Core Viewpoint - DPM Metals Inc. has announced an updated Mineral Resource and Mineral Reserve estimate for its Chelopech mine in Bulgaria, extending the mine life to 10 years and indicating strong potential for future resource replacement [2][3]. Updated Mineral Reserve and Resource Estimate - The updated Mineral Reserve estimate shows an increase to 23.2 million tonnes, representing a 42% increase in tonnage and a 12% increase in gold content and a 10% increase in copper content compared to the previous estimate [4][6]. - The mine life is now extended to 2036, with sustained average production levels of approximately 160,000 gold equivalent ounces (GEO) per year [4][7]. - The Measured and Indicated Mineral Resource tonnage increased by 20% to 15.3 million tonnes, with grades of 1.96 g/t gold and 0.57% copper [4][10]. - The Sharlo Dere prospect has been incorporated into the updated estimates, contributing 650,000 tonnes at a grade of 1.49 g/t gold and 0.52% copper [8]. Life of Mine Plan - The updated Life of Mine (LOM) plan maintains a mining rate of 2.2 million tonnes per year through to 2032, optimizing net asset value [15][20]. - The LOM plan will serve as the basis for DPM's 2026 guidance and updated three-year outlook, to be announced alongside the fourth quarter and year-end 2025 financial results [16]. Exploration Potential - The Wedge Zone Deep discovery is highlighted as a significant opportunity for adding high-grade Mineral Resources, with further drilling planned to assess its potential [3][21][24]. - DPM is also advancing the Chelopech North and Brevene licenses towards mining concessions, with expectations for the Chelopech North concession in 2026 [25]. Financial Metrics and Metal Prices - Long-term metal prices assumed for the evaluation of Mineral Reserves are $2,300/oz for gold, $23.00/oz for silver, and $3.50/lb for copper [13][36]. - The updated LOM plan reflects a total production of 1.2 million ounces of gold, 2.4 million ounces of silver, and 231 million pounds of copper over the mine's life [38][39].

Project Highlights - Three US-based organic growth projects are expected to add a cumulative Net Present Value (NPV) of $41 billion at a gold price of $4,300/oz[13] - The combined Internal Rate of Return (IRR) for these projects is projected to be 55% at a gold price of $4,300/oz[13] - The projects are expected to have a quick payback period[13] - The average incremental All-In Sustaining Cost (AISC) for these projects is estimated to be approximately $1,650/oz[13] - The projects are expected to contribute nearly 3 million ounces of gold equivalent production over their Life of Mine (LOM)[13] Round Mountain - Phase X - Phase X is projected to have an NPV of $1881 million and an IRR of 67% at a gold price of $4,300/oz[22] - The project is expected to produce 14 million ounces of gold equivalent over its LOM[22] - The average grade is expected to be 30 g/t[22] Curlew - Curlew is projected to have an NPV of $1171 million and an IRR of 44% at a gold price of $4,300/oz[61] - The project is expected to produce 09 million ounces of gold equivalent over its LOM[61] - The average grade is expected to be 58 g/t[61] Bald Mountain - Redbird 2 - Redbird 2 is projected to have an NPV of $969 million and an IRR of 58% at a gold price of $4,300/oz[99] - The project is expected to produce 064 million ounces of gold equivalent over its LOM[99] - The average grade is expected to be 05 g/t[99]

Core Insights - The updated Preliminary Feasibility Study (PFS) for the Johnny Lee Deposit highlights significant high-grade underground copper potential, with a Probable Mineral Reserve of 9.5 million tonnes at 2.9% copper, equating to 270,000 tonnes of copper, supporting an 8-year mine life at the Black Butte Copper Project in Montana, USA [1][5][6] Project Overview - The Black Butte Copper Project encompasses 8,078 hectares, including 7,684 hectares of fee simple lands and 1,040 unpatented mining claims, located in south-central Montana, 27 km north of White Sulphur Springs [8] - The Johnny Lee Deposit is the cornerstone of the project, discovered in 1985, consisting of two mineralization zones: the upper copper zone (JL UCZ) and the lower copper zone (JL LCZ) [9][10] Economic Analysis - The construction capital cost is estimated at US$474 million, with average annual post-tax cash flows projected at US$78 million for the first five years [4][5] - The project is expected to generate US$2.3 billion in gross revenue and US$1.0 billion in pre-tax net cash flow, based on a copper price of US$4.70 per pound [5] - The pre-tax NPV at an 8% discount rate is estimated at US$143 million with an IRR of 13.6%, while the post-tax NPV is US$99 million with an IRR of 11.3% [18] Mineral Resource Estimates - The updated Measured and Indicated Mineral Resource for the Johnny Lee Deposit is 18.9 million tonnes at 2.4% copper, containing 462,000 tonnes of copper, with an Inferred Mineral Resource of 3.4 million tonnes at 1.9% copper, containing 64,000 tonnes of copper [5][52] - For the Lowry Deposit, located approximately 3 km southeast of the Johnny Lee Deposit, the updated Measured and Indicated Resource is 6.6 million tonnes at 2.4% copper, containing 154,000 tonnes of copper, and an Inferred Mineral Resource of 2.8 million tonnes at 2.1% copper, containing 58,000 tonnes of copper [7][36] Mining and Processing - The mining method for the Johnny Lee Deposit will utilize a drift and fill approach, with a processing plant designed to produce approximately 35,000 tonnes of contained copper annually during the initial four years of operation [12][53] - The project anticipates an average annual production of approximately 29,000 tonnes of copper metal over the 8-year mine life, with a direct operating cash cost (C1) of US$2.56 per pound [5][18] Environmental and Legal Considerations - The project has undergone rigorous environmental assessments, with a positive record of decision from the Montana Department of Environmental Quality (MT DEQ) allowing for development and underground mining [10][11] - The Montana Supreme Court recently ruled in favor of the company, reinstating the Mine Operating Permit, which allows the project to proceed without further legal challenges [11][75][77] Future Outlook - The company aims to advance the project towards the completion of a feasibility study, emphasizing a commitment to responsible mining practices that will provide long-term economic benefits to the local community and shareholders [6][8]

Core Insights - The updated Preliminary Feasibility Study (PFS) for the Johnny Lee Deposit highlights significant high-grade underground copper potential, with a Probable Mineral Reserve of 9.5 million tonnes at 2.9% copper, equating to 270,000 tonnes of copper, supporting an 8-year mine life at the Black Butte Copper Project in Montana, USA [1][5][6] - The updated Mineral Resource estimate for the nearby Lowry Deposit indicates a growing opportunity for future expansion beyond the initial mine plan [7][8] Group 1: Project Overview - The Black Butte Copper Project encompasses 8,078 hectares, including 7,684 hectares of fee simple lands and 1,040 unpatented mining claims [8] - The Johnny Lee Deposit consists of two mineralization zones: the upper copper zone (JL UCZ) and the lower copper zone (JL LCZ) [9][50] Group 2: Economic Analysis - The construction capital cost is estimated at US$474 million, with average annual post-tax cash flows projected at US$78 million for the first five years [4][5] - The project is expected to generate US$2.3 billion in gross revenue and US$1.0 billion in pre-tax net cash flow, based on a copper price of US$4.70 per pound [5][19] - The pre-tax NPV at an 8% discount rate is estimated at US$143 million, with an IRR of 13.6%, while the post-tax NPV is US$99 million with an IRR of 11.3% [19] Group 3: Mineral Resource and Reserve Estimates - The updated Measured and Indicated Mineral Resource for the Johnny Lee Deposit is 18.9 million tonnes at 2.4% copper, containing 462,000 tonnes of copper, with an Inferred Mineral Resource of 3.4 million tonnes at 1.9% copper [5][49] - The Lowry Deposit has a Measured and Indicated Resource of 6.6 million tonnes at 2.4% copper, containing 154,000 tonnes of copper, and an Inferred Mineral Resource of 2.8 million tonnes at 2.1% copper [33][39] Group 4: Mining and Processing - The mining method for the Johnny Lee Deposit will utilize a drift and fill approach, with a processing plant designed to produce approximately 35,000 tonnes of contained copper annually in the first four years [12][54] - The average annual production is projected at around 29,000 tonnes of copper metal over the initial 8-year mine life, with a direct operating cash cost of US$2.56 per pound [5][19] Group 5: Environmental and Legal Considerations - The project has undergone a comprehensive Environmental Impact Statement process, with a positive record of decision received from the Montana Department of Environmental Quality [10][71] - The Montana Supreme Court has upheld the Mine Operating Permit, allowing the company to proceed with construction [11][74] Group 6: Future Outlook - The company aims to advance the project through the completion of a feasibility study, emphasizing a commitment to responsible mining practices and long-term economic benefits for the local community [6][8]

Core Viewpoint - Fortuna Mining Corp. has initiated a Processing Plant Expansion Options Study for the Séguéla mine in Côte d'Ivoire, aiming to enhance production capacity and capitalize on exploration successes [1][3][4]. Group 1: Expansion Study Details - Lycopodium Minerals Canada Ltd. has been selected to conduct the expansion study, reflecting Fortuna's confidence in their expertise and understanding of the Séguéla project [1][3][5]. - The study will assess options to increase the processing plant's throughput from the current capacity of 1.75 million tonnes per annum (Mtpa) to between 2.0 and 2.5 Mtpa, targeting over 200,000 ounces of gold production annually [4][5]. - The study is set to commence immediately, with completion expected in the second quarter of 2026 [6]. Group 2: Strategic Objectives - The expansion initiative aligns with Fortuna's strategic goal to maximize value from the Séguéla Mine and accommodate resource growth, including potential underground mineralization from the Sunbird deposit [4][9]. - The company aims to achieve approximately 500,000 ounces of annual gold equivalent production within the next three years, supported by ongoing projects like the Diamba Sud Gold Project in Senegal [3][4]. Group 3: Company Background - Fortuna Mining Corp. is a Canadian precious metals mining company with operations in Argentina, Côte d'Ivoire, Mexico, and Peru, focusing on sustainable practices and stakeholder relationships [8]. - The company recently reported an extension of the reserve life of the Séguéla mine to 7.5 years and is working on converting significant mineral resources into reserves [9].

Core Insights - Heliostar Metals Ltd. has released an updated technical report for the La Colorada Mine, indicating improved economic metrics and growth opportunities [1][2][3] Technical Report Highlights - The updated life of mine plan includes results from a 20,000-metre drilling campaign conducted from November 2024 to March 2025 [1] - The mine is projected to have a 6.1-year life with significant indicated gold resources increasing to 513k ounces, grading 0.79 grams per tonne [3][7] - The report shows a post-tax NPV5 of US$66.2 million and an IRR of 24.4% at a gold price of US$2,300/oz, with a payback period of 3.4 years [3][28] Economic Analysis - The base case scenario indicates a total cash flow of US$105.5 million and a payback multiple of 1.9 at a gold price of US$2,300/oz [29] - An upside case at US$3,500/oz gold price shows a post-tax NPV5 of US$243.3 million and an IRR of 168.4% [3][14] - The average AISC is estimated at US$1,626 per AuEq ounce, with initial capital expenditures of US$44.5 million [10][28] Growth Opportunities - Three growth opportunities identified include Veta Madre Plus, an expanded pit at El Crestón, and exploration potential across the larger land package [2][34] - Infill drilling at Veta Madre Plus could add an additional 28k ounces of reserves [2][39] - The company plans to explore untested areas of the La Colorada property in late 2025 and 2026 [2][38] Mineral Resource and Reserve Estimates - The updated report estimates a total probable mineral reserve of 376.2k ounces of gold, with a forecast mine life of 6.1 years [7][9] - The mineral resource estimates include 20,213 kt with an average gold grade of 0.79 g/t [42] - The report indicates that the Veta Madre pit has a forecast mine life of 1.3 years, while El Crestón has a forecast mine life of 4.6 years [7][9] Operational Insights - The La Colorada Mine will continue to exploit the Junkyard Stockpile through 2025, generating revenue based on current gold prices [31][34] - The company has received permits to expand the leach pad, allowing for increased processing capacity [36] - The mining method and process circuit remain unchanged, benefiting from existing infrastructure [21]