This document is for informational purposes only. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and prospectus before investing. The indicated rates of return (other than for a money market fund) are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions. The indicated rates of return for a money market fund is an annualized historical yield based o ...

Core Viewpoint - Kruger Products Inc. (KPI) is issuing CDN $165 million principal amount of 6.250% Senior Unsecured Notes due December 10, 2032, through a private placement to fund debt repayment and general corporate purposes [1][3]. Group 1: Offering Details - The Notes will be issued at a principal amount of CDN $165 million with an interest rate of 6.250%, payable semi-annually starting June 10, 2026 [1]. - The Offering is expected to close on December 10, 2025, subject to customary closing conditions [2]. - National Bank Capital Markets, CIBC Capital Markets, Scotiabank, and Desjardins Capital Markets are acting as joint book-running managers for the Offering [2]. Group 2: Use of Proceeds - The net proceeds from the Offering will be used to repay borrowings under KPSB's senior credit facilities and for general corporate purposes [3]. Group 3: Notes Structure - The Notes will be unsecured obligations of KPI and guaranteed by certain subsidiaries, including KPSB, which will be designated as a restricted subsidiary [4]. - The Notes will rank senior in payment rights to all existing and future subordinated indebtedness of KPI [4]. Group 4: Company Overview - KP Tissue Inc. (KPT) holds a 12.1% interest in KPI, which is a leading manufacturer of quality tissue products in Canada [7][8]. - KPI serves both the consumer market in Canada and the U.S. with well-known brands and operates ten FSC® COC-certified production facilities in North America [8].

Core Viewpoint - Perseus Mining Limited reported strong operational performance for the quarter ending June 30, 2024, with significant increases in cash and bullion balance, reaching US$827 million, alongside a robust production outlook for the next five years [2][3]. Group Performance Summary - Gold recovered in the June 2025 quarter was 121,237 ounces, with a total of 496,551 ounces for the financial year 2025 [2]. - The average gold sales price increased to US$2,977 per ounce, contributing to a notional cash flow of US$189 million for the quarter [2]. - The All-In Site Cost (AISC) for the June quarter was US$1,417 per ounce, with a production cost of US$1,038 per ounce [2]. Future Production Guidance - For the financial year 2026, Perseus projects gold production between 400,000 and 440,000 ounces, with AISC guidance of US$1,460 to US$1,620 per ounce [3]. - The company anticipates an average annual gold production of 515,000 to 535,000 ounces over the next five years [2]. Nyanzaga Gold Project Development - A Final Investment Decision (FID) was made to develop the Nyanzaga Gold Project, with site works on schedule for first gold production targeted in January 2027 [2]. - Infill drilling results at Nyanzaga are expected to lead to a Mineral Resource and Ore Reserve upgrade in Q3 FY26, potentially extending the mine life [2]. Financial Position - Perseus holds US$827 million in cash and bullion, along with US$118 million in liquid listed securities, and has zero debt with an undrawn debt capacity of US$300 million [2]. - The company is executing a share buy-back program, with approximately 73% completed, having purchased and cancelled 22,995,853 shares [2]. Cost Trends in the Gold Sector - The global gold sector is experiencing rising costs, influenced by increased royalties and indirect charges from host governments, as well as higher operational costs such as wages and freight [6][7]. - Specific site-related factors, such as power supply interruptions at the Yaouré Gold Mine, are expected to impact operational costs in FY26 [7].