Summary of the Conference Call for Triple Flag Precious Metals (NYSE:TFPM) Company Overview - **Triple Flag Precious Metals** was formed in 2016 and operates in the royalty and streaming model, focusing on generating shareholder value through strategic asset acquisitions [doc id='23']. - The current market cap is approximately **$8 billion**, with **$1.8 billion** of shareholder capital invested, resulting in over **4x** returns [doc id='23']. Key Financial Metrics - **Annual GEO Production Guidance for 2025**: 105,000-115,000 ounces, with actual production reported at **113,000 ounces**, near the top end of the range [doc id='24']. - Projected production growth to **135,000-145,000 ounces** by 2029, driven by existing portfolio assets [doc id='25']. - The company has consistently increased its dividend since going public and is currently **debt-free** with available capacity for new investments [doc id='26']. Market and Industry Insights - The gold market is experiencing significant price appreciation, with gold prices reaching **$5,000** and silver at **$100** [doc id='3']. - The royalty and streaming sector has seen record corporate acquisitions, with **$9 billion** in transactions in 2025, nearly three times the volume from 2023 to 2024 [doc id='10']. - The company emphasizes the importance of operating in **tier one jurisdictions** (Canada, Australia, and the U.S.) to mitigate risks associated with nationalism and expropriation [doc id='6']. Strategic Differentiators - **Geographic Focus**: 80% of cash flow comes from tier one jurisdictions, providing stability and insulation from geopolitical risks [doc id='6']. - **Cash Margin**: The company boasts a **97% cash margin**, benefiting from rising gold and silver prices [doc id='7']. - **Growth Profile**: Anticipated **40% growth** over the next five years without contingent capital requirements [doc id='8']. Recent Developments and Acquisitions - The acquisition of **Orogen Royalties** included a **1% royalty on the Arthur Project** in Nevada, operated by AngloGold Ashanti, which is expected to be a tier one mine [doc id='53']. - The company is focused on maintaining a disciplined approach to capital allocation, ensuring that any acquisitions are accretive to shareholders [doc id='12']. Challenges and Market Positioning - Despite strong performance, the royalty and streaming companies underperformed compared to the gold index in 2025, with Triple Flag up **98%** compared to the gold index's **141%** increase [doc id='34']. - The management argues that while royalty companies may not provide the same short-term leverage as high-cost operators, they offer a high-margin, consistent dividend model with long-term growth potential [doc id='35']. Future Outlook - The company expects continued volatility in the commodities market, driven by macroeconomic factors and geopolitical events, which may create opportunities for growth [doc id='42']. - There is a strong desire to deploy capital into new assets while maintaining a focus on risk management and shareholder value [doc id='62']. Conclusion - Triple Flag Precious Metals is well-positioned in the precious metals sector with a strong growth outlook, disciplined capital allocation strategy, and a focus on high-margin, low-risk assets in stable jurisdictions. The company aims to leverage its existing portfolio for future growth while navigating the challenges of the current market environment.

Core Viewpoint - Military Metals Corp. has reported promising soil sampling results from its Last Chance antimony project, indicating the potential for a significant mineralized system that could contribute to the domestic supply of antimony in the United States [1][4]. Group 1: Soil Sampling Results - The 2025 soil sampling program identified an 800m long zone of anomalous antimony, trending northwest to southeast from the historical mining area [1][6]. - The uppermost decile of antimony assay results ranged from 53.5 ppm to 952 ppm, concentrated along a defined zone extending 815m in length [6][7]. - Selective grab samples from Spring 2025 showed antimony concentrations of 6.66% and 11.61%, with a range from 0.005% to 11.61% [7]. Group 2: Project Significance - Antimony is classified as a critical mineral in the United States, attracting increased government investment through grants, equity, and loans [4]. - The Last Chance project is positioned to play a vital role in establishing a secure domestic supply of antimony for the U.S. and its allies [4]. Group 3: Technical and Operational Details - Soil samples were collected using a hand shovel and sieved through a 2.36mm mesh, with precautions taken to avoid contamination from historical mining activities [5][9]. - Analyses were conducted by American Assay Laboratories, an accredited provider, using established methods for determining various mineral contents [10]. Group 4: Corporate Governance - The company has adopted a Shareholder Rights Plan effective January 20, 2026, to protect against potential hostile takeovers [11][12]. - The Rights Plan will be subject to ratification by shareholders at the upcoming annual general meeting on February 23, 2026 [13].

Core Viewpoint - Almonty Industries is positioned to become a leading supplier of tungsten, focusing on establishing a secure supply chain for the U.S. and its allies, particularly through the Sangdong Tungsten Mine, which is set to begin active mining operations in December 2025 [1][3][20]. Company Developments - The Sangdong Tungsten Mine in South Korea transitioned from construction to production in December 2025, marking a significant milestone for the company [3]. - Almonty has secured binding offtake agreements for tungsten oxide, particularly for U.S. defense applications, enhancing revenue visibility [3]. - The company has expanded its geographic footprint by acquiring 100% ownership of the Gentung Browns Lake Tungsten Project in Montana, aligning with U.S. policy to reshore critical mineral supply chains [9][10]. Market Opportunity - The tungsten market is experiencing a critical supply gap due to China's export restrictions, with tungsten prices increasing over 160% in 2025 [5]. - Tungsten is recognized as a critical strategic metal essential for defense and advanced technology sectors, with Almonty being the largest Western-aligned tungsten producer [6][20]. Financial Highlights - In 2025, Almonty entered the U.S. capital markets, raising approximately US$90 million through an oversubscribed IPO and an additional US$129.4 million in a follow-up offering [11]. - The company has a fully capitalized balance sheet to support exploration and development initiatives [11]. Leadership and Management - Almonty has strengthened its executive team with experienced leaders from various sectors, enhancing its operational and strategic capabilities [12][13][14]. Future Outlook - The company aims to advance toward full-scale commercial operations at the Sangdong Tungsten Mine and commence Phase II expansion by 2027, potentially increasing production capacity to 1.2 million tons per annum [15]. - Ongoing drilling programs at the Panasqueira Mine and the Sangdong Molybdenum Project are expected to define future development pathways and increase annual output [16][17].

Core Insights - Rising geopolitical trade tensions have highlighted the importance of critical minerals and rare-earth elements for national security and energy independence [2] - TMC The Metals Company aims to meet the growing demand for domestically sourced critical minerals through deep-sea mining of polymetallic nodules [3][5] - The stock of TMC has experienced significant volatility, surging as much as 1,576% from its low last year due to increased investor interest in rare-earth companies [3] Industry Overview - Deep-sea mining is positioned as a potential new frontier for sourcing critical minerals, with TMC targeting the Clarion-Clipperton Zone for polymetallic nodules rich in nickel, copper, cobalt, and manganese [5][6] - The seabed mining industry could play a crucial role in building domestic reserves of critical minerals, as highlighted by TMC's CEO during a testimony to the U.S. House Committee on Natural Resources [6] Regulatory Environment - TMC faces significant regulatory hurdles before commencing deep-sea mining operations, including the need to obtain necessary permits [7][9] - An executive order signed by U.S. President Donald Trump emphasizes the administration's commitment to developing a domestic supply of critical minerals and aims to expedite the permitting process under the Deep Seabed Hard Mineral Resources Act [8]

Core Insights - Dalaroo Metals has made significant discoveries at its Blue Lagoon project in Greenland, revealing a district-scale system rich in critical minerals such as zirconium, hafnium, and rare earth elements (REEs) across a 2.7km strike [1] - The initial exploration has shown all 113 samples to have anomalous values, indicating a promising new critical metals district [1] Zirconium and Hafnium Findings - The project has identified concentrations exceeding 2% zirconium oxide and 40 parts per million (ppm) hafnium oxide across the entire 2.7km strike, suggesting a well-mineralised target area [2] - Hafnium is essential for next-generation microchips and semiconductors due to its high dielectric constant, which allows it to store significantly more electrical charge than traditional silicon dioxide-based semiconductors [2] Hafnium Oxide Properties - Hafnium oxide has a dielectric constant approximately six times higher than silicon dioxide, leading to a more than 1,000-fold reduction in electron leakage through transistors compared to silicon dioxide [3] - The current indicative sale price for high-purity hafnium oxide is A$16,297/kg (approximately $10,924.3/kg), reflecting its advanced chemical properties and growing demand in high-tech applications [3] Rare Earth Elements (REEs) Results - The Blue Lagoon project has returned high-grade REE results, with elevated magnet rare earth oxides (REOs) encountered at the surface, particularly enriched in dysprosium and terbium [4] - The sampling has shown low uranium levels, with a maximum reading of 25ppm triuranium octoxide, which is below the 100ppm uranium threshold required for permitting in Greenland [4][5] Exploration Potential - The scale and consistency of rare earth, niobium, and zirconium anomalism over a ~2.7km strike, combined with low uranium and thorium levels, confirm a robust and regionally extensive critical minerals system [6] - Initial surface sampling results demonstrate grades comparable with early-stage results from globally recognized alkaline-hosted rare earth systems in Greenland, indicating a fertile mineral system with potential for further exploration [7]

Core Viewpoint - Snow Lake Resources Ltd. has reached an agreement with Canadian Uranium Corp. to extend the option agreement for the Mound Lake Gallium Project, aligning with U.S. efforts to enhance domestic critical mineral supply chains [1][2][4]. Company Summary - Snow Lake Resources Ltd. focuses on developing its nuclear fuel cycle business while acquiring interests in North American critical minerals projects [4]. - The company aims to earn up to an 80% interest in the Mound Lake project through exploration expenditures and cash payments over two years [13]. - The Mound Lake project is an early-stage exploration site covering over 4,800 hectares and is prospective for lithium, cesium, tantalum, and gallium [9][10]. Industry Context - The U.S. Administration's Proclamation on January 14, 2026, emphasizes the need for domestic mining and processing of critical minerals to reduce reliance on imports, particularly for gallium [2][7]. - Gallium is classified as a critical mineral due to its essential role in various technologies, including semiconductors and military applications, with the U.S. currently importing 100% of its gallium needs [6][8]. - Historical exploration at Mound Lake has shown gallium values ranging from 50 to 110 ppm, indicating significant potential for future development [11].

Core Insights - North American Niobium and Critical Minerals Corp. has reported positive geochemical results from its Q4 2025 prospecting program, confirming the presence of magnet rare earth elements and niobium in its Québec properties, which are essential for clean energy and defense applications [1][9] Q4 2025 Prospecting Program and Results - The Q4 2025 program involved reconnaissance prospecting and selective outcrop sampling across the Blanchette, Bardy, and Sabot properties, with a total of 199 samples collected [3][4] - The twenty best assay results exceeded either the 0.10% TREO threshold or 500 ppm Nb₂O₅, indicating a fertile mineral system within the Grenville Province [3][4] - Notable results include a sample from Blanchette returning 1.82% TREO and 3,979.41 ppm MREO, while a sample from Bardy returned 0.319% TREO [5][4] Planned Follow-Up Work - The company plans to conduct follow-up soil-gas radon surveys and a backpack drilling program at Bardy and Blanchette to validate radon anomalies and refine targets [6][5] - A high-resolution magnetic survey is also planned to further define and prioritize target areas for subsequent exploration [6][5] Sampling and Analytical Methods - Rock grab samples were collected and analyzed using ALS method ME-MS71L, which includes ammonium bifluoride decomposition for multi-element geochemistry [7][4] - The company did not insert certified reference materials or blanks during the sampling process, relying on ALS's internal quality control procedures [8] Company Overview - North American Niobium and Critical Minerals Corp. focuses on the acquisition and development of critical mineral assets, including properties in Québec that are strategically important for energy and defense applications [9][1]

Core Viewpoint - Sun Silver Ltd. has reported significant progress in its Maverick Springs Silver-Gold Project, highlighting thick, high-grade silver-gold mineralization and strong market fundamentals supporting the project [1][3]. Group 1: Exploration Results - Recent drilling has confirmed thick mineralized intercepts with grades consistent with or exceeding the mineral resource grade, including: - MR25-227: 123.94m at 81.8g/t AgEq (51g/t Ag and 0.36g/t Au) from 216.80m, with a sub-section of 33.77m at 224.5g/t AgEq (168g/t Ag and 0.66g/t Au) [2] - MR25-229: 45.78m at 76.7g/t AgEq (46.8g/t Ag and 0.35g/t Au), including 15.58m at 114.6g/t AgEq (77.2g/t Ag and 0.44g/t Au) [2] - MR25-235: 29.69m at 201.9g/t AgEq (85.1g/t Ag and 1.37g/t Au), with individual gold assays reaching up to 4.80g/t Au [2] Group 2: Market Position and Fundamentals - The project is well-positioned to benefit from strong market fundamentals, with silver prices currently above USD $83/oz and its inclusion on the U.S. Critical Minerals List [3] - The tightening controls in China further enhance the strategic supply-chain advantages for the Maverick Springs Project [3] Group 3: Resource and Location - The Maverick Springs Project has a JORC Inferred Mineral Resource of 237Mt grading 45.5g/t Ag and 0.30g/t Au, equating to 347.2Moz of contained silver and 2.25Moz of contained gold (539Moz of contained silver equivalent) [4] - Located 85km from Elko, Nevada, the project is surrounded by several world-class mining operations, including Barrick's Carlin Mine, and is situated in a region recognized as the top mining jurisdiction globally by the Fraser Institute in 2022 [5]

Core Insights - Liberty Star Minerals has made significant progress in 2025, focusing on exploration achievements and enhancing its role in securing the U.S. critical mineral supply chain [1][2] Group 1: Exploration Achievements - The Red Rock Canyon Gold Project revealed bonanza-grade gold assays of up to 107.5 g/t and 60.0 g/t, extending known mineralization by an additional 100 feet [3] - A successful 3D Induced Polarization (IP) survey at Red Rock Canyon covered approximately 10 acres and penetrated depths up to 500 feet, mapping gold-bearing veins with high precision [3] - The company appointed Matt Westbrook to the Board of Directors, enhancing expertise in critical minerals development and aligning with federal priorities [3] Group 2: Strategic Initiatives - A strategic corporate realignment was announced, creating dedicated subsidiaries for various mineral claims, enhancing operational clarity and opportunities for joint ventures [3] - The company engaged in advocacy and government relations, amplifying awareness of U.S. critical mineral needs and securing federal support for mining initiatives [3] - Successful registration with the System for Award Management (SAM) in June opened doors to federal grants and contracts, enhancing eligibility for government programs [3] Group 3: Market Outlook - The demand for critical minerals, particularly copper and gold, is expected to surge due to the clean energy transition and technological innovation, with global copper demand projected to double by 2050 [5] - The company anticipates continued federal support through streamlined permitting and incentives, potentially accelerating development [5] - Plans for 2026 include advancing targeted drilling, pursuing strategic partnerships, and exploring grant opportunities to delineate resources and create shareholder value [5]

Core Insights - 5E Advanced Materials, Inc. (FEAM) has successfully completed a 20-ton commercial tank trial of its boric acid product with a major U.S.-based LCD glass manufacturer, marking a significant step towards full commercialization [1][7] - The trial confirmed that 5E's boric acid met all necessary specifications for high-precision LCD glass applications, including impurity levels, moisture content, particle size distribution, flowability, and overall logistics performance [1][7] - This achievement concludes a comprehensive qualification process that began in April 2025, progressing through laboratory testing and a supply-chain trial, and culminating in a successful commercial-scale run in December 2025 [2][7] Industry Context - The successful trial positions 5E as a reliable supplier of refined borates and advanced boron materials, which are increasingly important for fast-growing industrial sectors [3] - The announcement follows boron's addition to the U.S. Department of the Interior's 2025 critical minerals list, highlighting the importance of establishing secure domestic supply chains [4][7] - Over the past six months, shares of FEAM have increased by 7.5%, contrasting with a 4.7% decline in the industry [4]