4) Conference Summary - July 24, 2025 Company Overview - Ausgold is focused on the development of the Katanning gold project located in the Southwest of Western Australia, approximately 30 kilometers east of Katanning town and three and a half hours southeast of Perth [3][4]. Key Points from the Conference Feasibility Study - A definitive feasibility study was completed three weeks prior to the conference, outlining the potential for Ausgold to become a mid-tier Australian gold producer with attractive economics [4][12]. - The study indicates a resource of approximately 2.5 million ounces at a grade of 1.11 grams per tonne, with 91% of these ounces classified as measured and indicated [7][8]. - Proven reserves are estimated at 1.25 million ounces, with 84% classified as proven, indicating a high level of confidence in the resource [8][30]. Production Profile - The project is designed for a ten-year mine life, with an average production of 130,000 ounces in the first seven years, tapering off as stockpiles are drawn down [9][10]. - The processing plant is designed for a throughput of 3.6 million tons per annum, with potential for expansion to 5.5 million tons per annum [11][31]. Economic Metrics - The all-in sustaining cost is projected at $2,265 per ounce over the life of the mine, with lower costs in the initial years [12][18]. - At a base case gold price of $4,300 per ounce, the net present value (NPV) is estimated at just under $1 billion AUD, compared to a market cap of around $250 million AUD [12][13]. - If gold prices rise to $5,000 per ounce, the after-tax NPV could increase to $1.35 billion AUD, with an internal rate of return (IRR) of 68% and a payback period of twelve months [13]. Community and Environmental Impact - The project aims to diversify the regional economy of Katanning, which has been experiencing population decline and job scarcity [24][25]. - Ausgold plans to establish its own accommodation village to avoid competing with local housing, addressing community concerns about housing availability [25][26]. - The company is committed to environmental stewardship, with plans to mitigate impacts on local wildlife and preserve sensitive ecological areas [35]. Future Plans - The company is focused on drilling to expand the resource base, particularly down plunge and at satellite deposits, with a maiden resource expected from the Nanticat Bridge Zinger area early next year [36][37]. - Construction is anticipated to begin in mid-2026, with gold production expected before the end of 2027 [38]. Additional Insights - The feasibility study is designed to be credible and achievable, with a focus on building the project rather than seeking a takeover [14]. - The project has undergone extensive drilling, with nearly 300,000 meters completed, ensuring a well-modeled resource [22][23]. - The project is positioned competitively within the Australian cost curve, indicating a lower cost of production compared to many peers [20][21].

Core Insights - The Duparquet Gold Project has made a significant discovery with the newly identified "Minuit" zone, which is located 75 meters north of the historical Donchester Mine, showing promising gold intercepts [1][7][9] - Drill hole DUP25-059 returned notable results, including 2.25 g/t Au over 12.8 meters and 1.21 g/t Au over 60.2 meters, indicating strong mineralization and continuity in the resource area [1][2][11] - The project is positioned to become one of the largest gold deposits in the Abitibi region, with ongoing exploration activities aimed at expanding resource potential [3][5][14] Exploration and Drilling Results - The 2025 exploration program has drilled approximately 9,300 meters to date, with a total of 18,000 meters planned for the year, focusing on resource expansion targets [5][14] - Significant intercepts from drill hole DUP25-059 include 4.08 g/t Au over 4.0 meters within the Minuit zone and 4.1 g/t Au over 4.3 meters within Zone 3 [4][12] - The Minuit zone is interpreted to extend 315 meters to the west of DUP25-059, suggesting further exploration potential [9][10] Geological Context - The Minuit zone is associated with a geological structure characterized by a 45-degree offset, which has led to the discovery of new mineralization trends [8][9] - The historical Beattie mine, which operated from 1933 to 1956, produced over 1.24 million ounces of gold, providing a favorable geological backdrop for current exploration efforts [6][14] - The Duparquet Project is strategically located along the Destor-Porcupine Fault Zone, enhancing its accessibility and potential for resource development [15][14] Resource Estimates - The Duparquet Project currently hosts an NI 43-101 compliant gold resource of 3.44 million ounces in the Measured & Indicated category, grading 1.55 g/t Au, and an additional 2.64 million ounces in the Inferred category, grading 1.62 g/t Au [14][15] - The ongoing exploration and recent discoveries are expected to contribute to the growth of these resource estimates, enhancing the project's overall attractiveness [3][5][14]

Core Viewpoint - New Found Gold Corp. is expanding its 2025 Work Program at the Queensway Gold Project, focusing on advancing the project towards development with significant drilling and engineering studies planned [1][3]. Work Program Expansion - The 2025 work program will include approximately 70,000 meters of drilling, with 80% dedicated to resource definition and pre-development drilling, and 20% focused on exploration [3][8]. - The company is well-financed following a recent bought deal financing, enabling the expansion of the work program [3]. Drilling Focus - About 80% of the planned drilling will target infill drilling of inferred and unclassified mineralization within the AFZ Core, along with grade control drilling at the Keats and Iceberg zones [4]. - The exploration drilling will focus on high-priority targets such as the Dropkick zone, which is a new high-grade gold target located 11 kilometers north of the AFZ Core [5][6]. Excavation and Sampling - The AFZ Core excavation program is underway, with channel sampling of the Iceberg excavation approximately 80% complete [10]. - Excavation of the Lotto zone is expected to be completed in Q4 2025, with channel sampling planned for Q2 2026 [11]. Regional Exploration - A regional exploration program at Queensway South and Queensway North is ongoing, focusing on the extensions of the Appleton and JBP Fault Zones [12]. - This program includes soil and rock sampling, trenching, and a 156 square kilometer magnetic survey [12]. Engineering and Environmental Studies - The company has engaged SLR Consulting to deliver an initial Mineral Resource Estimate (MRE) and a Preliminary Economic Assessment (PEA), with the PEA expected to be completed by late Q2 2025 [13]. - Additional environmental studies will be conducted in 2025 to ensure all baseline studies are completed for upcoming permitting processes [14]. Company Overview - New Found Gold holds a 100% interest in the Queensway project, which spans 175,600 hectares and covers a 110 km strike extent along two prospective fault zones [16]. - The company is focused on growth and value creation at Queensway, supported by a solid shareholder base, including a 19% holding by Eric Sprott [16].

Core Insights - Sokoman Minerals Corp. is preparing for the first of two bulk samples at the Moosehead Gold Project, scheduled for extraction in late May or early June 2025, depending on contractor availability and unforeseen factors [1][3] - The first bulk sample will involve approximately 1,000 cubic meters of mineralized rock with a weighted-average gold grade of 5.78 grams per tonne [2][3] - The company is in discussions for processing the conventional sample and expects a formal contract from Novamera Inc. for a second surgical sample to be extracted in Q4 2025 [3][4] Company Activities - The first bulk sample will utilize conventional drill and blast methods on the Western Trend [2] - P&E Mining Consultants has been contracted to provide a proposed pit shell and drill pattern for the sample extraction [2] - Novamera Inc. is finalizing hole locations for the second sample, which will also be approximately 1,000 cubic meters [3] Equipment and Logistics - The drill rig for the second sample is currently in transit from Europe after maintenance and will first be used for a similar bulk sample for Great Atlantic Resources [4] Analytical Techniques - Samples will be analyzed by Eastern Analytical Ltd. in Springdale, Newfoundland, using standard fire assay methods and total pulp metallic analysis [12][13] Company Overview - Sokoman Minerals Corp. is a discovery-oriented company focused on gold projects in Newfoundland and Labrador, including the Moosehead, Crippleback Lake, and Fleur de Lys projects [14] - The company has entered a strategic alliance with Benton Resources Inc. for joint-venture properties in Newfoundland [14] - In October 2023, Sokoman completed an agreement with Piedmont Lithium Inc. to advance a lithium project [15]