Financial Data and Key Metrics Changes - The company reported a record silver production of 3.9 million ounces for Q3 2025, with year-to-date production reaching 11.3 million ounces [11] - Revenues for the quarter were also at a record level, contributing to a cash flow of $140 million, and the company holds over $560 million in cash [11] - EBITDA reached a record of $128 million, indicating strong operational performance [19] Business Line Data and Key Metrics Changes - The company is on track to meet its guidance of over 30 million silver equivalent ounces for the year, with a breakdown of 55% silver, 35% gold, and 10% lead and zinc [13] - Significant improvements were noted at the San Dimas operation, with production increasing and costs decreasing, now operating within budget [15] - At La Encantada, a transition to sub-level caving is expected to reduce costs and improve operations by Q1 2026 [15] Market Data and Key Metrics Changes - The company maintained a strong inventory level, holding 758,000 ounces of silver and nearly 4,000 ounces of gold, representing $50 million in potential revenue [16] - Marketable securities valued at $140 million as of September 30, 2025, contribute significantly to the company's liquidity [19] Company Strategy and Development Direction - The company is focused on operational efficiency and cost reduction while continuing to explore and develop its assets, particularly at Los Gatos and Santa Elena [14][15] - The integration of systems from the Los Gatos acquisition is progressing well, with plans to increase throughput to 4,000 tons per day [14] - Future guidance for 2026 will include updates on production and cost strategies [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong Q4 2025, building on the positive results from Q3 [11] - The ongoing tax dispute with the Mexican government is not viewed as a material issue, and management is focused on operational performance rather than tax concerns [5][7] - The company is optimistic about exploration results, particularly at Santa Elena, which could extend the mine's life significantly [14] Other Important Information - The company plans to update resource estimates at the Navidad project in March 2026, indicating ongoing exploration and development efforts [21] - The dividend policy remains intact, with potential for increases depending on future performance [20] Q&A Session Summary Question: Are you doing any share buyback at these prices? - The company has conducted share buybacks recently, indicating confidence in its stock value [22]

Financial Data and Key Metrics Changes - The company reported record results for the second consecutive quarter, with cash balance expected to exceed $500 million by year-end, indicating a strong net cash position heading into 2026 [2][4] - Full year EBITDA is now expected to exceed $1 billion, and free cash flow is projected to top $550 million, both higher than previous estimates [2][4] - Metal sales increased by 15% to $555 million during the quarter, driven by a rise in ounces sold and a 15% increase in silver prices [16] Business Line Data and Key Metrics Changes - Las Chispas operation generated $66 million in free cash flow, with silver production increasing to 1.6 million ounces and gold production to 17,000 ounces [3][8] - Palmarejo delivered $47 million in free cash flow, with strong recoveries and mill throughput reaching the highest levels in six quarters [9] - Rochester saw a 3% increase in gold production and a 13% increase in silver production compared to the previous quarter, resulting in $30 million in free cash flow [10][12] - Kensington achieved free cash flow of $31 million, its highest in over six years, with gold production exceeding 27,000 ounces [12][14] - Wharf's gold production increased by 16% to 28,000 ounces, leading to free cash flow of $54 million [13][14] Market Data and Key Metrics Changes - The company noted a strong performance in the context of rising metals prices, benefiting from a balanced North American asset portfolio [14] - The average cash cost per ounce for gold and silver was reported at $1,215 and $14.95, respectively, showing positive trends compared to Q3 2024 [8] Company Strategy and Development Direction - The company is focused on maintaining a free cash flow positive phase while exploring opportunities that align with its operational quality and jurisdictional preferences [33][34] - The integration of the SilverCrest acquisition and ramping up Rochester to steady state were highlighted as key priorities for the year [33] - Future growth opportunities, particularly regarding the Silvertip project, are being assessed with a long-term perspective [34][35] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a strong finish to the year and a record year in 2026, driven by operational improvements and favorable market conditions [20][34] - The company is experiencing a favorable cost environment with flat input costs despite higher royalty obligations due to increased metal prices [56] Other Important Information - The company recorded a one-time $162 million non-cash tax benefit related to U.S. net operating losses during the quarter [18] - The net debt ratio was reported at 0.1 times, with a goal of achieving a net debt to EBITDA ratio of nil by Q4 2025 [17] Q&A Session Summary Question: What is needed to get the Rochester operation up to full capacity? - Management discussed recent modifications to improve efficiency and productivity, indicating that unplanned downtime was a challenge but improvements are expected [23][25][26] Question: How does the company view potential M&A opportunities? - The company is focused on internal priorities but remains open to opportunities that meet specific criteria, particularly regarding gold and silver projects [32][34] Question: What should be expected regarding the tax rate next year? - The effective tax rate is expected to change to around 24% due to the utilization of net operating losses, with potential for U.S. income tax payments in the future [42][44] Question: What drove the drop in grade at Palmarejo and Las Chispas? - Management indicated that the drop in grade was related to the processing of stockpiled ore and the nature of underground mining operations [46][47] Question: Are there any cost pressures being faced across the portfolio? - The company reported a favorable cost environment with strong cost controls in place, despite some increased royalty costs [56][57]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 MONGOLIAN MINING CORPORATION （於開曼群島註冊成立的有限責任公司） （股份代號：975） 最新營運資料 截至二零二五年九月三十日止季度 Mongolian Mining Corporation（「本公司」，連同其附屬公司，統稱「本集團」）董事 會（「董事會」）謹此公佈截至二零二五年九月三十日止季度的未經審核最新營運資 料。截至二零二四年九月三十日止季度及截至二零二五年六月三十日止季度的比 較數字亦於本公告披露（如適用）。 本公司為業務集中於並位於蒙古國的最大的國際上市私營礦業公司。本集團整合 了一個多元化的業務組合，在蒙古國南部及西部地區開發及運營焦（冶金）煤、黃 金、銅及其他有色金屬礦業資產。 焦（冶金）煤營運 本集團的全資附屬公司Energy Resources LLC（「ER」）經營Ukhaa Khudag （「UHG」）焦煤煤礦，本集團控股附屬公司Khangad Ex ...

Financial Data and Key Metrics Changes - In Q2 2025, the company sold just over 148,000 ounces at an average realized price of $3,200 per ounce, reflecting the pre-merger assets [9] - Pro forma consolidated revenue for H1 would have been approximately $1,330,000,000 from 401,000 ounces, highlighting the enhanced scale and earnings power post-merger [9] - The company expects production, cash flow, and earnings to grow meaningfully in the coming quarters [7] Business Line Data and Key Metrics Changes - Greenstone's mining rates increased by 23% and processing rates improved by 20% over Q1 [10] - Month-to-date August mining rates averaged 200,000 tons per day, with the best performance reaching 227,000 tons per day [13] - Ballantyne is on track to deliver first gold approximately a month after the first ore to the plant, with a steady ramp-up to nameplate capacity expected in Q1 2026 [15] Market Data and Key Metrics Changes - The company is focused on disciplined capital allocation and rationalizing its portfolio to enhance shareholder value [16] - The sale of Nevada assets for $115,000,000 is an example of the company's strategy to create value and return capital to shareholders [16] Company Strategy and Development Direction - The company aims for operational excellence, advancing high-quality organic growth, and disciplined capital allocation [7] - The strategy emphasizes quality over quantity, focusing on production that enhances free cash flow and valuation [16] - The company is exploring opportunities to sell non-core assets to create value for shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to realize the vision of becoming a top quartile valued gold producer [17] - The company is optimistic about improving grades at Greenstone and expects quarter-on-quarter improvements [20][22] - Management highlighted the importance of maintaining open dialogue with stakeholders in all jurisdictions [27] Other Important Information - The company has invested over $25,000,000 in critical spares to support a smooth ramp-up at Ballantyne [15] - The company is actively engaged in exploration activities in Nicaragua and other assets, with significant potential identified [84] Q&A Session Summary Question: What is the expected improvement in grades at Greenstone? - Management indicated that month-to-date August grades are around one gram per ton, showing improvement over Q2, with expectations for continued improvements [20][22] Question: Is the equipment fleet sufficient for mining rates? - Management confirmed that all required equipment is in place and emphasized maximizing the value of committed capital [24][26] Question: What is the status of community agreements for Los Filos? - Management stated that agreements are in place with two communities, and discussions are ongoing with a third community [27] Question: Will there be more asset sales in the near future? - Management is open to exploring opportunities for selling non-core assets if it creates value for shareholders [30] Question: What are the expected cash costs for the company in the future? - Management provided a ballpark estimate of cash costs around $1,400 per ounce for Q2, with expectations for improvement as larger, lower-cost producers come online [91][92] Question: What are the key metrics to watch during the ramp-up of Valentine? - Management emphasized that tons milled will be the key metric during the ramp-up process [78] Question: What is the exploration potential across various assets? - Management highlighted ongoing exploration in Nicaragua, Valentine, and Mesquite, with plans to recommence exploration programs [84]

Financial Data and Key Metrics Changes - Consolidated net revenues for Q1 2025 totaled $627 million, an 8% increase year over year but a 15% decrease compared to Q4 2024 [21][22] - Adjusted EBITDA reached $125 million, representing a 3% decrease year over year and a 36% decrease compared to Q4 2024, with an adjusted EBITDA margin of 20% [22][23] - Mining cash cost significantly dropped to $0.11 per pound from $0.26 per pound year over year, while smelting cash cost increased to $1.17 per pound from $0.98 per pound in the same period last year [10][12] Business Line Data and Key Metrics Changes - Zinc production in Q1 2025 was 67,000 tons, down 23% year over year and 8% quarter over quarter, impacted by operational challenges and heavy rainfall [10][11] - Smelting segment sales reached 130,000 tons, a decrease of 6% year over year and 14% quarter over quarter, primarily due to lower production at certain facilities [11][12] - Aripuana's production volume declined due to intense rainfall, but metallurgical recoveries improved and costs remained within guidance [14][15] Market Data and Key Metrics Changes - The LME zinc price averaged $2,838 per ton in Q1 2025, reflecting a 16% increase year over year but a 7% decrease quarter over quarter [29] - The LME copper price averaged $9,340 per ton, up 11% year over year and 2% quarter over quarter, indicating strong market fundamentals [31] - The LME silver price averaged $32 per ounce, up 37% year over year and 2% quarter over quarter, supported by concerns around future availability [32] Company Strategy and Development Direction - The Cerro Pasco integration project is progressing well, with construction of the tailings pumping system expected to begin in Q2 2025, aimed at extending operations for over ten years [17][35] - The company is focused on improving margins through disciplined operational performance and cost control, while also enhancing production capacity at Aripuana [7][16] - Exploration remains a key pillar of the long-term strategy, with ongoing geological studies and efforts to extend the life of assets [35] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenging macro environment marked by volatility, geopolitical tensions, and inflation, but remains confident in the medium to long-term fundamentals for key metals [6][7] - The company expects to normalize production variations over the coming quarters and is taking measures to recover production lost in Q1 2025 [48][86] - Management emphasized a disciplined approach to financial and operational strategies, prioritizing cash generation and smart capital allocation [37][86] Other Important Information - The company invested $50 million in CapEx during Q1 2025, primarily for sustaining activities, with total CapEx guidance for 2025 remaining unchanged at $347 million [23][24] - The liquidity position remains healthy, with available liquidity of approximately $721 million at the end of Q1 2025 [26] - The net debt to adjusted EBITDA ratio increased from 1.7 times to 2.1 times, primarily due to seasonal cash balance decreases [27] Q&A Session Summary Question: Can you provide more details on geotechnical issues at Vasante and production levels at Cerro Lindo? - Management explained that geotechnical issues at Vasante were due to a collapse in a high-grade mineral stope, which is being addressed to recover production [42][44] - Production at Cerro Lindo is expected to recover throughout the year, with improvements anticipated in other mines as well [46][48] Question: What are the impacts of recent trends on TCRCs and leverage expectations? - Management noted that TCs have decreased to $80, which will impact smelter profitability, but most contracts are already closed for the year [50][52] - Leverage is expected to reverse throughout the year, with targets to maintain or slightly lower leverage compared to the end of 2024 [58][59] Question: Will the negative working capital of $265 million be fully reversed this year? - Management indicated that working capital is expected to be flat on an annual basis, with a significant one-off tax payment affecting Q1 results [64][66] Question: How is the company managing tariff risks? - Management stated that they are not currently exposed to tariffs on zinc and are monitoring the situation closely, with expectations of stable demand in the U.S. market [78][80]