Industry Overview - Gold developers are advancing construction decisions due to record producer margins, with all-in sustaining costs averaging $1,600 per ounce and gold prices exceeding $4,400, creating a unique opportunity for mine construction [1][2] - 97% of gold producers are operating with positive margins, making the financial case for new mine construction compelling, supported by short payback periods and strong internal rates of return [2][3] Company Highlights - **Lake Victoria Gold** has confirmed high-grade gold mineralization at its Tembo Project in Tanzania, with grades up to 35.45 g/t, and is focusing on defining resources and finalizing processing agreements [3][4] - The company is in discussions with Nyati Resources to access a processing plant, expecting to finalize an agreement by early 2026, which will facilitate near-term production [5] - Lake Victoria Gold's drilling program at Ngula 1 is set to begin in Q1 2026, targeting a strike length of 300 to 400 meters with consistently high grades [6] - The company is also advancing its Imwelo Gold Project, located near AngloGold Ashanti's Geita Mine, with recent drill results extending mineralization beyond current designs [6][7] - **i-80 Gold Corp.** plans to refurbish its Lone Tree Plant in Northern Nevada with an estimated capital cost of $412 million, aiming for a short payback period of 12 to 24 months [9][10] - The refurbished plant will process material from three high-grade underground mines, reducing processing costs significantly and increasing margins by $1,000 to $1,500 per ounce [11] - **McEwen Inc.** has received approval for the extension of its Environmental Impact Assessment for the El Gallo Mine, with Phase 1 expected to produce approximately 20,000 gold equivalent ounces annually starting mid-2027 [12][13] - **Lundin Gold Inc.** targets gold production of 475,000 to 525,000 ounces at its Fruta del Norte mine in 2026, with cash operating costs between $900 to $960 per ounce [14][15] - The company is launching an $85 million exploration campaign, the largest in its history, and plans to maintain a fixed quarterly dividend of $0.30 per share [15] - **G2 Goldfields Inc.** has delivered a maiden PEA for its Oko Gold Project, projecting an average production of 281,000 ounces annually at all-in sustaining costs of $1,137 per ounce, with an after-tax NPV of $2.6 billion [16][17] - The project requires initial capital of $664 million and is positioned for potential resource expansion as drilling continues [17]

Core Viewpoint - Revival Gold Inc. has exercised its option to acquire 100% of Barrick Mining Corporation's interest in the Mercur Gold Project, a significant step towards restarting production [1][4]. Group 1: Acquisition Details - The Option Agreement covers mineral interests of 996 hectares, expanding the total Mercur project area to approximately 7,200 hectares [2]. - Revival Gold must incur at least C$6 million in exploration expenditures before January 2, 2026, which has been completed [5]. - The acquisition involves a membership interest purchase agreement (MIPA) with Barrick, with payments structured as US$5 million at closing and US$5 million on each of the first three anniversaries of commercial production [5][6]. Group 2: Economic Assessment - A Preliminary Economic Assessment (PEA) completed in mid-2025 indicates a life-of-mine average production of 95,600 ounces of gold per year over a 10-year mine life [3][8]. - The after-tax NPV is projected at $294 million at a 5% discount rate with a gold price of $2,175 per ounce, increasing to $752 million at a gold price of $3,000 per ounce [8]. Group 3: Project Development and Timeline - Revival Gold is planning a pre-feasibility study in 2026 and is initiating the state mine permitting process in Utah [3]. - Mine permitting is expected to take about two years to complete [8]. - The closing of the acquisition is anticipated around April 1, 2026, subject to regulatory approvals and other customary conditions [6]. Group 4: Company Overview - Revival Gold is one of the largest pure gold mine developers in the United States, focusing on the Mercur Gold Project in Utah and the Beartrack-Arnett Gold Project in Idaho [11].

Core Viewpoint - Revival Gold Inc. has reported promising initial results from its drilling program at the Mercur Gold Project in Utah, indicating strong mineralization and leachability consistent with expectations [4][7]. Drilling Program Overview - The company has completed 53 holes and 5,300 meters of its planned 13,000-meter drilling program for the year [7]. - Initial assay results from the first nine reverse circulation (RC) drill holes and one core drill hole show significant gold grades [7][8]. Assay Results - Notable intersections include: - RM25-094: 0.85 g/t gold over 21.3 meters drilled width [7] - RM25-096: 0.73 g/t gold over 22.9 meters drilled width [7] - RM25-100: 1.04 g/t gold over 19.8 meters drilled width [7] - RM25-101: 0.63 g/t gold over 22.9 meters drilled width [7] - RMC25-014: 1.52 g/t gold over 7.6 meters drilled width [7] Mineral Resource Consistency - The mineralization and leachability results align with the Inferred Mineral Resource and metallurgical models from the Mercur Preliminary Economic Assessment [7][11]. Company Background - Revival Gold is a significant pure gold mine developer in the United States, focusing on the Mercur Gold Project in Utah and the Beartrack-Arnett Gold Project in Idaho [15].

Core Viewpoint - West Red Lake Gold Mines Ltd. has successfully closed a bought deal public offering, raising a total of C$40,651,260 through the issuance of common shares and charity flow-through shares, aimed at advancing its Madsen Gold Mine and supporting exploration activities at the Rowan Project [1][2][3][4]. Group 1: Offering Details - The offering included 37,526,800 common shares priced at C$0.95 each, generating gross proceeds of C$35,650,460, and 3,760,000 charity flow-through shares priced at C$1.33 each, yielding gross proceeds of C$5,000,800 [1]. - The total gross proceeds from both offerings amounted to C$40,651,260 [1]. Group 2: Use of Proceeds - Net proceeds from the common shares will be allocated to advancing the Madsen Gold Mine, including ramping up to commercial production and pursuing growth opportunities, as well as for working capital and general corporate purposes [2]. - Proceeds from the charity flow-through shares will be directed towards qualifying Canadian exploration expenses, primarily at the Rowan Project, which includes infill drilling, engineering, and environmental work in support of a Pre-Feasibility Study [3]. Group 3: Company Overview - West Red Lake Gold Mines Ltd. is focused on its flagship Madsen Gold Mine and holds a highly prospective land package in the Red Lake district of Ontario, which has historically produced over 30 million ounces of gold [6]. - The company also owns the Rowan Property, covering 31 km² and including three past-producing gold mines [6].

Project Overview - Tesoro Gold's El Zorro Gold Project in Chile spans a large surface footprint of 570 km2[11] - The constrained Ternera Mineral Resource Estimate (MRE) stands at 1.82 million ounces (Moz) of gold, with 62% classified as Indicated[11] - Metallurgical results indicate an average gold recovery of approximately 95% using a conventional CIP process[11] Chilean Mining Environment - Chile is a mining powerhouse with a structured permitting process averaging ~12 months for approvals[18] - The country has US$56 billion in active foreign mining investment (2024) and a 27% corporate tax rate with no mining-specific royalties[18] - The El Zorro Gold Project is located near existing infrastructure, including the Pan American Highway (15km), grid power (20km), and water access (30km)[20] Corporate Structure - Gold Fields holds 40.3% of Tesoro Gold's register[23] - Institutional investors hold 17.1% of Tesoro Gold's register[23] - Other investors hold 37.0% of Tesoro Gold's register[23] Scoping Study Highlights (2023) - The 2023 scoping study estimated ore throughput of 17.1 million tonnes (Mt) with a gold grade of 1.25 g/t, resulting in 651,000 ounces (koz) of gold production[51] - The plant throughput was estimated at 2.4 million tonnes per annum (Mtpa), with an average annual steady-state production of 93,000 ounces per annum (koz pa) over a 7.4-year production life[51] - The forecast average All-In-Sustaining-Cost (AISC) was US$1,068 per ounce, with a total pre-production capital cost of US$132 million[51]

Summary of Astral Resources Conference Call Company Overview - **Company**: Astral Resources - **Industry**: Gold Mining - **Key Executive**: Mark Daclaret, Managing Director with over 30 years of experience in the mining industry [1] Key Points and Arguments 1. **Resource and Reserve Estimates**: - Total resources of **1,800,000 ounces** across three emerging hubs [3] - New ounces added: **1,500,000 ounces** at a discovery cost of less than **$20 per ounce** [3] - Prefeasibility indicates **1,100,000 ounces** in reserve [3] 2. **Financial Metrics**: - Prefeasibility shows a **100% internal rate of return**, a **one-year payback**, and a **net present value (NPV)** of **$1,400,000,000** at a gold price of **$4,250 per ounce** [3] - Current cash position: **$90,000,000** with potential additional funding of **$6,000,000** from expiring options [4] 3. **Market Performance**: - Share price increased from **7.5 cents** last year to over **15 cents** today [5] - Institutional holding rose from **8%** to **24%** [5] 4. **Project Development**: - Ongoing drilling with two rigs on-site, aiming to maintain discovery costs below **$20 per ounce** [4] - The company is working on a Definitive Feasibility Study (DFS) to be delivered by June [4] 5. **Location and Infrastructure**: - Projects located in the Kalgoorlie Gold Fields, an area with essential infrastructure such as water, gas pipelines, and power [6] - The prefeasibility study indicates a multi-decade mine development with **95,000 ounces per annum** for the first twelve years [7] 6. **Historical Context**: - Historical exploration and mining activities date back to **1988**, with significant discoveries made over the years [8][9] - The company has transitioned to a bulk low-grade mining perspective since its recapitalization in **2019** [10] 7. **Operational Efficiency**: - The design post-Maximus transaction allows for reduced waste movement and shorter hauling distances [16] - The probable reserve for Thea alone is **829,000 ounces**, with a **96% conversion rate** from indicated ounces [22] 8. **Future Plans**: - Plans for **20,000 meters** of drilling across Mandela and Fayesville [26] - Expected to submit works approvals within the next month and mining proposals by December [27][28] - Targeting first gold production by **December 2027** [29] Additional Important Information - The company emphasizes the importance of de-risking its mining development through various strategies [30] - The Kalgoorlie region is noted for its strong community and local government support, which is crucial for operational success [31] - The prefeasibility study indicates robust financials, with potential cash flow of **$2,800,000,000** at a gold price of **$4,250** [32]