Summary of First Nordic Metals Conference Call Company and Industry - **Company**: First Nordic Metals (OTCPK:FNMC.F) - **Industry**: Mining, specifically focused on gold and cobalt in the Nordic region (Finland and Sweden) Key Points and Arguments 1. **Merger Announcement**: First Nordic Metals and Mawson Finland Limited announced a strategic merger on September 15, 2025, structured as a one-third to two-thirds merger [2][6] 2. **Capital Raise**: The company successfully raised $80 million, including a $30 million raise and a subsequent $50 million raise, providing sufficient treasury for long-term project development [7][32] 3. **Asset Overview**: The merged entity now holds over 2.4 million ounces of gold equivalent on its balance sheet, along with cobalt credits from the Finland asset [8][42] 4. **Shift in Strategy**: The focus is shifting from exploration to project development, with plans for acquisition and consolidation of assets [8][14] 5. **Management Team**: The new management team has extensive experience in project development, including past successes in significant mining projects [10][11] 6. **Community Relations**: Emphasis on maintaining strong community relations and environmental monitoring, particularly in the Rajapalot project area [20][21][29] 7. **Rajapalot Project**: The Rajapalot project has nearly 1 million ounces of gold, with plans to update the resource estimate and conduct further studies [15][29] 8. **Barsele Gold Project**: The Barsele Gold Project, a joint venture with Agnico Eagle Mines Limited, has 2.4 million ounces of inferred gold, with significant drilling results indicating good potential for expansion [14][25][26] 9. **Infrastructure Advantages**: The Nordic region offers excellent infrastructure, including access to power and transportation, which is crucial for operational efficiency [19][20] 10. **Future Plans**: The company plans to execute a new Preliminary Economic Assessment (PEA) to reassess project economics in light of current gold prices [31][41] Other Important Content 1. **Board Composition**: The new board includes experienced members from both companies, ensuring continuity and expertise in project execution [12][14] 2. **Long-term Vision**: The CEO expressed a commitment to building a significant gold company rather than just focusing on individual projects, aiming for sustainable growth [37][39] 3. **Market Positioning**: The company is currently trading at around $75 per ounce in terms of enterprise value, indicating potential for growth post-merger [43] 4. **Regulatory Environment**: The permitting process in the Nordics is complex and requires careful management of local community relations [29][30] 5. **Investor Communication**: Plans to communicate progress and updates to investors regularly, especially after the merger is finalized [41][52] This summary encapsulates the critical insights and strategic direction of First Nordic Metals following the recent merger and capital raise, highlighting the company's focus on development and community engagement in the Nordic mining sector.

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Core Viewpoint - Blue Moon Metals Inc. has successfully closed a US$5 million non-brokered private placement and received conditional approval for a bridge loan, marking the initial steps of a larger investment package aimed at advancing its Nussir Copper Project in Norway [1][2][3]. Group 1: Investment Details - The company has closed an Initial Equity Subscription of US$5 million with Oaktree, part of a potential US$20 million equity commitment [1][6]. - A bridge loan of US$25 million has been arranged, with the company having drawn US$12.5 million and eligible for a second installment of US$12.5 million upon meeting certain conditions [2][6]. - The total investment package could provide up to US$140 million to support the development of the Nussir Copper Project [3][5]. Group 2: Project Funding and Use of Proceeds - The initial capital from the bridge loan and equity subscription will fund early works and pre-construction activities, including engineering and procurement [5]. - The investment package includes a US$50 million senior secured term loan and a US$70 million redeemable precious metals stream, contingent on certain conditions being met by March 31, 2026 [5][6]. Group 3: Company Overview - Blue Moon is advancing three brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, which is critical for the global economy [8]. - The company has established local infrastructure for its projects, which include roads and power [8].

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first half of 2025 was $159.3 million, slightly above the $155.7 million recorded in 2024, with profit after tax increasing by 80% to $25.5 million from $14 million in 2024 [3][11][12] - Gross profit rose to $114.8 million, up 19%, and operating profit increased by 12% to $98.7 million [8] - Total liabilities decreased slightly due to amortizing debt, with a focus on refinancing to extend tenor and lower costs [10] Business Line Data and Key Metrics Changes - The Hangzhou mine produced over 11.5 million wet metric tons, with adjusted EBITDA of $70.3 million, a significant improvement from 2024 [4][16] - RKF operations saw lower EBITDA due to higher costs and ore shortages, despite an improving NPI price [9][12] - HPAL operations performed well, with production above 2024 levels and stable cash costs, resulting in EBITDA per ton margins around $5,900 [14][15] Market Data and Key Metrics Changes - NPI price increased from $11,290 to $11,350, while cash costs rose from $9,716 to $10,117 due to higher oil prices [12][13] - The company is experiencing a slight upward trend in nickel prices, which is expected to positively impact future margins [13] Company Strategy and Development Direction - The company is focused on responsible and sustainable mining, with initiatives like the Nickel Industries Foundation and a conservation area within the Hengjai mining concession [2][3] - Development of the Sampala project is progressing well, with expectations to host over 1 billion wet metric tons [6][19] - The company aims to double production at the Hengdai mine and is targeting commissioning of the cathode plant by late 2025 [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite challenges in nickel prices, highlighting strong growth in the mining sector [42] - The company anticipates further growth with the imminent release of an RKB that requires no CapEx for increased mine sales [42] Other Important Information - The company has deferred payments for E and C totaling $126.5 million to January and April, allowing for additional production and EBITDA [11] - The cathode plant is expected to be commissioned in October or November, with all key equipment fabricated and erected [17][35] Q&A Session Summary Question: Update on debt refinancing and balance sheet management - Management confirmed entering a commitment letter for a $100 million loan facility to support working capital and is evaluating alternative debt funding options [21][23] Question: Dividend withdrawal reasoning - Management stated the withdrawal is a prudent balance sheet management decision, prioritizing financial stability over dividend payouts [26] Question: Update on VAT refunds and timing - Management expects the $110 million VAT refunds within the next six to twelve months and is in dialogue with the Indonesian government [28][29] Question: Timing for environmental study approval and production targets - Management indicated that the RKB approval is expected by September, with Sampala targeting 6 million tonnes per annum by the end of the year [30] Question: Factors influencing commissioning of the cathode plant - Management explained the delay in commissioning is due to high working capital demands and the need to ensure a strong balance sheet [34][36]

Core Viewpoint - Apollo Silver Corp. is advancing its Calico Silver Project with key appointments and amendments to agreements, enhancing its exploration and resource development efforts. Group 1: Management and Team Enhancements - Appointment of Tony Gonzales as Senior Project Manager, bringing over 35 years of mineral exploration experience, including significant roles at BHP and Fission Uranium [2][3][4] - The addition of George Kenline as an independent technical advisor, who has extensive experience in environmental review processes and permitting in San Bernardino County [8][9] Group 2: Project Developments - The Langtry Option has been amended to extend the option period from December 24, 2025, to December 24, 2034, and increases the purchase price to the greater of US$7.0 million or the spot price of 250,000 troy ounces of silver [5][6][7] - The Langtry deposit has a 2022 inferred Mineral Resource Estimate of 19.3 million tonnes at a grade of 81 g/t Ag, totaling 50 million ounces of silver [5] - Approval received for a third extension of the Temporary Use Permit for the Waterloo Property, allowing exploration drilling for the next twelve months [8] Group 3: Strategic Focus - The Calico Project is highlighted as one of the largest undeveloped primary silver projects in the US, with significant barite credits essential for the energy and medical sectors [11] - The company is well-positioned to advance its assets and deliver value through exploration and development, supported by an experienced management team [11]

Core Viewpoint - NOVAGOLD and Paulson Advisers LLC are advancing the Donlin Gold project in Alaska, focusing on stakeholder engagement and preparing for a Bankable Feasibility Study (BFS) amid a favorable gold market [1][2][3]. Group 1: Project Development and Stakeholder Engagement - A project workshop was held in July 2025 in Alaska, involving key stakeholders and representatives from NOVAGOLD and Paulson, aimed at advancing the Donlin Gold project [1]. - Meetings with local stakeholders, including Calista Corporation and The Kuskokwim Corporation (TKC), emphasized collaboration and the project's commitment to responsible development [2][3]. - The project is expected to produce over one million ounces of gold annually over a 27-year mine life, highlighting its significance as one of the largest gold mines in the U.S. [13]. Group 2: Strategic Planning and Infrastructure - A contract has been awarded to prepare the Request for Proposals (RFP) for the updated BFS, with top-tier engineering firms expected to be selected by Q4 2025 [3][11]. - Discussions with natural gas pipeline developers are ongoing to explore options for delivering natural gas to Southcentral Alaska, which could benefit the Donlin Gold project [10]. - The 2025 drill program has been completed, focusing on converting and expanding reserves, with an additional 3,000 meters approved for geotechnical drilling [12][17]. Group 3: Company Overview and Financial Position - NOVAGOLD is well-financed and focuses on developing the Donlin Gold project, which has approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories [13][17]. - The project is regarded as one of the largest and highest-grade open-pit gold deposits globally, with significant potential for future production [13].

Core Viewpoint - Aya Gold & Silver Inc. reported strong operational and financial results for Q2-2025, highlighting record revenues and significant increases in silver production, driven by the ramp-up of the Zgounder plant and ongoing exploration efforts [4][11][24]. Operational Summary - Silver production reached 1.04 million ounces, a 141% increase year-over-year, attributed to the new Zgounder plant's ramp-up [8][10]. - The average throughput was 3,005 tonnes per day, with mill availability at 98% and recovery rates improving to an average of 86.5% for the quarter [7][10]. - Ore processed increased by 239% year-over-year to 273,471 tonnes, with a 10% quarter-over-quarter increase [10][11]. Financial Summary - Revenue from silver sales totaled $38.6 million, up 182% year-over-year, reflecting higher sales volumes and a net realized silver price of $33.86 per ounce, a 29% increase from the previous year [11][20]. - Net income for the quarter was $8.6 million, or diluted EPS of $0.06, compared to $6.8 million and $0.05 in Q2-2024 [12][20]. - Cash costs per ounce sold increased to $21.26, reflecting early-stage development costs, with expectations for normalization in the second half of 2025 [12][20]. Development and Exploration - The company is advancing its Boumadine project, with a Preliminary Economic Assessment (PEA) expected later this year, which is anticipated to highlight its potential as a major production hub [6][24]. - Exploration activities included 33,510 meters of drilling at Boumadine and 5,915 meters at Zgounder, with new targets identified, including the Asirem Gold-Copper zone [19][21]. - The regional land package has expanded by 12% to 452.7 km², with ongoing geological mapping and prospecting [18][21]. Recent Developments - Aya received an $8 million payment under bank guarantees from EPC contractor Duro Felguera, reinforcing project oversight and contract enforcement [17]. - The company completed a C$144 million bought deal financing, ending the quarter with $114 million in cash, providing flexibility for future developments [15][16]. Outlook - The company expects continued strong operational execution, with milling throughput and recoveries projected to remain above feasibility study rates [24]. - Key catalysts for the second half of 2025 include the Boumadine PEA and ongoing drill results, which are expected to further demonstrate growth potential [24].

Core Viewpoint - CopAur Minerals Inc. has decided to abandon the acquisition of the Royal Vindicator Mine in Georgia and will concentrate on advancing its Kinsley Mountain Oxide Gold Project in Nevada, which is fully owned by the company [1][5]. Group 1: Strategic Focus - The company is processing a permit application to test the reclaimed heap leach pad at the Kinsley Mountain Project and has hired a mine permitting specialist to develop a comprehensive plan for resuming full mine operations and production [2]. - This strategic realignment emphasizes CopAur's commitment to enhancing shareholder value through disciplined project development and focusing on assets with clear upside potential [5]. Group 2: Historical Context and Potential - The Kinsley Mountain Mine was operational from 1995 to 1999, during which gold prices ranged from US$350 to US$370 per ounce. The mine was previously managed by Alta Gold, which exited the asset and later declared bankruptcy [3]. - Since 2020, CopAur and its former partners have completed over 20,000 meters of drilling, indicating potential for expanding the historic Main Pit Oxide Gold Resource. The company believes that the Kinsley Mountain project presents a compelling opportunity for low-cost, near-term gold production, supported by existing infrastructure and a favorable jurisdiction [4][6].

Project Overview - Antipa Minerals holds a 100% ownership of the Paterson Province landholding, featuring the Minyari Dome gold-copper development project[1] - The project has a pre-tax NPV7% of A$834 million at a gold price of A$3,000 per ounce[16, 21] - The project has a gold equivalent resource of 2.9 million ounces[21] - The project has a contained gold only resource of 2.4 million ounces[21] Financials and Operations - The initial gold output is projected at 1.3 million ounces, averaging 130,000 ounces per year for the first 10 years[21] - The initial capital cost is estimated at A$306 million, including A$90 million for pre-production mining[21] - The project anticipates a 3 Mtpa throughput for a 10+ year initial processing life[21] - The project has an IRR of 52% pre-tax at a gold price of A$3,000 per ounce[21] Exploration and Resources - The company has A$71 million cash position[16] - The company has a land package of over 4,100km2[16] - The company has a mineral resource of 2.5 Moz of gold, 84,000 t of copper, and 666 koz of silver[16]

Financial Data and Key Metrics Changes - The company achieved net earnings from continuing operations of $139 million or $0.68 per share in Q2 2025, driven by higher average realized gold prices and strong gold sales, partially offset by increased production costs and income tax expenses [13] - Adjusted net earnings for the quarter were $90 million or $0.44 per share, excluding one-time non-recurring items [14] - Free cash flow for the quarter totaled negative $62 million; however, excluding capital investments in the Skirius project, free cash flow was positive $62 million compared to $34 million in Q2 2024 [14][15] - Total cash costs were $10.64 per ounce sold and all-in sustaining costs stood at $15.20 per ounce sold [16] Business Line Data and Key Metrics Changes - The company produced 133,769 gold ounces in Q2 2025, with the Lamaque complex and Kisladag exceeding expectations [7] - At Olympias, gold production was 15,978 ounces with total cash costs of $15.78 per ounce sold, reflecting a 35% improvement in production and a 34% decrease in costs compared to Q1 [28] - The Kisladag operation produced 46,058 ounces at total cash costs of $11.33 per ounce sold, impacted by higher labor costs and increased royalty expenses [31] Market Data and Key Metrics Changes - The average realized gold price increased by 40% to $3,270 per ounce in Q2 2025 compared to $2,336 per ounce in the same period last year [15] - The company expects to produce between 460,000 and 500,000 ounces of gold in 2025, aiming for the midpoint based on first-half performance [8] Company Strategy and Development Direction - The company is focused on advancing growth capital investments in Greece, particularly in the Scourias copper-gold project, which is expected to begin production in 2026 [20][36] - The company remains committed to achieving peer-leading shareholder returns supported by low-cost incremental production across its portfolio [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2025, supported by a strong balance sheet and quality assets [35] - The company acknowledged the need for continuous improvement in safety performance, with a lost time injury frequency rate of 0.95 in Q2 2025 [9][10] Other Important Information - The company repurchased over 2.8 million shares at a cost of $58.4 million year-to-date, reinforcing its disciplined capital allocation strategy [12] - The company was recognized as one of Canada's best companies in 2025 by Time for its strong performance in sustainability and employee satisfaction [11] Q&A Session Summary Question: CapEx spend in Q2 and future expectations - Management expects a ramp-up in Q3 and a decrease in Q4 as the company moves into commissioning and startup of the facility [38] Question: Critical path items in the project - The filter plant construction is on the critical path due to extensive geotechnical work required for its foundation [41][42] Question: Balance sheet and rationale for drawdown - The drawdown on the project financing facility is strategic to take advantage of favorable interest rates and maintain financial flexibility [50][54] Question: Kisladag metallurgical work delays - Delays were due to the initial drilling contractor's substandard equipment, leading to a three-month delay in the program [68] Question: Skilled labor retention and productivity - The company has secured additional accommodation and is confident in retaining skilled labor, with productivity meeting expectations [76] Question: Commercial production definition and ramp-up timeline - Commercial production is defined as exceeding 70% throughput with expected recoveries, with a ramp-up to nameplate capacity expected by Q3 [78][81]