Core Insights - Barrick Mining Corporation is advancing a $2 billion Super Pit Expansion Project at its Lumwana mine, aiming to transform it into a Tier One copper mine, which is crucial for both its global copper portfolio and Zambia's development strategy [1][8] Group 1: Project Details - The Super Pit expansion will double the current processing circuit's throughput and significantly increase mining volumes, potentially positioning Lumwana as a top-25 copper producer [2] - The project will increase Lumwana's copper output to 240,000 tons annually, supported by a new processing plant with a capacity of 50 million tons per year [3] - Infrastructure improvements, including a new power transmission system in collaboration with ZESCO, are underway to benefit both the mine and the surrounding region [3] Group 2: Strategic Context - Barrick is entangled in a dispute with the Malian government regarding the economic benefits from its Loulo-Gounkoto gold mine complex, yet it remains on track with other high-return growth projects [4] - The disciplined strategy of Barrick could reshape its production profile over the next decade, enhancing diversification and free cash flow if executed on schedule and within budget [4] Group 3: Market Performance - Barrick's shares have increased by 37% year to date, compared to a 53% rise in the Zacks Mining – Gold industry, driven by a rally in gold prices [7] - The company is currently trading at a forward 12-month earnings multiple of 9.8, which is approximately 22.3% lower than the industry average of 12.61X [11] Group 4: Earnings Estimates - The Zacks Consensus Estimate for Barrick's earnings in 2025 and 2026 indicates a year-over-year increase of 52.4% and 23.8%, respectively, with EPS estimates trending higher over the past 60 days [12] - Current earnings estimates for the upcoming quarters and years show a positive outlook, with the current quarter estimate at $0.48 and the next year at $2.38 [13]

Core Viewpoint - K92 Mining Inc. reported strong production results for Q2 2025 from its Kainantu Gold Mine, with significant increases in gold equivalent production and progress on the Stage 3 Expansion project [1][4][6]. Production Results - Q2 2025 production included 34,816 ounces of gold equivalent (AuEq), 32,375 ounces of gold, 1,536,505 pounds of copper, and 42,824 ounces of silver, marking a 43% increase from Q2 2024 [4]. - Quarterly sales comprised 28,864 ounces of gold, 1,275,176 pounds of copper, and 34,532 ounces of silver [4]. - The first half of 2025 saw a total production of 82,633 ounces AuEq, exceeding budget expectations, with an annual guidance of 160,000 to 185,000 ounces AuEq reiterated [4][9]. Processing and Recovery - A total of 130,337 tonnes of ore were processed in Q2 2025, reflecting a 36% increase from Q2 2024 and a 26% increase from Q1 2025, with a head grade of 8.9 grams per tonne AuEq [4]. - Metallurgical recoveries were strong, with gold recovery at 93.3% and copper recovery at 94.9%, surpassing the updated definitive feasibility study parameters [4][7]. Stage 3 Expansion Progress - The commissioning of the new 1.2 million tonnes-per-annum Stage 3 Expansion Process Plant has commenced, with practical completion expected in the first half of Q4 2025 [6][8]. - As of June 30, 2025, 86% of the Stage 3 Expansion growth capital has been spent or committed, remaining on budget [4][8]. Infrastructure Developments - Several ancillary construction projects were completed, including a temporary power station and Phase 1 of a permanent power station [4]. - Underground infrastructure upgrades are nearing completion, which are essential for increasing mining rates [7][8]. Future Outlook - The company anticipates a stronger second half of 2025, driven by higher throughput in Q4 [9].

Core Viewpoint - Monument Mining Limited has initiated an expansion drilling program at the Selinsing Gold Mine, aiming to enhance its gold inventory and extend the life of the mine through sustainable practices and reinvestment strategies [1][2]. Mine Expansion Strategy - The drilling program focuses on identifying new mineralized zones beyond the current production areas, which will support an updated life of mine (LoM) plan [2]. - Successful exploration in these areas is expected to allow for the inclusion of additional mineral resources in future pit designs [2]. Financial Commitment and Timeline - The initial drilling plan involves a cash commitment of USD 2.5 million, with an expected completion date by the end of March 2026 [3][7]. - The program is designed to discover new mineral resources and convert them into reserves [3]. Resource and Reserve Details - The most recent feasibility study indicates total resources of 16.1 million tonnes at an average grade of 1.6 g/t Au, equating to approximately 836,000 ounces of gold [4]. - Of these resources, 525,000 ounces of gold are located outside the current pit shells, requiring additional land acquisition for conversion to reserves [5]. Exploration Potential - Monument anticipates significant exploration upside, with detailed drilling plans to be announced once finalized [6]. - The program will include aggressive extensional drilling and geological interpretation to support future development [8][22]. Geological Insights - The Buffalo Reef area remains open at depth, indicating potential for further mineralization [9]. - Drilling gaps between current pits suggest additional shallow mineralization opportunities, which could support near-term open-pit extension planning [10]. Operational Readiness - The company has reassembled its in-house drilling team and refurbished drilling rigs to support the expansion program [19]. - The drilling will utilize a combination of reverse circulation and diamond drilling techniques to optimize resource discovery [19][22]. Commitment to Sustainability - Monument Mining is committed to sustainable practices, emphasizing environmental management and social responsibility in its operations [21].

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved a net income of $22 million and EBITDA of $67 million, marking a strong quarter with the highest production of 57,364 ounces for the year [5][10] - Gold revenue for Q4 was $148 million, a 13% increase compared to Q3, driven by a higher realized gold price of $2,642 per ounce and increased sales volumes [14] - For the full year 2024, adjusted EBITDA totaled $163.1 million and adjusted earnings were $55.9 million, or $0.35 per share [15][19] Business Line Data and Key Metrics Changes - Segovia produced 188,000 ounces of gold, while the Marmato Upper Mine contributed 23,000 ounces, totaling 211,000 ounces for the year [10] - In Q4, Segovia's production increased by 8% to 51,477 ounces, with a 7% rise in average gold grade processed [11] - The all-in sustaining costs (AISC) at Segovia reduced by 4% to $1,485 per ounce in Q4, despite an 8% increase in realized gold costs [11] Market Data and Key Metrics Changes - The company expects annual production from Segovia to reach between 210,000 to 250,000 ounces in 2025, with a target of 300,000 ounces from 2026 onwards [6][32] - The AISC margin at Segovia reached a three-year high of $58 million in Q4, a 32% increase from the previous quarter [17][40] Company Strategy and Development Direction - The company is focused on expanding its processing facilities at Segovia and Marmato to increase production capacity, targeting over 500,000 ounces of gold annually once expansions are fully operational [8][30] - The Segovia processing plant expansion is expected to ramp up to 300 tonnes per day by the end of 2025, with a total cost of $15 million for the project [23][28] - The Marmato Lower Mine construction is progressing, with plans to expand processing capacity from 4,000 tonnes per day to 5,000 tonnes per day, aiming for an annual production of 200,000 ounces [25][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position, with a year-end cash balance of $253 million, positioning it well for growth [8][40] - The company remains focused on operational efficiencies and cost control, despite the strong gold price environment [17][34] Other Important Information - The company generated a cash inflow of $164 million in Q4, including $136 million from refinancing bonds and $40 million from a precious metals stream [20] - The total estimated cost to complete the Marmato Lower Mine construction is $365 million, with a net construction cost to the company of $208 million after considering remaining stream funding [28][29] Q&A Session Summary Question: How long has the company been considering the expansion and why now? - Management indicated that the expansion has been under consideration for over a year, with the decision to reshape plans based on insights gained from the Upper Mine [45][46] Question: What is the expected capital expenditure for this year versus next year for the expansion? - The company forecasts approximately $260 million in capital expenditure for this year, with an additional $50 million possible depending on spending [48]