We should learn from children. Children are the world's first scientists. And why do I say this? They do not take things as they are. They do not accept things as they are. But they ask why, how, what if. And every great idea, every great innovation starts from these same questions. And that is curiosity. The desire to understand how, why, when, who, and what if. My name is Deborah Fashida, and today I'll be talking to you about curiosity. A small word with enmous power because curiosity is the first bridge ...

Core Viewpoint - Cygnus Metals Limited has successfully raised A$25 million through a share placement to fund resource growth and exploration at the Chibougamau Copper-Gold Project, reflecting strong demand from major shareholders [5][8]. Funding Details - The placement involved issuing approximately 156.3 million shares at A$0.16 per share, representing a 5.9% discount to the last closing price of A$0.17 [5][11]. - Post-raising, the company expects to have approximately A$35 million in cash and liquid assets [5][8]. Use of Funds - Proceeds from the placement will be allocated to resource growth, resource conversion, exploration of multiple prospects (including Joe Mann and Gwillim), ongoing permitting work, early capital works, and completion of an updated economic study following the preliminary economic assessment conducted in 2022 [6][8]. Project Development - Cygnus is currently operating three drilling rigs at the Golden Eye gold-copper discovery and plans to test major new targets in the upcoming quarter [1][4]. - The company aims to upgrade resources into higher confidence categories and aggressively drill high-grade targets [3][4]. Strategic Support - Strategic investor Ocean Partners, the second-largest shareholder, has shown strong support for the placement, indicating confidence in the Chibougamau Copper-Gold Project's value and insights into global copper supply markets [8]. Timeline - The indicative timetable for the placement includes lifting the trading halt on March 13, 2026, settlement of shares on March 19, 2026, and issuance and application for quotation of shares on March 20, 2026 [12]. Company Overview - Cygnus Metals Limited is a diversified critical minerals exploration and development company focused on advancing its Chibougamau Copper-Gold Project in Quebec, alongside lithium and REE projects in Western Australia [15].

Hello everyone. Good afternoon. Um, I want to start with a small question.What if the job that you're doing right now or the business that you're building right now just what if you run into a tenant and you don't know what to do anymore. You don't know how to exploit what you've learned till now. What do you do then.This is the question that I'll be trying to answer today. So, hi, I'm Ritika. I'm an actor.I started acting when I was 6 years old. So the first time I stepped onto a stage like this, it was to ...

Core Insights - Fresnillo reported record financial performance for 2025, driven by higher precious metals prices, effective cost control, and stable operational results [6][13][14] - The company achieved significant cost savings of $46 million in 2025, primarily from the Herradura District, and plans to maintain cost control as inflationary pressures emerge in 2026 [5][19] - Gold production exceeded guidance while silver output met expectations, attributed to operational stability and efficiency improvements [6][14] Production and Operations - Herradura experienced strong annual gold production, significantly above expectations, supporting the company in exceeding its 2025 gold guidance [1] - At Saucito, upcoming work includes the interconnection of the Jarillas shaft, expected to impact 2026 production and costs but provide benefits starting in 2027 [2] - Juanicipio operations were strong, with silver and by-product metals at or above expected levels, although a decline in silver grades is anticipated [3] Financial Performance - Gross profit increased by 114% year-over-year, with operating profit rising by 142% and profit for the period increasing by nearly 600% [13] - Adjusted revenues rose by approximately $1 billion, while adjusted production costs decreased by almost 11% compared to the previous year [14] - The company ended 2025 with a record cash balance of nearly $2.8 billion, despite a rise in short-term liabilities due to expected tax payments [17] Exploration and Reserves - Gold resources increased by 14%, primarily due to exploration results in the Herradura district, while silver resources declined by 8.5% [8][9] - The acquisition of Probe Gold added around 10 million ounces of gold resources, with production expected to commence in 2032 [10] - Fresnillo plans to increase its exploration budget to $308 million for 2026, focusing on advanced exploration projects [11] Capital Allocation and Dividends - The company announced a record dividend of $950 million for 2025, representing 69% of earnings, exceeding its stated policy [18] - Planned uses of cash for 2026 include a $765 million CapEx budget, $550 million for the Probe Gold acquisition, and $308 million for exploration [19] 2026 Outlook - 2026 is described as a transition year for both silver and gold, with expectations for higher silver production in 2027 and 2028 as operational constraints ease [20] - The company is beginning a process to increase metal price assumptions for reserves and resources, reflecting higher market conditions [21]

I'm a person who's always been motivated by science and exploring the world around me. I think the the combination of science and exploration began for me when I was about 10 years old and my father gave me a microscope and I proceeded to go out and try to catalog all the microorganisms that I could find uh with the dream that I would [clears throat] discover something that nobody else had ever seen. This dream of discovery has stuck with me for my entire life.[clears throat] When I entered college, I was v ...

Botswana has long been one of the world's most diamond dependent economies. But as global demand for diamonds softens, the country is accelerating efforts to diversify its mining sector and build a broader minerals base. I spoke with Botswana's Minister of Minerals and Energy, Bogolo Kenewendo about the country's pivot towards a more diversified minerals output.Botswana's mining industry has largely been about the diamonds. Even the focus of our legislation has largely been how do we stimulate beneficiation ...

Core Viewpoint - Star Gold Corp has successfully closed a non-brokered private placement offering, raising gross proceeds of $3.68 million through the sale of 91.95 million units at a price of $0.04 per unit, which will be used to fund mine development and exploration activities at its Longstreet gold-silver project in Nevada [1]. Group 1: Financial Details - The private placement consists of units, each comprising one common share and one non-transferable common share purchase warrant, allowing the purchase of additional shares at an exercise price of $0.08 for 12 months [1]. - Insider participation in the placement totaled $578,231, representing 15.7% of the total offering, with contributions from key executives and board members [1]. Group 2: Project Development - The net proceeds from the offering will be allocated to advancing technical work towards an Environmental Impact Statement and permitting for the Longstreet Main mine, as well as initiating additional drilling activities [1]. - The Longstreet project has over 213,000 gold-equivalent ounces of resources, as per the latest SK-1300 technical report completed in December 2025 [1]. Group 3: Strategic Insights - The CEO of Star Gold emphasized that the financing will accelerate studies and permitting for the Longstreet project, which is located in a premier mining jurisdiction [1]. - Notable investors, including Myrmikan Gold Fund and Bob Moriarty, have expressed confidence in the company's growth potential, citing favorable macroeconomic conditions for gold and silver prices [1].

Summary of Royal Gold Conference Call Company Overview - **Company**: Royal Gold - **Industry**: Precious metals royalty and streaming - **Portfolio**: 364 properties across 30 countries at various stages of development [1] Core Insights and Arguments - **Transformational Year**: 2025 is described as a transformational year for Royal Gold, highlighted by significant acquisitions such as Sandstorm and Horizon [1] - **Portfolio Strength**: The merger with Sandstorm has combined a strong producing portfolio (e.g., Milligan, Pueblo Viejo, Cortez) with a robust development portfolio (e.g., Platreef, Mara, Hod Maden), effectively doubling the number of growth assets [2][3] - **Diversification Focus**: The company emphasizes diversification to mitigate event risk associated with concentration in specific assets. Milligan is the only asset exceeding 10% of the portfolio on a NAV basis, which is considered a strong position [3][4] - **Political Risk Management**: The addition of countries like South Africa, Turkey, and Zambia is seen as beneficial for diversification. The company assesses political risk based on the importance of the mining industry to the respective governments [5] - **Asset Longevity**: Key assets like Mount Milligan have extended mine lives, with projections extending to 2045, which enhances the portfolio's long-term value [6][8] Key Assets and Developments - **Mount Milligan**: Ongoing optimization efforts focus on understanding grade issues through infill drilling. The market may not fully appreciate the potential of this asset [8][9] - **Pueblo Viejo**: Recent performance has been disappointing due to recovery issues, attributed to the weathered nature of stockpiles. Solutions are being explored, but improvements are not expected in the short term [10] - **Kansanshi**: A cornerstone asset with a 20-year mine plan, showing potential for gold production alongside copper. The company is well-positioned to benefit from future developments [11][12] - **Cortez**: The Four Mile project has exceeded expectations in terms of speed of development, with a long runway for future growth anticipated [14][15] - **Hod Maden**: The company aims to convert its 30% equity stake into a more conventional royalty or stream structure, prioritizing this conversion to mitigate cost overrun risks [24][26] Market Environment and Deal Dynamics - **Deal Size Evolution**: The typical deal size has shifted from the $100 million-$300 million range to $200 million-$500 million, driven by rising metal prices [31] - **M&A Activity**: There is a renewed interest in M&A, with the company optimistic about the potential for more transactions in the industry, particularly as larger companies engage in streaming products [33][35] - **Competition**: The competitive landscape is described as stable, with the company focused on integrating its recent acquisitions rather than pursuing new deals in the short term [40][41] Regulatory and Growth Potential - **Regulatory Support**: Efforts in North America to streamline permitting processes are seen as beneficial for the company's assets, particularly in Canada and the U.S. [43] - **Long-term Growth Assets**: Cortez, Zaventem, and Milligan are highlighted as having significant organic growth potential that may be underappreciated by the market [45][46][47] Additional Insights - **Equity Positions**: The company has been rationalizing non-core equity positions, such as the sale of the Versament block, which generated nearly $150 million to pay down debt [28][29] - **Operational Partnership**: The company positions itself as an operational partner, not just a financial one, emphasizing collaboration with asset operators to unlock value [50] This summary encapsulates the key points discussed during the Royal Gold conference call, providing insights into the company's strategy, asset performance, and market dynamics.

Core Insights - Centerra Gold Inc. reported significant increases in mineral reserves and resources for 2025, with proven and probable gold reserves rising 58% year-over-year to 5.5 million ounces and copper reserves increasing 49% to 1.7 billion pounds as of December 31, 2025 [2][3]. Mineral Reserves and Resources Summary - The total proven and probable gold mineral reserves for 2025 are 5.5 million ounces, with a total of 519,034 tonnes at an average grade of 0.33 g/t [4][30]. - The total measured and indicated gold mineral resources, inclusive of reserves, stand at 10.8 million ounces, with 1,013,225 tonnes at an average grade of 0.33 g/t [4][30]. - Proven and probable copper mineral reserves are 1.7 billion pounds, with a total of 470,332 tonnes at an average grade of 0.17% [7][30]. - The total measured and indicated copper mineral resources, inclusive of reserves, amount to 3.6 billion pounds, with 959,422 tonnes at an average grade of 0.17% [7][30]. Exploration Activities - In 2025, Centerra completed 113.5 kilometers of drilling, focusing on gold and copper mineralization across various projects, including Mount Milligan, Kemess, and Öksüt [10][14]. - Significant drilling results at Mount Milligan included an increase of approximately 2 million ounces of gold and 500 million pounds of copper to the mineral resource base [14]. - The exploration budget for 2026 is projected to be between $40 to $50 million, with a focus on both brownfield and greenfield exploration [10][14]. Project-Specific Highlights - At Mount Milligan, drilling results indicated the expansion of mineralization towards the west, with significant intercepts reported [16][18]. - The Kemess project saw extensive drilling, confirming the continuation of mineralization and the potential for future resource delineation [19][20]. - The Öksüt mine's exploration efforts are aimed at identifying potential targets for drilling in 2026, although no significant results were reported from recent drilling [32]. Future Outlook - Centerra plans to continue infill drilling and exploration at Mount Milligan and Kemess, with a focus on upgrading inferred resources and expanding the resource base [14][24]. - The company is also expected to advance exploration at its greenfield projects in Canada and the United States, including the Goldfield and Oakley projects [32].

Core Viewpoint - Galiano Gold reported a strong operational performance in Q4 2025, achieving record revenue and production, while outlining an ambitious growth plan for 2026, including increased exploration and production targets [5][7][8]. Production and Operations - The company produced 37,500 ounces of gold in Q4 2025, a 15% increase from the previous quarter, marking the fourth consecutive quarter of higher production [3][8]. - Full-year production totaled 121,000 ounces, aligning with revised production guidance, and 2026 production is guided at 140,000 to 160,000 ounces with all-in sustaining costs (AISC) of $2,000 to $2,300 per ounce [8][10]. - The company experienced a 7% increase in milling rates from Q3, with December throughput exceeding the targeted run rate of 5.8 million tons per annum [9]. Financial Performance - Galiano Gold achieved record revenue of $160 million in Q4 2025, with operating cash flow of $56 million, and ended the quarter with over $100 million in cash [7][12]. - Adjusted net income was reported at $0.15 per share after accounting for unrealized hedge losses, with only 60,000 ounces remaining to be settled [13][12]. Safety and Environmental Performance - The company reported a lost time injury frequency rate of 0.24 and a total recordable injury frequency rate of 0.48 per million hours worked, with no lost time injuries in Q4 [2][4]. Exploration and Resource Development - A maiden underground resource was declared at Nkran and Abore, with a budget of $17 million allocated for 2026 drilling to expand underground ounces [6][17]. - The exploration program for 2026 includes a focus on infill and step-out drilling at Abore, with a total of over 33,000 meters drilled in 2025 [19][22]. Future Outlook - The company anticipates a slightly slower ramp-up of gold production in 2026 due to modifications in reserve pit design, but expects improved recovery of resources [10][11]. - Management views 2026 as an investment year, with expectations for a significant shift in cash flow generation in 2027 as fixed payments to Gold Fields conclude and hedges expire [16][22].