Core Viewpoint - Troilus Gold Corp. has appointed Mr. Rob Doyle as Strategic Advisor to the CEO and Chairman, effective August 1, 2025, to provide strategic, financial, and operational guidance as the Troilus Project advances towards construction and long-term production [1][3]. Group 1: Appointment and Experience - Mr. Doyle has over 25 years of experience in international mining finance, corporate strategy, and project development, previously serving as CFO of Pan American Silver Corp. and SilverCrest Metals Inc. [2][4] - His tenure at Pan American Silver Corp. included significant growth, leading the company to become a multi-billion-dollar producer and overseeing large-scale M&A transactions [2][4]. Group 2: Role and Responsibilities - In his advisory role, Mr. Doyle will collaborate with the executive and finance teams to ensure operational readiness, robust internal controls, and a disciplined financial strategy [3]. - His responsibilities encompass strategic support on financial governance, project financing, risk management, and systems optimization to position the company for construction and future growth [3]. Group 3: Project Development - Troilus is advancing one of Canada's largest undeveloped gold-copper projects in Quebec, with a Feasibility Study completed in 2024 and an Environmental and Social Impact Assessment submitted recently [5][6]. - The company is targeting a construction decision in 2026, with key project financing milestones progressing, including an indicative offtake agreement with Aurubis [5].

Core Viewpoint - Perpetua Resources Corp. has successfully closed a registered offering and private placement of common shares, positioning the company to advance the development of the Stibnite Gold Project, which is expected to unlock significant value [3][6]. Financing and Development Plans - The company has submitted an application for up to US$2 billion in project financing to the Export-Import Bank of the United States, which is part of a comprehensive financing package for the Stibnite Gold Project [3]. - The webinar scheduled for June 18, 2025, will provide insights into the recent financing and future plans for the project, featuring key executives including the largest shareholder, John Paulson [2][9]. Project Overview - The Stibnite Gold Project is recognized as one of the highest-grade open pit gold deposits in the United States, focusing on responsible mining practices to restore an abandoned mine site while producing gold and antimony [6]. - Antimony from the Stibnite site is the only known domestic source that meets U.S. defense needs for various military applications [6].

Core Viewpoint - Perpetua Resources Corp. has increased its bought deal financing due to excess demand, now issuing 24,622,000 common shares at US$13.20 per share, aiming for approximately US$325 million in gross proceeds [1][2]. Group 1: Offering Details - The underwriters have an option to purchase an additional 3,693,300 common shares, which could raise total gross proceeds to approximately US$374 million if fully exercised [2]. - The offering is expected to close around June 16, 2025, subject to customary conditions [3]. Group 2: Use of Proceeds - Proceeds from the offering and private placement will be used for the Stibnite Gold Project's equity requirements in conjunction with a US$2 billion project financing application submitted to the Export-Import Bank of the United States [3]. - Additional funds will support exploration activities, working capital, and general corporate purposes [3]. Group 3: Company Background - Perpetua Resources focuses on the exploration and redevelopment of gold-antimony-silver deposits in Idaho, with the Stibnite Gold Project being one of the highest-grade open-pit gold deposits in the U.S. [7]. - The project aims to restore an abandoned mine site and produce gold and antimony, which is critical for U.S. defense needs [7].

Core Viewpoint - Perpetua Resources Corp. has submitted a formal application to the Export-Import Bank of the United States (EXIM) for potential debt financing of up to $2 billion to construct the Stibnite Gold Project, which aims to establish a domestic source of antimony and produce gold [2][3][4]. Group 1: Project Financing and Application - The application amount has increased from $1.8 billion to $2 billion, reflecting a higher estimated number of job-years based on recent financial updates and engineering work [1][3]. - EXIM is expected to conduct standard due diligence on the application, assessing the project's eligibility under relevant initiatives [2][3]. - The financing, if approved, could cover a majority of the project's development costs, enhancing the U.S. competitive position against China in antimony production [5][6]. Group 2: Strategic Importance of the Project - The Stibnite Gold Project is positioned as a national strategic asset for domestic antimony production and is also recognized as a world-class gold asset [4][5]. - The project aims to restore a secure supply of antimony for the U.S., which is critical for national defense, especially after China blocked global antimony exports in 2024 [5][6]. - Perpetua Resources has received a Technology Investment Agreement of $59.2 million in Defense Production Act funding to advance the project [7]. Group 3: Regulatory and Permitting Progress - Perpetua has received its final federal permit, the Clean Water Act Section 404 permit, marking the end of an eight-year federal permitting process [6]. - The company is now focused on obtaining remaining state permits and securing financing to commence construction [6][7].

Core Viewpoint - Solaris Resources Inc. has secured a US$200 million financing arrangement with RGLD Gold AG, which includes a gold stream and net smelter return royalty, aimed at enhancing liquidity and supporting the Warintza project development [2][3][5]. Financing Agreements - The financing package consists of a non-dilutive US$200 million, with US$100 million available immediately, to fund derisking activities and repay the senior secured debt facility [5][6]. - The structure of the financing aligns with Solaris' strategy to maximize shareholder value without dilution, reinforcing Warintza's status as a tier 1 copper asset [3][5]. Project Development - The financing will support technical studies, permitting, early infrastructure development, and general working capital, ensuring the company is funded through to a final investment decision (FID) [6][19]. - The company plans to publish a Pre-Feasibility Study (PFS) in Q3 2025, followed by a Bankable Feasibility Study [19][20]. Strategic Relationships - Partnering with Royal Gold provides competitive capital costs and a strategic relationship that enhances project flexibility [4][5]. - The financing structure allows for future project financing while maintaining strategic optionality around the Warintza project [18]. Exploration Potential - The Stream area of interest is limited, allowing Solaris to retain significant exploration upside, with commercial optionality around high-priority targets within the Warintza district [9][15]. - The company is also advancing exploration across its broader land package of over 260 km², which includes several high-priority regional targets [22]. Environmental and Social Commitment - Royal Gold has committed to financially support Solaris' environmental and social programs, reflecting a commitment to sustainable development and stakeholder engagement [17].

Core Viewpoint - Troilus Gold Corp. has secured a loan agreement with Auramet International for up to US$35 million to support its near-term development activities, enhancing financial flexibility and reducing capital costs [1][2]. Loan Agreement Details - The loan agreement provides a principal amount of up to US$35 million (~CDN$49 million) to support final permitting, early works preparation, and project financing [1]. - The loan has an initial term of one year and is structured to be drawn down in tranches, with an initial tranche of US$15 million already advanced [2][3]. - The remaining US$20 million will be available for drawdown starting 90 days after the initial advance, subject to certain conditions [2]. Financial Terms - The loan bears a monthly interest rate of 1.0% on the outstanding balance and is secured by a negative pledge on the company's assets [3]. - Troilus has the option to prepay the loan without penalty and may extend the maturity for an additional six months at a higher interest rate of 1.25% per month [3]. Warrants Issuance - In consideration of the first tranche, the lender received 5,000,000 warrants exercisable at an exercise price of $0.60 per share [4]. - An additional 5,000,000 warrants will be issued upon the drawdown of the second tranche, with the exercise price set at a 10% premium to the 5-day VWAP prior to issuance [4]. Company Background - Troilus Gold Corp. is a Canadian development-stage mining company focused on advancing the former Troilus Mine towards production, located in Quebec [6]. - The company holds a large land position of 435 km² in the Frôtet-Evans Greenstone Belt and has a feasibility study supporting a 22-year, 50ktpd open-pit mining operation [6]. Auramet International - Auramet is a major player in the precious metals industry with over US$25 billion in annual revenues and provides a full range of services [5]. - The company acts as Troilus's senior advisor on project financing initiatives, bringing extensive industry expertise [5].

Core Viewpoint - The company is on track with project development and has experienced strong tailwinds in Q1 2025, despite external challenges [1][19]. Project Development and Financing - The company aims to complete construction of the Northern Pipeline by the end of 2026 and the Southern Pipeline by the end of 2027, with an aggressive schedule in place [2]. - Key objectives in Q1 included establishing new companies for project development and securing a lead project investor to raise capital and fund construction [3]. - A $20 million equity raise was closed in Q1 to cover capital costs and development expenses, ensuring the company remains on schedule [9]. Strategic Decisions and Market Positioning - The company secured a deal to purchase 180 miles of steel pipe from the Keystone XL project, which is not subject to the 25% tariffs on imported steel announced by President Trump, thus mitigating project cost risks [4]. - The company delayed permit applications until the new administration was in place, anticipating a more efficient review process under the Trump Administration, which is expected to provide a tailwind for project development [5]. - The company locked in linear generation technology that qualifies for a 50% Investment Tax Credit (ITC) on approximately $120 million in expected costs, which is crucial for securing project investors [6]. Joint Powers Authority and Municipal Financing - The Victor Valley Wastewater Reclamation Authority voted to form a Joint Powers Authority (JPA) to support municipal financing for the project, allowing access to municipal debt for construction financing [11]. ATEC Operations and Market Growth - ATEC completed delivery on the 60MGD Central Utah treatment project and opened a new building to double its production capacity, indicating growth in operations [12]. - The groundwater remediation market in the U.S. is projected to grow at a CAGR of 8.4% to $163.4 billion by 2027, with ATEC's opportunities in various stages of project development increasing significantly in Q1 [13]. Cadiz Ranch Developments - The company is building out wellfield infrastructure at Cadiz Ranch and assisting in the permit process for a hydrogen production facility, with interest from other developers for additional facilities [17][18].

Financial Data and Key Metrics Changes - The company reported a significant increase in contract bookings, rising 90% quarter-over-quarter to $660 million from $350 million [21][44] - Recognized revenue for 2024 was just over $46 million, slightly below the lower end of guidance due to a transitional year for project starts [24][48] - Gross margins improved year-over-year from approximately 5% to 13.5%, although still below the expected range of 15% to 20% [25][50] - Adjusted EBITDA for 2024 improved modestly to a loss of $57.9 million, within the guidance range of a loss between $45 million and $60 million [52] Business Line Data and Key Metrics Changes - The company is focusing on energy storage systems and has begun to operate energy infrastructure assets to capture more reliable revenue streams [8][12] - The backlog of projects in Australia and the United States is a key driver of future revenue, with significant growth in contract bookings [22][44] - The company has invested $59 million into energy storage assets, which are expected to generate higher margins in the long term [48][54] Market Data and Key Metrics Changes - The main regional drivers for growth were identified in Australia and the United States, particularly with utilities and independent power producers [23][44] - The company has a total of 2.6 gigawatt hours in projects in Australia, with significant contracts awarded and under construction [44] Company Strategy and Development Direction - The company is executing a build, own, and operate strategy, focusing on creating a portfolio of large megawatt projects to ensure consistent revenue generation [31][56] - The energy infrastructure strategy aims to minimize merchant risk while maximizing revenue potential through government-backed offtake agreements [34][42] - The company is adapting its resource allocation to focus on promising projects while optimizing costs in non-core areas [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of adapting to market changes and the need for cost-effective energy storage solutions [30][41] - The company expects a significant uptick in recognized revenue in 2025 due to a large contracted backlog and ongoing project execution [36][41] - Management acknowledged challenges related to declining lithium-ion prices but remains confident in achieving margin expansion in 2025 [40][102] Other Important Information - The company is in the process of finalizing project financing for the Calistoga Resiliency Center and expects to close a funding commitment in April 2025 [27][54] - The company maintains significant bonding capacity in excess of $1 billion to facilitate additional growth projects [55] Q&A Session Summary Question: What are the gating factors to hitting operational targets for Calistoga? - Management indicated that the project is in commissioning and expects to energize the system within 30 to 60 days, with financing committed [62][64] Question: What mitigating steps are being taken regarding tariff impacts? - Management noted that while tariffs have delayed some project decisions, there is a push to complete deliveries before larger tariffs kick in, and the company benefits from projects in Australia that are not affected by US tariffs [70][72] Question: Can you provide an update on the Snyder project? - Management confirmed that the gravity demonstration systems are complete and being used to host customers, with no near-term CapEx planned for 2025 [90][92] Question: What is the expectation for project financing for Cross Trails? - Management is actively in the market for financing and is optimistic about securing a counterparty in the coming months [96] Question: Is licensing royalties included in the revenue guidance? - Management stated that licensing royalties are not included in the revenue guidance, as they have historically contributed a de minimis amount [99] Question: Will margin likely be higher for 2025 due to declining lithium-ion prices? - Management expects margin expansion in 2025 due to improved supply chain management and pricing strategies [102]