Summary of Vizsla Royalties Conference Call Company Overview - **Company**: Vizsla Royalties (OTCPK: VROY.F) - **Business Model**: Single asset royalty company holding a precious metals NSR royalty covering Vizsla Silver's Panuco project in Mexico [1] Industry Context - **Market Conditions**: Current all-time highs in gold prices and 15-year highs in silver prices at $42 per ounce [3] - **M&A Activity**: Recent precedent transactions in the royalty space suggest significant premiums, indicating a favorable environment for royalty companies [3][12] Core Project Insights - **Panuco Project**: - Considered the highest grade undeveloped silver primary resource globally [1] - If in production, it would be the third largest silver primary mine in the world [1] - Development stage with a Preliminary Economic Assessment (PEA) published in 2024, targeting first silver production in the second half of 2027 [2] - **Resource Base**: - Over 365 million ounces of silver equivalent identified, with only 30% of known targets tested [2][5] - PEA mine plan accounts for about 10% of known veins [2] - **Financial Position**: - Vizsla Silver has over $200 million in cash, no debt, and a project finance mandate for an additional $200 million [5] - Low capital expenditure (CapEx) hurdle of $224 million [5] Production and Exploration Potential - **Production Profile**: - PEA production profile indicates over 20 million ounces per annum in initial years [6] - Anticipated increase in resource estimates from 156 million ounces in the PEA to 222 million ounces in the upcoming feasibility study, representing a 43% increase at a 5% higher grade [6] - **Exploration Upside**: - Significant exploration potential exists as all 11 resource structures are open in every direction [8] - Recent discoveries, such as at Animas, support the potential for additional high-grade mineralization [9] Strategic Advantages - **Royalty Structure**: - Holds a 3.5% net smelter return (NSR) royalty and an additional 2% NSR on exploration concessions [3] - Right of first refusal on any additional royalties created by Vizsla Silver within 24 months [4] - **Non-Dilutive Growth**: - The royalty model allows for growth without the need for further capital outlay or dilution for shareholders [10] Valuation and Market Position - **Valuation Metrics**: - Current trading at approximately 1.1 times NAV, compared to acquisition multiples averaging around 1.6 times for similar companies [12] - Potential for re-rating as the project progresses and de-risks [12] - **Peer Comparison**: - Major royalty players trade at significant premiums, suggesting potential for Vizsla Royalties to be valued higher as the project advances [11] Conclusion - **Investment Thesis**: - Vizsla Royalties presents a compelling investment opportunity due to its high-quality asset, favorable market conditions, and significant exploration upside [13] - **Future Outlook**: - Anticipated milestones include the imminent feasibility study and expected permitting approvals, positioning the company for growth as it approaches production [10]

Summary of Southern Cross Gold Consolidated Conference Call (July 23, 2025) Company Overview - Southern Cross Gold Consolidated is a dual-listed company on the TSX and ASX, focusing on gold and antimony mining in Victoria, Australia [2][3]. Industry Insights - The company emphasizes the scarcity of high-grade gold deposits in tier one jurisdictions, highlighting that multimillion-ounce deposits with 10 grams per ton are rare [3]. - Antimony, constituting 20% of the company's production mix, is noted as a critical metal essential for defense and munitions industries [4]. Key Discoveries and Projects - The Sunday Creek discovery in Victoria is highlighted as a significant find, with potential for high cash flows and exploration upside [3][5]. - The company has a large exploration program targeting 95% of the area that remains unexplored, with a recent capital raise of $170 million to support these efforts [5][10]. Permitting and Regulatory Environment - Victoria is presented as the best jurisdiction in Australia for mine permitting, with four mines permitted in the last six months, indicating a favorable regulatory environment [6][28]. - The company is optimistic about the permitting process, citing recent successes in the region [28][29]. Geological Insights - The geological understanding of Victoria has improved significantly in recent years, leading to new discoveries like Fosterville, which was the highest-grade gold mine for several years [7][8]. - The company is utilizing advanced geological knowledge to explore and delineate its deposits effectively [8][12]. Exploration and Drilling Plans - A 200-kilometer drill program is currently underway, with plans to increase the number of drill rigs from eight to potentially 22 in the near future [12][14]. - The company aims to expedite drilling through a decline that will allow for continuous operation and reduce environmental risks [14][25]. Financial Position and Shareholder Support - The company has a strong financial position with $170 million in cash, supported by notable shareholders including Pierre Lassonde, a prominent figure in the gold investment space [10][11]. - The focus on value creation per share drives strategic decisions within the company [29]. Exploration Targets - Current exploration targets estimate between 2.2 to 3.2 million ounces of gold equivalent at grades of 8.6 to 10.6 grams per ton [20]. - The company is optimistic about expanding these targets as exploration continues [21]. Conclusion - Southern Cross Gold Consolidated is positioned in a favorable jurisdiction with a rare multimillion-ounce discovery, a robust exploration plan, and strong financial backing, making it a compelling opportunity in the gold mining sector [29].