Group 1 - Eldorado Gold has agreed to acquire Foran Mining, a Canadian mining company focused on copper development, with a transaction valuation of approximately CAD 3.8 billion (around USD 2.8 billion) [2] - This acquisition will expand Eldorado's presence in the copper sector and add a second growth project set to commence production, addressing the increasing copper demand driven by electrification and clean energy investments [2] - The merger will integrate Eldorado's Skouries gold-copper project in Greece with Foran's McIlvenna Bay copper project in Saskatchewan, Canada, both of which are expected to enter commercial production by mid-2026 [2] Group 2 - The combined entity is projected to produce approximately 900,000 ounces of gold equivalent by 2027 [2] - Post-merger, the asset portfolio is expected to have around 77% exposure to gold and 15% to copper, with operational mines and development projects in Canada, Greece, and Turkey [2] - Eldorado anticipates that the merged business will generate about USD 2.1 billion in core profits and USD 1.5 billion in free cash flow by 2027, along with plans to increase exploration spending across its asset portfolio, including Foran's Tesla project in Saskatchewan [2]

Corporate Overview - Hillgrove Resources has a share price of $0.036 and a market capitalization of $94 million [9] - The company possesses $11 million in cash and $282 million in income tax losses [9] - Freepoint Metals & Concentrates is a major shareholder with 18.9% ownership, followed by Ariadne Australia with 10.3% [9] Production and Cost Metrics (June 2025 Half) - Total tonnes processed reached 669kt with a grade of 0.88% [25] - Copper production amounted to 5,545 tonnes, and payable copper sold was 5,481 tonnes at an average realized price of A$14,232 per tonne [25] - C1 Costs were A$4.68/lb, and All-in Cost excluding Nugent was US$4.10/lb [25] Resource and Reserve - The 2024 Kanmantoo Mineral Resource Estimate is 19.3Mt grading 0.77% Cu and 0.14g/t Au, containing 150kt Cu and 82koz Au [30] - The 2024 Maiden Ore Reserve is 2.8Mt grading 0.91% Cu and 0.15g/t Au, containing 26kt Cu and 14koz Au [30] - Compared to the 2022 Mineral Resource Estimate, there was a 96% increase in contained copper and a 138% increase in contained gold [31] Future Plans - The company plans approximately 20 Km of drilling in 2025 targeting resource expansion, with an early focus on Valentines, Kavanagh, and Nugent [32] - Nugent development aims to reduce mining and processing unit costs by approximately 15-20% [23]

Financial Data and Key Metrics Changes - Freeport-McMoRan reported quarterly EBITDA of $3.2 billion and operating cash flows of $2.2 billion, with net unit cash production costs at $1.13 per pound, significantly improved from previous guidance and last year's second quarter [10][11][12] - The average copper realization price was over $4.5 per pound, approximately $0.20 per pound above international benchmark pricing [11] - The company expects copper sales in the second half of the year to be nearly 10% higher than the first half volumes [11][46] Business Line Data and Key Metrics Changes - Sales of copper and gold exceeded forecasts, with a net credit for operating costs at Grasberg of $0.99 per pound [10][37] - The startup of the new copper smelter in Indonesia was a significant milestone, with production of first cathodes expected by the end of the month [12][29] - The leach initiative is projected to achieve a run rate of £300 million by the end of the year, targeting £800 million per annum [15][34] Market Data and Key Metrics Changes - Copper prices averaged $4.32 on the London Metals Exchange and $4.72 on the U.S. COMEX exchange during the quarter [18] - The U.S. copper premium has tripled from second quarter levels, providing an approximate $1.7 billion annual financial benefit on U.S. sales [24][25] - Global copper demand continues to benefit from trends in electrification, AI technology, and decarbonization, with China and India being major growth markets [20][21] Company Strategy and Development Direction - Freeport-McMoRan is committed to its long-term strategy focused on copper production, with significant organic growth opportunities in the U.S. and a strong position in Indonesia and South America [6][9] - The company is advancing three major project opportunities in the Americas and is focused on innovation and technology to enhance productivity and cost performance [17][43] - The company aims to boost domestic copper supplies and is actively working on legislative recognition of copper as a critical mineral [27][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong financial performance, driven by high copper demand and successful operational initiatives [11][12] - The impact of tariffs on costs is being closely monitored, with an estimated potential 5% impact on operating costs [71] - The company is optimistic about the future, with expectations for increased production and lower costs in the coming years [32][46] Other Important Information - The company repurchased 1.5 million shares during the second quarter, with a total of 2.9 million shares repurchased in the first half of the year [14] - Freeport-McMoRan has a solid balance sheet with investment-grade ratings and no significant debt maturities until 2027 [53] Q&A Session Summary Question: Changes in mine plan and modeling updates - Management updates quarterly forecasts and has recalibrated the Grasberg ore grade model due to observed differentials in recovery rates [60][61] Question: Impact of tariffs on cost outlook - Tariffs are being monitored closely, with a potential 5% impact on costs, but the company is focused on driving efficiencies and cost reductions [71][73] Question: Discussions with the U.S. administration regarding financing or incentives - The company has engaged with U.S. government representatives to discuss its role as a major copper producer and potential incentives for domestic production [80][81] Question: Potential tariff exemptions for refined copper - No known exemptions for refined copper are currently anticipated, and the company is awaiting further details on tariff implementation [84] Question: Internal cost to operate the new smelter in Indonesia - The operating cost of the new smelter is estimated at approximately $0.27 per pound, with additional revenues expected from processing [88] Question: Thoughts on building a smelter in the U.S. - The company is studying the potential for expanding the Miami smelter but emphasizes the near-term opportunity lies in the leach initiative [95][98]