Hecla Mining Company Conference Call Summary Company Overview - Hecla Mining Company (NYSE:HL) has a long history of 134 years, primarily focused on silver mining in North America, specifically the U.S. and Canada [2][3] - The company is undergoing a generational change in management, with new leadership including CEO Rob Krcmarov, who has extensive experience in mining and finance [3][4] Key Assets - Hecla operates four producing mines: - **Greens Creek**: Located in Alaska, it is the flagship asset, producing silver, gold, lead, zinc, and some copper [3][4] - **Lucky Friday**: Situated in Idaho, it has been producing for about 80 years with a reserve life of nearly 17 years [4][18] - **Keno Hill**: A newer silver-focused mine in the Yukon, with a high grade of 950 grams per ton silver equivalent and a 16-year reserve life [21][22] - **Casa Berardi**: A gold mine in Quebec, combining open-pit and underground operations, generating significant free cash flow [26][27] Financial Performance - In Q2 2024, Hecla produced 13.4 million ounces of silver, making it the largest silver producer in the U.S. and Canada [9] - The average all-in sustaining cost (AISC) for silver production was approximately $13.06, significantly below the peer average [11] - The company reported $69 million in free cash flow from Greens Creek in Q2, contributing to over $100 million in the first half of the year [16] - Hecla's debt was reduced to $268 million by the end of Q2, with plans for further repayment using free cash flow [32][71] Strategic Focus - The management is focused on improving capital allocation and enhancing resource value, aiming to close the valuation gap compared to peers [8][9] - Hecla is committed to maintaining a strong focus on silver, with approximately 40% of Q2 revenue derived from silver sales [6][32] - The company is exploring opportunities in Nevada, with plans for increased exploration spending in the coming year [30][41] Market Outlook - There is a structural deficit in the silver supply, expected to support robust silver prices in the coming years [35] - The management is optimistic about the potential for higher silver prices, which could further enhance cash flow and support debt repayment [61][62] ESG and Safety Initiatives - Hecla emphasizes safety with a program called Safety 365, aiming to improve safety culture across its operations [12][13] - The company is also involved in reclamation work funded by the Canadian government, strengthening relationships with local communities and First Nations [24][50] Additional Insights - The management believes that the Keno Hill mine has significant potential, despite challenges in ramping up production [21][46] - Hecla is not currently pursuing major M&A but is open to low-cost acquisitions that can add value without diluting shareholder equity [69][70] Conclusion - Hecla Mining Company is positioned for growth with a strong focus on silver production, effective debt management, and strategic exploration initiatives. The new management team is committed to enhancing shareholder value through improved capital allocation and operational efficiency.

Katanning Gold Project, WA Clearing the Way Strong Gold Production and Excellent Financial Returns over a 10-Year Mine Life Precious Metals Summit, Beaver Creek John Dorward, Executive Chairman 9-12 September 2025 ASX: AUC FRA: AU4 For personal use only Disclaimer Important Information The following notice and disclaimer applies to this investor presentation ("Presentation") and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information co ...

Company Update - Barton Gold Holdings Limited has announced an updated Mineral Resource Estimate (MRE) for its Challenger Gold Project, confirming over 300,000 ounces of gold adjacent to the Central Gawler Mill, which positions the company for a multi-year 'Stage 1' operation [2][4][9] - The Challenger JORC (2012) MRE now totals 313,000 ounces of gold, with significant portions located in existing open pit and underground mines, allowing for low-cost access and production [6][8] - The company is targeting operations by the end of 2026, moving directly to definitive feasibility studies for a two-phase, de-risked development approach [5][7] Financial and Operational Highlights - The preliminary estimate for the full reinstatement of the Central Gawler Mill is approximately A$26 million, with a potential production capacity of 600,000 tonnes per annum [6] - The initial phase will focus on high-grade tailings reprocessing, followed by the restart of fresh rock operations in the second phase [6] - The company aims to achieve future gold production of 150,000 ounces per annum, supported by a total of 2.2 million ounces of gold and 3.1 million ounces of silver in JORC Mineral Resources [8]

Core Viewpoint - Heliostar Metals Ltd. reported strong financial and operational results for Q2 2025, highlighting a solid performance in gold production and a robust financial position, with plans for future growth and expansion in mining operations [3][4][9]. Financial Highlights - The company achieved total gold production of 7,396 gold equivalent ounces (GEO) in Q2 2025, with year-to-date production consistent with guidance [7][21]. - Revenues for Q2 2025 reached $27.9 million, with mine operating earnings of $14.3 million [19][11]. - Net income attributable to shareholders was $1.9 million, compared to a net loss of $2.3 million in Q2 2024 [12][19]. - The company closed the quarter with $29.7 million in cash and $51.7 million in working capital, with no debt [13][19]. Operational Highlights - The La Colorada mine produced 3,538 GEOs in Q2 2025, while the San Agustin mine produced 3,622 GEOs [23][27]. - The total cash cost per GEO produced was $1,413, and the all-in sustaining costs (AISC) were $1,541 for Q2 2025 [8][9]. - The company is on track to meet its annual sales guidance of 31,000 to 41,000 GEOs for 2025 [9][10]. Growth and Development Plans - Heliostar plans to restart mining at San Agustin in late 2025, with production expected to expand into 2026 [3][15]. - An expanded $9.5 million program at the Ana Paula project includes a minimum 15,000-meter drilling program aimed at supporting a 10-year life of mine [4][16]. - The company is also preparing updated technical reports and advancing feasibility studies for its projects, including Cerro Del Gallo and Ana Paula [5][17][38]. Production Strategy - The company is focusing on extending production at La Colorada through drilling additional historical stockpiles and plans to expand the Veta Madre pit [4][26]. - Mining from the Junkyard Stockpile at La Colorada is expected to continue into 2026, with additional historical stockpiles identified for future use [14][26].

Financial Data and Key Metrics Changes - The company reported revenues of $97.3 million in Q2 2025, with an average realized price of $3,317 per ounce before hedges [14] - Net income was $21.6 million, or $0.7 per share, despite fair value adjustments negatively impacting earnings [14] - Cash flow from operating activities was $35.8 million, ending the period with a cash balance of approximately $115 million and no debt [15][21] - All-in sustaining cash costs (AISC) decreased by 10% during the quarter, with expectations for further reductions as production increases [5][16] Business Line Data and Key Metrics Changes - Gold production increased to just over 30,000 ounces in Q2, a 46% increase from Q1, bringing year-to-date production to over 51,000 ounces [5] - The mining contractor increased ore production from the Bore and Esasi by 5% quarter on quarter, with a total of 800,000 tons mined from the Abore Pit, an 18% increase compared to Q1 [9] - The processing plant saw improvements in throughput and recovery, contributing to increased gold production and sales [11] Market Data and Key Metrics Changes - The company operates in Ghana, which is noted for its safe and stable jurisdiction and mature regulatory framework, supporting organic growth [31] - The current market valuation is less than 40% of analyst consensus net asset value, indicating potential for value creation as gold prices remain high [31] Company Strategy and Development Direction - The company is focused on accelerating waste stripping at the Encran deposit and ramping up mill throughput to 5.8 million tonnes per annum following the commissioning of the secondary crusher [30][31] - There is a strong emphasis on capital allocation towards growth projects, particularly in the Encran area, while maintaining a robust cash position [15][42] - The exploration program at Obore is yielding positive results, with plans for additional drilling in the second half of the year [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stronger second half of the year due to increased production and operational improvements [30] - The company remains focused on reinvesting capital into its assets while considering shareholder returns as cash becomes more accessible [42] - Management highlighted the importance of addressing external factors impacting AISC, such as higher royalty costs and currency fluctuations [16][17] Other Important Information - The secondary crusher was commissioned ahead of schedule, which is expected to enhance production capabilities [12][20] - Exploration efforts at the Abore deposit have confirmed significant mineralization at depth, indicating potential for future underground mining operations [24][28] Q&A Session Summary Question: What should be expected for pre-stripping costs at Encran for the remainder of the year? - Management indicated a modest increase in pre-stripping costs in Q3, with a further increase expected in Q4, but not dramatically [37][38] Question: When can shareholders expect distributions given the strong cash position? - Management acknowledged the importance of building cash but emphasized the priority of reinvesting in growth projects, particularly at Encran, before considering shareholder returns [42][43] Question: What modifications are required for downstream equipment related to the secondary crusher? - Modifications include increasing conveyor speeds and optimizing settings on the primary crusher, with expectations to complete these by the end of Q3 [51][52] Question: Are the non-sustaining CapEx expectations still at $60 to $65 million for the year? - Management suggested that while the majority of costs for the secondary crushing upgrades were incurred in H1, some costs will carry into H2, and they may not reach the fully guided amount this year [54][56]

Financial Data and Key Metrics Changes - IAMGOLD reported revenues from continuing operations of $580.9 million from sales of 182,000 ounces at an average realized price of $3,182 per ounce, compared to a spot price of $3,302 per ounce [19] - Adjusted EBITDA reached a record $276.4 million, up from $191 million in the previous year [19] - The company ended the second quarter with $223.8 million in cash and cash equivalents and net debt of $1 billion [15] Business Line Data and Key Metrics Changes - IAMGOLD produced 173,000 ounces of gold in Q2, with Cote contributing 96,000 ounces, Westwood 29,000 ounces, and Essakane 77,000 ounces [8][27][31] - Cash costs for Q2 were reported at $15.56 per ounce, with all-in sustaining costs at $2,041 per ounce [8] - The company expects a stronger second half of the year, with production guidance of 735,000 to 820,000 ounces of gold [9] Market Data and Key Metrics Changes - The average gold price during the quarter was $3,100 per ounce, impacting the company's revenue and cost structure [5] - IAMGOLD's interest in Essakane was adjusted from 90% to 85% due to changes in the Burkina Faso Mining Code, affecting production guidance [15][33] Company Strategy and Development Direction - IAMGOLD is focused on stabilizing and optimizing the Cote mine, with plans to unlock expansion potential targeting over 20 million ounces of measured and indicated resources [5][25] - The company aims to responsibly deleverage its balance sheet and is prioritizing repayment of high-cost debt [16][18] - Future growth is expected from the Nelligan and Monster Lake projects in Quebec, which have significant gold resources [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for the year, citing improvements at the Cote mine and expected increases in grades at other operations [9][30] - The company acknowledged challenges related to rising costs due to higher royalties and currency fluctuations but remains optimistic about cash flow generation [10][32] Other Important Information - IAMGOLD's total recordable injury frequency rate continued to trend below prior year levels, reflecting a commitment to safety [7] - The company released its 2024 sustainability report, marking 18 years of commitment to responsible mining practices [7] Q&A Session Summary Question: Cost increase at Cote and strip ratio for the second half - Management indicated a strip ratio closer to 2.5 for the second half, with expectations of reduced rehandling as operations transition to a direct feed strategy [38][40] Question: Processing costs evolution with upcoming shutdowns - Management expects temporary increases in processing costs during maintenance shutdowns but anticipates stabilization and potential reductions in 2026 [43][46] Question: New agreement at Essakane and potential divestment - The new agreement allows for efficient cash flow movement, and while divestment is not currently a focus, the company sees Essakane as a strategic asset for cash flow generation [63][68]

Core Viewpoint - Agnico Eagle Mines Limited reported strong financial and operational results for Q2 2025, highlighting record free cash flow and disciplined capital allocation, while maintaining a focus on growth projects and shareholder returns [2][3]. Financial Performance - The company achieved a quarterly net income of $1,069 million, or $2.13 per share, and record adjusted net income of $976 million, or $1.94 per share [3][19]. - Free cash flow reached a record $1,305 million, or $2.60 per share, with cash provided by operating activities amounting to $1,845 million, or $3.67 per share [3][19]. - The realized gold price increased to $3,288 per ounce, compared to $2,342 in the prior year [19]. Production and Cost Metrics - Payable gold production for Q2 2025 was 866,029 ounces, with production costs per ounce at $911, total cash costs at $933, and all-in sustaining costs (AISC) at $1,289 [3][11]. - The company achieved approximately 51% of its full-year gold production guidance at mid-year, with total cash costs per ounce below the mid-point of guidance [3][32]. Capital Allocation and Shareholder Returns - The company returned approximately $300 million to shareholders through dividends and share repurchases, declaring a quarterly dividend of $0.40 per share [2][44]. - A total of 836,488 common shares were repurchased at an average price of $119.47, with a renewed normal course issuer bid allowing for up to $1 billion in share repurchases [2][47]. Balance Sheet Strengthening - Agnico Eagle transitioned to a net cash position of $963 million as of June 30, 2025, with cash and cash equivalents increasing by $419 million and long-term debt reduced by $550 million [3][39]. - The company repaid $40 million of senior notes and redeemed $510 million of long-term debt, demonstrating a commitment to financial discipline [3][37]. Key Growth Projects - Development at Canadian Malartic reached a record of 4,850 meters, with significant progress on the ramp and preparations for initial production in the second half of 2026 [3][49]. - Exploration drilling at Detour Lake focused on high-grade domains, with significant intercepts reported, further defining the mineralization model [3][63]. 2025 Guidance - The company reiterated its full-year gold production guidance of 3.3 to 3.5 million ounces, with total cash costs per ounce and AISC remaining unchanged [3][33].

Core Insights - LaFleur Minerals Inc. is positioned as a near-term gold producer with advanced projects in Québec's Abitibi Gold Belt, leveraging a permitted mill and strategic acquisitions [2][3][4] Company Overview - LaFleur Minerals focuses on gold exploration and development, particularly in the Abitibi region of Québec, with significant assets including the Swanson Gold Project and the Beacon Gold Mill [7][8] - The Swanson Gold Project spans approximately 16,600 hectares and includes multiple gold-rich prospects, enhancing its development potential [8] Strategic Positioning - The company acquired the Beacon Gold Mill, which has been upgraded with a $20 million investment, allowing for processing capabilities of over 750 tonnes per day [4][9] - LaFleur's strategy includes not only producing from its own properties but also potentially processing material from other nearby gold projects, capitalizing on the current high gold prices exceeding $3,000 per ounce [5][4] Leadership Insights - CEO Paul Ténière emphasized the company's accelerated timeline for production and the economic viability of its projects due to rising gold prices [5][4] - Chairman Kal Malhi discussed the strategic acquisition of assets from a bankruptcy situation, positioning LaFleur for rapid development in the gold sector [3][4]

For personal use only A FAST GROWINGWESTERN AUSTRALIAN GOLD PRODUCER ASX: BC8 BC8O bc8.com.au JULY 2025 DISCLAIMER, DISTRIBUTION, AND DISCLOSURE Disclaimer and not for US distribution This presentation includes forward-looking statements including, but not limited to, comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, and other related matters. Forward-looking statements address future events and ...

Ramelius Resources Limited (RMS) Conference Summary Company Overview - **Company**: Ramelius Resources Limited (RMS) - **Market Capitalization**: Approximately $2.8 billion as of last week [3] - **Cash and Gold Reserves**: Over $800 million with no debt, leading to an enterprise value of $2 billion [3] Financial Performance - **Record Gold Production**: Achieved 301,000 ounces for FY '25, following a record year in FY '24 [3] - **All-in Sustaining Cost**: Ranged from $15.50 to $16.50, positioned at the lower end of the range [3] - **Underlying Free Cash Flow**: - FY '24: $315 million - FY '25: Nearly $700 million, significantly surpassing the previous year [7] - Total over the last two years: Over $1 billion [8] - **Dividend Potential**: Capability to pay over $400 million in fully franked dividends in the future due to strong franking credit position [7] Production Goals and Strategy - **Future Production Target**: Aim to be a 500,000-ounce producer by FY '30, maintaining sector-leading all-in sustaining costs [5] - **Hedge Book Management**: - Reduced hedge book since March 2023, with 56,000 ounces of forward sales at an average price of $3,002.83 [11] - Exposure to spot gold price expected to increase to around 70% this year, becoming effectively unhedged by FY '27 [11] M&A and Integration - **Upcoming Combination with Spartan**: - Implementation date set for July 31, with a smooth transition planned [14] - Integration work ongoing, including mine design and processing options [16] - **Dalgaranga Asset Development**: - Ongoing diamond drilling and surface drilling to enhance production capabilities [15][20] Exploration Initiatives - **Increased Exploration Spend**: Significant increase in exploration budget compared to last year, targeting high-quality drilling sites [17] - **Key Drilling Projects**: - Follow-up drilling at Penney and Kew, with promising results [17][18] - Surface and underground drilling at Mount Magna, with plans for Hesperus drilling [18] Investment Case - **Reliable Operator**: Consistent delivery on production and cost guidance over the last five years [10] - **Sector-Leading Free Cash Flows**: Highest free cash flow margin per ounce among peers [8] - **Dividend Yield**: Paid approximately $190 million in dividends over the last five years, with a competitive yield compared to peers [21] - **Exploration Upside**: Significant potential in combined assets post-Spartan acquisition [22]