Core Insights - New Found Gold Corp. has transitioned from an early-stage exploration company to an emerging Canadian gold producer in 2025, with a focus on a multi-asset portfolio in Newfoundland and Labrador [1][2][3] Company Transformation - The strategic acquisition of Maritime Resources Corp. marks a significant shift for New Found Gold, allowing it to control the Queensway project, which has a high-grade mineral resource base [3][16] - The company has strengthened its governance with a new board and management team, including experienced mining executives and capital markets specialists [6][7] Financial Milestones - New Found Gold completed a C$63 million bought deal financing and a C$20 million private placement, enhancing its financial position and confirming support from key investors [3][18] - The initial Mineral Resource Estimate (MRE) for the Queensway project indicates 18.0 million tonnes at 2.40 grams per tonne of gold, totaling 1.39 million ounces indicated, and 10.7 million tonnes at 1.77 grams per tonne for 0.61 million ounces inferred [3][8] - A Preliminary Economic Assessment (PEA) revealed a C$743 million after-tax NPV5% and a 56.3% after-tax IRR at a base case gold price of US$2,500/oz, with a life of mine all-in sustaining cost of US$1,256/oz [3][9] Project Development - The company aims to ramp up production at Hammerdown and advance the Queensway project through engineering, permitting, and project finance, targeting a construction decision in late 2026 and first production in H2 2027 [4][20] - The 2025 work program included over 74,000 meters of diamond drilling, focusing on resource definition and exploration, with significant high-grade discoveries [10][11] Exploration Potential - Exploration efforts outside the AFZ Core have demonstrated the broader district's potential, with high-grade gold discovered at the Dropkick zone and ongoing work at other targets [13][14] - The Queensway land package has expanded to 230,225 hectares, a 31% increase from 2024, enhancing the company's exploration footprint [14]

Core Viewpoint - Asante Gold Corporation reported challenges in gold production due to equipment mobilization issues at its Bibiani and Chirano mines, but anticipates improvements in Q4 2025 with new initiatives in place to enhance production levels [1][2][3]. Financial Performance - Revenue for Q3 2026 was $129.3 million, a 16% increase from $111.1 million in Q3 2025, primarily driven by a higher average gold price of $3,594 per ounce compared to $2,552 per ounce in the same period last year [10]. - Total comprehensive loss for Q3 2026 was $(215.2) million, compared to $(15.5) million in Q3 2025 [8]. - Adjusted EBITDA for Q3 2026 was $(6.4) million, down from $17.6 million in Q3 2025, reflecting lower gold sales and higher production costs [11]. Production and Operations - Gold equivalent production for Q3 2026 was 37,333 ounces, down from 45,273 ounces in Q3 2025, with gold sold decreasing to 35,982 ounces from 43,551 ounces [12][21]. - The all-in sustaining cost (AISC) increased to $4,574 per ounce in Q3 2026, compared to $2,347 per ounce in Q3 2025, driven by increased stripping requirements and lower grade ore processed [13][22]. Mine-Specific Updates Bibiani Mine - Material movement increased significantly, with total material mined up 318% in Q3 2026 compared to Q3 2025, marking the highest quarterly material mined in three years [16]. - The stripping ratio at Bibiani was approximately 49.4 in Q3 2026, compared to 16.1 in Q3 2025, indicating increased waste removal [14]. - Gold recovery rates improved from 60% to approximately 90% following the operation of the oxygen plant [3]. Chirano Mine - Ore processed increased by 15.3% in Q3 2026 compared to Q3 2025, attributed to stable power availability and plant throughput improvements [32]. - AISC for Chirano increased to $2,964 per ounce in Q3 2026 from $2,031 in Q3 2025, primarily due to lower gold production [34]. Strategic Initiatives - The company plans to enhance production capabilities at both mines, including the full mobilization of equipment and the construction of a road connecting Bibiani to Chirano, expected to be completed by Q2 2026 [23]. - Asante aims to produce between 215,000 and 245,000 ounces of gold at Bibiani in 2026, with a target of achieving annual consolidated gold production of approximately 500,000 ounces by 2028 [24][35]. Management Changes - Asante appointed Patrick Padmore as Vice President of Finance, bringing over 17 years of experience in the resource sector [37].

Equinox Gold Conference Call Summary Company Overview - **Company**: Equinox Gold (NYSEAM:EQX) - **Industry**: Gold Production - **Date of Conference**: December 09, 2025 Key Points Company Performance and Strategy - Equinox Gold is experiencing a significant ramp-up in production, particularly at key assets in Canada, including Greenstone and Valentine mines [3][5][7] - The company has a diversified portfolio and is focused on optimizing operations to drive share price performance [5][10] - Recent leadership changes, including the appointment of Darren Hall as CEO, have led to improved operational performance and meeting production expectations [10][11] Production Updates - Greenstone mine achieved 1.34 grams per ton with an 88.4% recovery rate in October, although production was slightly lower than expected [1][7] - The Valentine mine is expected to produce between 150,000-200,000 ounces in 2026, with initial production in Q4 2025 estimated at 15,000-30,000 ounces [17][32] - Consolidated production outlook for 2025 is projected to be between 950,000 and 1,050,000 ounces, excluding Castle Mountain and Los Filos [25][26] Financial Health - The company has strengthened its balance sheet through non-core asset sales, generating approximately $115 million, including $90 million in cash [7][10] - Equinox Gold is focused on deleveraging its balance sheet, which had a net debt of approximately $1.2-$1.3 billion at the end of Q3 [60][61] - The company plans to invest around $100 million in exploration in 2026, aiming to discover new economic zones and expand resources [36][75] Growth Opportunities - Castle Mountain is undergoing the FAST-41 permitting process, with a Record of Decision expected by December 2026, potentially adding 200,000 ounces to production [15][16] - Los Filos has a significant gold resource of approximately 15-16 million ounces but is currently under suspended operations due to land access negotiations [22][54] - The company is considering asset sales, particularly in Brazil, to raise cash for debt reduction and future growth opportunities [58][59] Market Conditions and Future Outlook - The management is modeling gold prices between $2,000 and $3,000 for future projects, emphasizing a conservative approach to planning [73][74] - The company aims to become a top quartile valued gold producer while continuously investing in its assets for sustainable long-term growth [37][61] Operational Challenges - The company has faced operational challenges, including maintenance downtime and optimizing throughput at the processing plant [39][40][41] - Efforts are being made to improve operational efficiency and minimize ore losses, which are expected to yield better production results in the coming quarters [30][31][80] Exploration and Resource Development - Equinox Gold is committed to exploration, with significant potential identified at Valentine and other assets, aiming to increase proven and probable reserves [76][77] - The company has made discoveries outside of current resources, indicating potential for future growth [75][77] Conclusion Equinox Gold is at a pivotal point with ramping production, a focus on operational optimization, and strategic asset management. The leadership changes and financial strategies are aimed at enhancing shareholder value while navigating the challenges of the gold production industry. The outlook for 2026 and beyond appears promising, with significant growth opportunities on the horizon.

Core Insights - Heliostar Metals Ltd. reported strong operational and financial results for Q3 2025, highlighting increased gold production and a solid cash position, which supports ongoing development projects and minimizes equity dilution [2][3][9]. Financial Performance - Total gold production reached 9,165 gold equivalent ounces (GEOs) in Q3 2025, with year-to-date production on track to meet the lower half of the annual guidance of 31,000-41,000 GEOs [5][20]. - The company reported operating income of $14.2 million and net income of $1.3 million for the quarter, despite increased exploration expenses [9][11]. - Cash costs were $1,500 per GEO sold, while all-in sustaining costs (AISC) were $1,825 per GEO sold, both below the 2025 guidance range due to higher production [6][7][21]. Operational Highlights - The La Colorada mine produced 5,479 GEOs in Q3 2025, contributing significantly to the overall production, while the San Agustin mine added 3,686 GEOs [22][27]. - The company is preparing to restart mining at San Agustin, with first ore expected to be stacked in December 2025, and recoverable reserves at the Corner area estimated at 44.5k ounces of gold [14][30]. - Ongoing drilling at the Ana Paula project has shown promising results, with a Preliminary Economic Study (PEA) indicating potential production of 101,000 ounces per year at an AISC of $1,011/oz [15][33]. Strategic Initiatives - Heliostar is focused on becoming a mid-tier gold producer, with plans to increase production to 500,000 ounces per year by the end of the decade [3][41]. - The company is advancing technical studies for the Cerro del Gallo project and has released updated reports for the La Colorada mine, indicating increased resources and lower capital expenditures [16][34][26]. Liquidity and Capital Structure - As of September 30, 2025, Heliostar had a cash balance of $34.6 million and working capital of $46.7 million, with no debt [12][9]. - The company raised $1.5 million through the exercise of warrants and stock options during the quarter, further strengthening its financial position [35].

Company Overview - Jaguar Mining Inc is a mid-tier gold producer in Brazil with over 20 years of production history[12, 13] - The company has 3 operating underground gold mining complexes and is listed on the TSX with a market capitalization of C$449 million as of November 6, 2025[13] - The company's P/NAV is 0.38x as of November 6, 2025[13] Reserves and Resources - The company has global reserves of 764 koz Au at 4.02 g/t Au as of December 31, 2024[13] - M&I Resources are 1.66Moz Au at 4.19 g/t Au as of December 31, 2024[13] - Inferred Resources are 1.68Moz Au at 3.56 g/t Au as of December 31, 2024[13] Financial Performance - The company produced 30,899 koz Au in the first 9 months of 2025[32] - Adjusted EBITDA for the first 9 months of 2025 was US$59.8 million[32] - The company's AISC was US$1,844/oz Au for the first 9 months of 2025[35] Operational Updates - The Turmalina mine is on track for a restart in Q1 2026[38] - The company signed a community compensation agreement for approximately US$10 million related to the tailings incident[38] - The company settled an environmental fine for approximately US$11 million and an MP lawsuit for approximately US$7 million, with payments to be made in installments over 1-5 years[38] Growth Projects - The Onças de Pitangui project is expected to begin development in H2 2026, with first gold production projected in H2 2027[42] - The Onças de Pitangui project has P&P reserves of 284 koz Au at 4.16 g/t Au[42] - The estimated production rate for Onças de Pitangui is 42 koz/year[42] Exploration - The company has 46,619 Ha of mineral tenements[45] - The company has a 5-year exploration plan with drilling planned from 2026 to 2030[46] - The company is targeting 600koz to 1,300koz of gold to investigate in 2026[46]

Disclaimer and Forward-Looking Statements This presentation has been prepared solely for information and does not purport to contain all of the information that may be necessary or desirable to fully and accurately evaluate Caledonia Mining Corporation Plc ("Caledonia" or "the Company") or its business prospects. For the purposes of this notice, "presentation" includes this document, any oral presentation, any questions and answer session and any written or oral material discussed or distributed by the Comp ...

Financial Data and Key Metrics Changes - The company reported revenue of $114 million for Q3 2025, a 17% increase from $97 million in Q2 2025, driven by higher production and improved gold prices [4][13] - Gold production reached just over 32,000 ounces in Q3, up 7% from 30,000 ounces in Q2, attributed to higher grades and increased throughput [4][11] - The company ended the quarter with $116 million in cash and cash equivalents, showing a slight improvement from Q2 [4][14] - All-in sustaining costs (AISC) remained consistent at $22.83 per ounce, but guidance for the year was increased to between $2,200 and $2,300 per ounce due to production shortfalls [14][16] Business Line Data and Key Metrics Changes - Production from the Abora site increased significantly, with a 57% rise in ore mined compared to the previous quarter, while Asasi mining was temporarily impacted by an incident [8][9] - Encran stripping increased by 111% compared to Q2, with development capital costs for pre-stripping totaling $12 million in Q3 [10][14] - The secondary crusher's commissioning led to a 13% increase in milling rates compared to Q2, contributing to improved gold production [11][18] Market Data and Key Metrics Changes - The average gold price for the quarter was just over $3,500 per ounce, positively impacting revenue despite a net loss before taxes of $5 million due to fair value adjustments to the hedge book [13][14] - The company has paid $12 million in tax installments to the Ghanaian government, marking the first tax expense since exhausting previous tax losses [13][14] Company Strategy and Development Direction - The company aims to continue investing in operations, particularly accelerating stripping at Encran in 2026, while maintaining a strong focus on exploration [4][14] - The exploration program at Abora has been expanded, with an additional 10,000 meters of drilling planned for completion by the end of the year [21][25] - The company is positioned as Ghana's largest single-asset gold producer, with a robust production outlook supported by strong financial discipline [26][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q3 results fell slightly below expectations due to the incident at Asasi but noted continued positive momentum in operational metrics [26] - The company remains optimistic about exploration success at Abora and the potential for organic growth [26][27] - Management emphasized the importance of maintaining strong community relations to prevent future disruptions [63] Other Important Information - The company is in discussions to implement a $75 million revolving credit facility to enhance its balance sheet for general working capital [18] - The incident at Asasi involved illegal miners and resulted in damage to mining equipment, but operations have since resumed [5][6] Q&A Session Summary Question: Can you walk us through the longer-term impacts of the improvements made to the circuit? - Management indicated that improved grades and recoveries are expected to be maintained into next year, with ongoing optimizations to the secondary crushing circuit [29][32] Question: What is needed to start underground mining related to costs and permitting? - The first step is to define the underground resource at Abora, with expectations for clarity in early next year [35][36] Question: Can you clarify the production from Abora and Asasi? - Management confirmed that more tonnage is being mined at lower grades, but overall ounces remain consistent due to mining methodology [40][41] Question: What are the stockpile levels at the end of Q3? - Stockpile levels were approximately 500,000 tons, with grades consistent with what has been processed [45][47] Question: What is the status of the Ghana audit? - The site audit is scheduled for January next year, with no specific requests for pre-documentation received yet [48][49] Question: How has community relations evolved since the incident? - Management reported that relationships have been maintained and operations resumed shortly after the incident [53] Question: How can unit costs be modeled as volumes increase? - Unit costs are expected to decrease as fixed costs are spread over increased volumes, with modest reductions anticipated [54][55] Question: What is the expected tax range for this year? - The estimated tax range for the year is between $20 million and $30 million, with a 35% effective tax rate for future calculations [56][58] Question: Why implement a revolving credit facility now? - The facility is seen as prudent balance sheet management to provide flexibility [59]

Financial Data and Key Metrics Changes - The company reported GAAP earnings of $0.01 per share, impacted by non-cash derivative market adjustments, while adjusted earnings per share were $0.14 [7] - Revenue for Q3 was approximately $783 million, including $144 million from the delivery of over 66,000 ounces under gold prepay obligations [7][8] - Operating cash flows totaled $171 million in Q3, highlighting strong cash-generating potential [8] Business Line Data and Key Metrics Changes - Fekola, Masbate, and Otjikoto mines exceeded production expectations, resulting in lower than expected cash operating costs per ounce [2] - Goose Mine achieved commercial production, although production was impacted by a crushing capacity shortfall and delays in accessing higher-grade ore [2][3] - The company revised its 2025 gold production guidance for Goose Mine down to between 50,000 and 80,000 ounces due to these challenges [10] Market Data and Key Metrics Changes - The company is positioned to benefit from a strong gold price environment, with an annual gold production target of approximately 1 million ounces [4] - Cash costs per ounce at Fekola were lower than expected, contributing to strong performance in Mali [12] Company Strategy and Development Direction - The company plans to leverage low-cost platforms and extend the life of the Otjikoto mine into the 2030s through the development of the Antelope Underground Deposit [3][13] - The company is focused on ramping up operations at Goose and maintaining strong performance across other operations [42] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing operations in Mali despite political challenges, citing strong government support and international backing [5][6] - The company expects to receive the regional mining permit for Fekola imminently, which will allow for further development [36] Other Important Information - The company has drawn down $200 million on its credit facility to manage working capital timing differences, with expectations to repay by year-end [8][37] - Capital expenditures for Q3 were higher than expected due to the capitalization of site general costs and commissioning costs [39] Q&A Session Summary Question: What grades are expected for Fekola Underground in 2026? - Management targets approximately 4.5 grams with a throughput of about 1,500 tons a day [17] Question: How is the development rate for Fekola Underground progressing? - Development is on or ahead of schedule with the contractor Byrnecut [18] Question: What are the key drivers of cost increases at Goose? - Costs for Q4 are expected to be higher due to lower production, but this is not indicative of future costs [25][26] Question: What caused the delay in accessing Umwelt? - The delay was due to a lack of equipment parts and operators, which has now been resolved [27] Question: What is the potential magnitude of solutions for crushing optimization at Goose? - A third-party consultant is expected to deliver a report in December, with solutions anticipated to be small in magnitude compared to fixing the throughput [31][32] Question: What is the reason for the delays in obtaining regional permits in Mali? - Delays are attributed to bureaucratic processes, but approval is expected imminently [35]

Financial Data and Key Metrics Changes - Gold production in Q3 totaled 73,236 ounces, a 25% increase over Q2, bringing total production for the first nine months of 2025 to 187,000 ounces, tracking the midpoint of full-year guidance of 230,000 to 270,000 ounces [2][3] - Gold revenue for Q3 was $253 million, up 27% over Q2, with adjusted EBITDA of $131 million for Q3 and over $350 million on a trailing twelve-month basis [3][6] - Cash balance at the end of Q3 was $418 million, an increase from $310 million in Q2, reflecting strong cash flow and proceeds from warrant exercises [6][8] - Adjusted net earnings reached $72 million or $0.36 per share, with a 36% increase in AISC margin compared to Q2 [6][7] Business Line Data and Key Metrics Changes - Segovia produced 65,500 ounces of gold in Q3, with an all-in sustaining cost margin of $121.5 million, a 39% increase compared to Q2 [10][11] - Marmato's bulk mining zone construction is progressing, with significant milestones achieved and first gold pour expected in the second half of 2026 [4][17] Market Data and Key Metrics Changes - The company is benefiting from rising gold prices, which have positively impacted revenue and margins [6][8] - The all-in sustaining cost for owner mining was $1,452 per ounce in Q3, trending towards the lower end of the company's full-year guidance [11] Company Strategy and Development Direction - The company plans to advance the Toroparu project to a pre-feasibility study over the next ten months and is also progressing the permitting process for Soto Norte [4][24] - The strategy focuses on becoming a significant gold producer by leveraging growth projects beyond Segovia and Marmato [4][29] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the ability to fund growth plans, with a strong position to deliver exceptional growth in annual gold production [3][29] - The company is committed to building on its operational and financial momentum, positioning itself for a successful 2026 and beyond [29] Other Important Information - The company completed a pre-feasibility study for Soto Norte, confirming it as one of the most attractive gold projects in the Americas, with a focus on responsible development [4][24] - The estimated cost to complete the Marmato project is $250 million, with $82 million funded by the Wheaton streaming agreement [17] Q&A Session Summary Question: Update on Segovia plant expansion - Management confirmed that the Segovia plant is currently running at about 2,500 to 2,600 tonnes per day, with expectations to reach 3,000 tonnes per day early next year [32][33] Question: Development sequencing of Toroparu and Soto Norte - Management indicated that Toroparu's pre-feasibility study will be completed in about ten months, while Soto Norte's permitting process will take about eighteen months, suggesting a sequential development approach [35][36] Question: CapEx for Marmato bulk mining zone - Management noted that a sharp increase in capital spending is expected as construction progresses, with contracts signed and mobilization of contractors underway [39]

Core Viewpoint - Agnico Eagle Mines Limited reported strong operational performance and record financial results for Q3 2025, driven by higher gold prices and disciplined cost management, positioning the company to meet its full-year production and cost guidance [2][9]. Financial Performance - Payable gold production for Q3 2025 was 866,936 ounces, with production costs per ounce at $963, total cash costs at $994, and all-in sustaining costs (AISC) at $1,373 [9][14]. - The average realized gold price in Q3 2025 was $3,476 per ounce, significantly exceeding the company's guidance assumption of $2,500 [9][20]. - The company reported a net income of $1,055 million ($2.10 per share) and record adjusted net income of $1,085 million ($2.16 per share) for Q3 2025 [9][21]. - Free cash flow for Q3 2025 was $1,190 million ($2.37 per share), reflecting strong cash generation capabilities [9][21]. Production and Cost Guidance - The company reiterated its full-year gold production guidance of 3.3 to 3.5 million ounces for 2025, with total cash costs and AISC expected to trend towards the higher end of guidance ranges due to elevated gold prices [9][31]. - Total capital expenditures for 2025 are projected to remain between $1.75 billion and $1.95 billion, with capitalized exploration expected between $290 million and $310 million [9][32]. Financial Position - As of September 30, 2025, the company's net cash position increased to $2,159 million, with cash and cash equivalents rising by $797 million and long-term debt reduced by $400 million [9][39]. - Moody's upgraded the company's long-term issuer rating to A3 from Baa1, reflecting a strengthened financial profile [9][38]. Shareholder Returns - A quarterly dividend of $0.40 per share was declared, and the company repurchased 1,005,577 common shares during the quarter at an average price of $149.02, totaling $150 million [9][44][47]. Key Projects and Developments - Significant progress was made on key pipeline projects, including Canadian Malartic, Detour Lake, Upper Beaver, Hope Bay, and San Nicolas, with various stages of development and exploration drilling ongoing [9][48]. - At Canadian Malartic, excavation of the first loading station was completed, and exploration drilling highlighted promising gold grades [9][48].