Core Insights - Pan American Silver Corp. (PAAS) has significant mineral reserves, with proven and probable reserves estimated at 452.3 million ounces of silver and 6.3 million ounces of gold as of June 30, 2025, excluding the recent acquisition of MAG Silver [1][8] - The company’s measured and indicated mineral resources are estimated to contain 1,130.6 million ounces of silver and 9.9 million ounces of gold, while inferred mineral resources are estimated at 405.6 million ounces of silver and 8.6 million ounces of gold [2] Exploration and Production - Promising drill results at the La Colorada mine in Mexico have identified high-grade intercepts beyond the current resource area, indicating potential for growth [3] - The exploration efforts at La Colorada have resulted in an addition of 52.7 million ounces of silver to the inferred mineral resource total estimate, allowing PAAS to more than replace production at that mine [4] Acquisition and Strategic Positioning - On September 4, 2025, PAAS completed the acquisition of MAG Silver Corp., gaining a 44% stake in the Juanicipio project, which is expected to produce between 14.7 and 16.7 million ounces of silver in 2025 [5] - The acquisition also includes full ownership of the Larder exploration project and an earn-in interest in the Deer Trail exploration project, significantly enhancing PAAS's production, reserves, and cash flow [6] Stock Performance - Over the past year, PAAS shares have increased by 76.6%, outperforming the industry average growth of 54.5% [7]

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 - Seabridge Gold reported a decrease in net profit for Q2 2025 compared to the same period in 2024, primarily due to remeasurement of secured note liabilities, while increasing investments in mineral interests and maintaining strong working capital [3]. Financial Results - For the three months ended June 30, 2025, Seabridge posted a net profit of $12.3 million ($0.12 per share), down from $45.2 million ($0.51 per share) in Q2 2024 [3]. - The decrease in net profit was mainly attributed to the remeasurement of secured note liabilities [3]. - Seabridge invested $21.1 million in mineral interests, property, and equipment during Q2 2025, compared to $12.6 million in Q2 2024 [3]. - As of June 30, 2025, net working capital was $103.1 million, an increase from $37.8 million at December 31, 2024 [3]. Company Overview - Seabridge Gold holds a 100% interest in several North American gold projects, including the KSM and Iskut projects in Northwest British Columbia, the Courageous Lake project in the Northwest Territories, the Snowstorm project in Northern Nevada, and the 3 Aces project in the Yukon Territory [4].

Financial Performance & Growth - Elemental Altus anticipates record adjusted revenue between US$30.1 million and US$34.3 million in 2025 [12] - The company projects a 50% increase in adjusted revenue from royalties, reaching US$32 million in 2025 [13, 65] - Elemental Altus has a track record of growing revenue each year since its inception [15, 65] Portfolio & Assets - The company's portfolio includes 10 producing assets and over 70 exploration and development stage royalties [12, 71] - Karlawinda and Caserones contribute approximately 40% of Elemental Altus's Asset Net Asset Value (NAV) [19] - The Karlawinda mine has seen a 15% increase in reserves since royalty acquisition [27] Capital & Valuation - Elemental Altus has over US$80 million of non-dilutive capital available for deployment from cash and an undrawn credit facility [13, 64] - The company has a US$50 million available from a credit facility with senior Canadian banks [58, 66] - The company's market capitalization is approximately US$350 million [12, 59] Strategic Initiatives - Elemental Altus acquired a 0.54% NSR royalty for US$10 million on Arizona Sonoran's Cactus mine [51] - The company received maiden revenue of US$6.6 million from the Korali-Sud royalty [13, 39] - Elemental Altus has an NCIB (Normal Course Issuer Bid) in place and available for use [13]

Financial Performance - The company achieved record free cash flow in Q2 2025, driven by cost control and higher gold prices[16] - The realized gold price increased significantly from $2,342/oz in Q2 2024 to $3,288/oz in Q2 2025[16] - Adjusted EBITDA increased from $1.176 billion in Q2 2024 to $1.914 billion in Q2 2025[16] - The company transitioned to a net cash position of $963 million in H1 2025[15, 30] - Total debt repayments amounted to $550 million in H1 2025[15, 30] Operational Highlights - The company is on track to achieve its 2025 gold production guidance of 3.3 - 3.5 million ounces[13, 14] - Gold production for H1 2025 reached 1.74 million ounces[14] - The company returned approximately $300 million directly to shareholders through dividends and share buybacks[15] - The buyback program was renewed in May 2025, increasing the purchase limit to $1 billion of common shares, with $150 million in total share repurchases in H1 2025[30] Project Development - Construction is advancing at the Odyssey project, which is expected to be Canada's largest underground gold mine with approximately 550,000 ounces per year production[15, 36]

Second Quarter 2025 Results Presentation July 31, 2025 Cautionary notes This presentation, the information contained herein, any other materials provided in connection with this presentation and any oral remarks accompanying this presentation (collectively, the "Presentation"), has been prepared by Alamos Gold Inc. ("Alamos" or the "Company") solely for information purposes. No stock exchange, securities commission or other regulatory authority has approved or disapproved the contained information. This Pre ...

Group 1: Sandstorm Gold Ltd. Developments - Sandstorm Gold Ltd. is pleased to announce various developments and exploration highlights within its diversified stream and royalty portfolio [1] - The company holds a gold stream on the Santa Elena mine, allowing it to purchase 20% of the gold produced at Santa Elena for ongoing cash payments of $487 per ounce of gold [5] Group 2: First Majestic Silver Corp. Discoveries - First Majestic Silver Corp. has identified a significant gold-silver discovery on its Santa Elena property, specifically the Santo Niño vein, which has been traced over one kilometre along strike and 400 metres down-dip [2] - Exploration results from 14 drill intercepts at Santo Niño have returned significant gold and silver grades, with notable results including hole SE-25-15 intersecting 1.91 metres grading 8.38 g/t gold and 248 g/t silver [3] - The Santo Niño discovery complements ongoing success at the Navidad deposit, reinforcing Santa Elena's status as a prolific, district-scale system with substantial upside [4] Group 3: Lundin Gold Ltd. Drilling Program - Lundin Gold Ltd. has expanded its 2025 drilling program at the Fruta del Norte mine to at least 108,000 metres, marking the largest annual drill program ever completed on the land package [6] - High-grade intercepts from the conversion program at FDN South have confirmed the deposit's continuity and identified additional mineralized zones [7] - Sandstorm holds a 0.9% net smelter returns royalty on the precious metals produced at Fruta del Norte [11] Group 4: Entrée Resources Ltd. Drilling Results - Entrée Resources Ltd. has released additional analytical results from drilling on the Hugo North Extension at the Oyu Tolgoi mine, with highlights including a surface hole grading 2.30% copper and 1.45 g/t gold [12][13] - Sandstorm has a copper and precious metal stream with Entrée, allowing it to purchase 0.33% of the copper and 4.47% of the gold and silver produced at the HNE [15] Group 5: Awalé Resources Ltd. Drilling Campaign - Awalé Resources Ltd. is executing an 18,000-metre drill campaign at the Odienné project, with results confirming a broad gold-copper system extending over 1 kilometre of strike at the BBM Zone [19][20] - Sandstorm holds a 2.0% NSR royalty on the Odienné project [23] Group 6: Omai Gold Mines Corp. Drilling Results - Omai Gold Mines Corp. has completed 15,639 metres of drilling in 2025, surpassing the planned 15,000 metres, with results extending the known limits of gold mineralization at Wenot [24] - Sandstorm holds a 1.0% NSR royalty on the Omai gold mine [30] Group 7: Troilus Gold Corp. Drill Campaign - Troilus Gold Corp. released results from its 2025 drill campaign focused on identifying higher-grade mineralization within the Troilus project [31] - Sandstorm holds a 1.0% NSR royalty on the Troilus project [32]

Core Viewpoint - Osisko Development Corp. announced positive results from the optimized Feasibility Study for the Cariboo Gold Project, confirming strong economics for a low-impact underground operation with favorable operating costs and capital requirements [2][3]. Project Overview - The Cariboo Gold Project is a 100%-owned, permitted gold project located in central British Columbia, Canada, designed as a traditional underground operation using mechanized bulk mining methods [2][5]. - The 2025 Feasibility Study (FS) was completed by BBA Engineering Ltd. and adheres to National Instrument 43-101 standards [2]. Economic Metrics - The base case gold price is set at $2,400/oz, with a net present value (NPV) of $943 million and an internal rate of return (IRR) of 22.1% [5][6]. - Under a spot case scenario with a gold price of $3,300/oz, the NPV increases to $2,066 million, and the IRR rises to 38.0% [5][6]. - Average annual free cash flow is projected at $158 million, with $296 million in the first five years [6][9]. Production and Costs - The project anticipates an average annual production of approximately 190,000 ounces of gold over a 10-year mine life, with first gold expected in the second half of 2027 [6][34]. - The average all-in sustaining costs (AISC) are estimated at $1,157/oz, placing the project in the lower half of the global cost curve for gold mines [6][9]. Improvements from Previous Studies - The 2025 FS incorporates significant improvements over the 2023 FS, including a streamlined processing facility and enhanced metallurgical recovery, resulting in an overall gold recovery of 92.6% [6][7][50]. - The average stope size has increased by approximately 60%, reducing the total number of stopes required [11][38]. Capital Expenditures - Initial capital costs are estimated at $881 million, with sustaining capital costs over the life of the mine projected at $525 million [6][69]. - Total cumulative capital costs, including reclamation and closure costs, are estimated at $1,307 million [69]. Permitting and Community Engagement - The project has received necessary permits, including the Environmental Assessment Certificate and Mines Act permits, solidifying its shovel-ready status [72][73]. - The company is committed to engaging with Indigenous nations and local communities to ensure mutual benefits from the project [73][76]. Future Opportunities - There are significant opportunities for further optimization and enhancement of the project's economics, which will be detailed in the forthcoming Technical Report [77][78].

Financial Performance - The company's Q1 2025 realized gold price was $2,891 per ounce, compared to $2,062 per ounce in Q1 2024[21] - Adjusted EBITDA increased to $1590 million in Q1 2025 from $929 million in Q1 2024[21] - Net debt was reduced to $5 million at the end of Q1 2025[17, 29, 34] - The company returned approximately $251 million directly to shareholders in Q1 2025[17] - Free cash flow was $594 million in Q1 2025, compared to $396 million in Q1 2024[21] Operational Highlights - Gold production in Q1 2025 was 874 koz, slightly lower than the 879 koz produced in Q1 2024[15, 21] - Total cash costs were $903 per ounce in Q1 2025, compared to $901 per ounce in Q1 2024[21] - All-in sustaining costs (AISC) were $1,183 per ounce in Q1 2025, compared to $1,190 per ounce in Q1 2024[21] - The company is well-positioned to achieve its 2025 gold production guidance of 3300 koz to 3500 koz[15] Sustainability - The company's global GHG intensity is under the industry average at 038t CO2e/oz[19] - Approximately $11 million was donated and sponsored to local organizations, and approximately $19 billion was spent on local goods and services, of which approximately $1 billion went to Indigenous businesses[20]