Core Viewpoint - Blue Sky Uranium Corp. has completed a comprehensive Gap Analysis for the Ivana Uranium-Vanadium Deposit, providing a strategic roadmap for advancing the project towards potential uranium production [1][4]. Summary by Sections Gap Analysis Overview - The Gap Analysis was conducted by M3 Engineering & Technology Corporation and aims to identify areas needing additional data to support the Pre-Feasibility Study (PFS) and Feasibility Study (FS) [2][5]. - The analysis outlines a timeline of approximately 24 months and an estimated budget of US$13.5 million for completing the necessary steps [3][5]. Project Details - The Ivana deposit has a Mineral Resource Estimate (MRE) of 19.7 million tonnes at 0.039% UO and 0.019% VO in the Indicated category, and 5.6 million tonnes at 0.031% UO and 0.019% VO in the Inferred category [5]. - The Preliminary Economic Assessment (PEA) indicates an initial mine life of 11 years, requiring a capital expenditure of US$159.7 million, with an estimated all-in sustaining cost of US$24.95 per pound UO [5]. Technical and Environmental Framework - The Gap Analysis confirms strong baseline technical work, favorable metallurgy, and clear permitting pathways for the Ivana project [6]. - Key milestones include a total estimated cost of US$11.4 million for technical, environmental, and permitting studies, plus a contingency of US$2.05 million, totaling US$13.45 million [8]. Timeline and Milestones - The analysis outlines a structured timeline for advancing the project, including: - Q4 2025: Metallurgical lab selection and sample shipment - Q2 2026: Preliminary metallurgical results - Q3 2026: Completion of PFS - Q2 2027: Final metallurgical test report and FS completion - Q3 2027: Submission of Environmental Impact Assessment [12].

Core Viewpoint - Caledonia Mining Corporation has decided to proceed with the Bilboes Gold Project following the completion of a feasibility study, which indicates robust economic viability across various gold price scenarios [1][10]. Economic Analysis - The project demonstrates a positive business case under three gold price scenarios, with an average price of US$2,548/oz yielding a post-tax NPV of US$582 million and an IRR of 32.5% [4][6]. - At a spot price of US$3,648/oz, the post-tax NPV increases to US$1,234 million, with an IRR exceeding 50% [7]. - The project has a payback period of 1.7 years and an all-in sustaining cost (AISC) of US$1,061/oz [6][18]. Mineral Reserves and Resources - Proven and probable mineral reserves are estimated at 1.749 million ounces (Moz) of gold at a grade of 2.26 g/t [5][15]. - Measured and indicated mineral resources total 532,000 ounces at 1.37 g/t, while inferred resources are 984,000 ounces at 1.62 g/t [5][15]. Production Profile - The project plans to process 240,000 tonnes per month for the first six years, reducing to 180,000 tonnes per month thereafter, with a life of mine production of 1.55 Moz over 10.8 years [5][24]. - The first full year of production is expected to yield approximately 200,000 ounces in 2029 [5][24]. Funding Strategy - The peak funding requirement is estimated at US$484 million, with additional needs for interest and working capital totaling approximately US$150 million [8][20]. - The funding strategy aims to minimize equity dilution while maintaining a quarterly dividend of 14 cents per share [20][21]. Project Timeline - The front-end engineering design (FEED) phase will commence immediately, with first production anticipated in late 2028 [12][24]. - Construction is expected to take about two years, followed by a ramp-up period of five months [24]. Community and Economic Impact - The project is expected to significantly benefit Zimbabwe by enhancing its status as a gold destination and contributing to foreign exchange earnings and tax revenues [13][19]. - Caledonia plans to replicate successful community engagement strategies from its Blanket Mine operations [14].

Core Insights - Contango ORE, Inc. has initiated the Lucky Shot drill program to support a Feasibility Study, with drilling expected to occur in four phases during Summer 2026 [1] - The underground exploration drilling will target approximately 18,000 meters across 210 drill holes, aiming to upgrade the Lucky Shot vein resource to Proven and Probable categories [1] - The Feasibility Study is anticipated to be completed in 2027, with assay results expected to start reporting in Q1 2026 [1] Drilling Program Details - The initial phase of drilling is focused on a resource "In-Fill" program on the Lucky Shot Vein, with additional testing on mineralized structures recently mapped in the West Drift [2] - Channel samples from the West Drift structure have shown significant gold grades, including 26.1 g/t, 379 g/t, and 9.1 g/t over 0.5 meters, averaging approximately 139 g/t over 1.5 meters [2] - The goal of the drill program is to gather data for a robust resource model to support the Final Feasibility Study [2] Company Overview - Contango is listed on NYSE American and focuses on gold exploration in Alaska, holding a 30% interest in the Peak Gold JV, which covers approximately 675,000 acres [4] - The company also has leases on the Johnson Tract and Lucky Shot projects, along with 100% ownership of around 8,600 acres of peripheral mining claims in Alaska [4]

Core Insights - Thesis Gold Inc. announced assay results from its 2025 drill program at the Lawyers-Ranch gold-silver Project, emphasizing its commitment to de-risking the project and advancing towards a Prefeasibility Study (PFS) [1][10] - The 2024 Preliminary Economic Assessment (PEA) indicated strong project economics, with an after-tax NPV (5%) of C$1.28 billion, an IRR of 35.2%, and a payback period of 2.0 years based on gold priced at US$1,930 and silver at US$24 [1][10] Drilling Program Details - The 2025 drill program included 2,772 meters of drilling focused on geotechnical, hydrogeological, and metallurgical studies at Cliff Creek and Dukes Ridge [4] - Seven drill holes were designed to gather critical data for advanced engineering studies, targeting conceptual pit walls and major faults that influence mineralization and pit design [3][4] Assay Results - Drillhole 25GTDD002 reported significant intersections, including 12.00 m of 2.28 g/t Au and 16.71 g/t Ag, and a lower interval of 2.98 m of 3.53 g/t Au and 107.63 g/t Ag [4] - Drillhole 25GTDD003 intersected 3.10 m of 5.12 g/t Au and 210.39 g/t Ag, while 25GTDD005 showed 2.11 m of 4.14 g/t Au and 78.58 g/t Ag [4][5] - The results from the drilling program continue to validate the company's geological models and understanding of the deposit [5] Future Plans - The company aims to complete the PFS later this year and commence the Environmental Assessment process, positioning itself for a future Feasibility Study (FS) [3][10] - The strategic plan includes a robust exploration and drill program to elevate the Lawyers-Ranch Project within the global precious metals sector [10]

Financial Performance - Adjusted EBITDA for Q3 2025 was $143 million[12], impacted by production deferrals and delayed sales shipments[12] - Adjusted EPS for Q3 2025 was $003 per share[12] - Free cash flow for the last twelve months (LTM) was $309 million[23] - Cash and cash equivalents stood at $611 million in Q3 2025[23] - Net debt to adjusted EBITDA ratio was 05x[23] Production and Operations - Q3 2025 copper production was 242 kt[12] - Q3 2025 gold production was 536 koz[16] - Peru operations copper production was 18 kt in Q3 2025[30], with gold production at 26 koz[30] and cash cost at $130/lb[30] - Manitoba operations gold production was 22 koz in Q3 2025[36], with copper production at 08 kt[36] and gold cash cost at $379/oz[36] - British Columbia operations copper production was 52 kt in Q3 2025[41], with gold production at 48 koz[41] and cash cost at $321/lb[41] Copper World Project - Mitsubishi will contribute $600 million for a 30% JV interest in the Copper World project[47] - Hudbay's estimated equity contribution to the Copper World project is reduced to approximately $200 million[52] - The Copper World project is expected to increase consolidated copper production by +50%[66], adding 92ktpa of copper production[67]

Core Insights - Liberty Gold Corp. has officially commenced the Feasibility Study (FS) engineering for its Black Pine Oxide Gold Project, with a target completion date set for early Q4 2026 [1][6] Project Development - The initiation of the FS follows the successful completion of the Preliminary Feasibility Study (PFS) in October 2024, and a highly experienced engineering team has been assembled to advance the project [2][6] - M3 Engineering & Technology Corp. has been re-engaged as the lead consultant for the FS, ensuring continuity and efficiency in project execution [3][6] Consultant Engagement - Key consultants retained for the FS phase include firms that were previously involved in the PFS, ensuring familiarity with the project data and design [4][5] - The selection of these firms was based on a rigorous evaluation process, emphasizing their technical excellence and integration capabilities [5] Technical Oversight - Each discipline within the FS will be overseen by Qualified Persons under NI 43-101, maintaining technical continuity and regulatory compliance throughout the study [4] Company Positioning - Liberty Gold is well-positioned for the FS phase due to a strong technical foundation, an experienced in-house team, and a solid funding position, which will facilitate a smooth transition towards construction readiness [6][8]

Core Insights - Vizsla Silver Corp. announced positive results from its independent Feasibility Study on the Panuco silver-gold project, indicating strong economic viability with an after-tax NPV of US$1.802 billion and an IRR of 111% [1][3][10] Feasibility Study Highlights - The Feasibility Study, completed by Ausenco Engineering, supports the development of Panuco as a high-margin underground precious metals mine with low initial capital requirements and rapid payback [2][3] - Initial capital expenditures (CAPEX) are estimated at US$238.7 million, with a net initial cost of US$173 million after accounting for pre-production revenues and costs [10][30] - Average annual production is projected at 17.4 million ounces of silver equivalent (AgEq) at an all-in sustaining cost (AISC) of US$10.61 per ounce [1][10] Production and Economic Metrics - The project is expected to produce more than 20 million AgEq ounces annually over the first five years, with an average of 17.4 million ounces over the life of the project [3][10] - The life of mine (LOM) average annual payable production is estimated at 17,383 koz AgEq, with cash costs of US$8.56 per ounce payable AgEq [10][11] - The Feasibility Study assumes metal prices of US$35.50 per ounce for silver and US$3,100 per ounce for gold [13][10] Mining and Processing Overview - The Panuco project consists of two contiguous underground mines, the Copala Mine and the Napoleon Mine, with a processing throughput capacity of 3,300 tonnes per day for the first three years, expanding to 4,000 tonnes per day in year four [6][7] - The processing plant design includes a three-stage crushing-grinding circuit and a leach and Merrill Crowe circuit to produce silver-gold doré bars [53][50] Mineral Reserves and Resources - The Proven and Probable Mineral Reserve for the Panuco project is estimated at 12.81 million tonnes at an average grade of 249 g/t Ag and 2.01 g/t Au [19][10] - The Feasibility Study is based on the updated NI 43-101 Mineral Resource Estimate, effective November 4, 2025 [8][19] Project Development and Future Plans - The company is advancing permitting and project financing initiatives, targeting a construction decision upon receipt of required approvals [2][3] - A webcast to discuss the Feasibility Study will be hosted on November 24, 2025 [4]

Core Viewpoint - Aegis Resources Ltd. has signed two option agreements with Targa Exploration Corp. to earn up to an 80% interest in the El Zanjon and Venidero gold-silver projects in Argentina, strategically positioning the company for potential exploration upside while retaining a 20% interest in each project upon completion of feasibility studies [1][2][4]. Option Agreements - The option agreements were signed on November 7, 2025, allowing Targa to earn an 80% interest in both projects by funding all exploration costs to complete feasibility studies for a resource of over 2 million ounces of gold equivalent [5][7]. - Aegis will retain a minimum 20% interest in each project, similar to its previous agreement with Andina Copper Corporation regarding the Cobrasco project [2][7]. Financial Commitments - For the El Zanjon project, Targa must make cash and share payments totaling $512,500 and drill 23,000 meters over a 12-year period, with additional cash payments if the feasibility study is not completed by specified anniversaries [8][9]. - Similar financial commitments apply to the Venidero project, with the same total payments and drilling requirements [12][13]. Project Locations and Potential - The El Zanjon project covers 34,521 hectares and is located 30 km south of AngloGold Ashanti's Cerro Vanguardia mine, which produces 175,000 ounces of gold equivalent annually [17]. - The Venidero project spans 7,996 hectares and is situated 60 km south of Newmont's Cerro Negro mine, with surface samples returning up to 4.45 g/t Au [18][19]. Existing Royalties - The Venidero project has an existing 0.5% NSR that can be repurchased for $1,000,000, while the El Zanjon project has a 2% NSR, half of which can be repurchased for $1,000,000 [16]. Company Strategy - Aegis aims to build value through strategic partnerships and carried interests, minimizing dilution while maximizing shareholder value [4][25].

Core Insights - I-80 Gold has announced a new high-grade polymetallic resource at its FAD project in Nevada, aimed at enhancing the marketability of this non-core asset as part of its recapitalization plan [1][3] Resource Details - The FAD project contains 594,000 indicated tonnes with grades of 4.51 grams per tonne gold, 209.7 grams silver, 4.3% lead, and 6.8% zinc, equating to 86,000 ounces of gold, 4 million ounces of silver, 57 million pounds of lead, and 89 million pounds of zinc [2] - Additionally, there are 2.74 million inferred tonnes at 5 grams gold, 188.6 grams silver, 3.7% lead, and 4.4% zinc, which translates to 446,000 ounces of gold, 16.6 million ounces of silver, 223 million pounds of lead, and 267 million pounds of zinc [2] Strategic Plans - The company aims to raise $350–$400 million through financing, royalty sales, and the sale of the FAD deposit to support its core assets and multi-asset development strategy [3] - I-80 Gold is focused on becoming a mid-tier gold producer in Nevada, with key projects including Lone Tree, Granite Creek, Cove, and Ruby Hill [3] Market Performance - I-80 Gold's shares increased nearly 1% to C$1.29, although they have decreased by 12% over the past year, with a market capitalization of C$1 billion (approximately $712 million) [4] Additional Developments - Near-surface oxide gold has been confirmed at Gold Hill, which could be processed through the Ruby Hill heap-leach facility, showing an 85% gold recovery in preliminary tests [5] - The net smelter returns for the indicated and inferred resources are estimated at about $430 and $442 per tonne, respectively [6] Ongoing Projects - Recent infill drilling at Granite Creek Underground has yielded promising results, with significant gold grades reported [7] - Development and feasibility studies are ongoing at Ruby Hill and Granite Creek, with plans for advanced engineering at Lone Tree [8] - Key challenges include securing long-lead permits and completing the refurbishment of the autoclave at Lone Tree [10]

Core Viewpoint - Heliostar Metals Ltd. announced a Preliminary Economic Assessment (PEA) for the Ana Paula Project, indicating strong economic potential for an underground gold mine in Guerrero, Mexico, with plans to advance the project towards production by 2028 [1][2]. Economic Assessment - The base case scenario shows a post-tax NPV of US$426 million, an IRR of 28.1%, and a payback period of 2.9 years at a gold price of US$2,400/oz [4][12]. - The upside case indicates a post-tax NPV of US$1,012 million, an IRR of 51.3%, and a payback period of 1.9 years at a gold price of US$3,800/oz [4][15]. - The project is expected to produce approximately 874,700 ounces of gold over a nine-year mine life, averaging 101,000 ounces per year after ramp-up [4][32]. Production and Cost Metrics - The life-of-mine average all-in sustaining cost (AISC) is projected at US$1,011/oz, placing it in the lowest 13% of global costs for currently producing gold mines [4][12]. - Average annual after-tax free cash flow is estimated at US$93.8 million at a gold price of US$2,400/oz, increasing to US$168 million at US$3,800/oz [4][15]. Resource Estimates - The PEA is based on a resource update with 742,000 ounces classified as Measured and Indicated and 514,000 ounces as Inferred [6][7]. - The mill feed inventory includes 972,000 contained gold ounces, with a total of 5,625 kilotonnes of mill feed [8]. Development Plans - The company plans to accelerate development steps, including the restart of decline development in 2026, to de-risk the project and conduct exploration drilling [2][38]. - An early works program is expected to cost approximately US$15 million, funded by free cash flow from existing operations [38][40]. Next Steps - Heliostar has completed 10,909 meters of a 15,000-meter drilling program, with results expected every 4-6 weeks to support the ongoing Feasibility Study [37]. - The company aims to submit a permit amendment in Q1 2026 to alter previously granted open pit permits for the underground extraction plan [37].