Core Insights - First Mining Gold Corp. announced positive results from the updated Pre-Feasibility Study (2025 PFS) for its Springpole Gold Project, indicating strong economic viability and potential for significant regional economic impact [3][6]. Economic Metrics - Pre-Tax NPV5% is estimated at US$3.2 billion at a gold price of US$3,100/oz, increasing to US$5.6 billion at US$4,200/oz [7][13]. - After-Tax NPV5% is projected at US$2.1 billion at US$3,100/oz, rising to US$3.8 billion at US$4,200/oz [7][13]. - Pre-Tax IRR stands at 54% at US$3,100/oz, increasing to 82% at US$4,200/oz [7][13]. - The project has a life of mine (LOM) of 9.4 years with an after-tax payback period of 1.8 years, which reduces to 1.2 years at higher gold prices [7][13]. Production and Cost Estimates - Average annual gold production is estimated at 330,000 ounces (koz) for the first five years, with a total of 281 koz over the LOM [7][8]. - All-in Sustaining Costs (AISC) are projected at US$877/oz for the first five years and US$938/oz over the LOM [7][8]. - Initial capital costs are estimated at US$1.1 billion, with sustaining capital costs of US$323 million and closure costs of US$40 million [7][36]. Resource Estimates - The updated resource model indicates an Indicated Mineral Resource of 191 million tonnes (Mt) at 0.78 g/t Au for 4.8 million ounces of gold and 4.6 g/t Ag for 28 million ounces of silver [8][20]. - The Inferred Mineral Resource category hosts 64 Mt at 0.38 g/t Au for 0.8 million ounces of gold and 3.1 g/t Ag for 6.5 million ounces of silver [8][20]. Project Development and Infrastructure - The project is designed for a 30,000 tonnes-per-day open pit operation, with significant engineering work completed to enhance infrastructure and design plans [3][9]. - The 2025 PFS includes advanced tailings management strategies and a new airstrip to support operations [17][46]. Economic Sensitivity - The project's economics are highly sensitive to gold prices, with significant variations in NPV and IRR based on price fluctuations [11][12]. - Initial capital costs and operating costs also show sensitivity, impacting overall project viability [14][15]. Community and Economic Impact - The project is expected to generate over US$7 billion in gross domestic product and create hundreds of jobs, providing significant contracting opportunities for regional and Indigenous businesses [3][6]. - Ongoing consultation processes with Indigenous communities are part of the project's development strategy [3][6].

Core Viewpoint - Headwater Gold Inc. has entered into a definitive agreement with OceanaGold Corporation for OceanaGold to acquire an option to earn up to a 75% interest in Headwater's TJ, Jake Creek, and Hot Creek projects in Nevada through staged exploration expenditures totaling up to US$65 million and the completion of Pre-Feasibility Studies [1][3]. Group 1: Agreement Details - OceanaGold will fund a minimum commitment of US$2.5 million in exploration expenditures across the three projects within the first two years of the agreement [6]. - The earn-in structure consists of three stages, with OceanaGold potentially earning a 51% interest in each project after funding US$10 million for TJ and Jake Creek, and US$5 million for Hot Creek within four years [8]. - By completing a Pre-Feasibility Study (PFS) on each project, OceanaGold can earn an additional 10% interest, bringing the total to 75% [10]. Group 2: Project Specifics - The TJ project is located in northeastern Nevada and is interpreted to represent a robust, fully preserved epithermal system with multiple high-quality targets identified [3][11]. - The Jake Creek project consists of 189 unpatented lode mining claims and has historical drilling results indicating widespread epithermal mineralization [14]. - The Hot Creek project is royalty-free and has historical shallow drilling results showing grades up to 1.04 g/t Au over 12.2 m [15]. Group 3: Financial Aspects - OceanaGold made a non-refundable payment of US$250,000 to Headwater for pre-drilling expenses as part of the letter of intent [5]. - Upon execution of the agreement, OceanaGold paid US$100,000 to Headwater, with an additional US$100,000 to be paid on the first anniversary if the agreement continues [6]. - Headwater will receive a 10% management fee as the initial operator of the projects [6].

Core Insights - Newcore Gold Ltd. has announced an increase in its 2024-2025 drill program to 45,000 metres at the Enchi Gold Project in Ghana, supported by a strong cash position of approximately $10 million after warrant exercises [1][4] Drill Program Overview - The first phase of the drill program focused on resource growth and infill drilling to convert Inferred Resources to Indicated, targeting near-surface oxide and shallow fresh mineralization [2][16] - The second phase will emphasize discovery and resource growth, including drilling at earlier-stage exploration targets and defining higher-grade structures at depth [2][16] Drilling Results - A total of 25,097 metres in 207 Reverse Circulation holes have been reported, with 98.5% of holes intersecting gold mineralization [6] - Significant drill results include: - KBRC352: 2.25 g/t Au over 56.0 m, including 3.83 g/t Au over 15.0 m [5][7] - SWRC194: 1.85 g/t Au over 62.0 m, with a higher-grade interval of 8.36 g/t Au over 10.0 m [5][7] - KBRC301: 204.27 g/t Au over 1.0 m [5][7] Resource Potential - The drilling has encountered wide zones of gold mineralization, indicating strong continuity and potential for resource growth, particularly outside the current limits of the Mineral Resource Estimate [5][6] - The Enchi Gold Project hosts an Indicated Mineral Resource of 41.7 million tonnes grading 0.55 g/t Au and an Inferred Mineral Resource of 46.6 million tonnes grading 0.65 g/t Au [22] Future Plans - The company is working towards completing the technical work necessary for a Pre-Feasibility Study in 2026, alongside ongoing drilling activities [4][17] - Development work in support of the Pre-Feasibility Study includes metallurgical testwork, hydrogeological testing, and environmental assessments [17]

Project Overview - Caldeira project has a large ionic clay resource globally at 1.5 billion tonnes @ 2,359 ppm TREO, including 526 ppm MREO[17] - The project's initial mine life is estimated to be 20 years based on the Pre-Feasibility Study (PFS)[23] - Drilling has been limited to approximately 15% of the total license area, indicating significant exploration upside[23] Financial Highlights - The project boasts a compelling post-tax NPV8 of US$1.3 billion, indicating strong potential for extending mine life and processing capacity[17,41] - The development capex is estimated at US$443 million, inclusive of contingency[41] - The average annual Total Rare Earth Oxide (TREO) production is projected to be 13,584 tonnes, representing approximately 8% of the global REO market[38] - Average annual Neodymium-Praseodymium (NdPr) Oxide production is estimated at 4,228 tonnes, representing about 7% of the global NdPr market[38] Operational Summary - The project plans for a 6Mtpa plant throughput, optimized for greater return on capital[38] - The Maiden Probable Ore Reserve is 103 million tonnes @ 4,091 ppm TREO, based on a minimum 100m x 100m drilling[38] - The Life of Mine (LOM) strip ratio is low at 0.38 (waste:ore)[50]

Core Insights - Probe Gold Inc. has awarded major engineering contracts for the Pre-Feasibility Study (PFS) of its Novador Project, scheduled for completion by the end of 2025 [2][6] - Ausenco Engineering Canada ULC will lead the PFS, overseeing project timelines and deliverables, while G Mining Services Inc. will handle mining engineering aspects [3][4] - GHD has been appointed for tailings and water management engineering, leveraging their understanding of the project site for optimal design solutions [5][6] Company Overview - Probe Gold has consolidated a significant land position in the Val d'Or East area of Quebec, covering 835 square kilometers, with the Novador Project being a key asset [7][11] - The Novador Project includes four past-producing mines and contains 80% of the company's gold resources in the region, situated in a politically stable and low-cost mining environment [7][11] - The company has a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life [11][12] Engineering Partnerships - Ausenco is recognized for its innovative consulting and project delivery in the minerals and metals sector, with a strong track record in Quebec [8][9] - G Mining Services specializes in both underground and open-pit mining projects, providing comprehensive services from exploration to full-scale operations [10] - GHD is a global professional services company focused on integrated solutions for environmental and engineering challenges, currently supporting multiple mining projects in Canada [10][11] Project Progress - Probe Gold has completed a 50,000-meter infill drilling program to support the PFS, which remains on track for completion by year-end 2025 [9] - The company is making steady progress on its permitting strategy and is fully funded to advance through the next stages of regulatory and permitting work [6][11]