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 - Liberty Gold Corp. has reported strong results from its ongoing 40,000 meter feasibility reverse circulation drill program at the Black Pine Gold Project, indicating significant resource expansion and improved mining economics [2][3][6]. Drilling Results - The latest 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]. - Notable 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 and Feasibility Study - The currently defined Rangefront Area is a 1,500 x 1,200 x 300 meters thick zone of continuous oxide gold mineralization, with a 2024 Preliminary Feasibility Study resource estimate of 1,619,000 Indicated and 296,000 inferred ounces of gold [13]. - The ongoing drilling is expected to inform an updated Resource Study planned to begin in Q4 2025, with approximately 15,000 meters of additional drilling planned for 2025 [12][13]. Economic Potential - The Rangefront Zone is positioned as a cornerstone growth area for the Black Pine Project, strategically located adjacent to infrastructure and the proposed leach pad, which may lead to significant changes in mining economics and sequencing strategy [3][6][10]. - The metallurgical column leach testing has shown a weighted average gold extraction of 86.9%, indicating the leach-amenable nature of the oxide material [13]. Future Plans - Additional metallurgical drilling is planned for Q4 2025 to improve coverage of the expanded resource areas for the Feasibility Study [10]. - The company plans to continue drilling through the winter, with approximately 50 additional RC and core holes planned for 2025 [10][12].

Core Insights - Argenta Silver reported promising assay results from its El Quevar Project, indicating the continuity of the Yaxtché Deposit and the discovery of a new target named Atenea [4][5][7] Company Overview - Argenta Silver, a relatively new company established 10 months ago, has a market capitalization of CAD $240 million and has seen its share price increase by 460% since trading began [2][3] - The company was acquired for USD 3.5 million in October 2024, following the previous operator's asset sales due to liquidity issues [2] Recent Developments - The latest assay results from September 23, 2025, show significant silver grades, including 545 g/t over 43.20 meters in drill hole QVD-414, and 314 g/t over 2.00 meters in the new Atenea target [5][7] - The ongoing drilling program aims to expand the known resource and explore new areas, with 40% of capital allocated for resource expansion and 60% for aggressive exploration [9] Market Context - The silver market has been in a deficit for four consecutive years, with an annual shortfall of approximately 240 million ounces, contributing to rising silver prices [11][12] - Global silver inventories are at multi-year lows, creating a supply-demand imbalance that supports higher silver prices [12] Resource Estimates - The foundational Mineral Resource Estimate of the Yaxtché deposit includes an indicated resource of 45.3 million ounces of silver at a grade of 482 g/t and an inferred resource of 4.1 million ounces at 417 g/t [14]

Core Insights - Pan American Silver Corp. has reported significant discoveries of high-grade silver and base metal zones at its La Colorada mine in Zacatecas, Mexico, indicating strong potential for resource expansion and improved economics [1][3] Exploration Results - The exploration program involved drilling approximately 65,000 metres across 170 holes from November 2024 to June 2025, extending the NC2 and Mariana vein systems eastward [1][2] - The Mariana vein now has a strike length of approximately 1,000 metres and a vertical extent over 350 metres, while the NC2 vein system exceeds 2,000 metres on strike with a vertical extent over 500 metres [2] - Significant intercepts confirm the high-grade nature of the mineralization, with hole S-10-25 intersecting both veins 400 metres east of known mineralization and identifying a new skarn target at depth [2] New Discoveries - In the southeastern sector, drilling has extended the Cristina and San Geronimo vein systems, defining mineralization that spans approximately 500 metres along strike and 500 metres vertically [3] - A new style of high-grade silver and base metal replacement mineralization was discovered at the contact between volcanic and sedimentary rocks, representing a high-potential exploration target [3] Company Overview - Pan American Silver Corp. engages in the exploration, extraction, processing, refining, and reclamation of mines across several countries, including Canada, Mexico, Peru, Bolivia, Argentina, Chile, and Brazil, focusing on silver, gold, zinc, lead, and copper deposits [4]

Core Insights - Osisko Metals has announced new drill results from the Gaspé Copper Project, indicating significant growth potential in the deposit with high-grade results from recent drilling [1][2][4] Summary by Category Drill Results - New analytical results include 26 mineralized intercepts from six new drill holes, with infill intercepts aimed at upgrading inferred mineral resources to measured or indicated categories [4][5] - Drill hole 30-1110 returned 1091.5 metres averaging 0.20% Cu, 1.52 g/t Ag, and 0.017% Mo (0.28% CuEq), confirming continuity of mineralization [13][7] - Drill hole 30-1109 showed 133.7 metres averaging 1.04% Cu, indicating a higher-grade zone [7][11] - Drill hole 30-1106 revealed a higher-grade interval of 33.8 metres averaging 1.04% Cu and 3.60 g/t Ag [10][12] Mineral Resource Expansion - The current drill program aims to convert the November 2024 Mineral Resource Estimate (MRE) to Measured and Indicated categories and test for expansion deeper into the stratigraphy [17][16] - The Gaspé Copper Project hosts the largest undeveloped copper resource in eastern North America, with current Indicated Mineral Resources of 824 million tonnes averaging 0.34% CuEq [26][29] Geological Context - Mineralization at Gaspé Copper is of porphyry copper/skarn type, characterized by disseminations and stockworks of chalcopyrite with pyrite or pyrrhotite [15][19] - The drilling has identified multiple intersections of mineralized material, suggesting a "layer cake" distribution from surface to significant depths [9][10] Future Outlook - The company plans to include potential depth extensions to the deposit in the next scheduled MRE update in Q1 2026, focusing on areas previously under-drilled [17][16] - Historical drilling data suggests the potential for a higher-grade tabular deposit around the E Zone horizon, which may extend eastward [12][2]

Group 1 - First Majestic Silver Corp. (NYSE:AG) is recognized as one of the best silver mining stocks to buy according to hedge funds, highlighting its strong market position [1] - The company reported positive exploration results from its San Dimas Silver/Gold Mine in Durango, Mexico, following expanded drilling efforts that intersected high-grade silver and gold mineralization [1][2] - The Coronado vein, recently discovered in the West Block, produced a significant high-grade intercept, indicating the potential for new mineral resources [1][2] Group 2 - San Dimas is a key asset in First Majestic's long-term expansion strategy, with ongoing drilling campaigns expected to enhance resource expansion [2] - The discovery of the Coronado vein contributes positively to the mineralization profile of the district, reinforcing the mine's status as a superior asset [2]

Core Viewpoint - Liberty Gold Corp. reports positive results from its 2025 drill program at the Black Pine Oxide Gold Project, indicating significant potential for resource expansion and reserve conversion, particularly in the Rangefront zone [1][4][5] Group 1: Drill Results - Drill intercepts include LBP1099 with 1.27 g/t Au over 22.9 meters and LBP1124 with 0.62 g/t Au over 53.3 meters, both outside the Resource pit [1] - The first 28 reverse circulation (RC) holes in the Rangefront area, totaling 6,506 meters, all show economic oxide gold mineralization [5] - The Rangefront area is defined as a 1,500 x 1,200 x 300 meters zone of continuous oxide gold mineralization, with a Preliminary Feasibility Study resource estimate of 1,619,000 Indicated and 296,000 inferred ounces of gold [6] Group 2: Future Plans and Potential - An additional 12,000 meters of drilling in approximately 50 holes is planned for Rangefront in 2025, with the current drill program focused on upgrading resource categories and supporting mine design [5][9] - The Rangefront area is seen as a strategic starter location for initial mining operations, with potential for 2 to 3 million ounces of gold, likely larger than the Discovery Zone [4] - New drill results suggest the possibility of converting over 250,000 ounces of gold in Resources to Reserves, enhancing the project's overall viability [7] Group 3: Technical Aspects - Metallurgical column leach testing shows a weighted average gold extraction of 86.9% from the Rangefront mineralization, indicating favorable leach performance [6] - The drill program includes generating data for metallurgical, hydrological, and geotechnical studies to support mine design and permitting [5] - The company is also conducting resource conversion drilling in the Discovery Zone and CD Pit areas, with assays results pending on 10 holes [9]

Core Insights - Xtra-Gold Resources Corp. has reported positive assay results from 42 diamond core drillholes totaling 8,207.5 meters at the Kibi Gold Project in Ghana, indicating significant gold mineralization and resource expansion potential [2][6][21] - The drilling primarily focused on the Orange No. 5 and Lone Tree resource expansion targets, confirming continuity of gold systems over substantial strike lengths and depths [3][5][12] Drilling Results - The Orange No. 5 gold system has been confirmed over approximately 750 meters of strike length, with a maximum down-dip distance of 300 meters and down-plunge depth of 800 meters [3][13] - Significant gold mineralization was intersected in a 350-meter step-out hole to the southwest, potentially extending the Orange No. 5 gold mineralization to over 1,100 meters in strike length [5][15] - The Lone Tree shear gold mineralization has been expanded to approximately 600 meters of strike length and 250 meters of maximum down-dip distance [3][18] Assay Highlights - Notable assay results include: - Orange No. 5: 13.1 meters at 2.40 grams per tonne gold, including 2.7 meters at 7.32 g/t Au [4] - Lone Tree: 20.0 meters at 1.02 g/t Au, including 5.1 meters at 2.30 g/t Au [8][16] - A total of 91 drillholes have been reported to date for the ongoing resource expansion target generation drill program [6] Exploration Strategy - The current drilling forms part of an aggressive in-house initiative targeting multiple resource growth opportunities across the broader Zones 1-4 Mineral Resource Estimate footprint area [2][6] - The exploration efforts are supported by advanced litho-structural modeling, indicating favorable geological settings for gold mineralization [13][18] Company Overview - Xtra-Gold Resources Corp. holds a substantial land position in the Kibi Gold Belt, which has seen limited modern exploration activity focused on hard rock gold deposits [21][22] - The Kibi Gold Project represents the only Mineral Resource ever generated on a lode gold project within the Kibi Gold Belt, highlighting its significance in the region [22]

Financial Data and Key Metrics Changes - The company reported a net income attributable to Fortuna of $42.6 million or $0.14 per share, a 380% increase compared to Q2 2024, driven by higher metal prices and an increase in gold sold [30][31] - Liquidity increased to $537 million, up $76 million from the previous quarter, primarily due to $84 million in proceeds from mine sales [9][10] - Free cash flow from operations was $57.5 million, down from $66 million in Q1, mainly due to the timing of tax payments [10][34] - The average realized gold price was $3,306 per ounce, a 14% increase from Q1 [11] Business Line Data and Key Metrics Changes - Consolidated gold equivalent production for the period was 75,950 ounces, with gold production from continuing operations at 71,229 ounces, slightly above the previous quarter [12] - At the Seguela mine, production was 38,186 ounces, consistent with the prior quarter and exceeding the mine plan [18] - Lindero produced 23,450 ounces of gold, marking a 16% increase over Q1, with an all-in sustaining cost (AISC) of $17.83 per ounce, a 6.7% reduction from the previous quarter [23][24] Market Data and Key Metrics Changes - The indicated resource at the Ambassador project in Senegal grew by 53%, and inferred resources increased by 93%, totaling a combined 1 million ounces [7] - The company’s cash cost per ounce was $929, up 7% from Q1, primarily due to the gold to base metal ratio at the Caylloma mine [12][31] Company Strategy and Development Direction - The company aims to rebuild production to 5 million ounces per year, focusing on higher margin, longer life, and lower risk ounces [6][16] - The sale of the San Jose and Yaramoko mines generated $84 million in gross proceeds and allowed the company to redirect capital towards high-value growth opportunities [15] - The company is actively pursuing greenfield and brownfield exploration opportunities, with a total exploration budget of $51 million for 2025, up from $41 million in 2024 [74][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s growth potential, highlighting a robust balance sheet with $537 million in liquidity and $215 million in net cash [7][9] - The company is well-positioned for strong growth in 2026, with ongoing investments in the Seguela and Ambassador projects [16][60] - Management noted that the elevated AISC is a temporary effect related to capital expenditures and waste stripping, with expectations for costs to decrease in the latter half of the year [13][37] Other Important Information - The company achieved a record of 7.2 million work hours without any lost time injury, improving from the previous record of 6.7 million work hours [8] - The company’s capital expenditures for the quarter totaled $47 million, with $15 million classified as growth CapEx [33] Q&A Session Summary Question: Comments on stock performance and support - Management acknowledged the stock's performance and clarified that the EPS miss was due to the timing of withholding taxes, emphasizing the company's strong financial position [41] Question: Investments in other companies - Management confirmed ongoing investments in various projects, including Awale, and expressed confidence in the growth potential of these investments [46][49] Question: Permitting experience in Senegal - Management reported positive interactions with the Senegalese government and expressed confidence in obtaining necessary permits for the Ambassador project [52][53] Question: Key milestones for the Ambassador project - Management outlined a timeline for the environmental approval and PEA, expecting to submit the environmental document soon and aiming for approval early next year [60][62] Question: CapEx cadence for the second half of the year - Management indicated a slight increase in CapEx spending in Q3, with expectations for a decrease in Q4, contributing to lower AISC in the latter part of the year [63][64] Question: Greenfield projects and exploration budget - Management detailed ongoing greenfield projects and confirmed an exploration budget of $51 million for 2025, highlighting the focus on early-stage opportunities [74][75] Question: Acquisition strategy - Management stated that while they are open to acquisitions, their primary focus is on organic growth within their existing portfolio, emphasizing value over volume [80]

Core Viewpoint - Rua Gold Inc. is expanding its drilling program at the Reefton Project in New Zealand, with a fully funded 12-month exploration strategy aimed at increasing gold resources and transitioning from an explorer to a developer [1][7]. Reefton Drill Program Expansion - A total of 4,000 meters of diamond drilling is planned at Auld Creek with two drill rigs over the next four months, targeting an increase of the inferred resource to over 300,000 gold-equivalent ounces by the end of 2025 [6][14]. - A third drill rig is being mobilized to focus on high-grade gold shoots at Cumberland, following strong results reported in May 2025 [6]. - Alexander River is identified as a high-priority surface target, with drilling expected to commence in Q4 2025 [6][19]. Glamorgan Drill Program Commencement - The Glamorgan project on the North Island is set to begin drilling in Q4 2025, following extensive surface exploration that identified significant gold-arsenic soil anomalies [21][22]. Corporate Developments - The company has a robust financial position with a cash balance of $14 million as of June 30, 2025, and plans to allocate $1 million into marketing over the next 12-18 months [6]. - New investor relations agreements have been established with Capital Gain Media Inc. and Sidis Holdings, each for a fee of $120,000 plus applicable taxes [23][25]. Strategic Outlook - The company aims to enter the "Fast Track Permitting Process" in 2026, leveraging New Zealand's supportive permitting regime to rapidly build its resource base [7]. - The Reefton Goldfield has historically produced over 2 million ounces of gold, and the company controls 120,000 hectares within this district [9][27].