Core Insights - Chibougamau Independent Mines Inc. is pleased to report progress on Cerrado Gold Inc.'s Mont Sorcier high purity magnetite iron project, which is in the later stages of a feasibility study expected to be completed by Q2/2026 [1][2] Group 1: Project Development - The feasibility study for the Mont Sorcier project will consider a 60% increase in production rate, targeting 8 million tonnes per annum compared to 5 million tonnes per annum in the previous Preliminary Economic Assessment (PEA) published on September 8, 2022 [4] - Cerrado plans a phased production start, beginning with 4 million tonnes per annum and ramping up to 8 million tonnes per annum approximately three years into production [4] - The increase in production capacity is projected to raise capital costs for phase one by 30-40% due to revised flow sheet design and infrastructure upgrades [4] Group 2: Resource and Timeline - An additional 17,890 metres of resource definition drilling will be added to the database, with some assay results still pending [4] - Despite the increased throughput, the mine life is expected to remain at 20 years, contingent on the results of the next mineral resource update [4] - Cerrado anticipates submitting the project's Environmental and Social Impact Assessment (ESIA) in Q4/2026, with construction potentially starting in mid-2028, pending all necessary permits and financing [4]

Summary of Vista Gold Corp. Conference Call Company Overview - **Company**: Vista Gold Corp. - **Stock Symbols**: VGZ on NYSE American and TSX - **Project**: Mount Todd Gold Project located in Northern Territory, Australia - **Status**: Advanced development stage gold deposit, second-largest undeveloped gold project in Australia [1][2] Key Points from the Feasibility Study - **Feasibility Study Results**: Announced in July, demonstrating a path to near-term production [2] - **Project Scale**: Designed for 15,000 tons per day with potential for expansion [3] - **Initial CapEx**: Reduced by 59% from previous estimates, now at $425 million compared to over $1 billion [4][6] - **Gold Production Profile**: Stabilized production schedule with 175,000 ounces expected in the first three years and 150,000 ounces annually for the next 15 years [5][6] - **Average Grade Improvement**: Increased from 0.77 grams per ton to 0.97 grams per ton [5] - **Reserves**: Decreased from 7 million ounces to 5.2 million ounces due to a higher cutoff grade [6] Economic Metrics - **NPV-5**: - At $2,500 gold price: $1.1 billion - At $3,700 gold price: $2.7 billion - **IRR**: - Nearly 28% at $2,500 gold price - Over 50% at $3,700 gold price [7][8] - **All-in Sustaining Costs**: Just under $1,500 per ounce for the mine [8] Market Position and Valuation - **Comparison with Peers**: Vista Gold has a larger reserve and production capability than Australian junior gold producers, yet its market valuation is significantly lower [8] - **Market Cap Aspirations**: Expected to reach close to $1 billion, with aspirational targets of two to three times that amount [8] Strategic Changes and Risk Management - **Operational Changes**: - Adoption of contract mining and fly-in, fly-out workforce to minimize staffing risks [5][9] - Engaged engineering firms with proven track records in Australia [9] Investor Insights - **Share Price Movement**: Share price increased from $0.93 to a high of $2.46 following the feasibility study announcement [10] - **Net Asset Value**: At $2,500 gold price, net asset value per share is $8.80; at $3,300, it is $17.60, indicating significant upside potential [11][12] Conclusion - **Value Proposition**: The Mount Todd Gold Project presents a strong investment opportunity with substantial intrinsic value, especially as the project moves towards production [12]

Operational Results - Total tonnes processed in Q2 2024 were 93,687[20], with a year-to-date (YTD) total of 192,576[20] - Gold ounces sold in Q2 2024 were 2,724[20], and YTD 2024 were 6,281[20] - Silver ounces sold in Q2 2024 reached 234,560[20], with a YTD figure of 451,095[20] - Copper tonnes sold were 197 in Q2 2024 and 461 YTD[20] - Lead tonnes sold were 491 in Q2 2024 and 1,158 YTD[20] - Zinc tonnes sold were 1,771 in Q2 2024 and 3,453 YTD[20] Financial Performance - The company's cash balance as of June 30, 2024, was $53 million[23] - Cash provided by operating activities totaled $14 million[23] - Net sales for the six months ended June 30, 2024, were $395 million[23] - The net loss for the six months ended June 30, 2024, was $(318) million[23] - Total cash costs per gold equivalent (AuEq) ounce were $1,950/oz for the three months ended June 30, 2024, and $1,789/oz for the six months ended June 30, 2024[23] - Total all-in sustaining cost (AISC) per AuEq ounce was $2,661/oz for the three months ended June 30, 2024, and $2,452/oz for the six months ended June 30, 2024[23] Investment and Exploration - Sustaining investments totaled $2221 thousand in Q2 2024 and $4296 thousand YTD, with a full-year guidance of $8800-$11000 thousand[21] - Growth investments amounted to $326 thousand in Q2 2024 and $1430 thousand YTD, with a full-year guidance of $3200-$5200 thousand[21] - The company drilled 30 exploration drill holes totaling over 2,652 meters and 16 infill drill holes totaling 5,949 meters at DDGM[17]

Core Insights - Troilus Gold Corp. reported additional positive drill results from the Southwest Zone of its Troilus Project in Quebec, Canada, as part of its 2025 drill campaign aimed at identifying higher-grade mineralization and enhancing confidence in the block model [1][2][4] Southwest Highlights - The drill results indicate strong continuity of higher-grade mineralization at surface, which reinforces the potential to optimize and de-risk the Southwest Zone block model, covering the first five years of the mine plan [2][4] - Drill hole SW-25-681 returned 1.79 g/t AuEq over 36 meters, including 2.44 g/t AuEq over 23 meters, while SW-25-709 returned 1.52 g/t AuEq over 21 meters, including 3.09 g/t AuEq over 5 meters [6][8] - The high-grade core of the Southwest is hosted within transitional to tholeiitic brecciated pillow basalts, with significant mineralization signatures indicating Troilus as one of Canada's largest undeveloped gold-copper projects, with 11.21 million gold equivalent ounces in the indicated category and 1.80 million in the inferred category [7][19] Drilling Program - The drilling program at the Southwest Zone focused on defining high-grade zones for the early years of production, with results extending the enriched ore shoot to surface [5][6] - Drilling in the Southwest Zone is now complete, with assays pending for several holes, and the exploration team will shift focus to advancing near-site and regional field targets [8][9] Future Plans - The company plans to release remaining results in the coming weeks, which will further enhance confidence in the block model and help de-risk the early years of production [4][8] - The next phase of drilling is scheduled for the third quarter of 2025, with opportunities to expand on the highest-grade zones of the Southwest [9]

Financial Data and Key Metrics Changes - The company's gross profit increased by 68% to CAD 10.1 million compared to Q1 2024 [5] - Adjusted EBITDA rose by 38% to CAD 8.7 million [6] - Cash and cash equivalents grew to CAD 68.5 million from CAD 17.5 million [6] - Consolidated working capital improved to CAD 61 million from a negative CAD 6.5 million [6] - Total debt increased to CAD 130 million from CAD 40 million, while the debt cost of service decreased from 9.5% to 6% [6] Business Line Data and Key Metrics Changes - Gold Bar produced 10% more gold than budgeted at a cash cost 24% below the low end of annual guidance, with a cash cost of CAD 1,146 [4] - However, Gold Bar's all-in sustaining cost per ounce was approximately CAD 2,200 due to accelerated stripping costs of CAD 7.5 million [4][6] Market Data and Key Metrics Changes - The company reported a positive outlook due to higher prices of gold, silver, and copper [3] - The 49% interest in the San Jose mine has resumed paying dividends, with expectations for more dividends throughout the year [4][18] Company Strategy and Development Direction - The company plans to use funds from a capped call convertible note to advance the development of the Fox Complex, aiming for consolidated annual production of 225,000 to 255,000 ounces by 2030 [3] - Exploration programs are ongoing at both the Fox Complex and Gold Bar, with positive results expected [8] - The company is focusing on balancing reinvestment in the San Jose mine with returning value to shareholders [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving production and cost per ounce for the remainder of the year [7] - The company anticipates that the feasibility study for Los Azules will enhance financials by capitalizing expenditures, which will improve the bottom line [31][32] - Management believes that higher gold prices will benefit the company significantly [38] Other Important Information - The company received a permit to construct a ramp to the underground at the Stock Mine, which is crucial for the Stock Complex expansion [8] - The company has spent over CAD 250 million on McEwen Copper since 2021, which could have been capitalized if the feasibility study had been completed earlier [34] Q&A Session Summary Question: How much cash or cash plus investments is held within the copper subsidiary? - The treasury for McEwen Copper is currently below GBP 10 million, and additional financing is expected as they move towards the feasibility study [11][12] Question: Is the $10 million enough to complete the feasibility study? - Additional runway will likely be needed to complete the feasibility study by July [12] Question: What is the status of dividends from San Jose? - Regular dialogue with Hochschild is ongoing, focusing on extending mine life while balancing reinvestment and shareholder returns [16][18] Question: What is the expected production timeline for the Stock Mine? - First production from the underground portion of the Stock Mine is anticipated in the last quarter of this year [20][22] Question: What is the timeframe and cost for bringing the Grey Fox mine back into production? - A study is underway to determine capital and operating costs, with a focus on permitting timelines [23][25][26]