Core Viewpoint - Erdene Resource Development Corp. has successfully initiated operations at the Bayan Khundii Gold Mine, achieving significant milestones in production and processing efficiency, which positions the company for future growth and exploration opportunities in the Khundii Minerals District [2][3][4]. Production Update - The Bayan Khundii Gold Mine produced its first gold and silver doré in mid-September 2025, following the successful commissioning of the processing plant and receipt of necessary state approvals [4]. - Since operations began, the mine has processed 144,845 tonnes of ore, averaging 1,508 tonnes per day, which is 77% of the nameplate throughput of 1,950 tonnes per day [4][8]. - The processing plant has achieved nameplate capacity for much of December 2025, with gold recoveries consistent with or exceeding the forecast average of 93% [5][8]. Financial Performance - The company sold 7,434 ounces of gold and 2,634 ounces of silver, generating gross revenues of $31 million (C$42.5 million) by December 31, 2025, with average prices of $4,153 per ounce for gold and $53 per ounce for silver [6][8]. Future Projections - The Bayan Khundii mine is projected to process 650,000 tonnes per annum and produce approximately 85,000 ounces of gold annually at full capacity, with guidance to be updated post-initial start-up phase expected in Q2 2026 [7]. Exploration Activities - Recent exploration efforts in the Khundii mining license have focused on near-surface oxide gold and silver mineralization at the Dark Horse and Altan Arrow prospects, with over 5,000 metres of drilling completed in late 2025 and results anticipated in Q1 2026 [10]. - Concurrent metallurgical studies are being conducted to assess the potential for heap leach processing, which could enhance resource availability for the Bayan Khundii plant and support low-cost mine expansion opportunities [10].

Financial Data and Key Metrics Changes - The company reported record quarterly production of just under 6,600 ounces for Q1 2026, a significant increase compared to the prior year and Q4 results [6][8] - Revenue for Q1 exceeded $25 million, with adjusted EBITDA over $13 million, demonstrating strong cash flow and margins [8][12] - The working capital ratio improved from 1.3 times to 1.7 times, with positive working capital of approximately $15 million [9][28] Business Line Data and Key Metrics Changes - The company is producing between 25,000 and 30,000 ounces in fiscal 2026, with Q1 being one of the lowest quarters expected [4][7] - Cash costs for Q1 were around $1,500 per ounce, within the guidance range of $1,400 to $1,600 per ounce [7][12] - The company has a ROM pad stockpile of over 22,000 ounces, averaging 1.2-1.3 grams per ton, which helps optimize mill feed [10] Market Data and Key Metrics Changes - The realized gold price in Q1 was $3,860 per ounce, which later increased to over $4,600 per ounce, indicating a strong gold price environment [8][12] - The company is positioned in the lowest quartile of the cash cost curve, with gross profits exceeding 50% [12] Company Strategy and Development Direction - The company plans to expand its plant over the next 18-24 months to increase production and fund underground development [3][4] - There is a focus on exploration, with a geophysics study completed and plans to drill approximately 40,000 to 60,000 meters this year [40][42] - The company is negotiating with the Tanzanian government to improve agreements and reduce investment risks [44][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational performance and the potential for increased production and profitability due to higher gold prices [26][42] - The company anticipates a steady descent in the mining project, with improved grade profiles expected in the coming quarters [32][37] - Management is optimistic about the exploration results and the potential for increased reserves and resources [40][42] Other Important Information - The company is investing in plant upgrades and expansion, utilizing free cash flow to enhance throughput and recovery rates [11][12] - The company has engaged marketing firms to attract high-net-worth investors and institutional interest [76][78] Q&A Session Summary Question: Potential bottlenecks during ramp-up and labor force impacts - Management indicated that labor costs are stable, with a slight increase in workforce expected but overall efficiency improvements anticipated [61] Question: Expectations for high-grade material mining - Management confirmed that head grades will increase with the installation of a thickener, allowing for better separation of higher-grade material [65] Question: Plant utilization rate increase and strip ratio plans - The increase in plant utilization from 88% to 90% is attributed to improved maintenance and spare parts management [68] - The strip ratio will fluctuate based on the mine plan and gold prices, with expectations of a lower strip ratio as stockpiles increase [70]

Financial Data and Key Metrics Changes - The company reported record quarterly production of just under 6,600 ounces in Q1 2026, a significant increase compared to the prior year and Q4 results [6][8] - Full year production guidance remains between 25,000 and 30,000 ounces, with Q1 production expected to be among the lowest quarters of the year [7][12] - Cash costs for Q1 were approximately $1,500 per ounce, aligning with the guidance of $1,400 to $1,600 per ounce [7][12] - Revenue for Q1 exceeded $25 million, with adjusted EBITDA over $13 million, indicating strong cash flow and margins [8][12] - Working capital ratio improved from 1.3 times to 1.7 times, with positive working capital of about $15 million [9][12] Business Line Data and Key Metrics Changes - The company operates the Buckreef Gold Project in Tanzania, producing between 25,000 and 30,000 ounces in fiscal 2026 [4][6] - The ROM pad stockpile has grown to over 22,000 ounces, averaging 1.2-1.3 grams per ton, which optimizes mill feed consistency [10][12] - Significant investments were made in plant upgrades and expansions, including down payments on thickeners and elution plants [11][12] Market Data and Key Metrics Changes - The average gold price realized in Q1 was $3,860 per ounce, which later increased to over $4,600 per ounce, demonstrating strong leverage to gold prices [8][12] - The company is positioned in the lowest quartile of the cash cost curve, with gross profits exceeding 50% [12] Company Strategy and Development Direction - The company plans to expand the plant over the next 18-24 months to increase production and fund underground development [3][4] - Exploration efforts are ongoing, with a focus on prospective areas such as Stanford Bridge and Anfield, and a geophysics study has highlighted new targets [40][41] - The company is negotiating with the Tanzanian government to establish better agreements that enhance operational transparency and reduce investment risks [44][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational growth and the potential to exceed PEA metrics in terms of throughput and gold production [16][22] - The company anticipates a steady grade profile and increased production as new processing equipment is installed [32][37] - Management is optimistic about the financial outlook, expecting to generate higher cash flow and improve working capital ratios [28][51] Other Important Information - The company is investing in exploration with plans to drill approximately 40,000 to 60,000 meters throughout the year [40][42] - The company has engaged multiple marketing firms to attract high-net-worth investors and institutional interest [76][78] Q&A Session Summary Question: Can you walk me through potential bottlenecks during ramp-up and impacts on the labor force? - Management indicated that labor costs are stable, with a slight increase in workforce expected but overall efficiency improvements anticipated [61][62] Question: When should we expect high-grade material to be mined? - Management noted that head grades will increase as the thickener is installed, allowing for better separation of higher-grade material [65] Question: What brought the plant utilization rate from 88% to 90%? - The increase in utilization is attributed to improved preventative maintenance and better organization of processes [68][69]

Financial Data and Key Metrics Changes - The company reported record quarterly production of just under 6,600 ounces in Q1 2026, a significant increase compared to the prior year and Q4 results [6][8] - Revenue for Q1 reached over $25 million, with adjusted EBITDA exceeding $13 million, demonstrating strong cash flow and margins [8][12] - The working capital ratio improved from 1.3 times to 1.7 times, with positive working capital of approximately $15 million at the end of Q1 [9][27] Business Line Data and Key Metrics Changes - The Buckreef Gold Project in Tanzania is producing between 25,000 and 30,000 ounces in fiscal 2026, with Q1 production expected to be among the lowest quarters of the year [4][7] - Cash costs for Q1 were approximately $1,500 per ounce, aligning with the full-year guidance of $1,400 to $1,600 per ounce [7][12] Market Data and Key Metrics Changes - The company realized a gold price of $3,860 per ounce in Q1, which later increased to over $4,600 per ounce, indicating a strong gold price environment [8][12] - The gross profit margin is over 50%, positioning the company in the lowest quartile of the cash cost curve [12] Company Strategy and Development Direction - The company plans to expand the plant over the next 18-24 months to increase production and fund underground development, with an 18-year mine life projected [3][4] - The focus is on optimizing the existing plant and enhancing recovery rates through upgrades, including a super oxidation system and a new SAG mill [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational growth and the potential to exceed PEA metrics in terms of throughput and gold production [15][22] - The company is optimistic about increasing reserves and resources due to favorable gold prices and ongoing exploration efforts [21][25] Other Important Information - The company is actively negotiating with the Tanzanian government to establish better agreements that promote investment and operational transparency [44][46] - Exploration plans include drilling approximately 40,000 to 60,000 meters in 2026, targeting new areas identified through geophysical studies [39][40] Q&A Session Summary Question: Can you walk me through potential bottlenecks during ramp-up and impacts on the labor force? - Management indicated that labor costs are stable, with a slight increase in workforce expected but overall efficiency improvements anticipated [62][64] Question: When should we expect high-grade material to be mined? - Management confirmed that head grades will increase as the thickener is installed, allowing for better separation of higher-grade material [65] Question: What brought the plant utilization rate from 88% to 90%? - The increase in utilization is attributed to improved preventative maintenance and better organization of processes [69][70] Question: What are the risks of completing TSF-3 on schedule? - Management assured that the construction of TSF-3 is on track, with a timeline of about five months for completion [74][76] Question: What initiatives are in place to promote TRX and its stock? - The company is engaging marketing firms to attract high-net-worth and institutional investors, focusing on maintaining a stable share count without discounts [76][78]

Core Viewpoint - Allied Gold Corporation has commenced operations at Sadiola with the new fresh ore comminution circuit, marking a significant milestone in its growth strategy aimed at increasing production and cash flows [1][2]. Group 1: Phase 1 Expansion - The Phase 1 expansion allows Sadiola to increase the proportion of fresh ore in the feed from approximately 20% to 60%, with an expected throughput of 5.7 million tonnes per annum [2]. - The first quarter of 2026 is anticipated to be the first full quarter with higher-grade fresh ore contributing to production, with production levels expected to vary as mining progresses [2][5]. - The completion of Phase 1 is expected to result in annual production of 200,000 to 230,000 gold ounces, representing a 17% to almost 30% increase over 2023 production levels [5]. Group 2: Phase 2 Expansion - The Company is in the final stages of studies to define the preferred growth path for Sadiola, including a modular expansion of current facilities and increasing metallurgical recoveries for fresh ore [3]. - An update on the Phase 2 expansion, which is planned to commence in late 2026, will focus on a more capital-efficient, modular upgrade rather than a larger, more expensive plant [4]. Group 3: Production Outlook - In the current quarter, Sadiola is expected to produce approximately 60,000 gold ounces, reflecting a 40% increase over the average of prior quarters this year [6]. - Overall production for the quarter is expected to exceed 113,000 gold ounces, a 30% increase over prior quarters and a 13% increase compared to the same quarter last year [7]. - The Company maintains its guidance for the year of over 375,000 gold ounces [7]. Group 4: Company Overview - Allied Gold Corporation is a Canadian-based gold producer with a significant growth profile, operating a portfolio of three producing assets and development projects in Côte d'Ivoire, Mali, and Ethiopia [8]. - The Company aims to become a mid-tier, next-generation gold producer in Africa and ultimately a leading senior global gold producer [8].

Expanded Phase 2 (EP2) Overview - The Expanded Phase 2 (EP2) project aims to add a 13 Mtpa plant to achieve a total throughput of 21 Mtpa by the end of 2028[9] - The capital cost for EP2 is estimated at $144 billion[11] - The project targets over 500,000 ounces of annual gold production for the first 10 full years[13] - Phase 1A aims to increase plant design throughput from 6 Mtpa to 8 Mtpa by the end of 2026, with a capital cost of $110 million[9, 11] Production and Cost Guidance - The project anticipates annual average gold production of 500,000-525,000 ounces for the first 10 full years (2029-2038)[14] - Annual average silver production is projected at 2,000,000-2,500,000 ounces for the first 10 full years (2029-2038)[14] - All-in sustaining costs (AISC) are estimated at $1,000-$1,100 per ounce of gold for the first 10 full years[14] Project Execution and Benefits - Front-end engineering and design for EP2 were completed in December 2025, with advanced planning for early works and construction[30] - The EP2 processing plant will be a separate facility adjacent to the Phase 1 processing plant, minimizing disruption to current operations[22] - The project is expected to create approximately 1,200 direct employee and contractor positions for operations, plus around 1,500 employees and contractors during construction[41]

Financial Data and Key Metrics Changes - 2025 was a transformative year for the company, with record production and sales in Q4, producing over 6,400 ounces of gold and selling almost 7,000 ounces, marking a significant increase quarter over quarter [10][11] - The company realized a record gold price of $3,363 in Q4, with current sales exceeding $4,200, contributing to record revenue, gross profit, net income, operating cash flow, and Adjusted EBITDA [11][12] - For the full year, the company produced just under 19,000 ounces, generating almost $60 million in revenue and a gross profit of just under $25 million, with a gross profit margin of 53% in Q4 [16][17] Business Line Data and Key Metrics Changes - The company underwent a significant stripping campaign that reset the mine plan, leading to record results in Q4 and positive working capital, with accounts payable back within 60 days on average [10][12] - The stockpile position improved, with about 15,000 ounces at year-end, growing to over 20,000 ounces, allowing for continuous mill feed and supporting blending strategies [12][13] Market Data and Key Metrics Changes - The company operates in a favorable gold price environment, with expectations for continued high prices, which are crucial for financial performance [11][19] - The company is positioned well in Tanzania, with ongoing negotiations with the government regarding joint venture agreements, which could enhance operational stability [36][38] Company Strategy and Development Direction - The company plans to expand operations in 2026, with a focus on increasing production capacity from 2,000 tons per day to 3,000 tons per day, along with additional processing facilities [18][41] - There is a strong emphasis on exploration, with plans to drill in areas like Stanford Bridge and Eastern Porphyry, supported by a completed geophysics study to identify additional targets [19][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position heading into 2026, citing improved grades and production profiles as key factors for future success [20][29] - The management team highlighted the importance of maintaining a strong balance sheet and cash flow to support ongoing operations and potential expansions [12][57] Other Important Information - The company has not issued equity in the market recently, focusing instead on generating cash flow from operations to fund growth initiatives [28][57] - The management team is committed to maintaining low general and administrative costs while focusing on capital allocation for plant expansions and drilling [28][84] Q&A Session Summary Question: Can you provide details on the drilling focus and costs? - The company plans to start drilling at the Eastern Porphyry Pit at a cost of about $25 per meter, significantly lower than the typical contracting rate of $50 [66] Question: What are the key catalysts for the company in the next 12 months? - Management identified potential upside in financial results, a new government agreement, and exploration opportunities as key catalysts [71][73] Question: Is there a plan for a stock buyback? - While no promises were made, management indicated that stock buybacks are being considered, especially if gold prices remain strong [83]

Financial Data and Key Metrics Changes - Q4 2025 was the strongest quarter for the company, with record production and sales, producing over 6,400 ounces of gold and selling almost 7,000 ounces, marking a significant increase quarter over quarter [11][12] - The company realized a record gold price of $3,363 in Q4, with current sales exceeding $4,200, leading to record revenue, gross profit, net income, operating cash flow, and Adjusted EBITDA [12][18] - For the full year 2025, the company produced just under 19,000 ounces, generating almost $60 million in revenue and a gross profit of just under $25 million, with a gross profit margin of 53% in Q4 [17][18] Business Line Data and Key Metrics Changes - The company underwent a significant stripping campaign that reset the mine plan, allowing access to high-grade ore blocks, which contributed to record production levels [11][12] - The stockpile position improved, with about 15,000 ounces at the end of the year, growing to over 20,000 ounces, enabling continuous mill feed and supporting blending strategies [13][14] Market Data and Key Metrics Changes - The company operates in a favorable gold price environment, with expectations for continued high prices due to market conditions and potential interest rate changes [12][60] - The company is positioned well in Tanzania, with ongoing negotiations with the government regarding joint venture agreements, which could enhance operational stability and investment attractiveness [36][39] Company Strategy and Development Direction - The company plans to expand operations in 2026, with expectations of gold production between 25,000 and 30,000 ounces at a cash cost of $1,400 to $1,600 per ounce, focusing on plant upgrades and life of mine tailings facilities [20][21] - The company is committed to exploration, with plans to drill in the main zone and other identified targets, aiming to increase gold resources [20][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position heading into 2026, citing improved grades and production profiles as key factors for future success [29][60] - The management team highlighted the importance of maintaining a strong balance sheet and cash flow to support ongoing operations and potential expansions [12][59] Other Important Information - The company has not issued equity in the market recently, focusing on generating cash flow from operations to fund growth initiatives [28] - The management team emphasized the importance of maintaining low G&A expenditures while scaling operations [28][60] Q&A Session Summary Question: What is the company's hedging strategy in the event of declining gold prices next year? - The company is currently unhedged on gold prices and plans to remain so, focusing on conservative budgeting to manage potential declines [84][86] Question: Is there any plan on TRX doing a stock buyback? - While no promises can be made, the idea of a stock buyback has entered the company's mindset, particularly if gold prices remain strong [87][88] Question: Can we count on a leadership team to remain focused on bigger picture and less on being acquired? - The leadership team is focused on increasing asset value and has not indicated any interest in being acquired [89] Question: What do you attribute to sustained increase in daily trading volume? - The increase in trading volume is attributed to better financial results and a strong shareholder base, rather than significant influence from institutional investors [90]

Boliden (OTCPK:BDNN.Y) Update Summary Company Overview - **Company**: Boliden - **Industry**: Mining and Metals Key Points and Arguments 2026 Guidance and Outlook - The 2026 guidance includes the first full year of operations for Somincor and Zinkgruvan, contributing to overall production increases [2][3] - Higher grades are expected in open pit mines, with increased mill volume across several mines [2][3] - Aitik's milled volume is projected at 41 million tons, an improvement from the previous year, with copper grades at 0.18% and gold grades at 0.08 grams per ton [6][30] - Garpenberg's production is expected to be 3.7 million tons at 2.9% zinc and 95 grams silver, slightly down from the previous year [6][7] Mine Developments and Permits - An extended permit for Garpenberg allows for higher throughput, although it is subject to potential appeals [3][24] - The Kristineberg expansion and Tara ramp-up are expected to contribute to increased throughput [3][4] - The company is actively working on mine extensions and optimizations, particularly in Somincor and Zinkgruvan [9][11] Financials and CAPEX - The total CAPEX for 2026 is guided at SEK 15 billion, with mine sustaining CAPEX at approximately SEK 6.5 billion [4][35] - The maintenance stop in smelters is expected to impact EBIT by SEK 450 million in 2026, down from SEK 500 million in 2025 [18] - Rönnskär's ramp-up is on track, with an expected annual EBITDA increase of around EUR 150 million as it reaches full production [14][15] Operational Challenges and Adjustments - Odda's commissioning has been delayed by approximately two months due to mechanical and electrical issues [13][70] - The company has encountered oxidization issues in Aitik, which are independent of the diorite problem [22][94] - The Finnish parliament is discussing potential tax increases, which could impact operational costs [3][4] Market Conditions and Pricing - The company has confirmed strong interest from buyers for leach products, indicating favorable market conditions [13] - Rönnskär's updated metal recoveries are expected to positively impact operating profit by SEK 400 million in Q4 2025 [19] Future Investments and Strategic Projects - Future investments are anticipated to maintain production levels, particularly at Garpenberg, which may require additional CAPEX for a new shaft [24][88] - The company is focusing on strategic projects, including the completion of the Aitik dam and the Kristineberg expansion [35][38] Environmental and Compliance Updates - Boliden has completed compliance with global industry standards on tailings management, which is crucial for future operations [11][12] Additional Important Information - The company plans to provide a deeper breakdown of CAPEX and strategic projects during the Capital Markets Day in March [35][39] - Working capital levels are expected to increase with the ramp-up of Odda and Rönnskär, estimated at SEK 500 million and SEK 1 billion respectively [57][58] This summary encapsulates the key points from Boliden's update, highlighting the company's operational outlook, financial guidance, and strategic initiatives for 2026.

Mines Outlook - In 2026, the first full year will include Somincor and Zinkgruvan operations[6] - Higher grades are expected in open pits[6] - Increased milled volume is anticipated at Aitik, Garpenberg, the Boliden Area, and Tara mines[6] - Potential cost increases of EUR 20-30 million are expected annually at Kevitsa[6] - Milled volume is expected to be stable at approximately 4.5 Mtonnes in coming years for Somincor[11] - Milled volume is expected to be stable at approximately 1.5 Mtonnes in coming years for Zinkgruvan[14] Smelters Outlook - Increased zinc and precious metal production is expected in Odda[6] - The Odda expansion is expected to increase annual capacity by 150 ktonnes of zinc and 45 ktonnes of leach product, improving annual EBITDA by approximately EUR 150 million at full production[18] - The ramp-up of the new tankhouse in Rönnskär is planned for H2 2026, with an annual copper cathode capacity of 230 ktonnes and an expected annual EBITDA increase of approximately SEK 1.2 billion when completed[19, 20] - Planned maintenance shutdowns at smelters are estimated to impact operating profit by SEK -450 million for the full year 2026[6, 21] Capital Expenditure - Group capital expenditure (capex) is projected to be SEK 15 billion, including mine sustaining capex of SEK 6.5 billion[6]