Integra Resources (NYSEAM:ITRG) Q4 2025 Earnings call March 25, 2026 11:00 AM ET Company ParticipantsAndrée St-Germain - CFOClifford Lafleur - COOGeorge Salamis - President, CEO, and DirectorGregory Robinson - General Manager of the Florida Canyon MineConference Call ParticipantsHeiko Ihle - Managing Director and Equity Research AnalystOperatorI would like to turn the meeting over to Andrée St-Germain, Chief Financial Officer. Please go ahead, Andrée.Andrée St-GermainThank you, Operator. I would like to wel ...

Core Viewpoint - Cabral Gold Inc. has received the Licença Prévia (LP) for the Full Mining License at the Cuiú Cuiú Gold District in Brazil, marking a significant milestone for the company and its project [1][2]. Company Developments - The LP allows for the expansion of the Phase 1 gold-in-oxide project, increasing its capacity from 500,000 tonnes per year to a full plant capacity of 1 million tonnes per year and beyond [2][3]. - The granting of the LP reduces the risk profile for both Phase 1 and the upcoming Phase 2 project, which focuses on hard rock resources [2][3]. - The successful public audiences held in August 2025 in the community of Cuiú Cuiú and Itaituba received 100% approval, contributing to the LP's issuance [4]. Project Details - The Brazilian mine permitting process consists of three stages: Licença Prévia (LP), Installation License (LI), and Operating License (LO). The LP is the most critical and challenging to secure [4]. - The Cuiú Cuiú project has defined Indicated resources of 12.29 million tonnes at 1.14 g/t gold (450,200 ounces) in fresh basement material and 13.56 million tonnes at 0.50 g/t gold (216,182 ounces) in oxide material [5]. - Inferred resources include 13.63 million tonnes at 1.04 g/t gold (455,100 ounces) in fresh basement material and 6.4 million tonnes at 0.34 g/t gold (70,569 ounces) in oxide material [5]. Industry Context - The Tapajós Gold Province is known for the largest gold rush in Brazil's history, producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995, with Cuiú Cuiú being a significant area of placer workings [6].

Core Viewpoint - Rua Gold Inc. is advancing its Auld Creek gold-antimony project in New Zealand, with significant exploration updates and permitting activities aimed at accelerating resource development and production plans for 2026 [1][4][6]. Exploration Update - New mineral intersections confirm the expansion of the Auld Creek system beyond 870 meters, with mineralization remaining open to the north and at depths exceeding 320 meters [3][10]. - A third drill rig is set to commence operations by the end of January 2026, which will enhance resource development and test anomalies along the Fraternal and Bonanza lodes [3][6]. - Highlighted assay results include ACDDH050 with 3.0m at 21.27 g/t AuEq (4.5 g/t Au & 3.9% Sb) from 137m, and ACDDH056 with 5.1m at 7.27 g/t AuEq (5.3 g/t Au & 0.5% Sb) from 240.4m [6][18]. Permitting Activities - The company has made significant progress in permitting activities, targeting the submission of a Fast Track referral application in the first half of 2026 [4][7]. - Engagement with local Maori stakeholders, Te Runanga o Ngāti Waewae, has been ongoing, with strong support for the project and collaboration on cultural impact assessments [8][9]. - The mine concept design was completed in 2025, and community consultations are set to intensify throughout 2026 [9]. Technical Reports and Assessments - RSC Consulting has been engaged to prepare an updated NI 43-101 Reefton Technical Report, scheduled for publication in February 2026, which will incorporate drilling results to date [6][10]. - Tendering is underway for works to support a Preliminary Economic Assessment (PEA) [6][9]. Regional Opportunities - Auld Creek is one of at least six known occurrences of gold-antimony in the Reefton Goldfield, which has a historical production of over 2 million ounces of gold [19][21]. - The company controls over 120,000 hectares of tenements in the Reefton Gold District, positioning it as a dominant landholder in the region [21].

Core Viewpoint - Trilogy Metals Inc. is advancing its Ambler Mining District projects with a focus on permitting, technical de-risking, and long-term development, supported by a budget of approximately $35 million for 2026 [2][3][4]. Group 1: 2026 Program and Budget - Ambler Metals LLC has approved a budget of approximately $35 million for the Upper Kobuk Mineral Projects (UKMP) in northwestern Alaska for 2026 [2]. - The 2026 work program is crucial for initiating the mine permitting process for the Arctic Project and advancing technical foundations for future development [3][4]. Group 2: Permitting and Technical Advancements - The joint venture aims to submit mine permits in 2026, potentially utilizing the FAST-41 federal program to enhance permitting efficiency [4]. - Engineering, environmental, and technical programs will be advanced to support a final investment decision for mine construction and operations [5]. Group 3: Exploration and Drilling Activities - Exploration in 2026 will focus on the Arctic Project, including geotechnical and condemnation drilling to aid mine design and infrastructure planning [6]. - The Bornite Project camp will be prepared for ongoing exploration, with plans to open during the summer field season for drilling and maintenance [6]. Group 4: Management and Community Engagement - An independent management team will be re-established to oversee the next phases of advancement at the UKMP, focusing on permitting, technical programs, and community engagement [7]. - Engagement with local communities and stakeholders will be emphasized, ensuring transparent communication and workforce development [7]. Group 5: Financial Position and Funding - Trilogy Metals has approved a corporate budget of approximately $5 million for 2026, primarily for compliance and oversight of its investment in Ambler Metals [9]. - The company maintains a strong cash position of over $50 million, which will support ongoing operations and future joint venture requirements [9]. - Additional funding of approximately $35.6 million is expected from a strategic investment by the US federal government to support critical mineral resource development at the UKMP [11].

Financial Data and Key Metrics Changes - Franco Nevada reported record financial results for Q2 2025, with total revenue increasing by 42% to $369.4 million compared to the same quarter in 2024 [21][22] - Adjusted EBITDA also reached a record high, increasing by 65% to $365.7 million from $221.9 million in Q2 2024 [21][22] - Adjusted net income was $238.5 million, or $1.24 per share, reflecting a 65% increase year-over-year [24] - Total GEOs sold increased by 2% to 112,093 compared to 110,264 in Q2 2024, with precious metal GEOs sold rising by 12% to 92,449 [18][21] Business Line Data and Key Metrics Changes - Strong contributions were noted from the Guadalupe and Candelaria operations, alongside recent acquisitions at Yanacocha and West Flint [19][20] - Diversified GEOs sold decreased to 19,644 from 27,914 in the prior year, with diversified revenue slightly lower at $62.7 million compared to $64.6 million [21] - The cash cost per GEO increased to $299 from $264 in the prior year, while the margin per GEO was just shy of $3,000 [25] Market Data and Key Metrics Changes - Average gold prices increased by 40% year-over-year, while silver prices rose by 17% [17] - Prices for platinum and palladium rebounded, while iron ore and oil prices remained volatile and lower compared to the previous year [17] Company Strategy and Development Direction - The company is focused on adding gold assets and maintaining a diversified portfolio, with a strong emphasis on long-term quality assets [95][98] - Franco Nevada is optimistic about growth opportunities from existing projects and potential new developments, particularly in the U.S. [8][14] - The company plans to continue its strategy of being a financial backer to companies with promising assets, enhancing their valuations and success [40][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the resolution of the Cobre Panama situation, viewing it as a significant upside opportunity [31][94] - The company remains well-capitalized with approximately $1.35 billion in available capital, allowing for continued acquisitions [26] - Future guidance remains unchanged, with expectations to achieve total GEOs and precious metals GEOs within the previously set ranges [27][60] Other Important Information - The company acquired a royalty on IAMGOLD's Cote Gold Mine, which is expected to contribute significantly to future revenues [11][12] - Franco Nevada has begun receiving deliveries from Cobre Panama, anticipating approximately 10,000 GEOs in Q3 2025 [28] Q&A Session Summary Question: Why did Franco decide to suspend the arbitration proceeding for Cobre Panama? - Management indicated that the best outcome is to see the mine back in operation, aligning with the government's request to suspend arbitration to find a resolution [31] Question: Will the available capital affect deal sizes in the future? - Management stated that the business continues to generate significant cash flow, allowing for flexibility in deal sizes without constraints [32] Question: What impact will platinum price rebounds have on recent acquisitions? - Management noted that the rebound in platinum prices provides a positive tailwind for operations and improves the economics of extension projects [36] Question: What is the outlook for the Permian asset base? - Management expressed that production levels and drilling activity in the Permian are expected to remain consistent, though slight softening may occur with lower oil prices [52] Question: How much gold inventory remains on the balance sheet? - The company reported having 2,469 gold ounces remaining in inventory as of June [57] Question: What are the financial implications if Cobre Panama remains offline into 2026? - Management clarified that Cobre Panama was not included in guidance, viewing it as a free option with no dependency on its operation [94] Question: What is the strategy regarding potential buybacks of royalty streams? - Management highlighted that significant buyback options exist for assets like Cote and Porcupine, which should be monitored closely [73]