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].

Operational Highlights - Total tonnes processed in Q3 2025 were 65,131, with a daily processing rate of 1,124 tonnes[28] - Year-to-date 2025, the total tonnes processed reached 185,516, with a daily processing rate of 1,144 tonnes[28] - Gold ounces sold in Q3 2025 amounted to 1,422, and silver ounces sold were 417,710[28] - Year-to-date 2025, gold ounces sold totaled 3,159, and silver ounces sold reached 798,395[28] - Gold equivalent ounces sold in Q3 2025 were 6,298, and year-to-date 2025, they totaled 12,150[28] Financial Performance - The company's cash balance as of September 30, 2025, was $9.8 million[29] - Net sales for Q3 2025 were $24.9 million, and for the nine months ended September 30, 2025, net sales were $48.5 million[29] - The net loss for Q3 2025 was $(4.7) million, and for the nine months ended September 30, 2025, the net loss was $(24.5) million[29] - Mining gross profit for Q3 2025 was $6.2 million, while the mining gross profit for the nine months ended September 30, 2025, was $0.3 million[29] - Total cash costs per gold equivalent ounce for Q3 2025 were $2,116/oz, and for the nine months ended September 30, 2025, they were $2,594/oz[29] - Total all-in sustaining costs per gold equivalent ounce for Q3 2025 were $2,983/oz, and for the nine months ended September 30, 2025, they were $3,542/oz[29] Investment and Capital Allocation - Total capital and exploration investment for Q3 2025 was $7.705 million, and for the year-to-date 2025 period, it was $14.859 million[33] - Sustaining investments in Q3 2025 totaled $3.416 million, and year-to-date 2025, they amounted to $6.063 million[33] - Growth investments in Q3 2025 were $4.289 million, and year-to-date 2025, they reached $8.796 million[33]

Core Insights - Meridian Mining UK S has received unanimous approval for the Preliminary Licence (PL) of the Cabaçal Au-Cu-Ag project from CONSEMA, the Environmental Council for the State of Mato Grosso, following a positive technical opinion from SEMA based on the Environmental Impact Assessment [2][4][8] Licensing and Regulatory Progress - The formal issuance of the Preliminary Licence is underway, with SEMA responsible for publishing the approval in the State of Mato Grosso gazette [3] - The PL is the first of three permitting stages required for the Cabaçal project, with the next step being the Installation License, which will allow construction activities to commence [5] Project Economic Viability - The Cabaçal project has a base case after-tax NPV5 of USD 984 million and an IRR of 61.2%, based on a pre-production capital cost of USD 248 million, leading to capital repayment in 17 months [7] - The project has a low All-in-Sustaining-Cost of USD 742 per ounce of gold equivalent and a production profile of 141,000 ounces of gold equivalent over its life [7] Technical and Environmental Aspects - The technical aspects, environmental feasibility, and social acceptance of the Cabaçal project have been affirmed, contributing to the positive response from CONSEMA [4][8] - The Cabaçal Mineral Reserve estimate includes Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold, 0.44% copper, and 1.64g/t silver [10]

Core Viewpoint - Minnova Corp. is advancing its PL Gold Mine restart plan, focusing on transitioning from open pit to underground mining operations, with a Preliminary Economic Assessment (PEA) expected by Q1 2026 and a full Feasibility Study by Q3 2026 [2][5][13] PL Gold Mine Restart Plan Update - A&B Global Mining has completed a mine development concept study for the PL Gold Mine, aiming for an open pit operation before moving underground [2] - A PEA will be conducted based on an updated Mineral Resource Estimate (MRE), expected to be completed by the end of Q1 2026 [2][4] Mineral Resource Estimate (MRE) - The existing MRE (as of November 1, 2017) estimates 282,500 ounces of gold in 1,481,000 tonnes at a grade of 5.93 g/t and 301,700 ounces in 1,846,000 tonnes at 5.08 g/t, based on a gold price of US$1,250 per ounce [3] - The first MRE update will incorporate historical drilling results and current drill program results up to the end of November 2025, while the second update will include results up to April 2026 [3] Economic Assessment - The PEA will evaluate a restart using open pit mining methods at a throughput rate of 1,000 tonnes per day, with a base case gold price of US$2,500 per ounce [4] Drilling Program Update - A Phase 1 drill program of 1,500 meters has been initiated, followed by an expanded Phase 2 program of 15,000 meters to achieve sub-25 meter spacing on mineralized structures [9] - The drilling aims to provide critical data for updating the MREs and validating mining methods [9] Environmental Compliance - AECOM has been engaged to assist with environmental compliance and permitting for the PL Gold Mine, including amendments to existing permits for the new open pit development plan [6] Option Grant - The board of directors has approved an option grant of 2,500,000 options to purchase common shares at a price of $0.30 per share, with immediate vesting [11]

Core Insights - Amex Exploration Inc. announced significant assay results from a geomechanical drill program at the Champagne Zone, part of the Perron Project, with a notable assay of 213.11 g/t Au over 3.75 m, including a peak of 1106.50 g/t Au over 0.50 m, marking the highest grade assay to date on the property [1][3][4] - The geomechanical drilling program aims to gather data on rock mechanics to support the ongoing Phase 1 Feasibility Study, with initial results indicating good rock mass quality suitable for underground mining [3][4][10] Geomechanical Drill Results - The drill program consisted of three holes, with PEGT-25-001 yielding 25.19 g/t Au over 32.80 m, including the previously mentioned high-grade interval [4][18] - PEGT-25-002 returned 3.59 g/t Au over 11.70 m, with a notable 58.28 g/t Au over 0.70 m [4][20] - The results confirm the continuity of high-grade mineralization within the Champagne Zone, which is critical for the project's feasibility [3][4][10] Project Development and Feasibility Study - The Phase 1 Feasibility Study is progressing well, with the geomechanical drilling providing essential data for mine design and operational planning [3][10][27] - The study includes additional analyses on hydrogeology, geochemical properties of ore and waste, and environmental assessments, all of which are advancing positively [3][10] Geological and Rock Mass Characterization - The rock mass classification indicates a competent and rigid structure, with average unconfined compressive strength (UCS) of 116 MPa in rhyolite and 334 MPa in the diabase [15][16] - A dominant north-south trending joint set was identified, which will inform the mining sequence and risk assessments [16][17] Infrastructure and Location - The Perron Project is strategically located with excellent infrastructure, including proximity to major processing plants and accessibility via a year-round road [28][29]

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 Viewpoint - Heliostar Metals Ltd. is advancing its drilling program at the Ana Paula project in Mexico, aiming to convert inferred resources into higher confidence classifications and support a feasibility study for future production [3][4]. Drilling Program - The company has initiated a 15,000 metre drill program at the Ana Paula project, with the addition of a third drill rig to accelerate the process [3][5]. - A total of 24 holes have been completed, amounting to 6,529 metres drilled to date, focusing on defining the High Grade Panel [5][14]. - The drilling approach has been modified to enhance the identification of continuous and higher-grade gold mineralization [5]. Drill Results Summary - Significant drill results include hole AP-25-329, which returned an interval of 88.05 metres grading 8.82 grams per tonne (g/t) gold, with notable intercepts of 35.5 metres grading 13.03 g/t gold [7][9]. - Hole AP-25-327 also showed promising results, including 21.7 metres grading 2.75 g/t gold and 14.3 metres grading 4.19 g/t gold [7][9]. - Geotechnical holes AP-25-326 and AP-25-328 returned results in line with expectations, supporting mine development planning [10]. Future Plans - The company plans to make a construction decision for the Ana Paula project based on the feasibility study, targeting production of 100,000 ounces of gold per year by 2028 [4][14]. - Additional drill results are expected to be released in early November, with ongoing drilling focused on the less well-defined western edge of the High Grade Panel [14]. Company Overview - Heliostar Metals Ltd. operates gold mining projects in Mexico, including the La Colorada and San Agustin mines, and has a portfolio of development projects in both Mexico and the USA [20].

Core Viewpoint - The recent metallurgical test work at the Queensway project confirms high gold recovery rates and supports the feasibility study planned for Q4 2025 [1][9][19]. Group 1: Metallurgical Test Work - The program commenced in late 2024, focusing on master composites from the Keats West zone and re-evaluating low-grade samples from various zones [2][5]. - Approximately 660 meters of drill core, weighing 2,700 kilograms, was selected for testing, resulting in three master composites based on carbon content [6]. - The test results showed an average gold recovery of 89.2%, confirming the flowsheet presented in the preliminary economic assessment (PEA) [9][12]. Group 2: Mineralogical Studies - A mineralogical gold deportment study was conducted, revealing similar mineral assemblages across the tested zones, dominated by quartz, illite, chlorite, and albite [8][10]. - The Keats West Weak sample contained a significant amount of submicroscopic gold, accounting for 49% of its gold content [18]. Group 3: Future Plans - Additional metallurgical test work is planned, including a feasibility study level program, with results expected in the second half of 2026 [19]. - The company aims to establish a gravity/CIL flowsheet and optimize recovery processes for sulphide-associated mineralization [25]. Group 4: Company Overview - New Found Gold holds a 100% interest in the Queensway project, located in Newfoundland and Labrador, and has completed an initial mineral resource estimate and PEA [22][23]. - The company has a solid shareholder base, including a 23.1% holding by Eric Sprott, and is focused on growth and value creation at Queensway [23].