Financial Data and Key Metrics Changes - Operating earnings increased from a loss of $3.1 million in Q2 of last year to an income of $23 million this quarter [8] - Net income improved from a loss of $18.5 million in Q2 of last year to a net income of $15.9 million this quarter [9] - Earnings per share rose from a loss of $1.9 to a profit of $1.24 per diluted share [16] Business Line Data and Key Metrics Changes - Cash costs for the quarter were $14.16, with year-to-date costs at $13.75 [4] - All-in sustaining costs were $15.48 for the quarter and $14.62 year-to-date [4] - The company processed 250,000 tons of ore at a grade of 0.23 ounces per ton in the current campaign, compared to 255,000 tons at 0.22 ounces per ton in Q2 of the previous year [21] Market Data and Key Metrics Changes - The average realized gold price was $3,274 per ounce, compared to a blended carry trade price of $2,441 [16] - The company’s hedge position is currently at just under 63,000 ounces, expected to decrease to about 43,000 ounces by year-end [30] Company Strategy and Development Direction - The company is focused on debt reduction and advancing projects like Johnson Track and Lucky Shot, with a goal to reduce debt from $23 million to around $15 million by year-end [30][31] - The strategy includes maintaining a low share count and ensuring operational efficiency to maximize margins [51][60] - The company aims to produce 30,000 to 40,000 ounces annually from Lucky Shot, with a diluted grade above 10 grams [80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational smoothness and the potential for increased gold production as the market conditions remain favorable [51][63] - The company is optimistic about the gold price outlook and is focused on prudent growth without taking excessive risks [52][89] Other Important Information - The lawsuit regarding the beluga whale issue is still ongoing, with the company involved in the legal proceedings [68] - The company is considering monetizing its Onex shares but is currently restricted by escrow agreements [78] Q&A Session Summary Question: How long will campaign three last and potential timing of the check from the JV? - Campaign three is expected to last roughly three weeks, with distributions anticipated in late September [65][66] Question: Is there still a beluga whale lawsuit issue? - Yes, the lawsuit is ongoing in federal court, and the company has joined the lawsuit [68] Question: What allowed the ASIC for the second quarter to be lower than expected? - The lower ASIC was attributed to favorable weather conditions and operational efficiencies, with expectations to remain below the target of $16.25 [70][72] Question: Are there plans to monetize the Onex shares? - Yes, the company is considering the timing for monetization but is currently restricted by escrow agreements [77][78] Question: What are the upcoming catalysts for Contango? - The focus will be on drilling underground at Lucky Shot and advancing the Johnson Track project [79]

Summary of Zijin Mining Conference Call Company Overview - **Company**: Zijin Mining - **Date**: Q1 2025 Conference Call Key Financial Performance - **Revenue**: 78.9 billion CNY, up 5.5% YoY [3] - **Total Profit**: 14.68 billion CNY, up 66% YoY [3] - **Net Profit**: 12.46 billion CNY, up 63% YoY [3] - **Net Profit Attributable to Shareholders**: 10.16 billion CNY, up 62% YoY [3] - **Operating Cash Flow**: 12.5 billion CNY, up 53% YoY [3] - **Basic Earnings Per Share**: 0.383 CNY, up 61% YoY [3] - **Weighted Average Return on Equity**: 7% [3] Production and Cost Analysis - **Gold Production**: 19 tons, up 13% YoY [5] - **Copper Production**: 287,000 tons, up 9% YoY [5] - **Gross Margin for Gold and Copper**: 60.87% and 61.1% respectively, with a combined gross margin of 59.94%, up 5 percentage points YoY [5] - **Unit Sales Cost**: Increased due to the inclusion of lower-grade ores, but overall profitability improved [5] Strategic Initiatives - **Cost Management**: Aiming to keep cost increases within 5% for the year through self-operation and centralized procurement [12] - **Hedging Strategy**: Copper price exposure for smelting enterprises is locked at 25% to 50%, while mining enterprises have an 8% exposure [13] - **Power Supply Improvement**: Significant enhancements expected in the power supply structure of the Kamola Copper Mine over the next three years, which will lower costs [14] Market and Regulatory Environment - **Impact of US Tariffs**: Minimal impact on production and sales as most products are not directly sold to the US [8] - **Gold Cost Trends**: Rising gold costs expected to persist throughout the year due to the processing of lower-grade ores [9] Asset Management and Expansion - **Asset Optimization**: The company is disposing of underperforming assets and focusing on core projects [20] - **International Projects**: Active in acquiring resources in Mongolia and Saudi Arabia to enhance resource reserves [30] Future Outlook - **Gold Business Growth**: Anticipated increase in gold business contribution, with a target of 85 tons for the year [34] - **Copper Production Target**: Aiming for 1.15 million tons of copper production, with significant growth expected [34] - **Long-term Strategy**: Focus on increasing resource reserves and exploring greenfield projects despite challenges [29] Additional Insights - **Management Expenses**: Increased due to business expansion and higher employee incentives [11] - **Fair Value Changes**: Fair value changes increased by approximately 540 million CNY, primarily from financial asset returns [15] - **Environmental Demand**: Global economic uncertainties may lead to unexpected increases in demand for gold [24][25] This summary encapsulates the key points from the Zijin Mining conference call, highlighting financial performance, production metrics, strategic initiatives, market conditions, and future outlook.