Core Viewpoint - Heliostar Metals Ltd. is advancing its drilling program at the Ana Paula project in Mexico, aiming to convert inferred resources into higher confidence classifications and support a feasibility study for future production [3][4]. Drilling Program - The company has initiated a 15,000 metre drill program at the Ana Paula project, with the addition of a third drill rig to accelerate the process [3][5]. - A total of 24 holes have been completed, amounting to 6,529 metres drilled to date, focusing on defining the High Grade Panel [5][14]. - The drilling approach has been modified to enhance the identification of continuous and higher-grade gold mineralization [5]. Drill Results Summary - Significant drill results include hole AP-25-329, which returned an interval of 88.05 metres grading 8.82 grams per tonne (g/t) gold, with notable intercepts of 35.5 metres grading 13.03 g/t gold [7][9]. - Hole AP-25-327 also showed promising results, including 21.7 metres grading 2.75 g/t gold and 14.3 metres grading 4.19 g/t gold [7][9]. - Geotechnical holes AP-25-326 and AP-25-328 returned results in line with expectations, supporting mine development planning [10]. Future Plans - The company plans to make a construction decision for the Ana Paula project based on the feasibility study, targeting production of 100,000 ounces of gold per year by 2028 [4][14]. - Additional drill results are expected to be released in early November, with ongoing drilling focused on the less well-defined western edge of the High Grade Panel [14]. Company Overview - Heliostar Metals Ltd. operates gold mining projects in Mexico, including the La Colorada and San Agustin mines, and has a portfolio of development projects in both Mexico and the USA [20].

Core Viewpoint - The recent metallurgical test work at the Queensway project confirms high gold recovery rates and supports the feasibility study planned for Q4 2025 [1][9][19]. Group 1: Metallurgical Test Work - The program commenced in late 2024, focusing on master composites from the Keats West zone and re-evaluating low-grade samples from various zones [2][5]. - Approximately 660 meters of drill core, weighing 2,700 kilograms, was selected for testing, resulting in three master composites based on carbon content [6]. - The test results showed an average gold recovery of 89.2%, confirming the flowsheet presented in the preliminary economic assessment (PEA) [9][12]. Group 2: Mineralogical Studies - A mineralogical gold deportment study was conducted, revealing similar mineral assemblages across the tested zones, dominated by quartz, illite, chlorite, and albite [8][10]. - The Keats West Weak sample contained a significant amount of submicroscopic gold, accounting for 49% of its gold content [18]. Group 3: Future Plans - Additional metallurgical test work is planned, including a feasibility study level program, with results expected in the second half of 2026 [19]. - The company aims to establish a gravity/CIL flowsheet and optimize recovery processes for sulphide-associated mineralization [25]. Group 4: Company Overview - New Found Gold holds a 100% interest in the Queensway project, located in Newfoundland and Labrador, and has completed an initial mineral resource estimate and PEA [22][23]. - The company has a solid shareholder base, including a 23.1% holding by Eric Sprott, and is focused on growth and value creation at Queensway [23].

Core Viewpoint - Heliostar Metals Ltd. has announced promising initial results from its ongoing 15,000 metre drill program at the Ana Paula project in Guerrero, Mexico, aimed at converting inferred resources to higher confidence classifications and supporting a Feasibility Study [3][4]. Drilling Program - The drilling program involves two rigs and has completed 18 holes with a total of 5,556 metres drilled to date, focusing on defining the High Grade Panel's overall orientation [5]. - The drilling approach has been modified to rotate by approximately 90 degrees from historic intercepts, leading to more continuous and higher-grade gold mineralization [5]. Drill Results Summary - Significant results include Hole AP-25-325, which intercepted 30.2 metres grading 6.29 grams per tonne (g/t) gold from 195.8 metres, and Hole AP-25-323, which returned 12.2 metres grading 8.73 g/t gold from 344.5 metres [7][8]. - Additional intercepts from AP-25-325 include 14.75 metres grading 13.6 g/t gold from 153.5 metres and 4.5 metres grading 12.6 g/t gold from 277.5 metres [9]. Future Plans - The company plans to continue releasing consistent drill results monthly from Ana Paula throughout 2025 and into 2026, with the next results expected in mid- to late September [4][10]. Company Overview - Heliostar Metals Ltd. is a gold mining company with operations in Mexico, including the La Colorada Mine and the San Agustin Mine, and holds several development projects in Mexico and the USA, including the Ana Paula project [20].

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss of $2,356,000 compared to a net income of $15,633,000 in Q2 2024, primarily due to a $16,900,000 gain recognized in June 2024 and increased exploration expenses [7][8][9] - For the six-month period ending June 30, 2025, the net loss was $500,664,000, contrasting with a net income of $14,560,000 for the same period in 2024 [8][10] - Cash on hand at June 30, 2025, was $13,200,000, down from $16,900,000 at December 31, 2024, attributed to feasibility study expenditures and recurring costs [10][11] Business Line Data and Key Metrics Changes - The feasibility study for the Mt Todd project indicated a 59% reduction in initial capital costs to $425,000,000, with a competitive capital efficiency of $93 per ounce of gold produced [13][14] - Average annual gold production is estimated at 153,000 ounces during the first 15 years and 146,000 ounces over the 30-year life of the mine [14] Market Data and Key Metrics Changes - The after-tax net present value (NPV) at a 5% discount rate is projected at $1,100,000,000 with an internal rate of return (IRR) of 27.8% at a gold price of $2,500 per ounce [14][15] - At a higher gold price of $3,300 per ounce, the after-tax NPV increases to $2,200,000,000 with an IRR of 44.7% [15] Company Strategy and Development Direction - The company is focusing on advancing the Mt Todd project, emphasizing safety, environmental stewardship, and stakeholder engagement [16][17] - The strategic shift towards a smaller initial scale for the Mt Todd project aims to preserve optionality for future expansion [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Mt Todd project's potential, highlighting its strong economic parameters compared to other Australian gold producers [17][33] - The company is committed to developing Mt Todd in compliance with high mining and ESG standards [17] Other Important Information - The company has achieved 1,369 consecutive days without a lost time accident at the Mt Todd site, reflecting its commitment to safety [6][16] - The feasibility study results are seen as a significant milestone, positioning Mt Todd as one of the most attractive development-stage projects in the gold sector [17] Q&A Session Summary Question: Financing and Profit Distribution Plans - Inquiry about potential financing through lenders or joint ventures and how profits would be utilized, whether for expansion or dividends [21][22] - Management indicated that while expansion opportunities would be considered based on market conditions, a portion of profits would be prioritized for shareholder returns [23] Question: Investor Interest and Confidentiality Agreements - Follow-up on increased investor interest and confidentiality agreements signed recently [24] - Management confirmed new confidentiality agreements have been signed, with ongoing discussions with potential partners following a recent conference [24] Question: Interest from Counterparties - Inquiry about which counterparties are showing interest in Mt Todd and how the company evaluates joint venture versus M&A options [26] - Management noted that confidentiality agreements have been signed with strategic investors and that the M&A space is becoming more interesting [27][28] Question: Open to Various Options - Management emphasized openness to joint ventures or acquisitions, depending on what provides the best value for shareholders [30]

Financial Performance - Revenue increased by 30% to $65309 million in Q2 2025[18], driven by a 39% increase in the average gold price to $3186/oz[18] - Net profit attributable to shareholders of the Company rose by 147% to $20487 million in Q2 2025[18] - Adjusted earnings per share increased by 155%[16] - Operating cash flow increased to $281 million[16] - The company's net cash position was $82 million, excluding $18 million in fixed term deposits[16] Operational Highlights - Blanket Mine production increased to 21442 ounces in Q2 2025[18], a 1% increase compared to Q2 2024[18] - Full-year production guidance for Blanket Mine was raised to 75500–79500 ounces[16] - Blanket Mine's on-mine cost per ounce increased by 44%[30] - Blanket Mine's AISC per ounce increased by 74%[32] Strategic Initiatives - The solar plant was sold for $224 million[13] - Exploration program underway at Motapa, with diamond drilling of 178798 meters and reverse circulation drilling of 9638 meters completed[59] - The company is exploring cost-saving and phasing options for the Bilboes feasibility study[16] Reporting Changes - Caledonia will no longer publish quarterly financial statements and MD&A reports[41]

A feasibility study assesses the practicality of a proposed project, analyzing required resources, ROI, cash flow, and risks to determine success likelihood. Learn more: https://t.co/UTlU7FdvcA https://t.co/Ax9AdRt6sI ...

Brightstar's Strategic Positioning and Growth - Brightstar has substantial Mineral Resources of 3.9 million ounces at 1.5g/t Au[22], positioning it uniquely among ASX developers - The company's strategic focus is now on organic growth through resource and reserve upgrades, along with production expansion[22] - The Laverton-Menzies DFS demonstrates compelling Stage 1 economics, with a LOM Free Cash Flow (FCF) of $461 million and an NPV8 of $316 million[22] - Brightstar aims for a Group production profile of over 200,000 ounces per annum by 2029, with the Sandstone processing plant construction planned for the second half of CY27 and first gold production in the second half of CY28[9] Laverton-Menzies Project and Production Expansion - Near-term production growth is targeted to reach approximately 70,000 ounces per annum[24] - The Laverton-Menzies DFS outlines a 5-year production plan, peaking at 91,000 ounces per annum and averaging around 70,000 ounces per annum, supported by Ore Reserves of 235,000 ounces at 1.7g/t Au[42] - The DFS projects an NPV8 of $316 million, an IRR of 73%, and a LOM FCF of $461 million at a spot price of $5,000/oz[42] - The project targets a low-cost operation with LOM unit costs of C1 $2,388/oz and AISC $2,991/oz, achieving payback within one year at the spot price[42] Sandstone Consolidation and Development - The acquisition of Aurumin Ltd consolidates the Sandstone district, establishing a district-scale open pit development opportunity[22] - The proforma Sandstone Mineral Resource grows to 2.4 million ounces at 1.5g/t Au[71] - A Pre-Feasibility Study (PFS) is underway, evaluating a 3-5Mtpa central Sandstone processing capacity, with results expected in the first half of CY26[73] - The company is targeting a Final Investment Decision (FID) for the Sandstone Hub by CY27[73]

Core Viewpoint - MetalQuest Mining Inc. has successfully completed a non-brokered private placement, raising $517,296 through the issuance of 7,389,943 units, subject to final approval from the TSX Venture Exchange [1][2]. Financing Details - Each unit consists of one common share and one non-transferable share purchase warrant, allowing the holder to purchase an additional common share at $0.10 for three years [2]. - The proceeds will be allocated for exploration, development, and general working capital [2]. Insider Participation - New Age Metals Inc. will increase its ownership in MQM from approximately 6.44% to 19.05% post-conversion, becoming a new insider [2][4]. - Existing insiders and control persons purchased a total of 4,868,000 units, qualifying as a related party transaction [4]. Regulatory Compliance - All securities from the private placement are subject to a four-month hold period under Canadian Securities Laws [3]. - The company is relying on exemptions from formal valuation and minority shareholder approval requirements due to the nature of the transaction [4]. Shareholder Control - Prior to the offering, Mr. Harry Barr controlled 8,616,438 common shares, which could increase to approximately 33.28% post-offering if stock options are exercised [5]. - After the offering, Barr's control could rise to approximately 47.27% of the company's outstanding shares, while New Age Metals could control about 19.05% [8][9]. Company Overview - MetalQuest Mining owns 100% of the Lac Otelnuk Iron Ore Project in Quebec, which is one of the largest iron ore projects in North America [12]. - The company has invested approximately $150 million in the project and is working with the Naskapi First Nation on exploration and pre-development [12]. - A comprehensive gap analysis of the historic feasibility study is being conducted to align with current market dynamics and regulatory standards [12].

Summary of Vista Gold Corp. Feasibility Study Results Conference Call Company and Industry - **Company**: Vista Gold Corp. - **Industry**: Gold Mining - **Project**: Mt Todd Gold Project, Northern Territory, Australia Core Points and Arguments 1. **Feasibility Study Completion**: The feasibility study for the Mt Todd gold project has been completed, confirming its strong potential and validating the strategic vision of the company [5][6][10] 2. **Capital Expenditure (CapEx) Reduction**: Initial CapEx has been reduced by 59% from over $1 billion to $425 million due to a change in project size from 50,000 tons per day to 15,000 tons per day [7][10][60] 3. **Production Estimates**: The project is expected to produce an average of 153,000 ounces of gold per year over the first 15 years, with a life of mine average of 146,000 ounces [9][20] 4. **Mineral Reserves**: The project now reports 5.2 million ounces of combined proven and probable mineral reserves, with a total resource of 10.6 million ounces [9][10][52] 5. **Economic Metrics**: At a gold price of $2,500, the after-tax net present value (NPV) is estimated at $1.1 billion, with an internal rate of return (IRR) of 27.8%. If the gold price rises to $3,300, the NPV increases to $2.2 billion and the IRR to 44.7% [10][11][60] 6. **All-in Sustaining Costs**: Estimated at $1,449 per ounce for the first 15 years, with a life of mine cost of approximately $1,500 per ounce [11][21][50] 7. **Mine Life**: The mine life is now estimated at 30 years, with a consistent annual gold production profile [12][20] 8. **Design Changes**: The project has adopted a fit-for-purpose design, which has led to significant capital savings and operational efficiencies [15][70] 9. **Workforce Strategy**: The workforce will primarily be on a fly-in, fly-out basis, with 80-90% of workers not based in the Northern Territory [8][14] 10. **Environmental and Regulatory Compliance**: All major environmental and operating permits have been approved for the project, which is crucial for its development [56][57] Additional Important Content 1. **Water Management**: The project includes a freshwater storage reservoir with a capacity of 4.7 gigaliters, and plans for a water treatment plant to manage acid rock drainage [54][55] 2. **Consulting Team**: The feasibility study was supported by a team of experienced consultants, including GR Engineering Services and Mining Plus, ensuring robust technical and operational planning [25][26][27] 3. **Future Expansion Potential**: While not included in the current feasibility study, the project has been designed to allow for future expansion [17][61] 4. **Market Positioning**: The project is positioned to potentially achieve a significant rerating as it moves into development and production, with a focus on creating value for shareholders [52][53] 5. **Operational Flexibility**: The design allows for flexibility in operations, including the ability to segregate lower-grade materials for potential future processing [22][75] This summary encapsulates the key findings and strategic insights from the conference call regarding Vista Gold Corp.'s Mt Todd project, highlighting its economic viability and operational strategies.

Core Viewpoint - Liberty Gold Corp. has appointed four experienced mining professionals to enhance its technical and project development team, aiming to advance the Black Pine Oxide Gold Project in Idaho through feasibility-level engineering and permitting [1][11]. New Appointments - Tyler Cole has been appointed as Vice President of Project Development, bringing 20 years of experience in mining and construction, with expertise in gold heap leach operations [2][4]. - Richard Zaggle joins as Senior Director of Mining and Metallurgy, with 13 years of experience in mine development and heap leach optimization [5][6]. - Owen Nicholls is appointed as Director of Technical Services, contributing 18 years of experience in exploration and resource development [7][8]. - Charles Mumford has been appointed as Senior Environmental and Permitting Specialist, with over 10 years of experience in managing permitting processes and regulatory compliance [9][10]. Strategic Priorities and Next Steps - The newly expanded development team will focus on key milestones over the next 18-24 months, including advancing feasibility-level engineering and mine planning, with a targeted completion of the feasibility study in 2026 [12][14]. - The team will also complete ongoing metallurgical test work and process design optimization to support permitting and capital cost estimates [14]. - Environmental baseline studies and permitting documentation will be progressed to maintain permitting momentum [14]. - Integrated development schedules and operational readiness frameworks will be established to support a future construction decision [14]. - Stakeholder engagement will be enhanced to strengthen Liberty Gold's position as a disciplined, technically credible developer [14].