Performance Overview - The Third Avenue Value Fund achieved a return of 7.47% for the three months ended December 31, 2025, outperforming the MSCI World Index at 3.12% and the MSCI World Value Index at 3.34% [3] - For the year-to-date period, the Fund returned 35.46%, significantly higher than the MSCI World Index and MSCI World Value Index, which returned 21.09% and 20.79%, respectively [3] - Annualized performance for the trailing three-year and five-year periods was 16.76% and 18.00%, respectively [3] Key Contributors to Performance - Warrior Met Coal was the largest contributor to the Fund's performance, followed by Lundin Mining and Capstone Copper [4] - Bank of Ireland and Horiba also made significant positive contributions during the quarter [4] - Warrior Met Coal began commercial-scale mining at its Blue Creek project ahead of schedule, positively impacting revenue and cash flow [5] European Holdings - The Fund's Western European holdings, including Bank of Ireland, Buzzi Spa, and BMW, contributed positively to performance [6] - A weaker U.S. dollar enhanced returns for euro-denominated investments, which comprise over 70% of the portfolio [6] Banking Sector Insights - Bank of Ireland and Deutsche Bank have improved their operating performance, leading to better valuations and increased returns on capital [7] - Deutsche Bank shares traded above book value for the first time since the global financial crisis, marking a significant milestone [8] Copper Market Dynamics - Lundin Mining and Capstone Copper were significant contributors to performance, driven by the indispensable nature of copper in modern economies [9] - The supply of copper has proven challenging to increase, leading to a looming supply gap as demand accelerates [13] Japanese Investments - The performance of Japanese investments was mixed, with Horiba contributing positively while JEOL detracted from performance [15] - Subaru performed well despite concerns over U.S. import tariffs, achieving a total return of 26.28% in 2025 [16] Energy Sector Performance - The Fund's oil and gas-related businesses did not perform well in 2025, with significant headwinds affecting offshore energy service sectors [21] - Delays in offshore projects and changes in spending by major producers created challenges for the sector [21] Resource Conversion Activities - The Fund engaged in robust resource conversion activities, including acquisitions and divestitures, to enhance shareholder value [27] - Harbour Energy executed several strategic transactions, significantly shifting its production base and improving its financial position [28] New Investments - The Fund initiated a position in T.S. Lines Ltd., a container shipping company focused on routes within the Asia-Pacific region, which is expected to benefit from growing trade activity [35] - T.S. Lines has a strong balance sheet and operates a younger fleet, positioning it well for future growth [37]

Core Insights - Talisker Resources Ltd. announced the results from the final 30 drill holes completed in late 2025, primarily focusing on extensions of major ore veins at the Mustang Mine [1][2] Drill Program Overview - In 2025, Talisker completed a total of 35 underground diamond drill holes totaling 7,515 meters and 15 surface diamond drill holes totaling 5,367 meters [3] - The underground drilling targeted infill drilling of the Alhambra, BK, and BK-9870 veins, while surface drilling focused on the 101, 55 HW, 278, and 55 veins within the Mustang Mine [3] Exploration Results - The company reported high-grade and consistent infill results, particularly from the Bralorne West zone veins, which are critical as underground development progresses towards this area [4] - Significant assay results include: - SB-2025-001: 30.50 g/t Au over 0.50 m within 10.21 g/t Au over 1.75 m on the 101 Vein - SB-2025-002: 32.70 g/t Au over 0.65 m within 12.18 g/t Au over 1.75 m on the 101 Vein - SB-2025-010: 33.60 g/t Au over 0.55 m within 15.76 g/t Au over 1.65 m on the 278 Vein [6][7] Drill Hole Details - The drill holes are located in the Mustang Mine, intersecting major vein structures that include orogenic quartz-carbonate veins with banded sulfide septae [4] - The drill collar locations and orientations are provided, indicating the precise positioning and angles of the drill holes [10][12] Company Background - Talisker Resources Ltd. is a junior resource company focused on the exploration and development of gold projects in British Columbia, Canada, with the Mustang Mine being its flagship asset [14]

Core Viewpoint - Talisker Resources Ltd. has announced positive results from the first 20 drill holes at its Mustang Mine, indicating strong continuity in vein structures and grades, which will aid in mine planning and optimization amid favorable gold prices [1][4]. Group 1: Drill Results - A total of 35 underground diamond drill holes were completed in 2025, totaling 7,515 meters, with an additional 15 surface diamond drill holes for 5,367 meters at Bralorne West [3]. - The first 20 drill holes predominantly targeted extensions of the Alhambra, BK, and BK-9870 veins, with all assays now received and being incorporated into vein model wireframes [3][4]. - Significant gold intercepts include: - UB-2025-001: 46.50 g/t Au over 0.70 m within 27.38 g/t Au over 1.20 m on the Alhambra Vein [6]. - UB-2025-002: 26.00 g/t Au over 0.50 m within 16.55 g/t Au over 1.50 m on the BK-9870 Vein [6]. - UB-2025-020: 39.30 g/t Au over 0.76 m within 19.52 g/t Au over 1.65 m on the Alhambra Vein [9]. Group 2: Geological Context - The drill holes are located in the Mustang Mine, hosted in diorite intrusive, with major vein structures being orogenic quartz-carbonate veins containing banded sulfide septae [4]. - The alteration halos consist of strong silica-sericite ± mariposite alteration with disseminated sulfides, indicating a favorable geological environment for gold mineralization [4]. Group 3: Company Overview - Talisker Resources Ltd. is a junior resource company focused on gold exploration and development in British Columbia, with its flagship asset being the Bralorne Gold Project [14]. - The company also holds the Ladner Gold Project and the Spences Bridge Project, which have significant exploration potential [14].

Core Insights - New Found Gold Corp. has commenced its 2026 drill program at the Queensway Gold Project, focusing on resource conversion and exploration targets [1][3] - The K2 zone has shown consistent gold mineralization, with results aligning closely with the initial mineral resource block model, indicating potential for resource growth [3][11] 2026 Drill Program and Exploration Update - The 2026 drill program includes four active rigs focusing on infill drilling at the K2 and Cokes zones, aiming to convert inferred resources to indicated [4] - Exploration drilling is set to begin at the newly acquired Bullseye mineral license, targeting a 500 m corridor along the Appleton Fault Zone [4] - Regional exploration efforts are ongoing, with soil sampling programs designed to generate new trenching and drill targets for future advancement [5] K2 Infill Summary and Results - The K2 zone is defined by a mineralized footprint of approximately 490 m in length and 395 m in width, with gold mineralization starting at the surface and extending to a maximum depth of 250 m [6] - Initial 2025 K2 infill results have been released, with additional drilling continuing to demonstrate consistent gold mineralization [10][11] - Notable drill results include intersections of 5.22 g/t Au over 14.90 m and 18.9 g/t Au over 2.40 m, among others [8][12] 2025 Drill Program Summary - The 2025 drill program involved 74,377 m of drilling across 614 diamond drill holes, with 75% focused on the AFZ Core area [16] - Approximately 50% of the results from the 2025 drilling remain outstanding, including results from various zones and ongoing grade-control drilling [17] Future Plans - The 2026 infill drilling will initially target PEA Phase 2 open pit resource conversion, transitioning to Phase 3 underground resource conversion later in the year [18] - Additional grade-control drilling is planned for the Iceberg excavation, with potential expansions at the Keats and Iceberg excavations [19] - Exploration drilling will focus on resource expansion at the AFZ Core and advanced targets at Queensway South, expected to commence in H2/26 [21]

Core Viewpoint - Cygnus Metals Limited is focusing on resource growth at its Chibougamau Copper-Gold Project in Quebec, identifying high-priority gold drilling targets with significant potential for high-grade mineralization [2][4][10]. Exploration and Drilling Targets - The company has identified two high-priority drill targets, Gwillim and Joe Mann, both known for substantial high-grade gold mineralization and limited modern exploration [4][6]. - Gwillim Project, a joint venture with Alamos Gold, is located 12 km from the Chibougamau processing facility and has historical production of 39,000 ounces at a grade of 4.8 g/t [5]. - Joe Mann Project, located 46 km south of the processing facility, produced 1.2 million ounces at a grade of 8.3 g/t before its closure in 2007 and has an inferred resource of 0.7 million tonnes at 6.0 g/t [6][10]. Significant Intersections - Recent drilling at Gwillim has returned notable intersections, including: - 7.6 m at 38.1 g/t Au from 314.9 m [7] - 15.2 m at 9.4 g/t Au from 155.1 m [7] - 16.4 m at 8.3 g/t Au from 168.3 m [7] - At Joe Mann, significant intersections include: - 0.7 m at 480.2 g/t Au from 92.3 m [13] - 3.8 m at 20.8 g/t Au from 287.2 m [13] - 8.4 m at 6.3 g/t Au from 175.6 m [13] Resource Estimates - The current resource at the Chibougamau Project is estimated at 6.4 million tonnes at 3.0% CuEq for 193,000 tonnes CuEq (Measured & Indicated) and 8.5 million tonnes at 3.5% CuEq for 295,000 tonnes CuEq (Inferred) [6][10]. - The Golden Eye deposit has an indicated resource of 0.5 million tonnes at 5.6 g/t AuEq for 91,000 ounces AuEq and an inferred resource of 1.2 million tonnes at 4.6 g/t AuEq for 182,000 ounces AuEq [10]. Infrastructure and Strategic Position - The Chibougamau area has well-established infrastructure, including a processing facility with a capacity of 900,000 tonnes per annum, which is the only facility within a 250 km radius [11]. - This infrastructure provides a significant advantage for the development of copper-gold opportunities in the region [11].

Core Viewpoint - Surge Copper Corp. has successfully completed its 2025 drilling and field program at the Berg Project, advancing towards a Pre-Feasibility Study (PFS) scheduled for H1-2026, with significant findings in resource category conversion and environmental assessments [1][3][4]. Group 1: Drilling Program Highlights - The 2025 program included 4,143 meters of diamond drilling, focusing on resource conversion, acid rock drainage characterization, and geotechnical investigations [6][30]. - Four infill drill holes targeting the outer margins of the deposit intersected continuous porphyry-style mineralization, expected to support the conversion of Inferred resources to Measured and Indicated categories [4][14]. - Resampling of historic core revealed a significant silver component in the northwest portion of the deposit, enhancing copper-equivalent values and indicating potential for resource upgrades [3][4]. Group 2: Resource Conversion and Assay Results - The drilling program successfully upgraded Inferred resources to Measured and Indicated categories, with all holes intersecting continuous mineralization below the PEA pit boundary [14][18]. - Notable assay results include hole BRG25-259, which returned 235 meters grading 0.31% copper equivalent, and hole BRG25-260, which returned 279 meters grading 0.20% copper equivalent [15][20]. - The re-assay program increased the dataset to 26,797 unique assay intervals, with 82.6% now including gold and silver analyses, significantly improving the quality of the dataset for future resource estimation [37][41]. Group 3: Environmental and Geotechnical Studies - Dedicated acid rock drainage and geotechnical drilling programs provided critical data for mine design and permitting, including the characterization of soil and rock properties [4][8]. - Preliminary static test results from the ARD holes indicate a transition to non-acid-generating rock with increasing distance from the deposit center, aiding in future mine planning [30][32]. - Baseline environmental studies continued, including fish habitat assessments and hydrometric station installations for water flow data collection [8].

Core Viewpoint - Liberty Gold Corp. has announced strong oxide gold assay results from nine infill drill holes in the Discovery Zone at its Black Pine Gold Project, indicating significant potential for resource conversion and mine design [1][2][5]. Summary by Sections Drill Results - Drill hole LBP1171 reported 1.53 g/t Au over 85.3 meters, including 5.19 g/t Au over 9.1 meters, marking it as the highest unmined intercept at Black Pine based on grade-thickness [1][7]. - Drill hole LBP1155 showed 1.17 g/t Au over 59.4 meters, with a high-grade section of 3.44 g/t Au over 15.2 meters [1][7]. - Other notable results include 2.44 g/t Au over 10.7 meters in hole LBP1168 and 2.35 g/t Au over 10.7 meters in hole LBP1139, demonstrating excellent continuity of near-surface oxide mineralization [1][7]. Project Development - The ongoing feasibility drill program is approximately 40,000 meters, aimed at supporting resource conversion, metallurgical modeling, geotechnical studies, and mine design [1][3]. - The results from the first nine drill holes are part of a planned 35-40 hole program, reinforcing the continuity of high-grade domains in the Discovery Zone [3][5]. Future Plans - The company is currently utilizing multiple drill rigs for resource conversion and expansion, with additional assays pending [9]. - A geotechnical rig is expected to arrive in early November to complete site soil engineering works, further supporting the project’s development [9]. Company Overview - Liberty Gold focuses on developing open-pit oxide deposits in the Great Basin, a region known for its prolific gold production [11]. - The Black Pine Project is a past-producing, Carlin-style gold system with a growing resource and strong economic potential [11].

Core Insights - Liberty Gold Corp. has reported strong results from its ongoing 40,000 meter feasibility reverse circulation drill program at the Black Pine Gold Project in southeastern Idaho, aimed at resource infill, technical compliance, and resource expansion [2][3] Drilling Results - Recent drilling results from 14 holes totaling 2,979 meters confirm the growth of the Rangefront Zone, expanding the near-surface oxide gold zone to over 150 meters wide (north-south) and over 200 meters wide (east-west) [3][10] - Significant drill results include: - 0.41 g/t Au over 41.1 meters in LBP1145 at 45 meters below surface - 0.92 g/t Au over 35.1 meters in LBP1141 - 0.28 g/t Au over 125 meters in LBP1136 - 0.20 g/t Au over 53.3 meters in LBP1141 - 0.37 g/t Au over 71.6 meters in LBP1144 [10][12] Resource Expansion Potential - The newly expanded near-surface oxide gold zone introduces potential changes to mining economics and sequencing strategy, as previously defined in the 2024 Preliminary Feasibility Study [3][10] - The Rangefront area is emerging as a cornerstone growth area for the Black Pine Project, strategically located adjacent to infrastructure and the proposed leach pad [10][12] Future Plans - Additional metallurgical drilling is planned for Q4 2025 to improve coverage of the expanded resource areas for the Feasibility Study [10] - Approximately 50 additional RC and core holes and 15,000 meters of drilling are planned for 2025 [10][12] Historical Context - The Rangefront Area has seen 14,289 meters of drilling completed in 2025, with another 15,000 meters planned, building on the 14,817 meters drilled in 2024, which were not included in the 2024 Preliminary Feasibility Study [12][13] - The currently defined Rangefront Area is a 1,500 x 1,200 x 300 meters thick zone of continuous oxide gold mineralization, with a resource estimate of 1,619,000 Indicated and 296,000 inferred ounces of gold [13]

Core Viewpoint - Heliostar Metals Ltd. is advancing its drilling program at the Ana Paula project in Mexico, aiming to convert inferred resources into higher confidence classifications and support a feasibility study for future production [3][4]. Drilling Program - The company has initiated a 15,000 metre drill program at the Ana Paula project, with the addition of a third drill rig to accelerate the process [3][5]. - A total of 24 holes have been completed, amounting to 6,529 metres drilled to date, focusing on defining the High Grade Panel [5][14]. - The drilling approach has been modified to enhance the identification of continuous and higher-grade gold mineralization [5]. Drill Results Summary - Significant drill results include hole AP-25-329, which returned an interval of 88.05 metres grading 8.82 grams per tonne (g/t) gold, with notable intercepts of 35.5 metres grading 13.03 g/t gold [7][9]. - Hole AP-25-327 also showed promising results, including 21.7 metres grading 2.75 g/t gold and 14.3 metres grading 4.19 g/t gold [7][9]. - Geotechnical holes AP-25-326 and AP-25-328 returned results in line with expectations, supporting mine development planning [10]. Future Plans - The company plans to make a construction decision for the Ana Paula project based on the feasibility study, targeting production of 100,000 ounces of gold per year by 2028 [4][14]. - Additional drill results are expected to be released in early November, with ongoing drilling focused on the less well-defined western edge of the High Grade Panel [14]. Company Overview - Heliostar Metals Ltd. operates gold mining projects in Mexico, including the La Colorada and San Agustin mines, and has a portfolio of development projects in both Mexico and the USA [20].

Core Viewpoint - Wesdome Gold Mines Ltd. is optimistic about the exploration results at its Eagle River mine, particularly in the 6 Central Zone, which has shown significant potential for resource expansion and high-grade mineralization [2][5][10]. Exploration Activities - The 6 Central Zone has been extended by 300 meters, now totaling over 600 meters down-plunge, with high-grade intercepts reminiscent of earlier drill results in the 300 Zone [2][9]. - Drilling at Falcon 311 is extending mineralization down-plunge and to the west, while early surface drilling at Falcon 720 has returned visible gold and anomalous intercepts [3][16]. - The 300 Zone's structural reinterpretation indicates the presence of discrete mineralized lenses, opening new exploration avenues with high-grade trends continuing down dip and laterally [3][12][13]. Drilling Results - Significant drill results include: - Hole 758-E-580: 115.9 g/t Au over 1.8 m core length - Hole 758-E-570: 49.1 g/t Au over 2.2 m core length - Hole 25-805-12: 47.0 g/t Au over 3.4 m core length [6][7][67]. - The drilling program has confirmed high-grade trends and resource expansion potential across multiple zones, including the 6 Central, 300, and Falcon zones [5][67]. Regional Exploration - Drilling across multiple targets continues to validate the exploration model, with high-grade surface drilling results indicating strong potential for extensions [4][21]. - A total of 176 exploration targets have been identified, with 40 earmarked for short-term exploration work [21][22]. Future Plans - The company plans to continue drilling into 2025 to follow up on promising developments and aims to convert as much material as possible before the year-end drilling cutoff date [5][19]. - A nine-month program has been launched to advance exploration, with four rigs currently drilling the first 40,000 meters [19][23]. Technical Reporting - A global model initiative is underway, targeting both underground and surface material near existing infrastructure, with the potential to upgrade resources to a higher-confidence category [18][19]. - An updated technical report is expected in mid-2026, incorporating results from ongoing drilling programs [19].