Core Insights - Troilus Gold Corp. is making significant progress in the engineering phase of its Troilus Project, with a finalized main process flowsheet and a dedicated team of approximately 45 engineers working on the project [1][2][4] - The project is on track for a construction decision in 2026, supported by a comprehensive engineering execution plan [1][2] Engineering Progress - The main process flowsheet has been finalized, marking a major milestone in the project [2] - A 12-week initiation program has been completed, demonstrating effective collaboration between Troilus and its engineering partner BBA Inc. [2] - Key trade-off studies have been conducted, leading to design improvements that enhance scalability, operational robustness, and energy efficiency with minimal impact on capital expenditures (CAPEX) [5] Company Background - Troilus Gold Corp. is a Canadian development-stage mining company focused on advancing the former Troilus Mine, located in Quebec, Canada, with a land position of 435 km² [4] - The project is positioned as a cornerstone mining operation in North America, supported by a feasibility study completed in May 2024, which outlines a large-scale 22-year, 50,000 tons per day open-pit mining operation [4] Engineering Partner - BBA Inc. is a leading Canadian engineering firm with over 45 years of experience in the energy, mining, and natural resources sectors, known for its strong technical expertise [3] - BBA has a history with the Troilus project, having previously supported flotation circuit optimization under Inmet Mining, which adds significant value to the current project [3]

Core Viewpoint - Lithium Ionic Corp. has filed an independent NI 43-101 compliant technical report for its 100%-owned Bandeira Lithium Project in Brazil, which includes an updated Mineral Resource Estimate (MRE) announced on May 6, 2025 [1][3]. Group 1: Technical Report and Mineral Resource Estimate - The technical report, titled "Bandeira Lithium Project NI 43-101 Technical Report Mineral Resource Update," was prepared by GE21 Consultoria Mineral Ltda., AtkinsRéalis, L&M Advisory, and Planminas, with an effective date of November 20, 2024 [2]. - The updated MRE includes Measured and Indicated resources of 27.27 million tonnes (Mt) grading 1.34% Li₂O, equating to 901,059 tonnes of lithium carbonate equivalent (LCE), and an additional 18.55 Mt in the Inferred category also grading 1.34% Li₂O, which corresponds to 615,432 tonnes LCE [3]. - The updated MRE increases the Company's consolidated global mineral resources to 36.76 Mt grading 1.31% Li₂O in the Measured and Indicated category, alongside 31.87 Mt grading 1.19% Li₂O in the Inferred category [4]. Group 2: Project Overview and Location - The Bandeira Project covers 158 hectares, representing less than 1% of Lithium Ionic's total 17,000-hectare land position, and is considered one of the most promising lithium development-stage assets in Brazil [5]. - The project is strategically located adjacent to Sigma Lithium's Grota do Cirilo and Barreiro projects, as well as Companhia Brasileira de Lítio's long-standing underground lithium operation [5][8]. Group 3: Future Developments - An updated Feasibility Study to integrate the expanded MRE is currently underway and is expected to be completed in the second half of 2025 [3].

Core Insights - Dakota Gold Corp. is advancing its Richmond Hill Heap Leach Oxide Gold Project towards an Initial Assessment with Cash Flow (IACF) expected in mid-2025 and a Feasibility Study anticipated in early 2027 [1][7] - The company has a cash balance of $47 million as of March 31, 2025, fully financing the IACF and the subsequent Feasibility Study [3] - The Maitland Gold Project is also being developed, with an initial inferred gold resource assessment expected to be completed in fall 2025 [4] Richmond Hill Project - Richmond Hill is one of the largest undeveloped oxide gold resources in the U.S. being advanced by a junior mining company [3] - The project is supported by a consultancy group and is expected to make significant progress in 2025 and into 2026 [5] - The company is currently drilling approximately 80,000 feet (24,384 meters) in 2025, focusing on metallurgical samples and resource expansion [7] Maitland Gold Project - The Maitland Gold Project is assessing exploration data from the JB Gold Zone and Unionville Zone to outline an initial inferred gold resource [4] - The JB Gold Zone has reported high-grade intersections averaging 10.76 g/t Au over 4.0 meters, while the Unionville Zone averages 4 g/t Au over 6.4 meters [4] Leadership and Corporate Structure - Recent additions to the Board and senior management include Todd Kenner, Kevin Puil, Jack Henris, and Amy Koenig, enhancing the company's leadership capacity [5] - The company emphasizes a strong safety record with no loss time incidents over the past four years [5] Feasibility Planning - Dakota Gold has engaged various consulting groups for the IACF and Feasibility Study, with M3 Engineering as the overall Study Manager [7] - The Feasibility Study is expected to be completed in 2027, focusing on a 30,000 ton per day crushing circuit [7]

Core Insights - NexGold Mining Corp. is conducting a 25,000 metre diamond drill program at its Goldboro Project in Nova Scotia to enhance geological and grade continuity of the open pit Mineral Resource [1][3] - The drilling program has successfully completed approximately 17,000 metres and is expected to conclude by the end of Q2 2025 [1] - Initial results from four diamond drill holes confirm broader zones of gold mineralization than previously identified, indicating potential upgrades to Inferred and Indicated Mineral Resources [2][3] Drilling Program Details - The drill program aims to twin historic diamond drill holes to confirm gold mineralization and address under-sampling issues [2][4] - The four highlighted drill holes (BR-25-473, 479, 498, and 501) have shown significant gold intersections, with notable grades such as 35.40 g/t over 0.7 metres in hole BR-25-501 [5][7] - The results indicate that gold mineralization exists in broader zones and in areas not previously recognized as mineralized [2][3] Future Plans - The data from the ongoing drilling will contribute to a planned Mineral Resource update for the Goldboro Deposit in 2025, which will inform an updated Feasibility Study [3] - The company is also finalizing a Feasibility Study for its Goliath Project in Ontario, indicating a strategic focus on advancing its projects [3] Company Overview - NexGold Mining Corp. is focused on gold exploration and development, with projects in Canada and Alaska, including the Goliath Gold Complex and the Goldboro Gold Project [18] - The company emphasizes sustainable practices and community engagement throughout its project lifecycle [18]

Core Viewpoint - Liberty Gold Corp. has initiated feasibility fieldwork at its Black Pine Oxide Gold Project in southeastern Idaho, marking the start of a formal feasibility study, with technical data collection supporting engineering studies planned for Q4 2025 [1][6]. Group 1: Feasibility Study and Environmental Impact - The feasibility study for Black Pine will begin in Q4 2025, with baseline studies currently underway to complete an extensive environmental dataset [1]. - The draft Environmental Impact Statement (EIS) for Black Pine is also set to commence in Q4 2025 [1]. Group 2: Drilling and Resource Development - A reverse circulation (RC) exploration drill is currently active, with a second drill rig expected by the end of May, as part of a ~40,000-meter drill program aimed at resource upgrades and extensions [4]. - Key drilling objectives include targeting near-surface oxide gold mineralization in the Rangefront zone, infill drilling in the Discovery zone, and resource conversion along the CD to F Zones [4]. - A Sonic drill rig has begun testing the legacy Heap Leach Pad to assess remnant gold ounces, with a program of approximately 1,200 meters planned [4]. Group 3: Metallurgical and Hydrologic Studies - Two phases of metallurgical studies are planned, including a surface bulk sampling program and studies on lower grade oxide composites to evaluate recoveries [4]. - Hydrologic studies will involve monitoring wells and aquifer pump testing to determine hydraulic conductivity of local aquifers [4]. Group 4: Company Overview and Strategic Goals - Liberty Gold focuses on exploring and developing open-pit oxide deposits in the Great Basin, a region known for its prolific gold production [8]. - The company aims to deliver an updated feasibility-level resource by the end of 2025 and a feasibility study in the second half of 2026, positioning Black Pine as a premier gold development project [6].

Core Insights - Osisko Development Corp. reported its financial and operational results for Q1 2025, highlighting significant developments in its Cariboo Gold Project and other initiatives [1][2]. Financial and Operational Highlights - As of March 31, 2025, the company had approximately $77.6 million in cash and cash equivalents, with $35.7 million outstanding under a delayed draw term loan [5]. - The 2025 Feasibility Study (FS) for the Cariboo Gold Project indicates a strong base case with an after-tax NPV at a 5% discount of $943 million and an IRR of 22.1% based on a gold price of $2,400 per ounce [4][10]. - The average annual free cash flow is projected at $158 million, with an average all-in sustaining cost (AISC) of $1,157 per ounce over the life of the mine [4][10]. Project Updates - The Cariboo Gold Project is designed as a low-impact underground operation with an initial capital cost estimated at $881 million and sustaining capital costs of $525 million [10]. - The company is actively pursuing project financing options and aims to commence construction activities in the second half of 2025, targeting project completion by the end of 2027 [10]. - The San Antonio Gold Project is currently under care and maintenance, with plans to re-submit mining permit applications [8]. Upcoming Milestones - Key upcoming milestones include bulk sampling and water management activities scheduled for Q3 and Q4 2025, respectively, with associated costs of $4.1 million and $6.1 million [11]. - The company is also progressing with Phase II regional drilling at the Tintic Project, with expected completion in Q2 2025 [11]. Management Changes - The company appointed Mr. David Rouleau as Vice President of Project Development and Mr. Philip Rabenok as Vice President of Investor Relations during Q1 2025 [5].

Financial Data and Key Metrics Changes - The company reported a net loss of $2,708,000 for Q1 2025, compared to a net loss of $1,073,000 for Q1 2024, indicating an increase in loss primarily due to the absence of a gain from equipment sales and increased Mt Todd expenses [7][8][10] - Cash on hand at the end of Q1 2025 was $15,000,000, down from $16,900,000 at the end of 2024, with no debt reported [11][12] Business Line Data and Key Metrics Changes - Total feasibility and other Mt Todd site costs in Q1 2025 were $1,688,000, with only $150,000 capitalized as development costs, resulting in a net expense of $1,538,000, which was $786,000 higher than Q1 2024 [9][10] Market Data and Key Metrics Changes - The Australian gold price is currently at record highs around $5,000 per ounce, positively impacting the company's profitability as most costs are incurred in Australian dollars [24] Company Strategy and Development Direction - The company is focused on completing the Mt Todd feasibility study by mid-2025, targeting a 60% reduction in capital costs to approximately $400,000,000, with anticipated gold production of 150,000 to 200,000 ounces per year [13][14][17] - The feasibility study aims to create a more financeable project with a smaller initial investment while preserving expansion opportunities [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the current gold cycle and the potential for increased investor interest in the Mt Todd project due to the reduced initial capital costs [22][25] - The feasibility study is expected to serve as a catalyst for value creation and is on schedule and budget [15][39] Other Important Information - The company achieved zero lost time accidents, maintaining a strong focus on safety and environmental stewardship [16] - Management emphasized the importance of compliance with ESG standards and proactive engagement with stakeholders [18][40] Q&A Session Summary Question: Increased interest in Vista and Mt Todd - Management noted renewed interest in the gold equities market driven by gold prices and highlighted strong institutional interest in the Mt Todd project due to reduced initial capital costs [22] Question: Impact of gold prices on profitability - Management confirmed that higher Australian gold prices positively affect profitability, as most costs are in Australian dollars, making the project more attractive [24] Question: Share price valuation concerns - Management acknowledged the disconnect between share price and resource value, attributing it to the high initial capital costs of previous project evaluations and the shift to a smaller scale project to enhance financeability [31][33]

Core Viewpoint - Osisko Development Corp. announced positive results from the optimized Feasibility Study for the Cariboo Gold Project, confirming strong economics for a low-impact underground operation with favorable operating costs and capital requirements [2][3]. Project Overview - The Cariboo Gold Project is a 100%-owned, permitted gold project located in central British Columbia, Canada, designed as a traditional underground operation using mechanized bulk mining methods [2][5]. - The 2025 Feasibility Study (FS) was completed by BBA Engineering Ltd. and adheres to National Instrument 43-101 standards [2]. Economic Metrics - The base case gold price is set at $2,400/oz, with a net present value (NPV) of $943 million and an internal rate of return (IRR) of 22.1% [5][6]. - Under a spot case scenario with a gold price of $3,300/oz, the NPV increases to $2,066 million, and the IRR rises to 38.0% [5][6]. - Average annual free cash flow is projected at $158 million, with $296 million in the first five years [6][9]. Production and Costs - The project anticipates an average annual production of approximately 190,000 ounces of gold over a 10-year mine life, with first gold expected in the second half of 2027 [6][34]. - The average all-in sustaining costs (AISC) are estimated at $1,157/oz, placing the project in the lower half of the global cost curve for gold mines [6][9]. Improvements from Previous Studies - The 2025 FS incorporates significant improvements over the 2023 FS, including a streamlined processing facility and enhanced metallurgical recovery, resulting in an overall gold recovery of 92.6% [6][7][50]. - The average stope size has increased by approximately 60%, reducing the total number of stopes required [11][38]. Capital Expenditures - Initial capital costs are estimated at $881 million, with sustaining capital costs over the life of the mine projected at $525 million [6][69]. - Total cumulative capital costs, including reclamation and closure costs, are estimated at $1,307 million [69]. Permitting and Community Engagement - The project has received necessary permits, including the Environmental Assessment Certificate and Mines Act permits, solidifying its shovel-ready status [72][73]. - The company is committed to engaging with Indigenous nations and local communities to ensure mutual benefits from the project [73][76]. Future Opportunities - There are significant opportunities for further optimization and enhancement of the project's economics, which will be detailed in the forthcoming Technical Report [77][78].

Financial Data and Key Metrics Changes - The company reported a record gross profit of nearly $77 million for the year, an increase of 86% from 2023 [4] - Net attributable profit was just under $19 million, compared to a loss of $4 million in the previous year, reflecting stronger operating cash flow of nearly $42 million compared to just less than $15 million in the previous year [4][5] - The average realized gold price in Q4 was just over $2,600, compared to just under $1,900 in the comparable quarter of the previous year [20] Business Line Data and Key Metrics Changes - Production at Blanket was within guidance, ending the year with 76,656 ounces, a 1.6% improvement compared to 2023 [24] - Production costs at Blanket remained broadly the same at about $19 million, with gross profit increasing to $20 million compared to $11 million in the previous quarter [36] - Bilboes continued to incur losses but is now on care and maintenance, with minimal impact on overall performance [52] Market Data and Key Metrics Changes - The company experienced a stabilization of the local currency, the ZiG, in Q4, which contributed to a reduction in net foreign exchange losses to only $600,000 in the quarter [46] - The effective tax rate remains high due to structural inefficiencies, with a combination of income tax, deferred tax, and withholding tax affecting overall profitability [107] Company Strategy and Development Direction - The company plans to extend the timeline for the feasibility study for Bilboes to optimize project economics and explore new development options [6][62] - There is a focus on maintaining stable production at Blanket and investigating near-term growth opportunities across the portfolio, including Blanket, Bilboes, and Motapa [78] - The company aims to maximize its net present value per share while minimizing equity dilution and exploring funding options for the Bilboes project [70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the substantial improvement in cash generation and mine performance, indicating a positive outlook for 2025 [142] - The company is focused on reducing costs, particularly in labor and electricity, to improve overall efficiency [41][130] - Management acknowledged the challenges posed by electricity supply issues but noted that interventions helped stabilize production towards the end of the year [39][122] Other Important Information - The company declared a dividend of $0.14 for the quarter, totaling $0.56 for the year, with a change in the timing of dividend declarations to streamline processes [7][21] - Significant changes to the Board and management have occurred, contributing to improved operational performance [8] Q&A Session Summary Question: What is the status of the solar power project, the sale of that asset? - The company expects to provide an update sometime this week [85] Question: What is the expected production capacity from the mine? - The COO confirmed that the target is to pull out 800,000 tonnes from the mine [87] Question: How does the resource at Motapa tie into the Bilboes project? - The company will take the necessary time to ensure the best project outcome, considering the potential integration of Motapa into the feasibility study [90] Question: Will the tailings dam strategy change based on concentrate sales? - The strategy may change if permanent permission to export concentrate is granted, affecting the tailings facility setup [94] Question: Is the bank debt down to about $2 million? - The company clarified that net cash exceeds debt, but the strategy remains to have debt in-country and cash out of the country [102] Question: What is the effective tax rate for the company? - The effective tax rate remains high due to structural inefficiencies, with a breakdown provided in the MD&A [107] Question: Are there plans for more retirement expenses in 2025? - Future retirement expenses will be minimal compared to 2024, as the policy will only affect a few individuals each year [118] Question: What are the main cost risks for 2025? - The greatest variable is electricity costs, which are unpredictable and can significantly impact operations [130] Question: What is the strategy regarding concentrate sales and BIOX plant commitments? - The company aims to explore options for exporting concentrate without immediate commitments to a BIOX plant, depending on government flexibility [136]

Financial Data and Key Metrics Changes - The company reported a record gross profit of nearly $77 million for the year, an increase of 86% from 2023 [4] - Net attributable profit was just under $19 million, compared to a loss of $4 million in the previous year, reflecting stronger operating cash flow of nearly $42 million compared to just less than $15 million in the previous year [4][5] - The average realized gold price in Q4 was just over $2,600, compared to just under $1,900 in the comparable quarter of the previous year [20] Business Line Data and Key Metrics Changes - Production at Blanket was within guidance, ending the year with 76,656 ounces, a 1.6% improvement compared to 2023 [24] - Production costs at Blanket remained broadly the same at about $19 million, with gross profit increasing to $20 million compared to $11 million in the previous quarter [36] - Bilboes continued to incur losses but is now on care and maintenance, with minimal impact on overall performance [52] Market Data and Key Metrics Changes - The company experienced a significant increase in revenue due to higher gold prices, contributing to the substantial increase in gross profit [20] - The local currency, the ZiG, stabilized in Q4, leading to reduced foreign exchange losses compared to earlier in the year [46] Company Strategy and Development Direction - The company plans to extend the timeline for the feasibility study for Bilboes to optimize project economics and explore new development options [6][62] - There is a focus on maintaining stable production at Blanket and investigating near-term growth opportunities across the portfolio, including Blanket, Bilboes, and Motapa [78] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stability of the ZiG and improvements in cash generation, indicating a positive outlook for Q1 2025 [142] - The company is focused on reducing costs, particularly in labor and electricity, to improve overall profitability [41][130] Other Important Information - The company declared a dividend of $0.14 for the quarter, totaling $0.56 for the year [7][21] - Significant changes to the Board and management have occurred, contributing to improved operational performance [8] Q&A Session Summary Question: What is the status of the solar power project, the sale of that asset? - The company expects to provide an update sometime this week [85] Question: What is the reliability of production targets from the mine? - The target is to pull out 800,000 tonnes from the shaft, which is considered stable [86][87] Question: What is the timeline for developing a reliable reserve at Motapa? - The company will take as long as necessary to ensure the best project outcome, considering the potential integration of Motapa into the feasibility study [88][90] Question: Will the tailings dam strategy change based on concentrate sales? - Yes, if permanent permission to export concentrate is granted, it could affect the tailings facility setup [93][94] Question: Is the bank debt down to about $2 million? - The company has more cash than debt, but the strategy is to maintain debt in-country and cash out of the country [102] Question: What is the effective tax rate for the company? - The effective tax rate remains high due to structural inefficiencies, with a commercial tax rate in Zimbabwe around 24% [105][107] Question: Are there plans for more retirement expenses in 2025? - Future retirement expenses will be minimal compared to 2024, as the policy will only affect a few individuals each year [118] Question: What are the greatest cost risks for 2025? - The most unpredictable cost risk is electricity, particularly if the grid collapses [130]