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]