Core Insights - Sierra Madre Gold and Silver Ltd. reported Q3 2025 revenues of US$5.5 million, a 3% increase from Q2 2025, with a gross profit of US$1.7 million, reflecting continued operational growth driven by higher silver and gold prices [2][3] - The company initiated a US$3.5 million exploration program in the East District of La Guitarra, focusing on drill target definition and expected to commence drilling in Q2 2026 [2][6] Financial Performance - Q3 2025 net revenues were US$5.52 million, with an average of US$35.94 per silver-equivalent ounce sold, compared to US$5.36 million and US$30.87 per ounce in Q2 2025 [3] - Gross profit for Q3 2025 was US$1.70 million, up from US$1.29 million in Q2 2025, while adjusted EBITDA increased by 27% to US$1.86 million [3][8] - Cash costs per silver-equivalent ounce sold rose to US$24.59 in Q3 from US$23.56 in Q2, influenced by the strengthening of the Mexican peso and rainy season impacts [3][8] Production and Operations - The company sold 68,741 ounces of silver and 960 ounces of gold, totaling 153,583 silver-equivalent ounces in Q3 2025 [3] - Mill downtime due to power outages during the rainy season accounted for over 187 hours, approximately 47% of total downtime for the quarter [3][6] - Production from the La Guitarra complex was impacted by power outages, with the mill operating at about 90% of its nameplate capacity [2][3] Future Outlook - The company anticipates stronger production in Q4 2025 as power outages decrease and operations at the Coloso and Nazareno mines ramp up [6] - Plans for a plant expansion are underway, aiming to increase processing capacity from 500 tonnes per day (tpd) to 750-800 tpd by Q2 2026, with further expansions planned for 1,200-1,500 tpd by Q3 2027 [2][6][7] - The East District exploration program is expected to take nine months, followed by a 20,000 to 25,000 meter drill program to assess economic potential [6][7]

Disclaimer and Forward-Looking Statements This presentation has been prepared solely for information and does not purport to contain all of the information that may be necessary or desirable to fully and accurately evaluate Caledonia Mining Corporation Plc ("Caledonia" or "the Company") or its business prospects. For the purposes of this notice, "presentation" includes this document, any oral presentation, any questions and answer session and any written or oral material discussed or distributed by the Comp ...

Financial Data and Key Metrics Changes - In Q3 2025, the company produced 1.8 million ounces of silver and 7,300 ounces of gold, totaling approximately 3 million silver equivalent ounces, representing an 88% increase compared to Q3 2024 [3] - Revenue for the quarter was reported at $111 million, a 109% increase year-over-year, driven by higher precious metal prices and increased production [3] - Mine operating cash flow before working capital changes rose by 102%, while cash costs increased to $18 per payable silver ounce [4] - The company reported a net loss of $37.5 million for the period, primarily due to a loss on derivative contracts of $39 million [5] Business Line Data and Key Metrics Changes - Colpa produced 1.3 million silver equivalent ounces in Q3 2025, continuing to align with historical performance benchmarks [8] - All-in sustaining costs increased to $30.53 per ounce, net of byproduct credits, due to elevated exploration and initial capital investments [4] - Terronera experienced a mine operating loss of $3.6 million during the commissioning period, but has since reached commercial production [5][6] Market Data and Key Metrics Changes - The average silver price during the quarter was $38, with expectations for Q4 to be around $48 [57] - The company is experiencing higher costs due to inflation and operational challenges, including reliance on diesel generators while awaiting LNG permits [59] Company Strategy and Development Direction - The company aims to optimize operations at Terronera and expects to refine processes to improve throughput and recoveries [6] - Management is focused on advancing the Pitarrilla project, with plans to upgrade inferred resources to indicated and publish a feasibility study by mid-2026 [9] - The integration of the Colpa acquisition is progressing smoothly, with ongoing exploration to validate historical resource estimates [8] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving free cash flow in Q4 2025, contingent on operational efficiencies at Terronera [57] - The company is evaluating refinancing options for its project loan facility now that Terronera is in commercial production [30] - Management acknowledged the volatility in the market due to derivative liabilities but remains focused on long-term growth and shareholder value [78] Other Important Information - The company incurred $1.5 million in exploration expenses in Q3 2025 as part of its commitment to validate historical resources at Colpa [8] - The company has room for about 60,000 tons of stockpile at Terronera, with plans to increase throughput to 2,500 tons per day [24][9] Q&A Session Summary Question: What has been seen with Colpa versus expectations? - Management noted throughput is above 2,000 tons per day, but grades were slightly lower than expected. Community and labor relations are strong, and exploration results have been positive [14][15] Question: Update on Terronera's performance in October? - Management reported steady performance with no significant events, focusing on refining and optimizing plant operations [28][29] Question: Update on balance sheet and ATM usage? - The company has not used the ATM in the past month and is evaluating refinancing options for the project finance facility [30] Question: Clarification on CapEx spending? - Management indicated that CapEx spending would be consistent, with no significant catch-up expected in Q4 [37] Question: How critical is development at Guanacevi? - Sustaining capital is essential for maintaining production levels, and the company is on track with its development plans [49] Question: When can positive free cash flow be expected? - Management expects to achieve free cash flow in Q4 2025, driven by operational improvements at Terronera [57] Question: Will capital return policies be discussed soon? - Management indicated that cash flow from Terronera will be reinvested into Pitarrilla before considering capital returns to shareholders [62][63] Question: What is the exposure to derivative liabilities going forward? - Management clarified that they are not interested in entering new gold hedges and will focus on producing and delivering into existing contracts [82]

Core Insights - White Gold Corp. reported significant assay results from its 2025 diamond drilling program at the Golden Saddle deposit, highlighting high-grade mineralization with 6.89 g/t Au over 50.2 meters in the Main Zone and 6.89 g/t Au over 2.8 meters in the footwall breccia target, marking one of the best intervals ever drilled on the property [2][21][24] Summary by Sections Drilling Results - The first drill hole, WHTGS25D0218A, confirmed continuity of high-grade mineralization in the footwall and main zones, filling a 150-meter gap and expanding the known mineralization [2][21] - The hole also intersected mineralization in the hanging wall, returning 0.75 g/t Au over 3.00 meters, supporting recent 3D modeling refinements [2][21] Resource Estimates - The White Gold project hosts an estimated 1,732,300 ounces of gold in indicated resources and 1,265,900 ounces in inferred resources, with significant potential for expansion [4][32] - The 2025 exploration program aims to enhance resource growth opportunities within and adjacent to existing deposits [21][22] Strategic Focus - The company has shifted its strategy to focus on flagship deposits, identifying opportunities for resource growth by testing the extent and continuity of mineralization in parallel zones [5][21] - The ongoing drilling program is fully funded and supported by strategic partners, including Agnico Eagle Mines Limited [2][21] Future Exploration Plans - Additional assays from two more holes at the Golden Saddle and two at the Arc deposit are pending, expected to refine the geological model and contribute to resource growth [22][24] - The company is preparing for a future preliminary economic assessment (PEA) while continuing district-wide data compilation and target generation [23][24]

Financial Data and Key Metrics Changes - The company reported record financial results driven by record gold prices, achieving revenue of $3.1 billion, adjusted earnings of $1.1 billion ($2.16 per share), and adjusted EBITDA of $2.1 billion [10][12][15] - Gold production for Q3 was approximately 867,000 ounces, with cash costs reported at $994 per ounce, which is higher than the previous quarter primarily due to increased royalty costs [4][11] - Year-to-date average cash costs are $943 per ounce, and if excluding the impact of higher royalties, the average would be $909 per ounce, well below the guidance range [5][12] Business Line Data and Key Metrics Changes - The company achieved strong production performance across its operations, with specific mentions of record production at Meadowbank, Meliadine, and Goldex [18] - The Detour project is progressing well, with the ramp portal built and optimization of the mill ongoing [6][29] - The exploration program is robust, with over 370,000 meters drilled in Q3, exceeding the year-to-date target by 9% [37] Market Data and Key Metrics Changes - The average selling price of gold was $3,476 per ounce, which is $20 higher than the spot average for the quarter [4] - The company is benefiting from a favorable gold price environment, which has led to increased royalty expenses but also significant revenue growth [11][12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, having repaid $400 million of debt and returned $350 million to shareholders through dividends and share repurchases [6][15] - There is a continued emphasis on productivity improvements and cost control, with investments in technology and workforce training to enhance operational efficiency [19][31] - The company is strategically positioned for growth with a strong project pipeline, including key projects like Detour, Upper Beaver, and Hope Bay, which are expected to generate solid returns [16][26][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for gold, citing ongoing factors that support gold's performance [47] - The company is actively engaging with the new Canadian government, noting improved access and discussions regarding the mining sector's contributions to the economy [55][56] - There is a focus on disciplined capital allocation and exploring opportunities for value creation through M&A, while maintaining a primary focus on gold [48][49] Other Important Information - The company generated $1.2 billion in free cash flow in Q3 and increased its net cash position to $2.2 billion [14][15] - The credit rating was upgraded from Baa1 to A3, reflecting the company's strong financial position [15] Q&A Session Summary Question: Can you talk about the non-core investments in critical minerals? - Management confirmed that Canada Nickel will be included in a new subsidiary focused on critical minerals, allowing for independent exploration of opportunities while maintaining a focus on gold [51][52] Question: How are government relations with the new federal government in Canada? - Management reported positive interactions with the new government, highlighting increased engagement and discussions on the mining sector's potential contributions [54][56] Question: What are the expectations for Hope Bay's resource update by year-end? - Management indicated that a PEA study is expected in the first half of next year, with updates on indicated and inferred resources to follow [60][61] Question: What inflation expectations are anticipated for next year? - Management expects inflation across costs to be around 6% to 7%, with ongoing efforts to manage costs effectively [62][63] Question: Can you review the rigs operating across the company? - Management confirmed 120 rigs are operational across various sites, with an increase in productivity allowing for more meters drilled without additional costs [67][69] Question: What is the status of reserve and resource replacement for year-end 2025? - Management anticipates a net growth in reserves despite mining depletion, with specific increases expected at East Goldie and resource growth at Detour and Hope Bay [75][76]

Financial Data and Key Metrics Changes - The company reported record financial results, with revenue of $3.1 billion, adjusted earnings of $1.1 billion ($2.16 per share), and adjusted EBITDA of $2.1 billion, all driven by record gold prices and strong operational performance [14][6][7] - Gold production for Q3 was approximately 867,000 ounces, achieving 77% of the full-year guidance, with cash costs reported at $994 per ounce, influenced by higher royalty costs due to increased gold prices [15][6][7] - The net cash position increased to $2.2 billion after repaying $400 million of debt and returning $350 million to shareholders through dividends and share repurchases [9][19] Business Line Data and Key Metrics Changes - The company achieved strong production across its operations, with notable performance at Canadian Malartic, Detour, and Upper Beaver, all of which are progressing ahead of schedule [10][11][36] - The all-in sustaining costs per ounce were reported at $1,373, with expectations to remain close to the top end of the guidance range for the year [16][19] Market Data and Key Metrics Changes - The average gold price for the quarter was $3,476 per ounce, which is $20 higher than the spot average, contributing to record margins for the company [6][7] - The company anticipates a significant cash tax payment of approximately $1.2 billion for the 2025 fiscal year, impacting cash allocation strategies [20] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to capital allocation while investing heavily in five key pipeline projects that are expected to generate solid returns even at lower gold prices [20][21] - The strategic focus includes enhancing productivity and operational efficiency through technology integration and workforce training initiatives [23][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for gold prices, citing ongoing global factors that support gold's performance [54] - The company is actively exploring opportunities for mergers and acquisitions, particularly in the critical minerals sector, while maintaining its core focus on gold [56] Other Important Information - The company received a credit rating upgrade from Moody's from Baa1 to A3, reflecting its strengthened financial position [19] - The exploration program continues to yield exceptional results, with over 370,000 meters drilled in the quarter, exceeding year-to-date targets [44] Q&A Session Summary Question: Can you talk about the non-core investments in critical minerals? - The company confirmed that Canada Nickel will be included in a new subsidiary focused on critical minerals, allowing for more independent investment opportunities while maintaining a primary focus on gold [59][60] Question: How are government relations with the new federal government in Canada? - Management reported improved engagement with the new government, highlighting increased discussions on the importance of mining to Canada's economy [62][63] Question: What are the expectations for Hope Bay's resource update by year-end? - The company anticipates delivering a PEA study in the first half of next year and updating indicated and inferred resources by year-end [68][69] Question: What inflation expectations are anticipated for next year? - Management indicated that inflation across costs is expected to be around 6% to 7%, with ongoing efforts to manage costs effectively [70][71] Question: Can you review the rigs operating across the company? - The company operates 120 rigs across various sites, with expectations to increase drilling productivity and achieve a total of 1.25 to 1.3 million meters by year-end [76][78] Question: What is the outlook for reserve and resource replacement this year? - The company expects to see net growth in reserves and resources by year-end, despite mining depletion, with a focus on maintaining stable cutoff grades [83][84]

Core Viewpoint - Cerrado Gold Inc. reported a 21% increase in gold equivalent ounce (GEO) production for Q3 2025 compared to the previous quarter, driven by enhanced operations at the Calandrias Sur heap leach site and ongoing underground development at the Minera Don Nicolas Mine [3][9]. Q3 Operating Highlights - Q3 2025 production reached 13,868 GEO, up from 11,437 GEO in Q2 2025, marking a 21% increase [9]. - Heap leach production grew by 33% to a record 10,465 GEO due to expanded crushing capacity and improved recoveries [9]. - The completion of the second phase of the crushing expansion led to improved tonnage and recoveries [3]. - The underground development is progressing, with three access portals developed, expected to reach production stopes in Q4 2025 [5][9]. - The company revised its 2025 production guidance from 55,000-60,000 GEO to 50,000-55,000 GEO due to delays in underground development [6][8]. Exploration and Development Updates - The exploration program at Minera Don Nicolas is expanding, with an additional 50,000 meters planned for 2026, supplementing the existing 20,000 meters for 2025 [8][12]. - Promising results have been observed in the central Paloma area, indicating potential resource expansion [12]. - Development activities are ongoing at the Lagoa Salgada and Mont Sorcier projects, with feasibility studies targeted for completion in Q4 2025 and Q2 2026, respectively [14][15]. Corporate Activities - Joao Barros has been appointed as President, Europe, and Carl Calandra as Corporate Secretary [20]. - The company engaged Hybrid Financial Ltd. for strategic marketing and investor relations services to enhance its investor profile [21]. - Cerrado issued 200,000 deferred share units and 20,000 restricted share units under its incentive plan [22]. Financial Performance - The average realized price per gold ounce sold increased to $3,153 in Q3 2025 [18]. - The company continues to optimize operations at its Minera Don Nicolas and Las Calandrias projects, aiming to maximize asset value [24][25].

Core Insights - White Gold Corp. announced an updated Mineral Resource Estimate (MRE) for its flagship White Gold project, showing a significant increase in total gold ounces, with a 44% increase in indicated resources to 1,732,300 ounces and a 13.4% increase in inferred resources to 1,265,900 ounces [1][4][7] Resource Estimate Details - The updated MRE includes four gold deposits: Golden Saddle, Arc, Ryan's Surprise, and VG, with indicated resources of 1,732,300 ounces within 35.2 million tonnes grading 1.53 g/t Au, and inferred resources of 1,265,900 ounces within 32.2 million tonnes grading 1.22 g/t Au [4][5] - The Golden Saddle deposit hosts a high-grade core containing 1,100,000 ounces indicated and 93,000 ounces inferred at a 1.0 g/t cut-off, with significant potential for further expansion [7][22] - The Arc deposit has been defined over 1,200 m in strike length and remains open along strike and down dip, indicating further exploration potential [24][25] Exploration and Growth Potential - The ongoing 2025 exploration program aims to expand the resource base by targeting underexplored mineralized zones and conducting cost-effective sampling of unsampled areas [14][15] - The company plans to drill the high-grade footwall breccia zone at Golden Saddle and test the down-dip extension of mineralized zones at Arc, which could provide fresh material for metallurgical test work [15][17] - A systematic relogging and resampling program is underway to capture additional mineralization not included in prior models, further strengthening the resource base [18] Strategic Positioning - The White Gold project is positioned as a leading gold resource in a top-ranked global mining jurisdiction, with substantial opportunities for additional growth [2][3] - The company's extensive land package in the White Gold District, which covers approximately 40% of the area, includes several other prospective targets that have received limited exploration work [32][20]