Core Insights - Eldorado Gold Corporation has reported an increase in its Mineral Reserves and Resources as of September 30, 2025, with a 5% rise in Mineral Reserves and a 21% increase in Inferred Mineral Resources, reflecting successful exploration efforts and resource conversion [2][6][12]. Mineral Reserves Summary - The total Proven and Probable gold Mineral Reserves reached 12.5 million ounces, up from 11.9 million ounces in the previous year, marking a 5% increase [6][9]. - The Lamaque Complex saw a significant 25% increase in Mineral Reserves, contributing to the overall growth [2][8]. - The average mine life across operations is projected to be 13 years, with specific mine life estimates as follows: Kisladag Mine (13 years), Olympias Mine (16 years), and Skouries Project (20 years) [5]. Mineral Resources Update - Measured and Indicated Mineral Resources totaled 17.4 million ounces, reflecting a 5% decrease from the previous year, primarily due to depletion at Kisladag and Perama Hill [11]. - Inferred Mineral Resources increased to 8.2 million ounces, a 21% rise, driven by new resources identified at Bonnefond and Perama Hill [12][14]. Exploration and Growth Strategy - The company plans to continue investing in organic growth through exploration, focusing on extending mine life at existing operations and pursuing new discoveries in Canada and Turkiye [5][17]. - Successful resource conversion at the Lamaque Complex, particularly in the Ormaque and Triangle zones, has positioned the complex for long-term growth [4][13]. Detailed Changes in Mineral Reserves - The following changes in Mineral Reserves were noted: - Lamaque Complex increased from 1.3 million ounces to 1.6 million ounces, a change of 314, with significant contributions from Ormaque and Triangle zones [9][13]. - Kisladag increased by 11% to 3.9 million ounces, while Olympias saw a slight increase to 1.8 million ounces [8][9]. Financial Assumptions - The updated Mineral Reserves reflect a conservative gold price assumption of $1,700 per ounce, up from $1,450 per ounce in the previous year, indicating a resilient portfolio [2][6].

Core Insights - Fortuna Mining Corp. has reported updated Mineral Reserves and Mineral Resources for the Séguéla Mine, with 1.2 million ounces of gold in Mineral Reserves and significant increases in both Indicated and Inferred Resources [1][7][14]. Mineral Reserves and Resources Summary - The Séguéla Mine has Proven and Probable Mineral Reserves of 13.0 million tonnes containing 1.2 million ounces of gold, reflecting an 11% increase from December 31, 2024 [14]. - Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, increased by 100% to 794,000 ounces of gold, while Inferred Mineral Resources rose by 15% to 712,000 ounces [7][18]. - The Kingfisher and Sunbird deposits host the largest Mineral Reserves and Resources, with mineralization remaining open at both sites [7][18]. Exploration and Development Activities - Ongoing exploration efforts include aggressive infill drilling programs and evaluations for potential plant expansion, aiming to extend the mine's life to 7.5 years [2][19]. - The completion of an underground mining study is expected to convert up to 502,000 gold ounces of Sunbird Indicated Resources into Mineral Reserves by December 2025 [7][22]. - Current drilling activities are focused on upgrading Inferred to Indicated Resources at the Sunbird Underground Project and evaluating mineralization potential across the property [19]. Processing Plant Expansion - The processing plant at Séguéla, commissioned in mid-2023, is expected to increase its throughput capacity to between 2.0 and 2.5 million tonnes per year by 2026 [20][21]. - Engineering studies for further expansion of processing plant capacity have been initiated, supported by improved visibility on mine life and resource growth [21][22]. Financial and Operational Metrics - The gold grade in Mineral Reserves decreased by 17% to 2.81 g/t Au, attributed to the inclusion of the Kingfisher deposit and depletion of higher-grade materials [14][15]. - The estimated gold price used for Mineral Reserve calculations is US$2,300/oz, with metallurgical recovery rates averaging 93.5% [12][15].

Financial Data and Key Metrics Changes - In Q3, the company produced 103,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $2,359 per ounce, with a full-year production target of 410,000-480,000 gold equivalent ounces, expected to finish in the lower half of that range [8][9] - The net income attributable to shareholders was $65.4 million, or $0.31 per diluted share, while adjusted net income was $68.4 million, or $0.32 per diluted share [9][10] - Free cash flow before changes in working capital was $72 million, indicating strong margins despite ongoing investments [10] Business Line Data and Key Metrics Changes - Marigold produced 36,000 ounces of gold at an AISC of $1,840 per ounce, with expectations for a strong Q4 [11] - CC&V produced 30,000 ounces of gold at an AISC of $1,756 per ounce, generating nearly $115 million in asset-level free cash flow since acquisition [13] - Seabee faced challenges with production of 9,000 ounces at an AISC of $3,003 per ounce, attributed to lower-than-expected grades [14] Market Data and Key Metrics Changes - The average realized gold price was above $3,500 per ounce for the quarter [9] - Puna produced 2.4 million ounces of silver at an AISC of $1,354 per ounce, continuing its solid performance [15] Company Strategy and Development Direction - The company is focused on advancing organic development projects, including Hod Maden, Buffalo Valley, and others, with a strong emphasis on growth initiatives [5][6] - The upcoming technical reports for Cripple Creek and Victor, as well as Hod Maden, are expected to showcase the potential and upside of these assets [17] - The company is committed to a restart at Çöpler and is in close communication with government authorities for approvals [7][28] Management's Comments on Operating Environment and Future Outlook - Management expects a stronger Q4, primarily driven by Marigold and CC&V, despite challenges faced in Q3 [20] - The company is optimistic about the potential of Hod Maden, viewing it as one of the most compelling undeveloped copper-gold projects in the sector [5][16] - There is a noted increase in public support for the reopening of Çöpler, which may aid in regulatory discussions [28] Other Important Information - The company maintains a strong financial position with $409 million in cash and total liquidity exceeding $900 million [8][9] - The technical report for Hod Maden is expected to form the basis for a construction decision in the coming months [5][16] Q&A Session Summary Question: Expectations for Q4 and production spillover from Marigold - Management confirmed that Q4 strength is expected from Marigold and discussed handling fines encountered at Red Dot [20][21] Question: Clarification on lower grades at Seabee - Management explained that lower grades were due to increased material from the gap hanging wall, which came in at lower grades than expected [24] Question: Update on Çöpler and community support - Management detailed ongoing discussions with regulators and noted increased public support for reopening, which may help but is not the primary driver for regulatory approval [28] Question: Guidance for Hod Maden and potential carryover into 2026 - Management indicated that spending at Hod Maden is on track and that they expect to be closer to the midpoint of the guidance range [35][36] Question: Connection between Hod Maden and Çöpler decisions - Management clarified that the decisions regarding Hod Maden and Çöpler are treated as mutually exclusive, with no dependency between the two [42] Question: Strategy for growth and M&A - Management reiterated a consistent strategy focused on organic growth and selective M&A opportunities that fit within established criteria [44][45]

Financial Performance - The company achieved record financial results driven by strong operational performance[6,13] - Realized gold price increased to $3,476/oz in Q3 2025 from $2,492/oz in Q3 2024, and to $3,221/oz YTD in Q3 2025 from $2,297/oz YTD in Q3 2024[16] - Net income increased to $1,055 million in Q3 2025 from $567 million in Q3 2024, and to $2,938 million YTD in Q3 2025 from $1,386 million YTD in Q3 2024[16] - Adjusted EBITDA increased to $2,098 million in Q3 2025 from $1,257 million in Q3 2024, and to $5,602 million YTD in Q3 2025 from $3,362 million YTD in Q3 2024[16] - Free cash flow was approximately $1.2 billion in Q3 2025, with a cash position of approximately $2.4 billion and a net cash position of approximately $2.2 billion[23] Production and Costs - Gold production was 867 koz in Q3 2025 compared to 863 koz in Q3 2024, and 2,607 koz YTD in Q3 2025 compared to 2,638 koz YTD in Q3 2024[16] - Total cash costs were $994/oz in Q3 2025 compared to $921/oz in Q3 2024, and $943/oz YTD in Q3 2025 compared to $897/oz YTD in Q3 2024[16] - All-in sustaining costs (AISC) were $1,373/oz in Q3 2025 compared to $1,286/oz in Q3 2024, and $1,281/oz YTD in Q3 2025 compared to $1,214/oz YTD in Q3 2024[16] - The company is on track to achieve 2025 gold production guidance of 3.3 - 3.5 Moz, with total cash costs between $915 - $965/oz and AISC between $1,250 - $1,300/oz[11,12] Capital Allocation and Shareholder Returns - Total debt repayment of $400 million in Q3 2025[13] - Returned approximately $350 million directly to shareholders through dividends and the Normal Course Issuer Bid (NCIB) in Q3 2025[13]

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 ...