Core Viewpoint - Centerra Gold Inc. has announced a Pre-Feasibility Study (PFS) for its Mount Milligan mine, confirming a life of mine (LOM) extension to 2045, driven by strategic investments and exploration efforts [1][2]. Group 1: LOM Extension and Production Metrics - The PFS indicates a LOM extension of approximately 10 years, with average annual production from 2026 to 2042 expected to be around 150,000 ounces of gold and 69 million pounds of copper [6][8]. - Total gold production over the mine life is projected to be 2,791,000 ounces, with total copper production estimated at 1,282 million pounds [4][6]. - The average gold grade is expected to be 0.28 grams per tonne (g/t) and the average copper grade is projected at 0.16% [4][28]. Group 2: Capital Expenditures and Economic Outlook - Total capital expenditures over the LOM are estimated at $925 million, with non-sustaining capital expenditures of $186 million planned, primarily for a second tailings storage facility and process plant upgrades [4][21]. - The after-tax Net Present Value (NPV) at a 5% discount rate is approximately $1.5 billion based on long-term commodity price assumptions, increasing to about $2.1 billion at spot prices [4][50]. Group 3: Mineral Reserves and Exploration Potential - An updated mineral reserve estimate shows a total of 483.2 million tonnes, containing 4.4 million ounces of gold and 1.7 billion pounds of copper, representing a 56% increase in gold reserves and a 52% increase in copper reserves compared to the end of 2024 [6][28]. - Ongoing exploration efforts have confirmed mineralization extending to the west of the current resource pit, indicating potential for further resource expansion [2][35]. Group 4: Environmental and Operational Improvements - The mine will utilize in-pit dumping of potentially acid-generating waste to reduce environmental impact and optimize tailings storage capacity [10][11]. - Operational improvements are expected to increase mining rates to 200,000 tonnes per day at certain points during the LOM, with a modest fleet expansion required [11][12]. Group 5: Community and Regulatory Aspects - Mount Milligan has been designated as a provincial priority project by the British Columbia government, which supports a more streamlined permitting process [47][48]. - The extended LOM is anticipated to provide consistent employment for over 1,000 workers and enhance business opportunities for First Nations and surrounding communities [49].

Core Viewpoint - Centerra Gold Inc. announced a Pre-Feasibility Study (PFS) for its Mount Milligan mine, confirming a life of mine (LOM) extension to 2045, driven by strategic investments and exploration efforts [2][3]. Production and Economics - The PFS indicates a 10-year LOM extension, with average annual production from 2026 to 2042 expected to be approximately 150,000 ounces of gold and 69 million pounds of copper [6][8]. - Total gold production over the mine life is projected at 2.791 million ounces, while total copper production is estimated at 1.282 billion pounds [5][6]. - The after-tax NPV (5%) is approximately $1.5 billion based on long-term price assumptions of $2,600 per ounce of gold and $4.30 per pound of copper, increasing to about $2.1 billion at spot prices of $3,500 per ounce of gold and $4.50 per pound of copper [6][45]. Capital Expenditures - Total capital expenditures over the LOM are estimated at $925 million, with non-sustaining capital expenditures of $186 million planned, primarily for a second tailings storage facility (TSF) and process plant upgrades [5][21]. - Key investments include $114 million for the second TSF, $36 million for process plant upgrades, and $28 million for fleet additions [21][24]. Mineral Reserves and Resources - An updated proven and probable mineral reserve totals 483.2 million tonnes, with an average grade of 0.28 grams per tonne gold and 0.16% copper, containing 4.4 million ounces of gold and 1.7 billion pounds of copper [27][29]. - This represents a 56% increase in gold reserves and a 52% increase in copper reserves compared to the end of 2024, driven by resource conversion and infill drilling [6][27]. Exploration Potential - Recent drilling confirms mineralization continues to the west of the current resource pit, with ongoing exploration aimed at expanding mineral resources and potentially extending mine life beyond the updated plan [3][32]. - The company plans to continue drilling to upgrade resources both near surface and at depth, focusing on areas to the west and southwest of the Mount Milligan reserve pit [41]. Permitting and Community Relations - Mount Milligan has been designated as a provincial priority project by the British Columbia government, which supports a more streamlined permitting process [42]. - The extended LOM is expected to provide consistent employment for over 1,000 workers and increase business opportunities for First Nations and surrounding communities [44].

Core Viewpoint - Steppe Gold Ltd. reported strong financial results for Q2 2025, with significant gold production and revenue, while also announcing management and board changes [1][5][10]. Financial Performance - Total Group revenue for Q2 2025 was $32,327, generated from sales of 15,058 ounces of gold, while total revenue for the first half of 2025 reached $64,695 from 30,669 ounces sold [4]. - Average realized gold prices were $2,147 per ounce for Q2 and $2,109 for the first half, influenced by a forward sales contract that expired on June 10, 2025 [4]. - Adjusted EBITDA for Q2 was $17,890 and $36,512 for the first half, with a Site All in Sustaining Cost (AISC) of $1,088 for the first half [4][5]. - The Group reported strong working capital of $141,709 as of June 30, 2025, including high-interest bond investments of $100,388 [4][8]. Production and Operations - Gold production for the first half of 2025 totaled 32,831 ounces, with a slight underperformance at Altan Tsagaan Ovoo due to operational readiness of a new crushing plant [4][5]. - The Group expects all gold production in the second half of 2025 to be sold at spot prices, following the expiration of the forward contract [7][11]. Management and Board Changes - Byambatseren Tsogbadrakh stepped down as a director and President, while Tserenbadam Dugeree continues to oversee operational activities [10][12]. - New Chief Operating Officers for Boroo Gold and Steppe Gold LLC have been appointed, with Purevraash Duzeenyam and Orgodol Togoo taking on these roles [12][13][14]. Future Outlook - The Group anticipates strong operating cash flows in the second half of 2025, supported by high gold prices and the maturity of bond investments [6][11]. - Plans for restructuring debt facilities are underway to align with cash flow from operating mines and upcoming bond maturity [8][19]. - The Group is exploring growth opportunities through organic exploration and potential acquisitions [8][19].

Financial Data and Key Metrics Changes - The company achieved record earnings of $132 million or $2.1 per share for the quarter, with adjusted earnings of $119 million or $1.81 per share after accounting for discrete tax items [5][6][22] - Revenue for the quarter was a record $210 million, up 20% year-over-year, driven by a 40% increase in gold prices [19][22] - The adjusted EBITDA margin increased to 84% due to strong gold prices and stable cash G&A [6][19] - The company remains debt-free and paid a quarterly dividend of $0.45 per share [6][24] Business Line Data and Key Metrics Changes - Royalty revenue increased by about 50% year-over-year to $77 million, with strong contributions from Penasquito and Mancho [12] - Stream segment revenue was $133 million, up 8% from the previous year, with increased sales from Mount Milligan and Pueblo Viejo [12] - The overall volume was 63,900 GEOs for the quarter, contributing to the record revenue [12] Market Data and Key Metrics Changes - Gold accounted for approximately 78% of total revenue, followed by silver at 11% and copper at 7% [20] - Metal prices were a significant driver for revenue increase, with gold up 40% and silver up 17% year-over-year [19][20] Company Strategy and Development Direction - The company is positioning itself as a premier growth company through acquisitions of Sandstorm Gold and Horizon Copper, which will enhance scale, growth, and diversification [7][8] - The strategic focus remains on growth in precious metals, maintaining a strong balance sheet, and increasing dividends [9] - Recent acquisitions include a gold stream on the Kansanshi mine in Zambia, a stream and royalty interest on the Wurinza project in Ecuador, and a royalty on the Lawyers Ranch development project in British Columbia [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the Sandstorm and Horizon transactions by the fourth quarter, with constructive engagement from investors [28][29] - The company is comfortable maintaining its 2025 guidance range despite underperformance in some key assets, due to a rigorous risk-adjusted budgeting process [41] - Management acknowledged the political volatility in African jurisdictions but remains open to further investments in countries where they have had success [45][46] Other Important Information - The company expects to receive the first delivery of deferred gold consideration from the Mount Milligan cost support agreement in late third quarter or early fourth quarter [26] - The total liquidity grew to over $1.25 billion, including a fully undrawn revolving credit facility of $1 billion [24] Q&A Session Summary Question: Can you discuss the deleveraging goal post-transactions? - Management indicated that the plan is to use excess cash flow to pay down the revolver over time, balancing this with potential investment opportunities [31][32] Question: Regarding Milligan's reduced production guidance, how does this affect your 2025 guidance? - Management explained that they maintain their guidance due to a rigorous budgeting process that incorporates historical performance and risk adjustments [36][41] Question: Are you maxed out on African exposure with the Kansanshi acquisition? - Management stated they are comfortable with their current African investments and would consider additional opportunities if the countries are deemed stable [44][46] Question: Is there any consideration for a share buyback given recent share performance? - Management emphasized that the focus will be on debt repayment before considering a buyback [48] Question: Can you provide an update on the timing of the Sandstorm transaction? - Management confirmed they will file the preliminary proxy with the SEC soon, targeting a fourth-quarter closing [51][52]

Financial Data and Key Metrics Changes - The company reported production of 120,000 gold equivalent ounces in Q2 2025, a more than 15% improvement over Q1 2025 [10] - All-in sustaining costs (AISC) in Q2 were $2,068 per ounce, or $18.58 per ounce excluding care and maintenance costs at Copler [10] - Operating cash flow was $158 million and free cash flow was $98 million during the quarter, maintaining total liquidity of over $900 million [12] Business Line Data and Key Metrics Changes - Marigold produced 36,000 ounces in Q2 at an AISC of $19.77 per ounce, with expectations for a stronger Q4 production [15] - Cripple Creek and Victor (CC and V) produced 44,000 ounces of gold at an AISC of $13.39 per ounce, generating nearly $85 million in free cash flow since acquisition [17] - Seabee produced 11,000 ounces of gold at an AISC of $2,708 per ounce, impacted by power interruptions due to forest fires [19] - Puna produced 2.8 million ounces of silver at an AISC of $12.57 per ounce, with an initial three-year extension of operations at Chinchillas [20] Market Data and Key Metrics Changes - The company continues to evaluate growth opportunities at Buffalo Valley and New Millennium, with feasibility studies underway [16] - The gold to silver ratio year-to-date has been higher than forecasted, affecting the positive impacts from Puna's strong first half [20] Company Strategy and Development Direction - The company aims to advance the restart of the Copler mine and has made progress with engineering plans and design documents [5][6] - The Hot Maden project is being advanced towards a construction decision, with $29 million spent year-to-date [7][11] - The company is focused on organic growth initiatives across its portfolio, including Buffalo Valley, New Millennium, and various targets at Seabee and Puna [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and generating free cash flow in the second half of the year [23] - The company is committed to Turkey and sees significant value in both the Copler asset and the Hot Maden project [41] - Progress has been made in discussions with regulators regarding the restart of the Copler mine, although a definitive timeline is not yet available [36][40] Other Important Information - The company recorded approximately $37 million in care and maintenance costs at Copler during the quarter, impacting net income figures [11][12] - Future reclamation and remediation costs related to the Copler incident are estimated between $250 million to $300 million, with a recent revision increasing the estimate by approximately 4% [13] Q&A Session Summary Question: Potential for CC and V to exceed guidance - Management indicated that CC and V is tracking to plan and remains comfortable with guidance despite strong Q2 performance [28] Question: Technical review and mine life improvement for CC and V - The purpose of the upcoming technical report is to provide updated information on reserves, with future growth opportunities being evaluated [30][32] Question: Status of discussions with regulators regarding Copler - Management reported good progress with regulators and stakeholders, with significant advancements in construction plans for the storage facility [36] Question: Timeframe for Copler restart - Management refrained from providing a specific timeline for the restart, emphasizing the importance of making progress without unnecessary pressure [40][42] Question: Permitting status at Copler - The company will revert to the 2014 Environmental Impact Assessment (EIA) with a throughput rate of 6,000 tons per day upon restart, with plans for future updates to the EIA [44]

Summary of Ramelius Resources Limited (RMS) 2025 Conference Call Company Overview - **Company**: Ramelius Resources Limited (RMS) - **Recent Merger**: Merger with Spartan Resources valued at $2.4 billion, enhancing exploration capabilities and cash flow generation [2][34] Key Points and Arguments Operational Highlights - **Production Achievement**: FY 2025 production reached a record of 301,000 ounces, exceeding the 300,000-ounce mark for the first time [10] - **Mount Magnet Operation**: The flagship operation has produced over 2 million ounces since 2014, with a projected mine life of at least 17 years [4] - **Dalgaranga Asset**: Expected to push production to over 350,000 ounces, with a focus on integrating this asset into the Mount Magnet hub [5][6] Financial Performance - **Market Capitalization**: Currently at $4.8 billion, positioning Ramelius on the cusp of the ASX 100 [7] - **Net Cash Position**: $784 million, significantly higher than the expected $500 million at the time of the merger announcement [7] - **Cash Flow Generation**: Generated nearly $700 million in free cash flow for FY 2025, leading the sector on a per-ounce basis [15] Future Growth Strategy - **Production Target**: Aiming for a sustainable production level of 500,000 ounces by the end of the decade, with all-in sustaining costs projected to be below $2,000 per ounce [8][35] - **Exploration Focus**: Renewed exploration efforts across the portfolio, particularly in the Rebecca Row area, with a definitive feasibility study (DFS) underway [5][11] Exploration and Resource Development - **High-Grade Discoveries**: Significant high-grade discoveries at the Kew project, with nearly 100,000 ounces mined at 10 grams per tonne and an all-in sustaining cost below $800 per ounce [13] - **Resource Growth**: Increased resource from 100,000 ounces to nearly 2.9 million ounces in a two-and-a-half-year period [19] - **Drilling Programs**: Extensive drilling programs planned to explore beneath existing pits, targeting high-grade shoots and expanding resource potential [22][32] Integration and Operational Synergies - **Integration Work**: Ongoing integration studies from the merger with Spartan, focusing on optimizing processing options and mine design [9][10] - **Operational Excellence**: Combining operational expertise from both companies to enhance production efficiency and exploration success [18][34] Additional Important Insights - **Cash Flow Utilization**: The company plans to reinvest cash flows into exploration and development, leveraging geological potential without the need to fight for capital [35] - **Sector Positioning**: Ramelius is positioned as a leading gold producer in the ASX, with a strong focus on sustainable growth and shareholder returns [36] This summary encapsulates the key points discussed during the Ramelius Resources Limited conference call, highlighting the company's operational achievements, financial performance, future growth strategies, and exploration initiatives.

Highlights: Note: Further intercept details including significant intercepts within composite intervals can be found in the Appendix to this document. Where antimony grades are not stated they are below detection. ETW refers to the Estimated True Width of the intercept. Frazer Bourchier, President and CEO of Mandalay, commented: "We are extremely excited about the new discovery at Brunswick South following on the heels of our success at True Blue. Brunswick South is within 300 metres of existing underground ...