Six rig drill campaign continues underground; Step-out results from extension drilling at Ming Mine expected in the coming weeks; Regional exploration programmes underway KEY POINTS Latest drill results demonstrate both the continuity, quality and scale of the copper and gold mineralisation at Green BayResults from infill drilling targeting the upper high-grade copper and gold rich Volcanogenic Massive Sulphide (VMS) zones demonstrate consistent high-grade mineralisation, including: 4.4m @ 19.5% CuEq1 (3.1 ...

Core Insights - Nova Pacific Metals Corp. has reported promising results from its Phase 1 drilling program at the Lara VMS Project, specifically in the Coronation area, with significant assay results indicating potential for mineral resource estimation by Q4 2025 [1][2][4]. Summary of Drill Results - The Phase 1 drilling program consists of 36 holes totaling 8,660 meters, with results from 29 holes (6,342 meters) received so far, while 7 holes (2,228 meters) are still pending [5]. - Notable intersections include: - NP25-039: 5.0 meters grading 0.65 g/t AuEq (1.70% ZnEq) from 183 meters downhole [5]. - NP25-040: 6.0 meters grading 1.42 g/t AuEq (3.56% ZnEq) from 149 meters downhole [5]. - NP25-038, a step-out hole, did not yield significant intervals but showed short intervals enriched in copper, with one interval returning 1.71% Cu over 1 meter from 424.65 meters downhole [8] [5]. Project Development and Future Plans - The company is on track to deliver a mineral resource estimate targeted for Q4 2025, with ongoing compilation and digitization of historical data to evaluate additional mineralized zones across the 17-kilometer land package [4][12]. - The Lara Project encompasses 19 mineral claims covering 47 square kilometers, with a historical dataset of 323 drill holes totaling 58,262 meters of drilling [12][13]. - The exploration strategy includes evaluating other mineralized zones beyond Coronation, utilizing historical data to refine future drilling targets [14][13]. Quality Assurance and Technical Information - All drill core is logged, photographed, and analyzed by ALS Canada Ltd., ensuring adherence to industry-standard practices for quality assurance and quality control [15]. - The scientific and technical information has been reviewed by qualified professionals, ensuring compliance with NI 43-101 standards [16].

Core Viewpoint - Nova Pacific Metals Corp. has reported promising assay results from its Phase 1 exploration drilling campaign at the Coronation area of the Lara VMS Project, indicating strong potential for mineral resource expansion and validation of the exploration model [1][3][4]. Summary of Drill Results - The Phase 1 drill program has completed 36 holes, with results from 23 holes (5,435 meters) reported and 10 holes (3,225 meters) pending [4]. - Assay results validate the exploration model and are generally consistent with or better than historical drilling data, providing support for the historical dataset verification [5]. - Notable drillhole NP25-014 returned 11 meters grading 5.1 g/t AuEq, including 1 meter grading 20.5 g/t AuEq, marking it as the strongest intercept to date [6][7]. Upcoming Plans - The company is advancing towards a mineral resource estimate targeted for Q4 2025, with ongoing drilling and assay results expected to contribute to this estimate [4][12]. - Additional exploration is planned across six other mineralized zones within the 17-kilometer VMS belt, which remains largely untested [14][15]. Technical and Quality Control - All drill core is logged, photographed, and analyzed by ALS Canada Ltd., ensuring high standards of quality assurance and control [16]. - The company employs certified reference materials and duplicates to monitor analytical accuracy, adhering to industry standards [16]. Company Overview - Nova Pacific Metals Corp. is focused on advancing the Lara VMS Project, which is strategically located near key infrastructure and enriched with critical and precious metals [20]. - The company aims to create shareholder value while maintaining environmental responsibility and strong community relationships [20].

Financial Data and Key Metrics Changes - The company reported revenues of $97.3 million in Q2 2025, with an average realized price of $3,317 per ounce before hedges [14] - Net income was $21.6 million, or $0.7 per share, despite fair value adjustments negatively impacting earnings [14] - Cash flow from operating activities was $35.8 million, ending the period with a cash balance of approximately $115 million and no debt [15][21] - All-in sustaining cash costs (AISC) decreased by 10% during the quarter, with expectations for further reductions as production increases [5][16] Business Line Data and Key Metrics Changes - Gold production increased to just over 30,000 ounces in Q2, a 46% increase from Q1, bringing year-to-date production to over 51,000 ounces [5] - The mining contractor increased ore production from the Bore and Esasi by 5% quarter on quarter, with a total of 800,000 tons mined from the Abore Pit, an 18% increase compared to Q1 [9] - The processing plant saw improvements in throughput and recovery, contributing to increased gold production and sales [11] Market Data and Key Metrics Changes - The company operates in Ghana, which is noted for its safe and stable jurisdiction and mature regulatory framework, supporting organic growth [31] - The current market valuation is less than 40% of analyst consensus net asset value, indicating potential for value creation as gold prices remain high [31] Company Strategy and Development Direction - The company is focused on accelerating waste stripping at the Encran deposit and ramping up mill throughput to 5.8 million tonnes per annum following the commissioning of the secondary crusher [30][31] - There is a strong emphasis on capital allocation towards growth projects, particularly in the Encran area, while maintaining a robust cash position [15][42] - The exploration program at Obore is yielding positive results, with plans for additional drilling in the second half of the year [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stronger second half of the year due to increased production and operational improvements [30] - The company remains focused on reinvesting capital into its assets while considering shareholder returns as cash becomes more accessible [42] - Management highlighted the importance of addressing external factors impacting AISC, such as higher royalty costs and currency fluctuations [16][17] Other Important Information - The secondary crusher was commissioned ahead of schedule, which is expected to enhance production capabilities [12][20] - Exploration efforts at the Abore deposit have confirmed significant mineralization at depth, indicating potential for future underground mining operations [24][28] Q&A Session Summary Question: What should be expected for pre-stripping costs at Encran for the remainder of the year? - Management indicated a modest increase in pre-stripping costs in Q3, with a further increase expected in Q4, but not dramatically [37][38] Question: When can shareholders expect distributions given the strong cash position? - Management acknowledged the importance of building cash but emphasized the priority of reinvesting in growth projects, particularly at Encran, before considering shareholder returns [42][43] Question: What modifications are required for downstream equipment related to the secondary crusher? - Modifications include increasing conveyor speeds and optimizing settings on the primary crusher, with expectations to complete these by the end of Q3 [51][52] Question: Are the non-sustaining CapEx expectations still at $60 to $65 million for the year? - Management suggested that while the majority of costs for the secondary crushing upgrades were incurred in H1, some costs will carry into H2, and they may not reach the fully guided amount this year [54][56]

Core Viewpoint - Fortuna Mining Corp. reports promising exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project in Senegal, indicating potential for resource growth and further exploration planned for September 2025 [1][2]. Exploration Results - Drillhole DSDD488 intersected 22.7 g/t Au over an estimated true width of 21.6 meters from a depth of 53 meters, highlighting high-grade intercepts [2]. - Additional notable results include: - DSDD418: 6.3 g/t Au over 18.2 meters from 31 meters, with higher grades of 23.3 g/t Au over 0.8 meters from 40 meters [3]. - DSDD440: 10.4 g/t Au over 0.8 meters from 41 meters and 19.4 g/t Au over 0.8 meters from 43 meters [3]. - DSDD444: 33.5 g/t Au over 0.8 meters from 45 meters and 9.7 g/t Au over 20.8 meters from 117 meters [3]. - DSDD4621: 4.2 g/t Au over 31.2 meters from 5 meters, including 13.3 g/t Au over 0.8 meters from 7 meters [3]. Drilling Program Overview - A total of 152 reverse circulation and diamond core drill holes have been completed, totaling 21,234 meters since the last update [4]. - Of these, 53 drill holes were completed after the data cutoff for the maiden Inferred Mineral Resource estimate of 3.9 million tonnes averaging 1.57 g/t Au, containing 194,000 ounces of gold [6]. Future Plans - Drilling is set to resume in September 2025 after the rainy season, with further results expected by year-end [2][5]. - An updated resource estimate is planned for the first quarter of 2026, incorporating the results from the recent drilling [6]. Geological Context - Mineralization at Southern Arc is characterized by fine stockwork vein arrays and pyrite-silica flooding, with a strong correlation to tectonic breccias and carbonate units [7]. - The mineralization remains open at depth and along strike to the south and east, indicating further exploration potential [7].

Core Viewpoint - Fortuna Mining Corp. has reported promising exploration drilling results from the Southern Arc deposit at the Diamba Sud Gold Project in Senegal, indicating potential for resource growth and further exploration planned for the upcoming months [1][2][5]. Exploration Results - The exploration drilling at the Southern Arc deposit has yielded several high-grade intercepts, with notable results including drillhole DSDD488, which intersected 22.7 g/t Au over an estimated true width of 21.6 meters [2][3]. - Additional highlights from the drilling program include: - DSDD418: 6.3 g/t Au over 18.2 meters, including 23.3 g/t Au over 0.8 meters [3]. - DSDD440: 6.3 g/t Au over 16.8 meters, including 19.4 g/t Au over 0.8 meters [3]. - DSDD462: 9.7 g/t Au over 20.8 meters, including 21.9 g/t Au over 2.2 meters [3]. - DSDD488: 22.7 g/t Au over 21.6 meters, including 258.8 g/t Au over 1.6 meters [3]. Drilling Program Details - A total of 152 reverse circulation and diamond core drill holes have been completed, amounting to 21,234 meters since the last update [4]. - The drilling program has been paused due to the rainy season, with plans to resume in mid-September [4]. - Of the 152 drill holes, 53 were completed after the data cutoff for the maiden Inferred Mineral Resource estimate of 3.9 million tonnes averaging 1.57 g/t Au, containing 194,000 ounces of gold [5]. Mineralization Characteristics - Mineralization at the Southern Arc deposit is characterized by fine stockwork vein arrays and pyrite-silica flooding, with a strong correlation to tectonic breccias and carbonate units [6]. - The mineralization remains open at depth and along strike to the south and east, indicating further exploration potential [2][6]. Future Plans - Drilling is scheduled to resume in September, with further results expected by year-end, and an updated resource estimate planned for the first quarter of 2026 [2][5].

Core Insights - Ero Copper Corp. reported record copper production of 15,513 tonnes in Q2 2025, driven by the ramp-up of the Tucumã Operation and improved performance at the Caraíba Operations [2][3] - The company achieved commercial production at Tucumã effective July 1, 2025, with a 25% increase in copper production from Q1 2025 [2][3] - Financial results showed a net income of $70.5 million, with adjusted EBITDA of $82.7 million, reflecting strong operational performance and higher metal prices [2][14] Production Highlights - Caraíba Operations produced 9,162 tonnes of copper in concentrate at an average C1 cash cost of $2.07 per pound, marking a 25% quarter-on-quarter production growth [2][9] - Tucumã Operation produced 6,351 tonnes of copper in concentrate, a 25% increase from Q1 2025, with sustained plant throughput exceeding 75% of design capacity [2][9] - Gold production reached 7,743 ounces at an average C1 cash cost of $1,115 per ounce, representing a 17% increase in production quarter-on-quarter [2][9] Financial Performance - Revenues for Q2 2025 were $163.5 million, up from $125.1 million in Q1 2025, with gross profit increasing to $67.3 million [14] - Adjusted net income attributable to owners was $48.1 million, with a diluted earnings per share of $0.46 [14][32] - Available liquidity at quarter-end was $113.3 million, including $68.3 million in cash and cash equivalents [2][14] Guidance Updates - Full-year copper production guidance has been updated to 67,500 to 80,000 tonnes, reflecting slower-than-expected ramp-up at Tucumã [15] - Updated guidance for Tucumã is set at 30,000 to 37,500 tonnes with C1 cash costs of $1.10 to $1.30 per pound [15][17] - Gold production guidance for Xavantina Operations has been revised to 40,000 to 50,000 ounces, with C1 cash costs of $850 to $1,000 per ounce [16][17] Operational Initiatives - Ongoing initiatives at Caraíba include enhancing operational efficiency and cost control, focusing on upper levels of the Pilar Mine to reduce haul distances [2][4] - Investments in mine modernization and mechanization at Xavantina are expected to drive higher production rates in H2 2025 [2][4] - The company completed 18,000 meters of drilling at the Furnas Project, with a focus on extending known mineralization [2][3]

Core Points - Blue Moon Metals Inc. has received environmental permits from the Norwegian Environmental Agency and awarded a contract to Fauskebygg AS for the extension of its Rupsi tunnel at Nye Sulitjelma Gruver AS [1][2] - The tunnel extension will enhance exploration drilling efficiency for the Rupsi/Dypet deposits, with a planned 10,000 m exploration drilling program aimed at upgrading resources and gathering geotechnical and metallurgical data [2][3] - The current Inferred Resource of the Rupsi Deposit is 9.258 million tonnes at 1.19% copper and 0.31% zinc, as per an NI 43-101 Technical Report [2] - The contractor selection process prioritized health & safety, local employment, cost, and performance, with activities expected to commence in late Q3-2025 and complete by Q3-2027 [3] - The exploration program will include geological mapping, soil and core geochemistry analysis, geophysical surveys, and relogging of historical drill core [3] Company Overview - Blue Moon is advancing three brownfield polymetallic projects in Norway and the United States, including the Nussir copper-gold-silver project and the NSG copper-zinc-gold-silver project [5] - The projects are strategically located with existing local infrastructure, and zinc and copper are identified as critical metals for the global economy and national security [5] Contractor Information - Fauskebygg AS, established in 1946, has over 75 years of experience in construction and is focused on local projects in northern Nordland, offering services in civil engineering and construction [6]

Core Viewpoint - Gladiator Metals Corp. has reported significant assay results from its drilling programs at Cowley Park, indicating the presence of high-grade copper and molybdenum mineralization, with ongoing drilling aimed at resource definition and exploration potential [1][7][18]. Drilling Results - The recently completed Phase 1 drilling campaign included 23 diamond drill holes totaling 4,377 meters, while the ongoing Phase 2 program has 8 holes drilled for 1,443.23 meters [9][25]. - Notable results from drill hole CPG-078 include 58.7 meters at 1.94% Cu from 102.3 meters, with high-grade intervals such as 11.1 meters at 6.00% Cu [5][10]. - Drill hole CPG-077 returned 24.8 meters at 0.77% Cu from 30 meters, including 16.8 meters at 1.03% Cu [14][15]. Mineralization Continuity - Mineralization remains open along strike and at depth, with significant intercepts confirming continuity of high-grade copper and molybdenum mineralization over more than 250 meters of strike and 200 meters down dip [3][11]. - Ongoing drilling is focused on further step-out holes and testing the vertical extents of mineralization below current depths [7][12]. Exploration Strategy - The company plans a total of 29,000 meters of drilling targeting high-grade copper skarns throughout the Whitehorse Copper Belt by the end of Q4 2025 [16]. - The exploration strategy includes advancing Cowley Park to resource definition and exploring regional targets such as Arctic Chief and Best Chance [21][25]. Project Background - The Whitehorse Copper Project is an advanced-stage exploration project located in the Yukon Territory, known for its high-grade copper, molybdenum, silver, and gold skarn mineralization [18][19]. - Historical production from the area includes significant copper and gold output, with the project accessible via established infrastructure [19][22].

Core Insights - Cygnus Metals Limited has reported significant high-grade gold mineralization at the Golden Eye prospect within the Chibougamau Copper-Gold Project in Quebec, with the best intercepts to date being 60.8g/t AuEq over 0.4m, including 51.3g/t Au, 7.2% Cu, and 18.0g/t Ag [1][6][13] - The results indicate the potential for valuable resource growth, with additional assay results expected soon from ongoing drilling [5][9][10] Drilling Results - Recent drilling results include: - 7.4m @ 5.7g/t AuEq (4.6g/t Au, 0.9% Cu, 5.6g/t Ag) from 405.6m, with a notable interval of 3.1m @ 9.6g/t AuEq [6][13] - 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu, 3.3g/t Ag) from 463.8m, including the high-grade 0.4m @ 60.8g/t AuEq [6][13] - Historical drilling has shown significant intersections, such as 5.9m @ 34.1g/t AuEq and 4.5m @ 21.6g/t AuEq, indicating a strong potential for resource estimation [7][14] Project Development - The Golden Eye prospect is strategically located 3km from Cygnus' central processing plant, with existing dual ramp access within 150m of the mineralization [8][10] - Cygnus plans to compile new drilling results with historical data from 77 holes totaling 21,371m to complete an initial Mineral Resource Estimate for Golden Eye [10][15] Historical Context - The Chibougamau district has a rich history of gold and copper production, with over 3.5 million ounces of gold produced historically at an average grade of 2.1g/t Au [11][12] - Golden Eye has never been mined and was last drilled in the early 1990s when gold prices were significantly lower [6][10] Future Outlook - Cygnus aims to leverage ongoing exploration and data compilation to identify additional drill targets and enhance resource growth, focusing on low-risk brownfield exploration [15][12] - The company is positioned to benefit from historically high gold prices, making Golden Eye a potential growth driver [8][9]