Core Insights - Altiplano Metals Inc. has reported positive assay results from its inaugural drill program at the Santa Beatriz Iron Oxide Copper Gold (IOCG) mine, confirming high-grade continuity of the vein system [2][4][5] - The drilling program, which covered 655.6 meters, confirmed vein continuity over 100 meters along strike and approximately 40 meters down dip, with a weighted average grade of 1.33% Cu, 0.20 g/t Au, and 29.00% Fe [5][10][12] - The best interval from the drilling was 2.89 meters grading 2.37% Cu, 0.30 g/t Au, and 36.12% Fe, including a high-grade sample of 15.29% Cu over 35 cm [5][12][17] Company Developments - The results support the company's plan to advance mine development into deeper levels, which could supply material to the nearby El Peñón processing facility [4][20] - Geological observations indicate broader exploration potential within the property, with signs of porphyry-style mineralization at depth [5][17] - Altiplano has generated over C$23.8 million from the recovery and sale of copper, with cash reinvested into exploration and development activities [20][21] Technical Details - The drilling targeted extensions of the main vein below Level 414, with significant mineralization observed in the core samples [10][11] - The mineralized structure comprises massive magnetite with bands of chalcopyrite and lesser pyrite, with variability in Cu:Fe ratios reflecting mineral proportions [11][12] - Quality assurance protocols were implemented to ensure the reliability of assay data, with all samples analyzed using standard industry procedures [18]

Core Viewpoint - G Mining Ventures Corp. has achieved significant operational milestones at its Tocantinzinho Gold Mine in Brazil, with a notable increase in gold production and processing efficiency in Q2 2025 [1][3][11]. Production Highlights - The Tocantinzinho Gold Mine processed an average of 12,890 tonnes per day over 30 consecutive days, with Q2 2025 gold production reaching 42,587 ounces, a 20% increase from Q1 2025 [1][8]. - Year-to-date gold production for 2025 totals 78,165 ounces, representing 42% of the midpoint of the annual guidance of 175,000 to 200,000 ounces [11][12]. Mining and Processing Activities - In Q2 2025, the mine achieved an average mining rate of approximately 47,900 tonnes per day, an 18% increase from Q1 2025 [10][8]. - The average gold recovery improved to 90.3% in Q2 2025, up from 87.7% in Q1 2025 [8][4]. - The total tonnes processed in Q2 2025 were 1,011,000 tonnes, with an average plant throughput of 11,107 tonnes per day, or 86% of nameplate capacity [4][8]. Operational Improvements - The installation of steel liners in the SAG mill in April 2025 has resolved previous issues with premature wear, leading to improved mill stability and throughput [5][6]. - The mill achieved an average throughput of 96% of nameplate capacity in May and June 2025, with an exceptional 103% in May [6][9]. Future Outlook - The company reaffirms its 2025 production guidance of 175,000 to 200,000 ounces, with expectations for continued operational improvements and increased production in the second half of the year [11][12]. - Additional mine fleet equipment is expected to enhance mining production further in H2 2025 [10].

Core Viewpoint - Erdene Resource Development Corp. reported significant progress in the Bayan Khundii Gold Project, with expectations to achieve first gold production in late Q3 2025, as the project nears completion with 92% overall progress as of March 31, 2025 [2][5]. Financial Performance - The company recorded a net loss of CAD 4,500,861 for Q1 2025, compared to a net loss of CAD 2,678,373 in Q1 2024 [9]. - Exploration and evaluation expenses increased to CAD 973,590 in Q1 2025 from CAD 783,156 in the prior year, attributed to higher incentive payments and staff transfers [9]. - Corporate and administrative expenses decreased to CAD 1,500,855 in Q1 2025 from CAD 2,777,588 in Q1 2024, mainly due to the prior year's write-off of deferred project finance costs [9]. Project Development - The Bayan Khundii Gold Project achieved 87% construction progress by March 31, 2025, with the process plant also at 87% completion [5]. - The project has incurred expenditures of USD 96 million by the end of Q1 2025, with potential cost increases expected to remain within available funding [5]. - The commissioning of nine facilities was completed in Q1 2025, with the remaining facilities planned for progressive commissioning throughout Q2 2025 [5]. Operational Readiness - The company has advanced operational readiness for the Bayan Khundii project, with hiring and training of the mine equipment operator and maintenance team completed ahead of pre-production [9]. - Approximately 29% of site personnel are local residents, with 23% of the project's total direct employees being female [9]. - The recruitment and training of the mine workforce continued, with over 160 local residents having undergone equipment operator training [9]. Exploration Activities - Infill drilling confirmed the high-grade nature of the Bayan Khundii deposit, with further drilling of 200 shallow holes underway to expand mineralization [2]. - The company plans to incorporate updated resource estimates into a preliminary economic assessment by late 2025 [9].

Financial Data and Key Metrics Changes - The company reported an enterprise value of approximately USD 940 million and plans to produce over 50,000 tonnes of copper annually in the near future [3] - The company achieved a C1 cash cost of USD 1.91 per pound and total cash costs of about USD 2.47 per pound, with a realized price of USD 4.4 per pound for the quarter [6][7] - The net gearing ratio was reduced to under 20%, reflecting a significant deleveraging of the balance sheet [4][34] Business Line Data and Key Metrics Changes - The first quarter is typically the softest for the company, with production trends down due to seasonal weather impacts and a strong previous quarter [5][11] - The company maintained guidance for copper production between 43,000 to 48,000 tonnes for the year, with a copper grade of approximately 3.84% [7][8] - Growth capital expenditures (CapEx) are projected to be between USD 20 million to USD 25 million, while sustaining CapEx is estimated at USD 40 million to USD 50 million [8] Market Data and Key Metrics Changes - The company noted positive tailwinds from exchange rates and treatment charges, with spot copper treatment charges at negative USD 40 per tonne, indicating a favorable annual benchmark settlement [8] - The company has seen a strong grade profile during Q1, with head grades over 4% copper expected to continue [11] Company Strategy and Development Direction - The company is focused on two key growth projects: the ventilation project and the Merin mine, which is expected to enhance production and reduce operational volatility [4][31] - The Merin mine is anticipated to contribute significantly to production, with potential for high-grade copper and zinc extraction [20][30] - The company aims to maintain consistent, low-cost copper production while advancing its projects to achieve targeted annual production above 50,000 tonnes [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second quarter based on the production profile and the potential of the Merin mine to smooth out production volatility [44][62] - The company has not encountered significant supply chain issues or cost impacts from tariffs, maintaining a strong liquidity position post-refinancing [93][94] - Management highlighted the importance of the Merin mine for future growth and its ability to provide a stable production profile [46][62] Other Important Information - The company completed a refinancing of its debt structure, significantly reducing net gearing and interest costs, with annual cash interest savings of approximately USD 14 million [34][36] - The company reported a healthy liquidity position of USD 153 million, providing flexibility for future operations [40] Q&A Session Summary Question: Can you confirm that production and sales are aligned from a cash flow perspective? - Yes, the company aims to align production with sales on a quarterly basis, ensuring cash reflects production costs [51][52] Question: Will there be any development ore from the Merin mine? - Yes, the company has already extracted high-grade zinc lead mineralization during development and plans to be opportunistic in extracting valuable ore [54] Question: What tonnage would be considered a success for 2026? - The company anticipates mining around 50,000 tonnes at 6% copper and potentially 100,000 to 150,000 tonnes of medium-grade copper at 2.5% [57][58] Question: Is there a pathway to greater than 50 kilotonnes of copper equivalent production? - The company feels comfortable with the potential for upside risk in production forecasts, especially with the Merin mine's contributions [70][71] Question: Are the costs for the ventilation project still on track? - Yes, the costs for the ventilation project remain on track, with a reduction in the cost per meter of development noted [75][78] Question: What is the outlook for shaft production this year? - The company expects to maintain grades around 4% and aims to optimize production efficiency [82] Question: Are there any issues with supply chain or consumables? - Currently, there are no significant issues, and the company has a strong liquidity position to weather market uncertainties [93][94]

Financial Data and Key Metrics Changes - The company reported an enterprise value of approximately USD 940 million and plans to produce over 50,000 tonnes of copper annually in the near future [3] - The company achieved a C1 cash cost of USD 1.91 per pound and total cash costs of about USD 2.47 per pound, with a realized price of USD 4.4 per pound for the quarter [6][7] - The net gearing ratio was reduced to under 20%, reflecting a significant deleveraging of the balance sheet [34][41] Business Line Data and Key Metrics Changes - The company is targeting copper production guidance of 43,000 to 48,000 tonnes for the year, with a copper grade of approximately 3.84% [7] - Growth capital expenditure (CapEx) is estimated to be between USD 20 million to USD 25 million, while sustaining CapEx is projected at USD 40 million to USD 50 million [8] Market Data and Key Metrics Changes - Spot copper treatment charges have been observed at negative USD 40 per tonne, indicating a favorable annual benchmark settlement for the upcoming year [9] - The company has seen a positive impact from exchange rates and treatment charges, contributing to improved cash costs [8] Company Strategy and Development Direction - The company is focused on two key growth projects: the ventilation project and the Merin mine, which are expected to enhance production capabilities [4][40] - The Merin mine is anticipated to add significant production capacity, with the potential for high-grade mineralization being identified [19][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a strong second quarter based on the production profile and ongoing projects [43] - The company is optimistic about the Merin mine's potential to smooth out production volatility and enhance profitability [63] Other Important Information - The company has successfully refinanced its debt structure, significantly reducing its average weighted cost of debt by over 30% [36] - The company reported a healthy liquidity position of approximately USD 245 million, including undrawn facilities and cash reserves [39] Q&A Session Summary Question: Can you confirm that from a cash flow perspective, production and sales are aligned? - Yes, the company aims to align cash flow with production, ensuring consistency in reporting [51][52] Question: Will you get any development ore from the Merin mine? - Yes, the company has already extracted high-grade zinc lead mineralization during development and plans to be opportunistic in mining [54] Question: What tonnage would be considered a success for 2026? - The company anticipates mining around 50,000 tonnes at 6% copper and potentially 100,000 to 150,000 tonnes at 2.5% copper from the Merin mine [58][59] Question: Is the mine breakeven at 35,000 tonnes per annum? - The breakeven point is likely lower, possibly in the high 20,000 to 30,000 tonnes range [66] Question: How should we interpret the guidance for copper production in 2026? - There is no real change; the company is planning for both copper and zinc production, with potential upside in forecasts [71][72] Question: Are the costs for the ventilation project still on track? - Yes, the costs are still within the expected range, with a reduction in the cost per meter of development noted [75][79] Question: Are there any supply chain issues anticipated? - Currently, there are no significant issues with supply chain or consumables, although general market uncertainty exists [101][102]