For personal use only This presentation has been prepared by AIC Mines Limited (ABN 11060156452) ("the Company" or "AIC Mines") to provide summary information about AIC Mines and its activities at the date of this presentation. The information contained in this presentation does not purport to be complete, and it should be read in conjunction with AIC Mines' other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au or www.aic ...

Core Insights - Pan American Silver Corp. (PAAS) invested $94 million in 2025 to advance major projects, particularly focusing on the La Colorada mine in Mexico and reevaluating the Skarn project due to new high-grade silver discoveries [1][8] Group 1: Project Developments - The company plans to combine the La Colorada vein mine with the Skarn project using a phased development approach, allowing for initial focus on high-grade, low-tonnage, and less capital-intensive stages [2] - Initial mine infrastructure mobilization is underway at the Skarn project, while drilling and underground development continue in Candelaria's deep east sections [3] - Exploration at La Colorada has yielded exceptional results, with at least four new high-grade veins discovered, and 40% of drill holes exceeding 1,000 g/t silver, indicating potential for resource expansion [3][8] Group 2: Production Expectations - Pan American Silver anticipates total silver production of 25-27 million ounces in 2026, with significant contributions from La Colorada expected to drive this growth [4] Group 3: Market Performance and Valuation - PAAS shares have increased by 158.3% over the past year, compared to the industry's growth of 212.3%, while the Basic Materials sector rose by 47.5% and the S&P 500 by 24.6% [7] - The consensus estimate for PAAS's earnings in 2026 is $3.97 per share, reflecting a year-over-year increase of 56.3%, with a slight increase to $4.14 expected in 2027 [10] - PAAS is currently trading at a forward price-to-earnings multiple of 14.88X, below the industry average of 18.15X [11]

Financial Data and Key Metrics Changes - In 2025, Endeavour Silver produced 11 million ounces of silver equivalent metal, a 48% increase compared to 2024 [5] - The company reported record revenue of $468 million, up 115% from 2024, with cost of sales at $385 million and mine operating earnings of $83 million [7] - Mine operating cash flow before taxes rose by 116%, while cash costs increased to $19 per ounce of payable silver [7][8] - Adjusted net earnings for Q4 were $4.8 million, or $0.02 per share, impacted by realized losses from derivative contracts and higher financing costs [7][8] Business Line Data and Key Metrics Changes - In Q4, Endeavour Silver produced 2 million ounces of silver and 14,000 ounces of gold, totaling just shy of 4 million silver equivalent ounces, representing a 146% increase compared to Q4 of 2025 [6] - Excluding Coba and Terronera, production was up 27% compared to the same period last year [6] Market Data and Key Metrics Changes - Silver and gold prices have seen exceptional gains, with gold trading above $5,000 and silver above $90, reflecting ongoing confidence in precious metals [4] - The company is well-positioned to benefit from current silver prices, indicating substantial runway remaining in this cycle [4] Company Strategy and Development Direction - Endeavour Silver's strategic initiatives include the acquisition of Kolpa, achieving commercial production at Terronera, and advancing the Pitarrilla development asset [4][5] - The company plans to invest $68 million in Pitarrilla in 2026, including completing a feasibility study and advancing construction [12] - The focus remains on operational investment priorities across main operations and projects to drive growth in 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of safety and operational stability, especially in light of recent security events in Mexico [3] - The transition from diesel to liquefied natural gas is expected to significantly reduce operating costs starting in Q2 2026 [8][17] - Management expressed confidence in achieving a steady state of operations at Terronera by mid-year 2026, with expectations for improved throughput and recoveries [11][91] Other Important Information - The company raised $350 million through a convertible debt offering in December, strengthening its balance sheet [5] - As of December 31, 2025, the company's cash position was $215 million, providing financial strength for strategic initiatives [10] Q&A Session Summary Question: Updates on operational issues at Terronera - Management confirmed improvements in mill availability and electrical disruptions, with expectations to transition to LNG for better stability and cost efficiency [15][17] Question: Grade profile at Terronera - Management indicated that lower grades were due to mining lower grade stockworks initially, with expectations for higher grades in the second half of 2026 [19][23] Question: Capital spending and development at Terronera - Management acknowledged being slightly behind on development but expects costs to decrease as operations stabilize [26][28] Question: Impact of silver prices on costs - Management noted that higher silver prices would increase direct costs due to royalties and duties, but margins remain strong [41][43] Question: Derivative hedge and risk management - Management discussed the remaining gold hedge and the company's policy to remain unhedged on silver, focusing on managing exposure to currency fluctuations [48][50] Question: Accounting implications of Bolanitos sale - Management confirmed an accounting gain from the sale of Bolanitos and discussed the impact of construction costs on taxes [70][72]

Financial Data and Key Metrics Changes - In 2025, Endeavour Silver produced 11 million ounces of silver equivalent metal, a 48% increase compared to 2024 [5] - The company reported record revenue of $468 million, up 115% from 2024, with cost of sales at $385 million and mine operating earnings of $83 million [6] - Adjusted net earnings for Q4 were $4.8 million, or $0.02 per share, impacted by realized losses from derivative contracts and higher financing costs [6][7] Business Line Data and Key Metrics Changes - In Q4, Endeavour produced 2 million ounces of silver and 14,000 ounces of gold, totaling just shy of 4 million silver equivalent ounces, representing a 146% increase compared to Q4 of 2025 [5] - Excluding Coba and Terronera, production increased by 27% compared to the same period last year [6] Market Data and Key Metrics Changes - Silver and gold prices have seen exceptional gains, with gold trading above $5,000 and silver above $90, driven by inflationary pressures and global economic uncertainty [4] - The company is well-positioned to benefit from current silver prices, indicating substantial runway remaining in this cycle [4] Company Strategy and Development Direction - Endeavour Silver's strategic initiatives include the acquisition of Kolpa, achieving commercial production at Terronera, and advancing the Pitarrilla development asset [4][5] - The company plans to invest $68 million in Pitarrilla in 2026, focusing on exploration and technical studies [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of safety and operational stability, particularly in light of recent security events in Mexico [3] - The company anticipates a substantial reduction in direct operating costs as it transitions to liquefied natural gas in Q2 2026 [8][10] Other Important Information - As of December 31, 2025, the company's cash position was $215 million, providing financial strength to advance strategic initiatives [10] - The company expects to see improvements in throughput and recoveries as operations stabilize at Terronera [11] Q&A Session Summary Question: Can you discuss the mill availability and electrical interruptions at Terronera? - Management confirmed improvements in January and February, with stabilization of electrical disruptions and plans to transition to an LNG plant for better reliability and cost [15][17] Question: What is the guidance on grades at Terronera? - Management indicated that lower grades were due to mining stockwork, with expectations for higher grades in the second half of the year as operations progress [19][22] Question: How will costs drop in 2026? - Management explained that Q1 costs would be higher due to one-time expenditures, but costs are expected to decrease as operations stabilize and higher grades are processed [56][60] Question: What changes in security protocols have been implemented due to recent events in Jalisco? - Management stated that while there would be no dramatic changes in security costs, there would be increased monitoring of transportation lines [64][66] Question: What is the status of the Bolanitos sale and its accounting impact? - The sale closed on January 15, and the company anticipates recognizing an accounting gain in Q1 [72][73]

Core Insights - Sage Potash Corp. has appointed Mr. Richard Lock to its Board of Directors, bringing extensive mining engineering experience to the company [1][3] Group 1: Appointment of Richard Lock - Mr. Lock is a renowned mining engineer with a history of leading significant mining projects globally, including roles at Rio Tinto and Yara International [2] - His experience includes project director positions at notable mines such as the Resolution Copper and Diavik Diamond mine [2] - The appointment is seen as a strategic move to enhance the company's engineering and mine-building expertise, aligning with its development goals [3] Group 2: Company Focus and Goals - Sage Potash is dedicated to developing its flagship Sage Plain Potash Project in the Paradox Basin, Utah, aiming for sustainable domestic potash production [4] - The company emphasizes its commitment to food security, environmental stewardship, and shareholder value [4] - The board's focus on adding expertise reflects the company's ongoing commitment to strong technical and financial governance as it progresses with its strategic objectives [3]

TSX CG NYSE CGAU BUILDING A STRONG PLATFORM FOR FUTURE GROWTH Cautionary Statement on Forward Looking Information Fourth Quarter 2025 Results Conference Call & Webcast FEBRUARY 20, 2026 All statements, other than statements of historical fact contained or incorporated by reference in this document, which address events, results, outcomes or developments that the Company expects to occur are, or may be deemed to be, forward-looking information or forward-looking statements within the meaning of certain secur ...

Core Insights - Tocvan has initiated trenching material for the Pilot Mine feed at the Gran Pilar South Block, receiving local community approval and starting site preparation for a fully permitted 50,000-tonne facility [1] Group 1: Pilot Mine Advancement - The company has begun trenching material for the Pilot Mine feed at the Gran Pilar South Block [1] - Local community approval has been secured for the project [1] - Site preparation activities have commenced, including clearing for heap leach pad and containment ponds [1] Group 2: Infrastructure and Exploration Progress - Dozer cuts for channel sampling and ground leveling for processing equipment and access roads are currently underway [1] - These activities align with recent positive surface sampling results [1] - Ongoing maiden drilling in the North Block indicates encouraging gold and silver potential [1]

Core Insights - Luca Mining Corp reported significant year-over-year growth in production and revenue for Q3 2025, with a positive net free cash flow of $5.3 million for the first nine months of the year, despite heavy investments in development and exploration [1][2][4] Financial Performance - Revenue for Q3 2025 reached $35.0 million, reflecting a 94% increase compared to the prior year, driven by higher sales volumes and increased precious metal prices (gold +28%, silver +18%) [3][4] - Adjusted EBITDA for the quarter was $4.3 million, with year-to-date adjusted net earnings of $12.8 million, indicating improved operational performance [3][4] Production Highlights - Consolidated tonnes milled increased to 250,807, a 66% rise from the previous year, with notable production increases in gold (51%), silver (97%), zinc (78%), lead (81%), and copper (43%) [3][4] - Campo Morado produced approximately 30.2 million zinc-equivalent pounds, a 75% year-over-year increase, with cash costs decreasing to $1.09 per payable ZnEq pound, a 14% reduction [6][7] - Tahuehueto achieved a record of 969 tonnes milled per day, with total gold-equivalent production up 74% year-over-year [10][12] Development and Exploration - The company invested $8.7 million in sustaining capital during the quarter, totaling $19.0 million year-to-date, to enhance underground development and exploration drilling [3][4] - A major three-year exploration program worth $25 million has been committed, aimed at unlocking new gold resources at both Campo Morado and Tahuehueto [4][18] Future Outlook - The company anticipates entering higher-grade areas in both mines, which is expected to drive increased production, improved recoveries, and lower unit costs through year-end [16][18] - Full-year net free cash flow is now expected to be between $5 million and $10 million, revised down from initial estimates due to additional capital investments and lower-than-expected output [18]

Core Viewpoint - Rio Tinto Group, along with partners Mitsui & Co. and Nippon Steel Corp., is investing $733 million in new iron ore mines in the Pilbara region to sustain production levels from the West Angelas hub, which is crucial for meeting global demand for high-quality iron ore [1][2][3]. Investment and Production Plans - The West Angelas Sustaining Project aims to maintain production at approximately 35 million tons of iron ore annually, with first production expected to commence in 2027 following the receipt of all necessary government approvals [2][3]. - Rio Tinto's share of the investment in the West Angelas project will amount to $389 million, part of a broader strategy to counteract declining ore grades and reserves in existing operations [4]. Industry Context - The need for Rio Tinto to invest heavily in new mining projects is driven by the challenges of falling ore grades and diminishing reserves, which are not unique to the company but affect other miners in the region as well [3]. - The company has previously announced a $1.8 billion investment to expand its Brockman iron ore hub to maintain production levels as older mines are depleted [4].

Financial Data and Key Metrics Changes - The company reported a liquidity position of approximately USD 196 million at the end of June, with actual cash on the balance sheet amounting to USD 102 million [4][28] - The company achieved record quarterly operating free cash flow of about USD 42 million, driven by a 23% increase in production and an 8% increase in copper grade [9][26] - Interest costs were significantly reduced, with an average weighted interest cost decrease of more than 30% due to refinancing, leading to expected annual savings of USD 14 million [27][28] Business Line Data and Key Metrics Changes - The company produced just under 10,600 tons of copper in Q2, representing a 23% increase quarter on quarter, with a copper grade of 4.4%, an 8% increase from the previous quarter [5][7] - Growth capital expenditure increased by 139% for the quarter, primarily driven by the ventilation project and the Mariner mine [24][25] - Sustaining capital expenditure is focused on the Stage 10 TSF, which is on track for completion in Q4 of this year [26] Market Data and Key Metrics Changes - The company maintained its production guidance of 43,000 to 48,000 tons for the year, with expectations to be in the lower half of that range [9][10] - The average realized copper price increased by 3% over the quarter, contributing positively to cash flow [26] Company Strategy and Development Direction - The company is focused on consistent, safe, and low-cost high-grade production while advancing the Harmony transaction and progressing key growth projects [13][32] - The ventilation project and the Mariner mine are key growth initiatives, with significant capital expenditures planned to support these projects [24][33] - Exploration efforts are ongoing, with a new drilling initiative targeting a strong anomaly identified north of the mine [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and operational performance, noting a significant improvement in safety records [4][41] - The company is optimistic about production levels in July, expecting to produce between 5,900 to 6,200 tons of copper at an average grade of around 7% [17][22] - Management acknowledged the challenges posed by the transaction announcement but noted that operations have stabilized and production has ramped up [6][41] Other Important Information - The company has executed restructuring agreements with Cisco and Glencore related to the Harmony transaction, with a court hearing scheduled for July 30 [11][15] - The company donated AUD 100,000 to the local Cobar Shire Council's museum effort, emphasizing its commitment to the local community [14] Q&A Session Summary Question: No questions were raised during the session - There were no questions from participants during the call, and the session concluded with closing remarks from management [42][44]