Core Viewpoint - Bayhorse Silver Inc. is advancing its work program for the first half of 2026, driven by strong silver and gold prices, which have increased investor interest and funding availability [1][8] Group 1: Work Program Overview - The work program includes completing a groundwater baseline study for the Full Operating Permit Application to resume underground mining operations at the Bayhorse Silver Mine, targeting up to 200 tons per day [1][5] - A limited bulk sample of 25 tons will be taken from three underground locations for metallurgical processing, with geochemical assays planned for both portions of the sample [2][3] - The program will also involve a minimum of five surface drill holes to test four identified IP targets, extending from the mine access road [4][5] Group 2: Resource and Production Details - The Bayhorse Silver Mine has a National Instrument 43-101 inferred resource of 292,300 tons at a grade of 21.65 opt (673 g/t), equating to approximately 6.3 million ounces of silver [9] - The company has received over $650,000 from the exercise of warrants and options, facilitating the acceleration of its work programs [1][8] - The milling and flotation processes will utilize a state-of-the-art 40 ton per hour Steinert Ore-Sorter, which reduces waste rock by up to 85% [9] Group 3: Environmental and Technical Aspects - The groundwater baseline study will include installing testing pumps and conducting independent groundwater tests, with samples analyzed by Pace Environmental Labs [1][3] - The Sorter Reject material has been previously tested and shows an acid/base analysis (ABA) of 29, indicating it is not acid generating, which is crucial for mine permitting [3][7] - The company plans to conduct a full antimony leach pilot program on the flotation concentrate, aiming to confirm high leaching rates of antimony [5][7]

Core Insights - Midas Minerals has successfully completed the acquisition of the Otavi copper project in Namibia, following key conditions such as licence transfers and approval from the Namibian Competition Commission [1][4] Project Overview - The Otavi project consists of ten exclusive prospecting licences covering an area of 1,776 square kilometres, located approximately 360km northeast of Windhoek, Namibia's capital [2] - The project includes two significant deposits, T13 and Deblin, which are pending resource definition, along with several underexplored targets; modern exploration has only been conducted over 36% of the licence area [2] Drilling Activities - Midas has deployed two diamond drill rigs on the high-grade T-13 copper-silver deposit for resource drilling, with a second reverse circulation rig expected to start in early January 2026 [3] - Drilling at the Deblin copper-gold-silver deposit is also planned to commence in early 2026 [3] Company Strategy - The managing director of Midas stated that the acquisition of the Otavi project is transformational for the company, and they plan to rapidly explore and expand the resource base [4] - Midas has already initiated drilling operations with three rigs on T-13 and Spaatzu, with a fourth rig expected to arrive after the Christmas break [5] Financial Position - Midas reported approximately A$15.3 million (about $10.11 million) in cash as of September 2025, which is deemed sufficient to fund ongoing exploration at both Otavi and South Otavi into 2026 [6]

Summary of Midnight Sun Mining Corp Update - December 17, 2025 Company Overview - **Company**: Midnight Sun Mining Corp - **Focus**: Copper exploration in Zambia, specifically the Dumbwa and Kazhiba projects Key Points from the Call Industry Context - The presentation is centered around the Zambian Copperbelt, a significant area for copper mining and exploration Project Updates - **Dumbwa Project**: - Currently, 88 drill holes completed with 17,800 meters drilled over approximately 1.7 km, extending to 2.5 km for scout holes [17][18] - The drilling is divided into three blocks: Sundash Farm Block, West River Drill Block, and Dumbwa Central and North Blocks [19] - A formal resource declaration is anticipated by Q3/Q4 2026 [19] - The project is described as having a predictable mineralization pattern, with a potential for large tonnage, near-surface, low-grade copper deposits [30] - **Kazhiba Project**: - Adrian Coralku is leading the work at Kazhiba, collaborating with Kevin Bonal on the Dumbwa project [8] Technical Insights - The mineralization at Dumbwa is hosted in a north-south trending shear zone, similar to the Kansanshi deposit located nearby [32] - The geological model indicates a strong correlation between soil anomalies and underlying copper sulfide mineralization [28][30] - The project has faced delays in assay reporting due to quality control issues with the laboratory, SGS, which is being addressed [21][22][25] Assay Results and Expectations - Only 14% of the drilled holes have received assay results, with significant bottlenecks in reporting [20][21] - Initial results show promising intercepts, such as 39.7 meters at 0.51% copper, indicating potential for economic viability [49][51] - The project is expected to yield a resource of over 1 billion tons of ore, with grades potentially around 0.5% copper [30][61] Comparisons with Other Deposits - The geology of Dumbwa is comparable to that of Lumwana, with similar mineralization characteristics but differing in strike length and thickness [53][54] - The potential for Dumbwa is modeled to exceed that of Lumwana in terms of strike length, with estimates suggesting up to 11 kilometers of mineralization [54][59] Future Outlook - The team is optimistic about the potential of Dumbwa, with ongoing drilling and modeling efforts to refine resource estimates [63] - The focus remains on the southern 11 kilometers of the project, with plans to explore the northern sections as well [63] Conclusion - The call highlighted the excitement surrounding the Dumbwa project, emphasizing its potential as a tier-one copper opportunity in the Zambian Copperbelt, despite current challenges with assay reporting and geological complexities [30][62]

Core Viewpoint - McEwen Inc. is focusing on advancing three key areas at its Gold Bar Mine Complex in Nevada—Lookout Mountain, Windfall, and Unity Ridge—to increase resources, extend mine life, and potentially boost annual gold production. The integration of these areas is expected to transform the Gold Bar Mine Complex into a long-life asset [1][2]. Group 1: Lookout Mountain - The drilling program at Lookout Mountain aimed to convert Inferred Resources into Measured and Indicated categories and to obtain samples for metallurgical testing [3]. - The 2025 drilling program at Lookout Mountain has been completed, with plans to publish an updated resource estimate alongside year-end financials and to advance engineering work for production [4]. - Lookout Mountain's resource estimate includes 423,000 ounces of gold in the Measured and Indicated categories from 23,423,000 tonnes grading 0.56 grams per tonne [5]. Group 2: Windfall - A resource estimate for Windfall is scheduled for next year, with recent results indicating excellent continuity of near-surface oxide gold mineralization along a 1.6-kilometer section of the Windfall fault zone [8]. - New near-surface oxide results from Windfall show significant gold grades, including 4.6 grams per tonne over 26.7 meters in drillhole WF055 [9]. - The exploration program for Windfall will continue in 2026, focusing on higher-grade areas and advancing towards production [10]. Group 3: Unity Ridge - At Unity Ridge, the company is evaluating the potential to merge three existing open pits into one larger mining area to increase gold resources and extend mine life [11]. - Recent drill results from Unity Ridge have intersected oxide gold mineralization, with notable results including 3.6 grams per tonne over 48.8 meters in drillhole GB660 [12]. - The focus for Unity Ridge in 2026 will be on confirming gold grades and widths from historical drilling and estimating the amount of oxide gold mineralization that could be leached [14].

Minaurum Gold CEO Darrell Rader (L) and Vice-President of Exploration Stephen Maynard in the core shack at the Alamos project. Image: Amanda Stutt On a plateau high up in the Alamos mountain ranges of Mexico’s Sonora state, Stephen Maynard casts a sweeping gesture across the valley, indicating where the two main shoots of the Promontorio vein zone intersect at the Alamos silver project. Maynard, the vice-president of exploration at Minaurum Gold (TSXV: MGG; US-OTC: MMRGF), sees the potential as the company ...

Core Viewpoint - CMX Gold & Silver Corp. plans to conduct a geophysical survey in spring 2026 at its Clayton Silver Project, aiming to assess resource potential and expand exploration efforts in the area [1][2][3]. Exploration Plans - The exploration programs for 2026 and beyond will focus on evaluating the resource potential within the former mine, which has historical mineralization that remains open along strike and depth [2]. - The company intends to utilize modern geophysical techniques to better understand the underground potential compared to past methods used when the mine was operational [3]. Geophysical Survey Details - The geophysical survey will cover patented mining claims to delineate known structures and identify potential new ore bodies, utilizing a 3-D Direct Current Induced Polarization Survey (DCIP) and a Magnetotelluric Survey (MT) [4]. - The DCIP survey will target depths from approximately 650 feet (200 m) to 2,300 feet (700 m), while the MT survey will evaluate deeper potential down to at least 6,000 feet (1,830 m) [4]. Diamond Drilling Program - Following the geophysical survey, the company plans to conduct a diamond drilling program to test priority targets, which may represent extensions of historical ore bodies [5]. - The management believes there is significant potential to expand the resource base of the Clayton Silver Mine, as little exploration has been conducted on adjacent properties [5]. Market Context - The company has delayed capital spending on the project until a positive change in commodity markets was observed, now seeing systemic supply issues in global silver markets positively impacting prices in 2025 [5]. - The demand-supply deficit in the silver market has been significant, with industrial demand surging, particularly for solar panel production [5]. Marketing Awareness Program - CMX has initiated a marketing awareness program to highlight the strategic significance of the Clayton Silver Property, including social media engagement and informational meetings with high net-worth investors [6][7]. - The property encompasses approximately 1,028 acres (416 hectares) in Idaho, including the former Clayton silver-lead-zinc mine, which was developed to a depth of 1,100 feet [7]. Historical Production Insights - The Clayton Mine recorded production of approximately 7 million ounces of silver and significant amounts of lead, zinc, and copper from an estimated 2.15 million tonnes of ore mined between 1934 and 1985 [9]. - Historical drilling results indicate the potential for high-grade mineralization extending below the historic workings, confirming the area's resource potential [8].

Core Viewpoint - Moonlight Resources (ASX: ML8) is set to launch its IPO amid rising gold, rare earth, and uranium prices, positioning itself as a significant player in the mining sector with a diversified asset portfolio and a strong exploration strategy [1][3][28] Group 1: Company Overview - Moonlight Resources holds over ten exploration licenses covering more than 4,500 square kilometers, with assets in gold, rare earths, and uranium [1] - The company plans to issue 50 million shares at an IPO price of AUD 0.20, aiming to raise AUD 10 million, with 65.8% of the funds allocated for priority exploration areas [2][28] - The flagship Clermont gold project is strategically located near historical gold production areas, enhancing its exploration potential [6][28] Group 2: Market Context - The gold market is experiencing significant growth, with gold futures recently surpassing USD 4,000 per ounce, driven by inflation, interest rate changes, and geopolitical uncertainties [5] - In the ASX, eight out of the top ten performing companies in the previous fiscal year were related to gold exploration and mining [4] Group 3: Exploration Strategy - Moonlight's exploration strategy includes a 20,000-meter drilling plan aimed at defining its first JORC-compliant gold resource within 12-18 months [22][24] - The company has identified multiple high-priority targets within the Clermont project, including the Leo Grande mineralized zone, which shows promising historical drilling results [10][11][12] Group 4: Rare Earth and Uranium Assets - In addition to gold, Moonlight's portfolio includes significant rare earth and uranium projects, which are expected to provide long-term strategic value [13][14] - The MacDonnell Ranges project has shown strong uranium and rare earth mineralization, with plans for a 5,000-meter shallow drilling program post-IPO [15][18] Group 5: Management and Incentives - The company is led by a highly experienced team with a strong track record in mining and exploration, including key figures with extensive industry experience [19][20] - A performance equity mechanism aligns management incentives with shareholder value, focusing on resource growth and exploration progress [21]

Summary of Sierra Madre Gold and Silver Conference Call Company Overview - **Company**: Sierra Madre Gold and Silver (OTCPK:SMDR.F) - **Industry**: Mining, specifically silver and gold production - **Location**: Mexico - **Current Production**: Producing silver from La Guitarra mine, with quarterly production between 150,000 and 190,000 ounces since Q4 2024 [1][2] Key Highlights - **Production Achievement**: Successfully put the mine into production on time and on budget, marking a significant milestone for the company [2][6] - **Investor Support**: Welcomed notable investors including Eric Sprott and Fidelity, enhancing the company's financial backing [2] - **Expansion Plans**: Aiming to triple production over the next two years, with plans to increase production capacity from 500 tons per day to 1,500 tons per day [7][9] Financial Performance - **Revenue and Profit**: Generated $5 million in revenue and approximately $1.2 million in net profit in Q2, prior to a surge in silver prices [6] - **Production Costs**: Targeting production costs below $22 per ounce, with potential margins of around $30 per ounce if silver prices remain at $50 [8] Resource and Exploration - **Silver Resource**: Currently holds a resource of 50 million ounces of silver, with plans for 25,000 meters of drilling to increase this resource [5][11] - **Historic Mines**: The company operates in a historically significant silver and gold district with nine historic mines, including the recently opened Coloso and Nazareno mines [4][5] Future Projects - **El Rincón Mine**: Plans to drill at El Rincón, which historically produced silver at 800 grams per ton and gold at 6.5 grams per ton [9][10] - **Tepic Project**: A second project with a resource of about 10 million ounces of silver, but currently not the main focus due to the need for permits [11][14] Management and Ownership - **Management Team**: Includes experienced individuals with a history of successful mine operations in Mexico [3][4] - **Ownership Structure**: Management and founders retain 21% ownership, indicating strong alignment with long-term investor interests [12][13] Market Position - **Valuation**: The company is considered undervalued, with a market cap below CAD 200 million, presenting a potential investment opportunity [12][18] - **Investor Sentiment**: Despite recent market fluctuations, the company is viewed as a good entry point for investors [17][18] Additional Notes - **Permitting Status**: La Guitarra is fully permitted for underground operations, while Tepic requires further permitting [14] - **Support from First Majestic**: First Majestic has been supportive, providing loans and not selling shares on the market, which is seen as a positive for future capital [16][17]

Core Insights - Rua Gold Inc. has appointed Simon Delander as Vice President of Risk, Stakeholder & Regulatory Affairs to strengthen its executive team in New Zealand [1][2] - Delander will focus on permitting the Reefton Project and managing regulatory compliance, government relations, and ESG-related risks [2][5] - The company aims to enhance stakeholder engagement and navigate the regulatory landscape effectively [6] Group 1: Appointment and Role - Simon Delander has over 25 years of experience in regulatory affairs and stakeholder engagement within the resource sector [4] - His previous role was Vice President at Endura Mining, where he successfully guided the company through the consenting process [3][4] - Delander has held senior positions at Evolution Mining and MMG, overseeing ESG reporting and risk assessments [5] Group 2: Company Overview - Rua Gold is focused on exploration in New Zealand, controlling over 120,000 hectares in the Reefton Gold District, which historically produced over 2 million ounces of gold [9] - The Glamorgan Project further solidifies Rua Gold's position as a leading high-grade gold explorer, located in a region that has produced 15 million ounces of gold and 60 million ounces of silver [10] - The company is committed to aligning its growth objectives with environmental and social responsibilities [5][6]

Core Viewpoint - White Gold Corp is raising C$20 million ($14.5 million) through a brokered private placement to fund exploration activities in the Yukon Territory of Canada [1] Group 1: Offering Details - Clarus Securities will act as the lead agent, issuing premium flow-through units at C$1.17 per unit, flow-through common shares at C$1.00 per share, and non-premium units at C$0.85 per unit [2] - Each premium unit consists of one flow-through share and one-half of a common share purchase warrant, while the non-premium unit includes one common share and one-half of a warrant, with each whole warrant exercisable at C$1.15 for 24 months [2] Group 2: Shareholder Participation - Agnico Eagle Mines, holding a 19.8% stake in White Gold, plans to participate in the offering to maintain its interest on a partially diluted basis [3] Group 3: Company Overview - White Gold owns a portfolio of 21 properties covering 3,051 km², representing 40% of the Yukon’s White Gold district, with its flagship project hosting four near-surface gold deposits [4] - The updated resource estimate indicates 1.73 million oz. of gold in indicated resources and 1.27 million oz. in inferred resources, positioning White Gold among the top 3 gold projects in the Yukon [5] Group 4: Future Plans and Exploration - The CEO of White Gold expressed intentions to increase the scale of the project and advance it to a Preliminary Economic Assessment (PEA) to demonstrate its economic potential [6] - Ongoing exploration activities aim to unlock additional value across the extensive land package, targeting gold and critical mineral opportunities in the underexplored White Gold district [6] - Recent regional exploration has led to new discoveries and prospective targets, bordering significant gold and copper projects, including Newmont's Coffee project and Western Copper and Gold's Casino project [6]