[applause] What if I tell you that Brunai's most powerful story isn't written in books, but preserved in the very rocks beneath our feet. Good evening everyone. My name is Afik and I'm a geologist.That means I spend most of my time staring at rocks, mapping hillsides, drilling through mud, clay, and stone, and sometimes getting my well stuck in swamps. But what I've discovered is this. Geology isn't just about rocks.It's about time. It's about memory. is the science of the earth and its history.It's the lon ...

Core Insights - Heliostar Metals Ltd. announced a positive Prefeasibility Study (PFS) for its Cerro del Gallo project, highlighting strong economic metrics and significant expansion potential [1][2] Project Overview - The Cerro del Gallo project has a reserve base of 2.27 million gold equivalent ounces (GEOs) of probable mineral reserves as of July 31, 2025 [3] - The project is designed as a 6 million tonne-per-year open-pit mining operation utilizing conventional methods [6] Economic Analysis - The base case scenario shows a post-tax NPV of US$424 million, an IRR of 33.1%, and a payback period of 2.3 years at a gold price of US$2,300/oz [4][5] - The upside case indicates a post-tax NPV of US$972 million, an IRR of 59.3%, and a payback period of 1.4 years at a gold price of US$3,900/oz [4][12] - Average annual free cash flow is projected at US$47.6 million at a gold price of US$2,300/oz, increasing to US$104.5 million at US$3,900/oz [4][25] Production Metrics - The mine life is estimated at 15.3 years, with an average annual production of approximately 85,700 GEOs [5][8] - The average total cash cost is projected at US$1,252 per GEO, with an all-in sustaining cost (AISC) of US$1,390 per GEO [9][18] Resource Estimates - Indicated resources total 240 million tonnes grading 0.63 g/t AuEq for 4.9 million GEOs, while inferred resources are 24 million tonnes grading 0.52 g/t AuEq for 0.4 million GEOs [4][40] Capital Expenditure - Initial capital expenditure is estimated at US$195.3 million, which includes costs for a heap leach mine and SART plant [4][20] - Total life-of-mine capital costs are projected at US$355.6 million, including US$132 million allocated for reclamation at the end of the mine life [10][21] Next Steps - The company plans to continue technical work, permitting, and community engagement to advance the project to a feasibility level [2][38] - Future drilling will focus on increasing mineral resources and reserves, particularly in areas with high potential for growth [37][36]

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].

Core Insights - Homeland Nickel Inc. has announced positive assay results from its Josephine Creek Property in Southern Oregon, indicating significant nickel laterite deposits [1][2] - The average nickel grade from 82 surface samples collected was 0.73%, with 10 samples exceeding 1.00% nickel [2][3] - The company plans to define an initial resource based on these findings and will submit a Plan of Operation to the Forest Service in November 2025 [3] Property Details - The Josephine Creek Property consists of 174 mining claims covering 3,595 acres, staked during the summer of 2025 [2] - The property is strategically located near major infrastructure, including a highway and transmission line, and is adjacent to the Woodcock Mountain Property [3] - Additional nickel laterite claims have been acquired at Woodcock Mountain, with historical grades reaching up to 2.13% nickel over a continuous trend of nearly 3 kilometers [4] Future Plans - In 2026, Homeland Nickel will conduct a surface sampling program at Woodcock Mountain to assess higher-grade laterite and will follow up with an auger-hole program to define initial resources [4][6] - The company also aims to update historical resources at its Red Flat and Cleopatra properties, which have estimated grades of 0.84% nickel and 0.93% nickel, respectively [6] Additional Acquisitions - Homeland Nickel has expanded its portfolio to include eight properties in Southern Oregon, focusing on acquiring the best-defined nickel laterite properties [5] - The company has staked additional properties at Iron Mountain, Peavine Mountain, and Free & Easy [5] Company Overview - Homeland Nickel is a Canadian mineral exploration company focused on critical metal resources, particularly nickel, with projects in Oregon and copper and gold projects in Newfoundland, Canada [19] - The company holds a significant portfolio of mining securities, including shares in several other mineral exploration companies [19]

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]

Critical Mineral Reserves - Africa controls 30% of the world's critical mineral reserves, giving it significant leverage [1]

Company Overview - Westgold's market capitalization is A$3.5 billion as of September 10, 2025[21, 22] - The company holds A$364 million in cash, bullion, and liquid investments as of June 30, 2025[21, 22] - Westgold possesses a substantial mineral resource of 16.3 million ounces of gold and an ore reserve of 3.5 million ounces of gold[21] - The company anticipates gold production of 326,000 ounces in FY25 at an All-In Sustaining Cost (AISC) of A$2,666 per ounce[21] Operational Highlights - Westgold operates four processing hubs in Western Australia, with a group milling capacity of approximately 6 million tonnes per annum[21] - FY25 production from Meekatharra was 197,000 ounces at an AISC of A$2,609 per ounce[31] - FY25 production from Cue was 129,000 ounces at an AISC of A$2,752 per ounce[32] Future Plans and Guidance - Westgold projects production between 345,000 and 385,000 ounces of gold in FY26[85] - The company anticipates AISC between A$2,600 and A$2,900 per ounce in FY26[85] - A$50 million is allocated for resource development and exploration[45, 106] - Non-sustaining capital expenditure is estimated at A$270 million for FY26[85] Shareholder Returns - A dividend was declared for FY25, and a share buyback is planned for FY26[90] - The FY26 dividend policy includes increasing the minimum dividend per share to 2 cents and maintaining a maximum dividend payout of 30% of free cash flow[94] - A share buy-back of up to 5% will be undertaken over 12 months[96, 97]

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]

Katanning Gold Project, WA Clearing the Way Strong Gold Production and Excellent Financial Returns over a 10-Year Mine Life Precious Metals Summit, Beaver Creek John Dorward, Executive Chairman 9-12 September 2025 ASX: AUC FRA: AU4 For personal use only Disclaimer Important Information The following notice and disclaimer applies to this investor presentation ("Presentation") and you are therefore advised to read this carefully before reading or making any other use of this Presentation or any information co ...