Core Viewpoint - B2Gold Corp. reported strong operational and financial results for Q3 2025, with significant gold production and improved cost metrics, while also announcing a revised production guidance for the Goose Mine due to operational challenges. Production and Financial Performance - Total gold production in Q3 2025 was 254,369 ounces, including pre-commercial production from the Goose Mine, with the Fekola, Masbate, and Otjikoto mines exceeding expectations [2][3] - Consolidated cash operating costs were $780 per gold ounce produced, better than expected due to higher production and lower fuel costs [2][3] - Consolidated all-in sustaining costs were $1,479 per gold ounce sold, in line with expectations despite higher gold royalties from increased average realized gold prices [2][3] Guidance and Production Adjustments - Production guidance for the Fekola, Masbate, and Otjikoto mines remains unchanged at 890,000 to 965,000 ounces for 2025, while the Goose Mine's guidance was revised to 50,000 to 80,000 ounces due to operational delays [2][3] - Mining and processing of higher-grade ore from the Umwelt underground at the Goose Mine commenced in late October 2025 [2][3] Financial Position - At September 30, 2025, the company had cash and cash equivalents of $367 million and working capital of $35 million, reflecting a strong financial position [5][57] - The company drew $200 million under its revolving credit facility during Q3 2025 and subsequently repaid $50 million, leaving $650 million available for future drawdowns [5][57] Development Projects - An approved development decision on the Antelope underground deposit is expected to increase Otjikoto Mine production to approximately 110,000 ounces per year [2][36] - The Goose Mine achieved commercial production on October 2, 2025, with plans to ramp up to full capacity by the end of 2025 [2][42][44] Dividend Declaration - The Board of Directors declared a cash dividend of $0.02 per share for Q4 2025, payable on December 15, 2025 [4][6]

Core Insights - Torex Gold Resources Inc. reported strong operational results for Q3 2025, returning to positive free cash flow of $113 million, indicating the potential value generation of the Morelos project [2][3][4] - The company achieved payable production of 119,034 gold equivalent ounces, on track to meet its annual guidance of 400,000 to 450,000 ounces [4][9] - An inaugural quarterly dividend of C$0.15 per share was announced, alongside a share buyback program, reflecting the company's commitment to returning capital to shareholders [3][10] Financial Performance - Revenue for Q3 2025 was $416.4 million, a significant increase from $253.9 million in the previous quarter [13] - Net income for the quarter was reported at $114.4 million, translating to earnings of $1.33 per share [13][19] - The average realized gold price reached a record of $3,548 per ounce, contributing to a quarterly all-in sustaining cost margin of 53% [9][22] Operational Highlights - The company recorded no lost-time injuries during the quarter, maintaining a lost-time injury frequency of 0.42 per million hours worked [8][13] - All-in sustaining costs for the quarter were $1,658 per ounce sold, down from $2,103 in the previous quarter [13][19] - The Media Luna project is ramping up successfully, with non-sustaining capital expenditures of $26.2 million incurred during the quarter [10][20] Strategic Initiatives - Torex completed the acquisition of Reyna Silver Corp. for $27.4 million, enhancing its exploration portfolio in Mexico [10] - The acquisition of Prime Mining Corp. was finalized, providing Torex with a 100% interest in the Los Reyes Project, valued at approximately $426.5 million [10] - The company aims to maintain production above 450,000 ounces of gold equivalent per year beyond 2030 through ongoing exploration and drilling activities [10][14]

Core Insights - Alkane Resources Ltd produced 36,407 ounces of gold equivalent during the quarter from July 1 to September 30, 2025, with a notable contribution from its three operating mines [3][4][12] - The company reported a cash, bullion, and listed investment balance of A$191 million after repaying A$45 million in debt and incurring one-off transaction costs of A$25 million from the merger with Mandalay Resources [3][4] - The production guidance for FY2026 remains unchanged at 160,000 to 175,000 ounces of gold equivalent, with an all-in sustaining cost (AISC) projected between A$2,600 and A$2,900 per ounce [2][3] Production Details - The quarterly production breakdown includes: - Tomingley: 18,335 Au oz - Costerfield: 8,612 Au oz (5,643 Au oz statutory) - Björkdal: 8,580 Au oz (5,987 Au oz statutory) - Total consolidated production: 35,527 Au oz [1][4] - The total production of antimony was 198 tonnes, contributing to the overall gold equivalent production [1][4] Financial Overview - The company’s total cash at the end of the quarter was A$160 million, with bullion valued at A$14 million and listed investments at A$17 million [3][4] - The repayment of A$45 million in debt and the one-off transaction costs of A$25 million have strengthened the company's balance sheet [3][4] Operational Context - The production slowdown at Björkdal was attributed to the extended summer vacation period in Sweden [3] - Alkane operates three mines: Tomingley in New South Wales, Costerfield in Victoria, and Björkdal in Sweden, with ongoing exploration efforts to enhance resource growth [6][7]

Financial Performance - Alamos Gold's Q2 2025 gold production was 137200 ounces, a 10% increase QoQ[8] - The company reported strong free cash flow of $85 million in Q2 2025[7], but a decrease of 21% compared to $107 million in Q2 2024[12] - Adjusted net earnings per share increased to $034 in Q2 2025, a 42% increase compared to $024 in Q2 2024[30] - Cash flow from operations before changes in working capital increased 22% to $233 million in Q2 2025, compared to $191 million in Q2 2024[12] Cost and Production Guidance - The company revised its full-year all-in sustaining costs (AISC) guidance to $1400-$1450 per ounce[12], an approximately 12% increase from the previous guidance of $1250-$1300 per ounce[37] - Total cash costs per ounce of gold sold increased 30% to $1075 in Q2 2025, compared to $830 in Q2 2024[12] - The company maintains its full-year gold production guidance at 580000-630000 ounces[12] Island Gold District - Island Gold District's average production is expected to be 411000 ounces with mine-site AISC of $915/oz over the first 12 years at 2400 tpd[15] - Island Gold mine-site free cash flow was $52 million in Q2 2025[41] - The company expects to complete the Island Gold Phase 3+ Expansion in H2 2026, with 79% of total Phase 3+ growth capital spent and committed to date[59, 60] Young-Davidson Mine - Young-Davidson mine-site free cash flow was $59 million in Q2 2025[68] - The company expects mining rates to increase in Q3 and further increase to 8000 tpd in Q4[68] Mulatos District - Mulatos District achieved a significant milestone producing its three millionth ounce of gold in Q2[74] - Mulatos District mine-site free cash flow was $55 million in Q2 2025[69]

Financial Performance - The company reported a record free cash flow from operations of $111.3 million in Q1 2025, a 30% increase quarter over quarter [6][14] - Attributable net income from continuing operations was $61.7 million or $0.20 per share, a 131% increase compared to Q4 2024 [11][17] - Consolidated sales for Q1 2025 were $290.1 million, a 44% increase from $200.9 million in Q1 2024 [6][8] Cost Metrics - Consolidated cash cost per gold equivalent ounce from continuing operations was $929 in Q1 2025, up from $888 in Q4 2024 [8][15] - All-in sustaining costs (AISC) per gold equivalent ounce from continuing operations decreased to $1,640 in Q1 2025 from $1,690 in Q4 2024 [10][16] - The company achieved a free cash flow margin of 38% in Q1 2025, up from 31% in the previous quarter [6] Production and Operations - Gold equivalent production for Q1 2025 was 103,459 ounces, with a consolidated cash cost of $929 per ounce [6][8] - The Séguéla Mine produced 38,500 ounces of gold at an average grade of 2.76 g/t, a 12% increase in production compared to Q1 2024 [25][23] - The Yaramoko Mine produced 33,073 ounces of gold, with a cash cost of $1,059 per ounce, reflecting a 22% increase in tonnes milled [31][32] Strategic Developments - The company closed the sale of the San Jose Mine in Mexico and entered into a share purchase agreement to sell its interest in Roxgold Sanu SA, which is expected to provide $70 million in cash [6][14] - The divestment strategy aims to reallocate approximately $50 million in capital towards higher-value opportunities [6][7] Safety and Environmental Performance - The total recordable injury frequency rate (TRIFR) improved to 0.98 in Q1 2025 from 1.33 in Q4 2024, with zero lost time injuries reported [6][10] - Despite safety improvements, a fatal accident involving a subcontractor occurred at the Séguéla Mine in February [6]

Core Viewpoint - B2Gold Corp. reported strong operational performance in Q1 2025, exceeding gold production expectations and achieving lower than anticipated all-in sustaining costs, while remaining on track for future production milestones. Financial Performance - Consolidated gold production reached 192,752 ounces in Q1 2025, surpassing expectations and maintaining alignment with annual production guidance [2][54] - Consolidated cash operating costs were $832 per gold ounce produced, lower than expected due to reduced fuel costs and increased production [2][54] - All-in sustaining costs were $1,533 per gold ounce sold, also lower than anticipated, attributed to reduced cash operating costs and sustaining capital expenditures [2][54] - Attributable net income was $58 million, or $0.04 per share, with adjusted net income of $122 million, or $0.09 per share [2][54] - Operating cash flow before working capital adjustments was $244 million, or $0.19 per share [2][54] Project Developments - The Goose Project is on track for first gold production in June 2025, with total construction and mine development budget remaining at C$1,540 million [2][54][44] - The 2025 Winter Ice Road campaign was completed ahead of schedule, facilitating material delivery for operations [2][54][41] - Estimated gold production from the Goose Project for 2025 is between 120,000 and 150,000 ounces, with an average annual production forecast of approximately 300,000 ounces from 2026 to 2031 [2][54][55] Optimization Studies - Multiple optimization studies are underway for the Goose Project, including increasing mill throughput from 4,000 tonnes per day to potentially 6,000 tonnes per day and evaluating a flotation/concentrate leach process to enhance gold recovery [3][45][46] - Results from these studies are expected to be finalized in late 2025 or early 2026 [3][48] Other Projects - A feasibility study for the Gramalote Project in Colombia is targeted for completion in mid-2025, following positive Preliminary Economic Assessment results [5][51] - Positive PEA results for the Antelope deposit at the Otjikoto Mine indicate potential for a small-scale, low-cost underground gold mine, with a development decision anticipated in Q3 2025 [5][34] Liquidity and Capital Resources - As of March 31, 2025, the company had cash and cash equivalents of $330 million and working capital of $174 million [7][54] - The company repaid $400 million on its revolving credit facility, leaving $800 million available for future drawdowns [7][54]

Core Viewpoint - Torex Gold Resources Inc. reported Q1 2025 results that align with expectations, highlighting significant milestones including the commencement of commercial production at the Media Luna project and a focus on returning to positive free cash flow generation [1][2][4]. Financial Performance - The company generated revenue of $170.0 million, with a record average realized gold price of $2,793 per ounce, despite lower sales volumes due to a four-week tie-in period at the processing plant [7][12]. - Reported net income was $39.0 million, or $0.45 per share, with adjusted net earnings of $35.9 million, or $0.42 per share [12][26]. - EBITDA for the quarter was $88.1 million, while adjusted EBITDA was $91.8 million [12][27]. Production and Costs - Gold equivalent payable production for the quarter was 59,630 ounces, with annual guidance maintained at 400,000 to 450,000 ounces [7][12]. - All-in sustaining costs were $1,405 per ounce sold, slightly above the guidance range of $1,400 to $1,600 per ounce [12][14]. - The company experienced a negative free cash flow of $133.3 million, attributed to lower sales volumes and capital expenditures of $123.5 million [12][28]. Project Updates - The Media Luna project achieved commercial production on April 26, 2025, following a successful tie-in period at the processing plant [2][4]. - The company invested $55.5 million in the Media Luna project during the quarter, with physical progress reported at approximately 98% [12][22]. Safety and Environmental Performance - The company recorded one lost-time injury during the quarter, resulting in a lost-time injury frequency of 0.59 per million hours worked [5][12]. - A comprehensive 'Next Level Safety' program has been initiated to maintain a fatality-free status in operations [5]. Exploration Activities - Ongoing drilling at Media Luna West and initial testing at Media Luna East have shown promising results, indicating exploration upside and potential resource expansion [8][12]. - The company plans to conduct approximately 125,000 meters of drilling in 2025, nearly double the amount drilled in 2024, to enhance production profiles and extend reserve life [8][12].

Q1 2025 Highlights - The company delivered 1.5Moz of gold and 35kt of copper from its full portfolio[10] - The company generated a record first quarter free cash flow of $1.2B[10] - The company exceeded its divestiture target, generating >$2.5B in net cash proceeds[12] - The company executed $755M in share repurchases and $1.0B in debt retirements[12] Q1 2025 Financial Performance - The company's cash from operations was $2.0B[29] - The company's adjusted EBITDA was $2.6B[29] - The company's GAAP net income was $1.68 per share[29] - The company's adjusted net income was $1.25 per share[29] - The company's free cash flow was $1.2B[29] - The company's cash & cash equivalents were $4.7B[29] - The company's average realized gold price was $2,944 per ounce[29] - The company's gold all-in sustaining cost was $1,651 per ounce[29] Capital Allocation Strategy - The company maintained financial flexibility with cash above $3.0B target[31] - The company achieved its debt target of up to $8.0B[31] - The company's sustaining capital was $459M[31] - The company's development capital was $323M[31] - The company's common dividend was $0.25 per share[31] - The company executed $755M of a $3.0B authorized share repurchase program[31] Non-Core Divestiture Program - The company's non-core divestiture program generated up to $3.8B in total gross proceeds, including >$3.0B in cash[39]