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].

Core Viewpoint - Heliostar Metals Ltd. has announced promising initial results from its ongoing 15,000 metre drill program at the Ana Paula project in Guerrero, Mexico, aimed at converting inferred resources to higher confidence classifications and supporting a Feasibility Study [3][4]. Drilling Program - The drilling program involves two rigs and has completed 18 holes with a total of 5,556 metres drilled to date, focusing on defining the High Grade Panel's overall orientation [5]. - The drilling approach has been modified to rotate by approximately 90 degrees from historic intercepts, leading to more continuous and higher-grade gold mineralization [5]. Drill Results Summary - Significant results include Hole AP-25-325, which intercepted 30.2 metres grading 6.29 grams per tonne (g/t) gold from 195.8 metres, and Hole AP-25-323, which returned 12.2 metres grading 8.73 g/t gold from 344.5 metres [7][8]. - Additional intercepts from AP-25-325 include 14.75 metres grading 13.6 g/t gold from 153.5 metres and 4.5 metres grading 12.6 g/t gold from 277.5 metres [9]. Future Plans - The company plans to continue releasing consistent drill results monthly from Ana Paula throughout 2025 and into 2026, with the next results expected in mid- to late September [4][10]. Company Overview - Heliostar Metals Ltd. is a gold mining company with operations in Mexico, including the La Colorada Mine and the San Agustin Mine, and holds several development projects in Mexico and the USA, including the Ana Paula project [20].

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss of $2,356,000 compared to a net income of $15,633,000 in Q2 2024, primarily due to a $16,900,000 gain recognized in June 2024 and increased exploration expenses [7][8][9] - For the six-month period ending June 30, 2025, the net loss was $500,664,000, contrasting with a net income of $14,560,000 for the same period in 2024 [8][10] - Cash on hand at June 30, 2025, was $13,200,000, down from $16,900,000 at December 31, 2024, attributed to feasibility study expenditures and recurring costs [10][11] Business Line Data and Key Metrics Changes - The feasibility study for the Mt Todd project indicated a 59% reduction in initial capital costs to $425,000,000, with a competitive capital efficiency of $93 per ounce of gold produced [13][14] - Average annual gold production is estimated at 153,000 ounces during the first 15 years and 146,000 ounces over the 30-year life of the mine [14] Market Data and Key Metrics Changes - The after-tax net present value (NPV) at a 5% discount rate is projected at $1,100,000,000 with an internal rate of return (IRR) of 27.8% at a gold price of $2,500 per ounce [14][15] - At a higher gold price of $3,300 per ounce, the after-tax NPV increases to $2,200,000,000 with an IRR of 44.7% [15] Company Strategy and Development Direction - The company is focusing on advancing the Mt Todd project, emphasizing safety, environmental stewardship, and stakeholder engagement [16][17] - The strategic shift towards a smaller initial scale for the Mt Todd project aims to preserve optionality for future expansion [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Mt Todd project's potential, highlighting its strong economic parameters compared to other Australian gold producers [17][33] - The company is committed to developing Mt Todd in compliance with high mining and ESG standards [17] Other Important Information - The company has achieved 1,369 consecutive days without a lost time accident at the Mt Todd site, reflecting its commitment to safety [6][16] - The feasibility study results are seen as a significant milestone, positioning Mt Todd as one of the most attractive development-stage projects in the gold sector [17] Q&A Session Summary Question: Financing and Profit Distribution Plans - Inquiry about potential financing through lenders or joint ventures and how profits would be utilized, whether for expansion or dividends [21][22] - Management indicated that while expansion opportunities would be considered based on market conditions, a portion of profits would be prioritized for shareholder returns [23] Question: Investor Interest and Confidentiality Agreements - Follow-up on increased investor interest and confidentiality agreements signed recently [24] - Management confirmed new confidentiality agreements have been signed, with ongoing discussions with potential partners following a recent conference [24] Question: Interest from Counterparties - Inquiry about which counterparties are showing interest in Mt Todd and how the company evaluates joint venture versus M&A options [26] - Management noted that confidentiality agreements have been signed with strategic investors and that the M&A space is becoming more interesting [27][28] Question: Open to Various Options - Management emphasized openness to joint ventures or acquisitions, depending on what provides the best value for shareholders [30]

Financial Performance - Revenue increased by 30% to $65309 million in Q2 2025[18], driven by a 39% increase in the average gold price to $3186/oz[18] - Net profit attributable to shareholders of the Company rose by 147% to $20487 million in Q2 2025[18] - Adjusted earnings per share increased by 155%[16] - Operating cash flow increased to $281 million[16] - The company's net cash position was $82 million, excluding $18 million in fixed term deposits[16] Operational Highlights - Blanket Mine production increased to 21442 ounces in Q2 2025[18], a 1% increase compared to Q2 2024[18] - Full-year production guidance for Blanket Mine was raised to 75500–79500 ounces[16] - Blanket Mine's on-mine cost per ounce increased by 44%[30] - Blanket Mine's AISC per ounce increased by 74%[32] Strategic Initiatives - The solar plant was sold for $224 million[13] - Exploration program underway at Motapa, with diamond drilling of 178798 meters and reverse circulation drilling of 9638 meters completed[59] - The company is exploring cost-saving and phasing options for the Bilboes feasibility study[16] Reporting Changes - Caledonia will no longer publish quarterly financial statements and MD&A reports[41]