Project Overview - Orion Minerals is focused on developing two fully permitted brownfield projects: the Prieska Copper Zinc Mine (PCZM) and the Flat Mines at the Okiep Copper Project (OCP)[27] - The company holds 3,582 km2 of prime exploration and mining rights in two highly prospective regions[25] Financial Highlights - PCZM DFS shows an NPV of AUD568 million, an IRR of 26%, and a peak capital requirement of AUD578 million[28] - Flat Mines (at Okiep) DFS indicates an NPV of AUD75 million, an IRR of 19%, and a peak capital of AUD103 million[28] - The purchase consideration payable by Orion for acquiring the controlling interest in the Okiep Copper Project is approximately ZAR60 million (~$4.9 million)[21] - Market capitalization is AUD80.1 million (USD52.2 million)[18] Development Strategy - The company's strategy involves developing the flagship PCZM project first, followed by optimization of the Flat Mines at OCP[32] - First concentrate from PCZM Uppers is expected 13 months after financing[32] - The company is targeting concentrate production by Christmas 2026[49] Funding and Shareholder Structure - Tembo Capital holds 14.9% of the current share issue[20] - Delphi Group holds 11.0% of the current share issue[20] - Clover Alloys (SA) holds 8.6% of the current share issue[20]

Summary of Visasilva's Conference Call Company Overview - **Company**: Visasilva - **Industry**: Silver Mining - **Location**: Panuco District, Sinaloa, Mexico Key Points and Arguments Exploration and Development Plans - Visasilva aims to become a world-class silver producer leveraging its high-grade, high-margin assets in the Panuco District [5][6][66] - The company has quadrupled its land package over the last 18 months, indicating significant growth potential [8] - A feasibility study is expected to be completed by the end of 2025, with the first silver production targeted for 2027 [66][68] Financial Position - Visasilva is well-funded with over $200 million in cash and $25 million in marketable securities, positioning it strongly for upcoming projects [9][10][71] - The company emphasizes its financial security as a means to protect against downside risks while pursuing growth [71] Exploration Results - The company has completed nearly 400,000 meters of drilling since late 2019, with a low discovery cost of $0.41 per ounce [15][11] - Recent drilling has led to significant discoveries, including a notable intercept of 5.8 meters with 653 grams of silver and over 4 grams of gold [20] Geophysical Surveys - Visasilva has conducted ground electromagnetic surveys (HLEM) to identify mineralization targets, with a focus on both in-phase and out-of-phase anomalies [39][41] - The surveys have shown promising results, particularly in the Napoleon area, indicating potential for further exploration [42][46] Market Position and Industry Context - The company highlights Mexico as a premier destination for silver mining, with several recent acquisitions in the sector indicating strong market interest [6][7] - Visasilva believes it can achieve a billion ounces of silver equivalent at the Panuco District, with additional potential from new acquisitions [65] New Acquisitions - The recent acquisition of the Santa Fe project adds to Visasilva's portfolio, which now includes over 40 hectares in the San Dimas Panuco corridor [54] - Santa Fe has legacy data from over 20,000 meters of drilling, providing a solid foundation for future exploration [56] Future Exploration Strategy - The company plans to focus all 25,000 meters of proposed drilling this year on exploration rather than resource extension, indicating a strong commitment to discovery [78] - Visasilva is also working on a GIS database and 3D modeling to enhance its exploration efforts [58] Conclusion - Visasilva is positioned for significant growth in the silver mining sector, with a robust exploration strategy, strong financial backing, and a clear timeline for production [66][75] - The company is optimistic about its potential to unlock substantial value in the Panuco District and surrounding areas, with multiple catalysts expected in the near future [75][76]

Summary of Carnaby Resources (CNB) Conference Call - July 24, 2025 Company Overview - **Company**: Carnaby Resources (CNB) - **Key Shareholders**: Includes major miners such as Glencore, BHP, and Rio Tinto, indicating strong project quality [2][34] Industry Insights - **Copper Market**: The copper space is highlighted as interesting with few quality development stories available [3][33] - **Development Projects**: The company is positioned as a significant player in the copper development sector in Australia, with a focus on high-grade projects [33] Key Developments - **Greater Duchess Project**: Located 70 km southeast of Mount Isa, with a resource estimate of 27 million tonnes at 1.5% copper equivalent, totaling 400,000 tonnes [4][33] - **Trekalano Acquisition**: The acquisition of the Trekalano deposit is nearing completion, expected to enhance the resource base significantly [7][25] - **Infrastructure**: Existing railway infrastructure is underutilized (25% capacity), which could facilitate ore transport to Mount Isa [34] Exploration and Drilling Results - **Drilling Success**: Recent drilling has confirmed significant ore bodies with high grades, including results of 93 meters at 6.2% copper and 41 meters at 2.7% copper equivalent [10][11][15] - **Mount Hope Discovery**: A major discovery with consistent mineralization across two main loads, showing promising results such as 24 meters at 2% copper [20][22] Project Development Plans - **Scoping Study**: A scoping study has been completed, with plans to include the Trekalano acquisition in future production profiles [25][27] - **Production Timeline**: Targeting three to five years of open-pit mining, with a Pre-Feasibility Study (PFS) expected by the end of the year and a Final Investment Decision (FID) in the first half of next year [26][27] Strategic Partnerships - **Glencore Support**: Glencore is actively supporting the company’s production plans, indicating a strong partnership that could facilitate quicker market entry [6][34] Risks and Challenges - **Regulatory Constraints**: Previous mining constraints have been lifted, allowing for expanded exploration and development opportunities [9][14] - **Market Conditions**: The company is monitoring government and market conditions closely, particularly regarding the smelter operations in the region [35] Future Outlook - **Exploration Upside**: The company has identified significant exploration potential with ongoing drilling and new VTEM surveys revealing additional targets [28][30][32] - **Resource Growth**: The current resource base of 400,000 tonnes is viewed as just the beginning, with expectations for substantial growth in the coming years [36][37]

Core Viewpoint - Canyon Resources Limited has commenced construction of the Inland Rail Facility (IRF) in Makor, Cameroon, which is essential for the export supply chain of the Minim Martap Bauxite Project, with first production anticipated for early 2026 [2][3][6] Group 1: Project Development - The groundbreaking ceremony for the IRF was attended by senior government officials and Canyon's Executive Chairman, highlighting the project's significance and the company's commitment to fast-tracking development [3][6] - Canyon has also started upgrading the ore haulage access road connecting the Minim Martap Project to the IRF, marking two key development milestones [4][5] - The company has secured rail access from Makor to the Port of Douala and 65,000 m² of land for bauxite storage and loading at the port, enabling efficient storage and transportation of up to 6 million tonnes per annum (Mtpa) of bauxite ore, with plans to expand to 10 Mtpa [4][5] Group 2: Future Outlook - Canyon's CEO emphasized that the execution of these infrastructure projects will coincide with other developments to support the project's supply chain, including engineering and design work for critical rail and port infrastructure [5][6] - The company remains on track for the start of production in early 2026 and the first shipment of bauxite in the first half of 2026 [6]

Core Insights - Highland Copper Company is making significant progress on its 100%-owned Copperwood Project, moving towards a near-term construction decision [1] Funding and Support - The Copperwood project is under consideration for a $50 million grant from the Michigan Economic Development Corporation, pending final approval from the Senate Appropriations Committee [2] - Wakefield Township has requested a separate $50 million infrastructure grant from the Michigan legislature, demonstrating strong local support for the project [3] - The proposed grant aims to enhance economic development in Gogebic County by upgrading local infrastructure, which will also support the Copperwood project [4] - Local leaders, including Wakefield Township Supervisor Mandy Lake and Congressman Jack Bergman, emphasize the project's importance for domestic copper production and job creation [5] Engineering and Development - Highland has awarded Front-End Engineering and Design contracts to DRA Global for mine and process plant engineering, and to Foth and Tetra Tech for water management and tailings disposal facility engineering, respectively [6] - The company plans to transition into Phase 2 of its engineering program in Q3 2025, targeting 35% completion for mine and process plant engineering and 85% for the tailings disposal facility by Q1 2026 [7] - Successful completion of metallurgical drill programs has been reported, with 400 kilograms of core samples sent for analysis, achieving results comparable to previous tests [8] Environmental Mitigation - The 2025 construction season focuses on fulfilling obligations related to environmental mitigation, including the planting of nearly 20,000 trees [10] - An off-site stream mitigation project is underway to replace undersized culverts with a 50-foot-span bridge, enhancing fish habitat and meeting mitigation obligations [11] Strategic Outlook - The company is focused on key work programs to enable a construction decision for Copperwood in 2026, including site preparation, engineering progress, and funding opportunities [12]

Financial Data and Key Metrics Changes - Consolidated net revenues for Q1 2025 totaled $627 million, an 8% increase year over year but a 15% decrease compared to Q4 2024 [21][22] - Adjusted EBITDA reached $125 million, representing a 3% decrease year over year and a 36% decrease compared to Q4 2024, with an adjusted EBITDA margin of 20% [22][23] - Mining cash cost significantly dropped to $0.11 per pound from $0.26 per pound year over year, while smelting cash cost increased to $1.17 per pound from $0.98 per pound in the same period last year [10][12] Business Line Data and Key Metrics Changes - Zinc production in Q1 2025 was 67,000 tons, down 23% year over year and 8% quarter over quarter, impacted by operational challenges and heavy rainfall [10][11] - Smelting segment sales reached 130,000 tons, a decrease of 6% year over year and 14% quarter over quarter, primarily due to lower production at certain facilities [11][12] - Aripuana's production volume declined due to intense rainfall, but metallurgical recoveries improved and costs remained within guidance [14][15] Market Data and Key Metrics Changes - The LME zinc price averaged $2,838 per ton in Q1 2025, reflecting a 16% increase year over year but a 7% decrease quarter over quarter [29] - The LME copper price averaged $9,340 per ton, up 11% year over year and 2% quarter over quarter, indicating strong market fundamentals [31] - The LME silver price averaged $32 per ounce, up 37% year over year and 2% quarter over quarter, supported by concerns around future availability [32] Company Strategy and Development Direction - The Cerro Pasco integration project is progressing well, with construction of the tailings pumping system expected to begin in Q2 2025, aimed at extending operations for over ten years [17][35] - The company is focused on improving margins through disciplined operational performance and cost control, while also enhancing production capacity at Aripuana [7][16] - Exploration remains a key pillar of the long-term strategy, with ongoing geological studies and efforts to extend the life of assets [35] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenging macro environment marked by volatility, geopolitical tensions, and inflation, but remains confident in the medium to long-term fundamentals for key metals [6][7] - The company expects to normalize production variations over the coming quarters and is taking measures to recover production lost in Q1 2025 [48][86] - Management emphasized a disciplined approach to financial and operational strategies, prioritizing cash generation and smart capital allocation [37][86] Other Important Information - The company invested $50 million in CapEx during Q1 2025, primarily for sustaining activities, with total CapEx guidance for 2025 remaining unchanged at $347 million [23][24] - The liquidity position remains healthy, with available liquidity of approximately $721 million at the end of Q1 2025 [26] - The net debt to adjusted EBITDA ratio increased from 1.7 times to 2.1 times, primarily due to seasonal cash balance decreases [27] Q&A Session Summary Question: Can you provide more details on geotechnical issues at Vasante and production levels at Cerro Lindo? - Management explained that geotechnical issues at Vasante were due to a collapse in a high-grade mineral stope, which is being addressed to recover production [42][44] - Production at Cerro Lindo is expected to recover throughout the year, with improvements anticipated in other mines as well [46][48] Question: What are the impacts of recent trends on TCRCs and leverage expectations? - Management noted that TCs have decreased to $80, which will impact smelter profitability, but most contracts are already closed for the year [50][52] - Leverage is expected to reverse throughout the year, with targets to maintain or slightly lower leverage compared to the end of 2024 [58][59] Question: Will the negative working capital of $265 million be fully reversed this year? - Management indicated that working capital is expected to be flat on an annual basis, with a significant one-off tax payment affecting Q1 results [64][66] Question: How is the company managing tariff risks? - Management stated that they are not currently exposed to tariffs on zinc and are monitoring the situation closely, with expectations of stable demand in the U.S. market [78][80]

Core Viewpoint - Patagonia Gold Corp. has entered into an investment agreement with Black River Mine Inc. for up to US$40 million to support the development of its Calcatreu Project in Rio Negro, Argentina [1][2]. Investment Agreement Details - The Investor will acquire up to 40 million preferred shares at US$1.00 per share, totaling US$40 million in gross proceeds [2]. - The Investor is a newly formed corporation controlled by Carlos J. Miguens, who is the Lead Investor [3]. - The Investment Agreement includes a Shareholders' Agreement that will govern the affairs of PG Canada [3]. Distribution Policy - The Investor will receive 80% of the "Available Cash" until it has received US$40 million, with the Company receiving the remaining 20% [7]. - After the Investor receives the Preferred Distribution Amount, the Company will receive 100% of the Available Cash until it has received US$60 million [7]. - Following this, the Company will receive 60% of the Available Cash, while the Investor will receive 40% [7]. Financing Use - Proceeds from the Financing will be exclusively used for the development of the Project and to cover related fees and expenses [6]. Project Overview - The Calcatreu Project is located in Rio Negro, approximately 85 kilometers south of Ing Jacobacci [10]. - The Project has an estimated 746,000 contained AuEq ounces in measured and indicated resources and 390,000 contained AuEq ounces in inferred resources [12]. Company Background - Patagonia Gold Corp. focuses on gold and silver projects in the Patagonia region of Argentina and is one of the largest landholders in Santa Cruz province [15].