Core Viewpoint - Heliostar Metals Ltd. has successfully restarted mining operations at the San Agustin mine, which is expected to significantly increase gold production in 2026, generating substantial cash flow at current gold prices [2][3]. Mining Operations - Mining, crushing, and stacking of ore at San Agustin have recommenced, with the company planning to produce 45,000 ounces of gold at an all-in sustaining cost (AISC) of $1,990 per ounce, yielding a margin of over $2,300 per ounce at current gold prices [1][2][3]. - The company has completed two ore blasts and two waste blasts, with 90% of the mobile equipment fleet mobilized to site to meet production targets [5]. Financial Projections - The expected cash flow from mining the current reserve is projected to be approximately $40 million at a gold price of $3,000 per ounce [3]. - The life-of-mine (LOM) plan indicates a probable mineral reserve of 68,000 ounces of gold, with a post-tax NPV of $35.3 million and an IRR of 548% based on a $3,000 per ounce gold price [9]. Drilling Program - A drilling program of 10,000-15,000 meters is underway, with 37 holes completed to date, aimed at identifying extensions of the orebody to potentially increase the mine life [3][13]. - Previous drilling results from the Corner SW target area have shown higher-grade oxide results, enhancing the potential of certain lower-grade areas [14][22]. Technical Report - An amended technical report filed in January 2025 outlines the operational and economic parameters of the San Agustin project, including the estimated initial capital cost of $4.2 million [9][10]. - The report emphasizes the importance of the existing infrastructure, including a crusher and conveyor system with a throughput capacity of 30,000 tonnes per day [10]. Company Outlook - Heliostar is focused on production growth and enhancing shareholder value, with plans to provide formal guidance in January 2026 [3]. - The company has demonstrated progress in crystallizing growth opportunities within its portfolio, including studies on flagship projects like Ana Paula and Cerro del Gallo [3].

Core Viewpoint - Asante Gold Corporation reported challenges in gold production due to equipment mobilization issues at its Bibiani and Chirano mines, but anticipates improvements in Q4 2025 with new initiatives in place to enhance production levels [1][2][3]. Financial Performance - Revenue for Q3 2026 was $129.3 million, a 16% increase from $111.1 million in Q3 2025, primarily driven by a higher average gold price of $3,594 per ounce compared to $2,552 per ounce in the same period last year [10]. - Total comprehensive loss for Q3 2026 was $(215.2) million, compared to $(15.5) million in Q3 2025 [8]. - Adjusted EBITDA for Q3 2026 was $(6.4) million, down from $17.6 million in Q3 2025, reflecting lower gold sales and higher production costs [11]. Production and Operations - Gold equivalent production for Q3 2026 was 37,333 ounces, down from 45,273 ounces in Q3 2025, with gold sold decreasing to 35,982 ounces from 43,551 ounces [12][21]. - The all-in sustaining cost (AISC) increased to $4,574 per ounce in Q3 2026, compared to $2,347 per ounce in Q3 2025, driven by increased stripping requirements and lower grade ore processed [13][22]. Mine-Specific Updates Bibiani Mine - Material movement increased significantly, with total material mined up 318% in Q3 2026 compared to Q3 2025, marking the highest quarterly material mined in three years [16]. - The stripping ratio at Bibiani was approximately 49.4 in Q3 2026, compared to 16.1 in Q3 2025, indicating increased waste removal [14]. - Gold recovery rates improved from 60% to approximately 90% following the operation of the oxygen plant [3]. Chirano Mine - Ore processed increased by 15.3% in Q3 2026 compared to Q3 2025, attributed to stable power availability and plant throughput improvements [32]. - AISC for Chirano increased to $2,964 per ounce in Q3 2026 from $2,031 in Q3 2025, primarily due to lower gold production [34]. Strategic Initiatives - The company plans to enhance production capabilities at both mines, including the full mobilization of equipment and the construction of a road connecting Bibiani to Chirano, expected to be completed by Q2 2026 [23]. - Asante aims to produce between 215,000 and 245,000 ounces of gold at Bibiani in 2026, with a target of achieving annual consolidated gold production of approximately 500,000 ounces by 2028 [24][35]. Management Changes - Asante appointed Patrick Padmore as Vice President of Finance, bringing over 17 years of experience in the resource sector [37].

Financial Performance - Sales increased by 38% year-over-year to $251.4 million in Q3 2025[11, 12] - Operating income increased significantly by 204% year-over-year to $154.6 million[16] - Net cash from operating activities before working capital was $113.9 million, or $0.37 per share[3, 16] - Free cash flow from ongoing operations reached $73.4 million, up from $57.4 million in Q2 2025[3, 16] Production and Operations - Q3 production from continuing operations was 72,462 GEO (Gold Equivalent Ounces)[3, 5] - Séguéla Mine produced 38,799 ounces of gold with cash costs of $688/oz Au and AISC of $1,738/oz Au[5] - Lindero Mine produced 24,417 ounces of gold with cash costs of $1,117/oz Au and AISC of $1,570/oz Au[5] - Caylloma Mine produced 233,612 ounces of silver with cash costs of $17.92/oz Ag Eq and AISC of $25.17/oz Ag Eq[6] Diamba Sud Gold Project - The PEA (Preliminary Economic Assessment) for Diamba Sud projects an initial 3-year average production of 147,000 ounces of gold[6] - The Diamba Sud PEA estimates construction capital costs of $283.2 million[6] - The Diamba Sud PEA indicates an after-tax NPV5% of $563 million and an after-tax IRR of 72% at a gold price of $2,750/oz[6, 7]

Financial Performance - Pan American Silver achieved record revenue of $811.9 million in Q2 2025, driven by strong operational execution and favorable metal prices [3][5] - Net earnings reached $189.6 million, or $0.52 per share, while adjusted earnings were $155.4 million, or $0.43 per share [3][11] - The company generated record operating cash flow of $293.4 million and free cash flow of $233 million, increasing cash balance to an all-time high of $1.1 billion [3][12] Shareholder Returns - The company increased its dividend by 20% from $0.10 to $0.12 per common share, returning approximately $103.5 million to shareholders through dividends and share repurchases in the first half of 2025 [3][14] - Nearly 500,000 shares were repurchased at an average price of $24.22 per share, totaling $11.1 million [3][14] Acquisition Plans - The acquisition of MagSilver is on track, with shareholders approving the deal, pending Mexican antitrust clearance and a cash consideration of $500 million [3][5][19] - The acquisition is expected to enhance silver output and reduce costs, contributing positively to the company's production and free cash flow generation [5][12] Production and Costs - Silver production was 5.1 million ounces, in line with guidance, with all-in sustaining costs for the silver segment at $19.69 per ounce [8][15] - Gold production was 178,700 ounces, slightly below guidance, with all-in sustaining costs for the gold segment at $16.11 per ounce [8][16] - The company maintains its overall production and cost guidance for 2025, with expectations for higher output in the second half of the year [5][19] Capital Expenditure and Projects - Capital expenditure for Q2 2025 was $73.7 million, focusing on sustaining and project capital at La Colorada, the Skarn project, Timmins, and Jacobina [8][13] - Ongoing discussions for partnerships related to the La Colorada Skarn project are progressing, with updates expected before mid-September [8][9] Regulatory and Community Engagement - The ILO 169 consultation process in Guatemala is ongoing, with no completion date set, but working sessions between the government and Schenker Parliament are continuing [8][18] - The company is actively involved in addressing geotechnical issues and grade reconciliation challenges at various operations, particularly at Timmins [9][40]