Core Viewpoint - Heliostar Metals Ltd. has successfully restarted mining operations at the San Agustin mine, with the first official gold pour occurring in late January 2026, marking a significant milestone for the company [1][2]. Company Operations - The company resumed mining, crushing, and stacking new ore on the leach pad in Q4 2025, completing the restart on time and on budget [2]. - The operation is ramping up successfully, exceeding internal targets for ore mining rates and recoverable ounces stacked on the pad [2]. - The mine is projected to produce between 30,000 and 32,700 ounces of gold in 2026 [2]. Financial Outlook - The CEO noted that bringing San Agustin online has increased year-on-year consolidated production guidance by over 60% while maintaining an all-in sustaining cost (AISC) of approximately $2,000 in 2026 [3]. - With a budgeted gold price of $3,800 per ounce for 2026, cash flow from San Agustin will support company-wide exploration and capital programs, including a pit expansion at La Colorada and decline development at Ana Paula [3]. - The company anticipates building its cash position more rapidly at current spot prices, aiding in funding the Ana Paula capital expenditures planned for 2027/28 [3]. Exploration and Development - A 10,000-15,000 metre drill program at San Agustin is ongoing, focusing on defining additional oxide gold mineralization to potentially extend the current mine life [8]. - Initial assay results from the drill program are expected to be released shortly [9].

Core Insights - The company, Zijin Mining, reported a significant increase in revenue and net profit for the first three quarters of 2025, with revenue reaching approximately 254.2 billion yuan, a year-on-year growth of 10.33%, and net profit of about 37.864 billion yuan, up 55.45% [1] - The stock price of Zijin Mining closed at 30.17 yuan per share on October 17, 2023, reflecting a cumulative increase of approximately 104% year-to-date [1] Financial Performance - For Q3 2025, Zijin Mining achieved revenue of approximately 86.489 billion yuan, representing a year-on-year increase of 8.14%, and a net profit of about 14.572 billion yuan, up 57.14% [1] - The gross profit margin for mining enterprises was 60.62%, an increase of 2.91 percentage points year-on-year, while the overall gross profit margin was 24.93%, up 5.4 percentage points year-on-year [3] Production Metrics - In the first three quarters, Zijin Mining's gold production reached 65 tons, a year-on-year increase of 20%, while copper production was 830,000 tons, up 5%, silver production was 335 tons, up 1%, and zinc production was 27 tons, down 12% [3] - In Q3, gold production was 24 tons, a 7% increase quarter-on-quarter, while copper production was 260,000 tons, a 6% decrease quarter-on-quarter [4] Strategic Developments - The increase in gold production was attributed to new acquisitions and projects, including the Ghana Akim Gold Mine, which contributed 3.2 tons of gold, and the new Xinjiang Sava Yalton Gold Mine [4] - The company is actively working on the recovery of the Kamoa-Kakula copper mine in the Democratic Republic of Congo, which was affected by flooding [4] Cost and Pricing Factors - The unit sales cost of mineral products increased due to factors such as declining ore grades and increased transportation distances [5] - The rise in gold prices significantly boosted the company's revenue from gold sales, with the gold segment becoming a key driver of profit growth [6] Subsidiary Performance - Zijin Gold International, a subsidiary, was listed on the Hong Kong Stock Exchange, raising approximately 28.7 billion HKD by issuing 401 million shares at a price of 71.59 HKD per share [6] - In the first three quarters, Zijin Gold International produced 32 tons of gold and achieved a net profit of 9.05 million USD, equivalent to approximately 6.484 billion yuan [6]

Core Viewpoint - Orvana Minerals Corp. reported increased gold production levels in Q3 FY2025 and initiated development activities at the Carlés mine, with a planned production ramp-up expected to begin in August [1][5]. Production Results - In Q3 FY2025, the ore milled was 116,626 tonnes, a 5% increase from the previous quarter [5]. - Gold production reached 8,536 ounces, a 26% increase compared to Q2 FY2025, although current estimates are tracking below the guidance range of 37,000 to 41,000 ounces [5]. - Copper production was approximately 886,000 pounds, consistent with the previous quarter, and has already exceeded the higher end of the 2025 guidance of 2,400 to 2,700 K lbs [5]. - Silver production totaled 29,752 ounces, with a recovery rate of 80.4% [4]. Exploration Updates - The drilling program in Q3 FY2025 focused on skarn areas, with a total of 3,554 meters drilled, including 1,561 meters in Boinás East and 1,192 meters in Boinás South [6][7]. - Encouraging results were reported from the Ortosa-Godán greenfield drilling program, aiming to confirm a potential connection between Godán mineralization and the Carlés deposit [2][10]. - The fourth quarter drilling program will continue to define new resources in oxide areas and convert inferred resources [8]. Financial Performance - Consolidated operational and financial highlights for Q3 FY2025 will be released in mid-August 2025 [17]. - Updated production estimates will be provided alongside the third quarter financials [5][17]. Company Overview - Orvana Minerals Corp. operates multiple mines, including the El Valle and Carlés gold-copper-silver mines in Spain, and has properties in Bolivia and Argentina [18].