Operations - Alkane Resources produced a record 42,767 ounces of gold and 267 tonnes of antimony in Q2 FY26, resulting in a total of 43,663 gold equivalent ounces, significantly higher than Q1 FY26's 30,511 AuEq ounces [3][6] - The average all-in sustaining cost (AISC) for the quarter was $2,739 per AuEq ounce, down from $2,988 in Q1 FY26, attributed to improved production and higher grades at Tomingley and Costerfield [3][10] - The company processed a total of 683,235 tonnes of ore at an average gold grade of 2.20 g/t, with Tomingley achieving a higher average grade of 2.50 g/t [4][5] Financial Performance - Alkane reported revenue of $256 million for the quarter from gold equivalent sales of 44,084 ounces, an increase from $147 million in Q1 FY26, driven by higher production and gold prices [8][18] - The average realized gold price for the quarter was $5,785 per ounce, compared to $4,896 in Q1 FY26, while the average antimony price was $41,510 per tonne [8][18] - The company ended the quarter with a cash, bullion, and listed investments balance of $246 million, reflecting a $58 million increase from the previous quarter [1][18] Exploration and Development - Significant exploration activities included extension drilling at Storheden, which doubled the depth extent to 464 meters, with notable gold intercepts of 142.0 g/t over 0.60 meters [6][44] - At Tomingley, a new gold-rich domain was discovered, with drilling results including 4.36 g/t gold over 26 meters [6][36] - Exploration expenditure for the quarter was approximately $8 million, with a focus on Costerfield and Björkdal [12] Capital Expenditures - Total capital expenditures during Q2 FY26 amounted to $38 million, with $20 million allocated for sustaining capital and $9 million for growth capital, primarily for the Newell Highway realignment project [11][19] - The company continues to invest in operational improvements and exploration to enhance production capabilities across its mining operations [23][30]

VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American"or the "Company") announced its preliminary production results for the fourth quarter of 2025 ("Q4 2025") and for the full year 2025 ("FY 2025"). The Company also provides its guidance for 2026 production, costs, capital investments and expenditures. The Company's audited financial and operating results for Q4 2025 and FY 2025 will be released on Wednesday, February 18, 2026 after market close. Co ...

Core Insights - Equinox Gold Corp. reported a record production of 236,382 ounces of gold in Q3 2025, with all-in sustaining costs (AISC) of $1,833 per ounce, indicating strong operational performance and financial health as the company anticipates a robust finish to 2025 and momentum into 2026 [2][6][9] Production and Operational Highlights - The Greenstone mine achieved significant operational improvements, with mining rates exceeding 185,000 tonnes per day in Q3, a 10% increase from Q2, and mill grades improved by 13% to 1.05 grams per tonne [3][9] - At the Valentine project, commissioning is ahead of schedule, with the plant averaging 4,992 tonnes per day, or 73% of nameplate capacity, and recoveries exceeding 93% [4][9] - The company produced a consolidated year-to-date total of 634,427 ounces of gold, excluding production from certain assets not included in the 2025 guidance [6][8] Financial Performance - Revenue for Q3 2025 was reported at $819 million, with net income of $85.6 million, translating to earnings per share of $0.11 [9][10] - The company reduced its debt by $139 million during the quarter and added $88 million in cash from the sale of Nevada assets, enhancing financial flexibility [5][9] - Cash flow from operations before changes in non-cash working capital was $322.1 million, indicating strong operational cash generation [9][10] Strategic Outlook - With the ramp-up of production at Greenstone and Valentine, the company is positioned for increased Canadian production and improving cash flow as it enters 2026 [6][9] - The company is focused on maximizing per-share value through operational excellence, capital discipline, and continued debt reduction [6][9]

Core Insights - Wesdome Gold Mines Ltd. reported strong financial results for Q3 2025, achieving multiple operating and financial records, including a 34% free cash flow margin, driven by favorable gold prices and operational improvements [3][4][48]. Financial Highlights - Revenues for Q3 2025 reached CAD 230.3 million, a 57% increase from CAD 146.9 million in Q3 2024 [8]. - Gross profit surged by 112% year-over-year to CAD 149.0 million, with operating cash margin growing by 78% to CAD 168.4 million [7][8]. - Net income more than doubled to CAD 86.9 million, or CAD 0.58 earnings per share, compared to CAD 39.0 million in Q3 2024 [8]. - Record free cash flow of CAD 79.0 million was reported, equating to CAD 0.52 per share [8]. - As of September 30, 2025, liquidity stood at CAD 615.0 million, significantly up from CAD 273.1 million at the end of 2024 [7][8]. Operational Performance - Consolidated gold production for Q3 2025 was 50,465 ounces, a 12% increase compared to Q3 2024, marking a quarterly record for the company [7][8]. - The average realized price of gold sold in Q3 2025 was USD 3,523 per ounce, contributing to expanded margins [7][8]. - Eagle River mine produced 34,296 ounces of gold in Q3 2025, a 45% increase from 23,688 ounces in Q3 2024, driven by a 17% increase in average grade [12][16]. - Kiena mine produced 16,169 ounces in Q3 2025, a 25% decrease from 21,421 ounces in Q3 2024, primarily due to a planned reduction in grade [32][36]. Cost Metrics - Cost of sales per ounce of gold sold increased by 6% to USD 947, while all-in sustaining costs (AISC) per ounce rose by 1% to USD 1,419 [7][8]. - AISC per ounce for Eagle River decreased by 29% to USD 1,203 in Q3 2025, while Kiena's AISC increased by 71% to USD 1,899 [19][39]. Production Guidance - The company expects to meet the mid to upper range of its revised consolidated production guidance of 177,000 to 193,000 ounces for the year [50][51]. - Kiena's full-year production guidance has been adjusted to between 72,000 and 78,000 ounces due to operational challenges [50][51]. Exploration and Development - Drilling continues to expand the 6 Central Zone, confirming mineralization continuity [20][21]. - The exploration ramp development at Kiena is forecasted for breakthrough in Q1 2026, with initial stope production expected shortly thereafter [41][42].

Summary of Gold Fields Conference Call Company Overview - **Company**: Gold Fields Ltd (GFI) - **Industry**: Gold Mining - **Market Position**: 8th largest gold producer globally, 6th largest listed, with a diversified asset base [1][23] Key Points and Arguments Production Growth - Gold Fields' production is expected to increase by approximately 25% by 2026 and 33% by 2029 compared to 2024 levels [1][23] - The growth is driven by the ramp-up of the Salares Norte project in Chile and the Windfall project in Canada, along with the acquisition of Gold Road Resources [1][29] - Incremental production will be at lower costs, with an anticipated All-In Sustaining Cost (AISC) of around $1,000/oz by 2026, down from $1,593/oz in 2025 [1][25] Geographic Diversification - In 2024, production distribution is expected to be 45% from Australia, 35% from Africa, and 15% from the Americas, shifting to 40%/25%/35% by 2029, which reduces jurisdictional risk [1] Financial Metrics - A 10% change in gold price could lead to a 17% change in EBITDA, 24% in Free Cash Flow (FCF), and a 25% change in Net Asset Value (NAV) for 2026 [1][3] - Gold Fields has historically shown an 85% correlation (R²) to gold prices since January 2019 [3][28] Valuation and Target Price - The current forward EV/EBITDA multiple is approximately 5.2x, which is below global peers averaging around 10x [4][31] - Target prices are set at ZAR900/share (GFIJ.J) and US$50/share (GFI.N), based on a blend of DCF and EV/EBITDA valuations [5][33] Cost Management - AISC is projected to decrease by about $175/oz from $1,612 in 2024 to $1,436 in 2029 due to the lower-cost new mines [2] - Salares Norte is expected to produce over 500,000 oz/year at an AISC of $888/oz by 2029, while the Windfall project is projected to produce over 300,000 oz/year at an AISC of $962/oz by 2029 [2] Debt and Cash Flow - Net debt has increased to USD1.5 billion by the end of 1H25, with a net debt to EBITDA ratio of approximately 0.40x [26] - FCF is expected to reach around USD1.4 billion for 2H25, which will support dividend payments and acquisitions [27] Risks - Key risks include fluctuations in gold prices, higher operating costs, potential capex overruns, and regulatory risks, particularly in African jurisdictions where 45% of production is sourced [54][52] Conclusion - Gold Fields is positioned for significant production growth and cost reduction, with a strong correlation to gold prices. The investment case is supported by a favorable valuation relative to peers and a robust pipeline of projects, although risks related to commodity prices and operational challenges remain [1][5][54]

Operations - Alkane Resources Limited completed a significant merger with Mandalay Resources, enhancing its operational capacity with three operating mines [4][6] - The company achieved a record quarterly production of 30,511 gold equivalent ounces at an All-In Sustaining Cost (AISC) of A$2,988 per ounce during Q1 FY26 [5][11] - Total production for the full quarter reached 36,407 gold equivalent ounces, with a full-year guidance set for 160,000 to 175,000 ounces at an AISC of A$2,600 to A$2,900 per ounce [6][10] Financial Performance - Alkane reported revenue of A$147 million from gold equivalent sales of 30,010 ounces, with an average gold price of A$4,896 per ounce and an average antimony price of A$35,646 per tonne [10][16] - The company closed the quarter with a strong balance sheet, holding A$191 million in cash, bullion, and listed investments after repaying A$45 million in debt and incurring one-off merger costs of A$25 million [4][16] - Consolidated operating cash costs were A$2,215 per gold equivalent ounce, with an AISC of A$2,988 per ounce for the quarter [11][14] Exploration and Projects - Significant exploration activities were reported, including high-grade gold intercepts at the True Blue site and El Paso within the Tomingley operation [6][31] - The company is advancing resource expansion drilling at Tomingley and Costerfield, with ongoing exploration aimed at extending reserves and resources [21][35] - The Northern Molong Porphyry Project showed promising results with significant gold-copper mineralization identified during reconnaissance drilling [38] Corporate Developments - Alkane was admitted to the ASX 300 index following the merger, reflecting its enhanced market position [4] - The company is focused on maintaining a solid operational performance while pursuing growth opportunities through exploration and development projects [52][54]

Core Insights - Allied Gold Corporation reported preliminary operating results for Q3 2025, producing over 87,000 ounces of gold and selling over 92,000 ounces, aligning with expectations and supporting strong production guidance for Q4 2025 [1][3] - The company anticipates a significant increase in production in Q4, driven by higher grades and the commissioning of the Phase 1 expansion at Sadiola, with annual production expected to exceed 375,000 ounces [3][8] - All-in Sustaining Costs (AISC) improved materially, expected to be approximately $2,100 per ounce, a 10% decrease from Q2 2025, despite higher royalties due to increased gold prices [3][4] Production Highlights - Sadiola produced 42,174 ounces, with contributions from Stage 5 and Sekekoto West, while the CDI Complex produced 44,846 ounces, showing quarter-over-quarter improvements [5][13] - Agbaou's production increased significantly to 22,893 ounces, a 43% rise from the previous quarter, driven by higher grades [15] - Bonikro produced 21,953 ounces, in line with plans, benefiting from improved plant throughput and maintenance practices [14] Cost Management - AISC margins increased from $755 per ounce in Q2 to approximately $1,350 per ounce in Q3, reflecting an 80% increase [8] - The company expects further cost improvements in Q4 due to operational enhancements and mine sequencing [3][8] - Royalties in Q3 were approximately $50 per ounce, with a realized gold price of about $3,450 per ounce, up from $3,098 in Q2 [4] Growth and Expansion - The Phase 1 expansion at Sadiola is progressing well, with the new comminution circuit expected to enhance operational efficiency by allowing a higher proportion of fresh ore [7][9] - The company is also advancing its energy program for Sadiola, implementing a hybrid power solution to reduce costs [11] - The Kurmuk project is on track, with key milestones achieved and first gold expected by mid-2026 [17][19] Future Guidance - Annual production is projected to be between 375,000 to 400,000 ounces, with formal guidance for 2026 to be provided early next year [3][8] - The company is targeting increased efficiencies and reduced costs through internalizing mining operations at one or more of its mines [8]

Summary of Mineros S.A. Conference Call Company Overview - **Company**: Mineros S.A. - **Stock Symbols**: OTCQX Best Market - MNSAF; Toronto Stock Exchange - MSA - **Industry**: Metals and Mining Key Points and Arguments Production and Operations - Mineros S.A. has a stable production base in Nicaragua and Colombia, with consistent production and cost profiles over the years [3][4] - The production base includes two underground mines in Nicaragua and alluvial recovery platforms in Colombia, contributing to a consistent production of approximately 200,000 ounces annually [6][12] - The company aims to grow production and reduce all-in sustaining costs (AISC) through low-risk projects and operational excellence [3][4] Financial Performance - The share price has increased by 100% over the last two months, yet the company remains undervalued compared to peers based on EV to consensus production metrics [4] - Anticipated return of $30 million in dividends in 2025, with $15 million already paid this year [4][19] - Free cash flow for the first half of the year was impacted by $43 million in cash tax payments, expected to decrease in the second half [5][6] Gold Price Impact - Gold prices have fluctuated significantly, with an average of $3,600 to $3,700 per ounce in Q3 and exceeding $4,000 in Q4 [5][7] - AISC is variable and linked to gold prices, providing a unique advantage where costs can flex downwards if gold prices drop [7][24] Reserves and Exploration - Proven and probable reserves total approximately 2.1 million ounces, with a production platform consistently yielding around 200,000 ounces [6][12] - The alluvial operation in Colombia has 1.4 million ounces of reserves, with a mine life of about 12 years [8] - The company has significant exploration potential across its land package of approximately 150,000 hectares, with plans for extensive drilling programs [9][14] Environmental and Community Engagement - Mineros S.A. employs a progressive reclamation program, ensuring mined areas are restored for agricultural use post-mining [11] - The company maintains strong community relations and complies with international mining standards [21][22] Growth Strategy - Future growth is expected from both organic expansions (de-bottlenecking operations) and potential inorganic M&A opportunities [29][30] - The company is focused on capital discipline and has no plans for equity issuances or bought deals [20][19] Market Positioning - Mineros S.A. is trading at a significant discount to peers, attributed to historical lack of marketing and exposure [32] - New management is focused on improving transparency and communication to enhance market awareness [32] Risks - Jurisdictional risks in Nicaragua due to sanctions and illegal mining activities in Colombia are acknowledged, but the company believes in the supportive environment for mining in Nicaragua [21][22] Additional Important Points - The company has removed grade caps on artisanal ores, allowing for higher-grade inputs that enhance production potential [15][30] - The acquisition of the La Pepa project in Chile for $40 million is expected to significantly increase mineral inventory and shareholder value [17][18]

Core Insights - Wesdome Gold Mines Ltd. reported strong financial results for Q2 2025, with significant increases in revenue, net income, and cash flow, despite challenges in production at Kiena due to equipment constraints [1][6][50]. Financial Performance - Consolidated revenue for Q2 2025 was CAD 208.5 million, a 63% increase from CAD 127.8 million in Q2 2024 [8]. - Gross profit rose by 146% year-over-year to CAD 132.2 million, with a cash margin growing by 96% to CAD 149.4 million [6][8]. - Net income for Q2 2025 reached CAD 82.7 million, or CAD 0.55 per share, nearly tripling from CAD 29.1 million in Q2 2024 [6][8]. - EBITDA increased by 104% to CAD 138.4 million compared to Q2 2024 [6][8]. - As of June 30, 2025, liquidity stood at CAD 530 million, including CAD 187.6 million in cash [6][8]. Production Highlights - Consolidated gold production was 42,781 ounces, a 3% decrease compared to Q2 2024 [6][8]. - At Eagle River, gold production increased to 25,612 ounces, up from 19,272 ounces in Q2 2024, driven by a 44% increase in average grade [12][16]. - Kiena's production decreased by 31% to 17,169 ounces due to equipment constraints and lower average grades [33][38]. Cost Metrics - Cost of sales per ounce sold decreased by 1% to USD 932, while all-in sustaining costs (AISC) per ounce sold increased by 6% to USD 1,528 [6][8]. - Cash costs per ounce sold declined to USD 872 in Q2 2025 from USD 1,239 in Q2 2024 [18][40]. - AISC per ounce sold decreased by 24% to USD 1,394 compared to Q2 2024 [20][41]. Operational Developments - Eagle River's mill throughput was impacted by an 18-day maintenance shutdown, but overall throughput for H1 2025 increased by 4% compared to the same period in 2024 [14][15]. - Kiena is focusing on developing additional mining horizons to improve production flexibility and reliability [4][54]. Strategic Initiatives - The acquisition of Angus Gold has expanded Eagle River's land package and is expected to increase exploration spending by approximately CAD 5 million in 2025 [6][7]. - The company is investing in infrastructure and technical studies to enhance operational efficiency and support future growth [5][56]. 2025 Guidance Update - Eagle River's production guidance has been raised to 105,000 to 115,000 ounces, while Kiena's guidance has been updated to 80,000 to 90,000 ounces due to production challenges [52][54]. - AISC expectations for Kiena have been revised to USD 1,400 to USD 1,575, reflecting increased costs associated with maintenance and operational optimization [55].

Core Viewpoint - Discovery Silver Corp. has reported its financial and operational results for Q2 2025, marking its first quarter as a Canadian gold producer following the acquisition of the Porcupine Complex. The company achieved significant production and financial performance, with plans for further growth and investment in operations [2][3][34]. Financial Performance - Q2 2025 revenue totaled $142.0 million from gold sales of 42,550 ounces at an average realized price of $3,337 per ounce [8][14]. - Net earnings for Q2 2025 were $5.5 million ($0.01 per share), compared to a net loss of $5.1 million in Q2 2024 [6][8]. - Adjusted net earnings were $28.4 million ($0.04 per share), reflecting the impact of acquisition-related costs and foreign exchange losses [8][13]. - Free cash flow for Q2 2025 was $27.3 million, a significant improvement from negative free cash flow in the previous year [10][12]. Production Highlights - Gold production for Q2 2025 was 50,552 ounces, with contributions from Hoyle Pond (16,112 oz), Borden (27,286 oz), and Pamour (7,154 oz) [6][8][30]. - Operating cash costs averaged $1,334 per ounce sold, while all-in sustaining costs (AISC) averaged $2,123 per ounce sold [10][14]. - The company processed 508,791 tonnes at the Dome Mill with an average grade of 3.39 g/t and a recovery rate of 91.3% [18][19]. Capital Expenditures and Investments - Total capital expenditures for Q2 2025 were $44.2 million, with $16.1 million allocated to sustaining capital and $28.1 million to growth capital [10][12]. - Key investment programs included enhancements at Dome Mill and ramping up production at Pamour [4][10]. Future Outlook - The company aims to increase production levels in the latter half of 2025 and plans to ramp up capital investment and exploration programs [5][34]. - A total of 140,000 meters of drilling is targeted for 2025 to support resource conversion and establish an initial reserve statement for the mines [35][36]. Operational Overview - The Porcupine Operations cover approximately 1,400 km in and near Timmins, Ontario, including multiple mine properties and exploration targets [15][40]. - The Dome Mill has a nameplate capacity of approximately 12,000 tonnes per day, with recent operational challenges addressed during a maintenance shutdown [16][18]. Cordero Project - The Cordero Project is one of the world's largest undeveloped silver deposits, with significant investments made to advance its development [32][34]. - The company is awaiting approval for its Environmental Impact Assessment to further progress the Cordero project [39].