Core Viewpoint - Carcetti Capital Corp. has entered into a definitive agreement to acquire a 100% interest in the Hemlo Gold Mine from Barrick Mining Corporation for $875 million in cash and 34.6 million common shares, with additional contingent cash payments of up to $165 million based on gold price thresholds [1][8][18]. Transaction Highlights - The total consideration for the acquisition includes $875 million in cash and 34.6 million shares, plus up to $165 million in contingent payments [1][8][18]. - The transaction is fully funded with at least $1.0 billion in gross proceeds from a gold stream, an underwritten term loan, and a bought deal private placement [8][23]. - The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions [21][40]. Leadership Team - Jason Kosec will serve as President & CEO, bringing experience from Millennial Precious Metals Corp. and Integra Resources Corp. [5][10]. - Jonathan Awde will be the Executive Chairman, previously co-founder and CEO of Dakota Gold Corp. [4]. - Other key appointments include Robert Quartermain, Audra Walsh, and Glenn Kumoi, all with extensive mining industry experience [6][7][10]. Hemlo Overview - The Hemlo gold mining complex has produced approximately 25 million ounces of gold since its initial production in 1985 [13]. - The mine is located in Ontario, Canada, and has a long life with average annual gold production of 154,000 ounces at an all-in sustaining cost of under $1,550 per ounce over a 14-year mine life [9][19]. Financing Structure - The financing package includes a $400 million gold stream with Wheaton Precious Metals, a $200 million term loan, and a $25 million revolving credit facility [23][25]. - The bought deal private placement is expected to raise approximately $415 million [29]. Economic Analysis - The after-tax net present value (NPV) of the Hemlo project is estimated at $1.1 billion based on consensus gold prices and a 5% discount rate [19][52]. - The average annual gold production is projected to be 154,000 ounces over a 14-year mine life, with significant mineral reserves and resources identified [19][47]. Community Engagement - The company is committed to working with local First Nations and the Hemlo community to ensure shared benefits and sustainable economic opportunities [22][28].

Financial Performance - Revenue increased by 30% to $65309 million in Q2 2025[18], driven by a 39% increase in the average gold price to $3186/oz[18] - Net profit attributable to shareholders of the Company rose by 147% to $20487 million in Q2 2025[18] - Adjusted earnings per share increased by 155%[16] - Operating cash flow increased to $281 million[16] - The company's net cash position was $82 million, excluding $18 million in fixed term deposits[16] Operational Highlights - Blanket Mine production increased to 21442 ounces in Q2 2025[18], a 1% increase compared to Q2 2024[18] - Full-year production guidance for Blanket Mine was raised to 75500–79500 ounces[16] - Blanket Mine's on-mine cost per ounce increased by 44%[30] - Blanket Mine's AISC per ounce increased by 74%[32] Strategic Initiatives - The solar plant was sold for $224 million[13] - Exploration program underway at Motapa, with diamond drilling of 178798 meters and reverse circulation drilling of 9638 meters completed[59] - The company is exploring cost-saving and phasing options for the Bilboes feasibility study[16] Reporting Changes - Caledonia will no longer publish quarterly financial statements and MD&A reports[41]

Financial Performance - The company's consolidated production reached 1202 thousand gold equivalent ounces (GEOs) with a cost of sales of $1396 per ounce and all-in sustaining costs (AISC) of $2068 per ounce (or $1858 per ounce excluding Çöpler)[14] - Revenue increased significantly to $4055 million in Q2 2025, compared to $1848 million in Q2 2024[15] - Net income attributable to SSRM shareholders was $901 million in Q2 2025, a substantial increase from $97 million in Q2 2024[15] - Operating cash flow was $1578 million and free cash flow was $984 million for the quarter[14] Liquidity and Capital Allocation - The company maintained a strong balance sheet with a total liquidity of $9121 million, including $4121 million in cash and cash equivalents and an undrawn $400 million revolving credit facility plus a $100 million accordion feature[9, 14] - Approximately $162 million was spent at Hod Maden in Q2 2025, bringing the year-to-date spend to $291 million[14] Operational Highlights - Marigold produced 359 thousand ounces of gold at a cost of sales of $1584 per ounce and AISC of $1977 per ounce[14] - CC&V attributable production was 441 thousand ounces of gold at a cost of sales of $1116 per ounce and AISC of $1339 per ounce[14] - Puna produced 28 million ounces of silver at a cost of sales of $1503 per ounce and AISC of $1257 per ounce[14] Çöpler Incident and Remediation - Second quarter remediation spend at Çöpler totaled $61 million, with care and maintenance costs totaling $367 million[14] - The revised estimate for reclamation and remediation costs associated with the Çöpler incident is $3129 million, reflecting an increase of $129 million above the previously disclosed estimated cost range[20]