Core Insights - West Red Lake Gold Mines Ltd. has announced positive drill results from its infill and conversion drilling program at the Rowan Project, indicating strong potential for gold mineralization in the Red Lake Mining District of Ontario, Canada [1][24]. Drilling Program Overview - The current drilling program at Rowan consists of thirty-eight holes totaling approximately 6,000 meters, with thirty-three holes completed and results received for seven holes [2]. - The program aims to convert Inferred resources to Indicated and to provide data for potential mine design considerations [25][28]. Significant Drill Results - Notable intercepts include: - Hole RLG-25-192b: 1m @ 141.5 grams per tonne gold from 76.1m to 77.1m, and 1m @ 17.55 g/t Au from 27.6m to 28.6m [3]. - Hole RLG-25-190: 1m @ 55.8 g/t Au from 109.5m to 110.5m, and 1m @ 12.5 g/t Au from 75m to 76m [4]. - Hole RLG-25-187: 1m @ 28.5 g/t Au from 116.25m to 117.25m [5]. Exploration Strategy - The exploration strategy includes focusing on Veins 001, 004, 006b, and 013, with the goal of updating the Mineral Resource Estimate planned for Q2 2026 [8][29]. - The use of larger diameter HQ drill core is expected to provide better grade representation and larger volume samples [8]. Economic Assessment - A Preliminary Economic Assessment (PEA) for the Rowan Project indicates the potential for an underground mine producing an average of 35,230 ounces of gold per year over a five-year mine life at an average grade of 8.0 g/t Au [24]. Resource Estimates - The Rowan deposit currently hosts an Indicated resource of 478,707 tonnes containing 196,747 ounces of gold grading 12.78 g/t Au, and an Inferred resource of 421,181 tonnes containing 118,155 ounces of gold grading 8.73 g/t Au [39]. Future Plans - The company plans to conduct further geotechnical, metallurgical, and engineering studies to support the combined Pre-Feasibility Study (PFS) for the Madsen Mine and Rowan projects [30]. - The Advanced Exploration permit is targeted for approval in 2027, which is expected to facilitate bulk sample extraction [31].

Core Viewpoint - West Red Lake Gold Mines Ltd. has announced promising drill results from its infill and conversion drilling program at the Rowan Project, indicating high-grade gold intercepts and potential for resource upgrades [1][7][23]. Drilling Program Overview - The current drilling program at the Rowan Project involves a total of thirty-eight holes, approximately 6,000 meters in length, with thirty-three holes completed and results received for seven holes [2][24]. - The drilling aims to support the upgrade of Inferred resources to Indicated and to provide data for a combined Pre-Feasibility Study (PFS) for the Madsen Mine and Rowan projects [24][28]. Significant Drill Results - Notable high-grade intercepts include: - Hole RLG-25-192b: 1m @ 141.5 grams per tonne gold from 76.1m to 77.1m [3]. - Hole RLG-25-190: 1m @ 55.8 g/t Au from 109.5m to 110.5m [4]. - Hole RLG-25-187: 1m @ 28.5 g/t Au from 116.25m to 117.25m [5]. - The presence of visible gold was noted in several holes, indicating strong mineralization [3][4][5]. Resource and Economic Assessment - The Rowan Project currently hosts an Indicated resource of 478,707 tonnes containing 196,747 ounces of gold at a grade of 12.78 g/t Au, and an Inferred resource of 421,181 tonnes containing 118,155 ounces at 8.73 g/t Au [39]. - A Preliminary Economic Assessment (PEA) indicates robust preliminary economics for an underground mine at Rowan, producing an average of 35,230 ounces per year over a 5-year mine life at an average grade of 8.0 g/t Au [23]. Future Plans and Opportunities - The company plans to extend the drilling program by an additional 1,000 meters to further explore the Vein 001 zone [7]. - Further geotechnical, metallurgical, and engineering studies are underway to inform the planned PFS, with the goal of advancing Rowan towards Advanced Exploration status by 2027 [29][30]. - There are opportunities to expand and upgrade the resource and mine plan, particularly with veins 006b and 013, which may demonstrate similar resource upgrade potential [32][34].

Core Viewpoint - Thor Explorations Ltd. has announced the results of its Pre-Feasibility Study (PFS) for the Douta Gold Project in Senegal, confirming it as a robust, long-life gold project with strong economics and significant potential for resource expansion [2][3]. PFS Highlights - The pre-tax NPV5% of the project is estimated at US$908 million with an IRR of 73% based on a long-term gold price of US$3,500/oz [6]. - The post-tax NPV5% is US$633 million with an IRR of 61% under the same gold price assumption [6]. - The project anticipates gold production of 411,000 ounces in the first four years at an all-in sustaining cost (AISC) of US$1,493/oz, generating a pre-tax cash flow of US$814 million [6]. - At a higher gold price of US$4,250/oz, the pre-tax NPV5% increases to US$1.43 billion with an IRR of 102% [6][8]. - The project has a low initial capital cost of US$254 million and a life of mine AISC of approximately US$1,890/oz [6]. Mineral Resource Estimate (MRE) Highlights - The updated MRE includes an Indicated Mineral Resource of 50.6 million tonnes at an average grade of 1.04 g/t Au, containing 1.7 million ounces of gold [15][32]. - An Inferred Mineral Resource of 9.3 million tonnes at an average grade of 0.92 g/t Au, containing 273,000 ounces of gold, has also been reported [15][32]. - The MRE supports a Probable Reserve of 36.6 million tonnes at an average grade of 1.03 g/t Au, containing 1.2 million ounces of gold [15][31]. Project Development and Next Steps - The project is fully funded from the company's cash reserves and project financing, with no expected shareholder dilution [12]. - The Ministry of Environment approved the Environmental and Social Impact Assessment (ESIA) in January 2026 [6][77]. - Next steps include finalizing the Mining Convention with the Government of Senegal and commencing detailed design and procurement in H1 2026 [6][79]. Production Profile - The project will have a two-phase production profile, with the Oxide Ore Phase producing approximately 413,000 ounces in the first four years and the Primary Ore Phase continuing for an additional 7.8 years [23][25]. - The average annual production during the Oxide Ore Phase is projected to be over 111,000 ounces at an AISC of US$1,469/oz [8][25]. Financial Overview - The total capital cost for the life of the mine is estimated at US$376.8 million, including initial and sustaining capital costs [80]. - The project is expected to achieve payback of the initial capital within 11 months from the start of processing [6].

Core Insights - Newcore Gold Ltd. has reported significant drill results from its Enchi Gold Project in Ghana, highlighting high-grade gold mineralization at the Boin Gold Deposit, including the first visible gold encountered by drilling [1][3][10] - The ongoing 45,000-metre drill program aims to expand resources and confirm the continuity of gold mineralization at depth, with promising results indicating potential for resource growth [1][5][15] Drill Results - Diamond drill hole KBDD100 intersected 147.50 grams per tonne gold over 1.0 metre, marking the first visible gold found at the project [1][4][10] - Additional significant intersections include KBDD102 with 3.22 g/t Au over 17.0 m and KBDD101 with 1.26 g/t Au over 16.0 m [4][12][13] - The drilling program has tested high-grade shoots to a maximum vertical depth of approximately 312 metres, confirming the geological model and continuity of mineralization [9][14] Project Development - The Enchi Gold Project has 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] - The project is advancing towards a Pre-Feasibility Study expected to be completed by the end of H1 2026, with ongoing development work including metallurgical and hydrogeological testing [15][16] Market Engagement - Newcore Gold has entered into an agreement with SRC Swiss Resource Capital AG for investor relations and communications services in Europe, effective January 2026 [17][18]

Core Viewpoint - McEwen Inc. has reported a significant increase in its Year-End 2025 Mineral Resource Estimate for the Grey Fox Project, totaling 1.9 million Indicated gold ounces and 436,000 Inferred gold ounces, with plans to double production by 2030 [1][3]. Mineral Resource Estimate - The 2025 Mineral Resource Estimate at Grey Fox includes 1.9 million Indicated gold ounces and 436,000 Inferred gold ounces, calculated at a gold price of US$3,000 per ounce [1][7]. - There is a 23% increase in Indicated Resources compared to Year-End 2024 [7]. - The total Indicated Resources consist of 19,474,000 tonnes at an average grade of 3.02 grams per tonne (gpt) gold, while Inferred Resources consist of 5,101,000 tonnes at an average grade of 2.66 gpt gold [7][13]. Mining Methods - The company is balancing both underground and open pit mining methods for the Grey Fox Project, which will be detailed in the upcoming Pre-Feasibility Study (PFS) scheduled for Q2 2026 [2][6]. - Early underground mining opportunities have been identified in the Gibson Zone and Whiskey Jack, with the Gibson Zone containing 393,000 Indicated gold ounces and 297,000 Inferred gold ounces [4][5]. Stroud Project - The Stroud Project, acquired in 2024, is adjacent to Grey Fox and contains a historical resource estimate of approximately 270,000 gold ounces, which will be validated and incorporated into future updates [9]. - The company completed over 6,000 meters of drilling at Stroud in 2025 to verify the historical resource [9]. Recent Drill Results - Recent drill results indicate potential for further resource growth, with notable findings such as 10.1 gpt gold over 5.8 meters and 23.8 gpt gold over 1.6 meters [10]. - The company plans to allocate $5 to $10 million for drilling at Grey Fox in 2026 to continue expanding the resource [10].

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]