Core Insights - Atlas Salt Inc. has released the results of its Updated Feasibility Study (UFS) for the Great Atlantic Salt Project, indicating strong financial metrics and project viability [1] Financial Metrics - Post-tax NPV at 8% is CAD 920 million, with a post-tax IRR of 21.3% and a payback period of 4.2 years [1] - Pre-tax NPV at 8% is CAD 1.68 billion, with a pre-tax IRR of 27.1% [1] - Total undiscounted post-tax cash flow, including initial capital cost, is CAD 3.93 billion [1] Capital and Operating Costs - Initial capital cost is CAD 589 million, with sustaining capital over the life of the mine estimated at CAD 609 million [1] - Average operating cost is CAD 28.17 per tonne FOB mine site port [1] Production and Mine Life - Average annual life of mine (LOM) operating cash flow (EBITDA) is CAD 325 million per annum [1] - Average annual post-tax free cash flow in operation is CAD 188 million [1] - The mine has a life span of 24 years based on proven and probable reserves, with an average steady-state production of 4.0 million tonnes of high-purity road salt per annum [1]

Core Viewpoint - Amex Exploration Inc. has initiated a Feasibility Study for the first phase of the Perron gold project, following a positive Preliminary Economic Study, aiming to position the company as a near-term producer [1][2]. Project Overview - The Feasibility Study is expected to be completed by Q1 2026 and will focus on Phase 1 of the Perron Project, which is located in Quebec, Canada [2]. - The project includes a staged production strategy that aims to derisk the project, simplify the permitting process, and minimize shareholder dilution [3]. Economic and Technical Highlights - The initial capital cost estimate for the project is $146.1 million, with pre-production revenues expected to offset $68.6 million, resulting in a net initial CAPEX of $77.5 million [8]. - Average annual gold production is projected to exceed 100,000 ounces, with an All-in Sustaining Cost (AISC) of US$1,165 per ounce [8]. - The average diluted head grade is estimated at 10.07 grams per tonne [8]. Collaboration and Infrastructure - Amex will collaborate with several Quebec-based consulting firms to construct the Feasibility Study, including Evomine Consulting Inc., Norda Stelo, Soutex Inc., A2GC, and Hydro Ressources [2]. - The project benefits from excellent infrastructure, being accessible by a year-round road and located near major milling operations [7]. Company Background - Amex Exploration Inc. has made significant high-grade gold discoveries at its 100%-owned Perron Gold Project, which spans approximately 45.18 square kilometers [5]. - The consolidated land package, including the adjacent Perron West Project, covers a total of 197.52 square kilometers, indicating a highly prospective geology for both high-grade gold and volcanogenic massive sulphide (VMS) mineralization [6].

Financial Data and Key Metrics Changes - The company completed a significant transaction, acquiring Barrick's 50% interest in the Donlin project, resulting in a new ownership structure where NovaGold holds 60% of the project [2][3] - Following the transaction, the company's stock price increased from approximately $2 per share to just under $7 per share, indicating a positive market response [21] Business Line Data and Key Metrics Changes - The Donlin project is highlighted as one of the largest undeveloped gold deposits, with a projected production of about 1.5 million ounces per year for the first five years and an average of 1.4 million ounces per year over ten years [10][13] - The project has a significant cash margin, approaching $3,000 per ounce at current gold prices, which underscores its profitability potential [10] Market Data and Key Metrics Changes - The gold price increase has opened up wide margins for gold producers, enhancing the project's leverage to gold prices [12] - Alaska is noted as a favorable mining jurisdiction, being the second-largest gold-producing state in the U.S., which adds to the project's attractiveness [11][16] Company Strategy and Development Direction - The company aims to update the feasibility study for the Donlin project and move towards a construction decision, with plans to initiate the feasibility study by the end of the year [23][26] - The partnership with Paulson Advisors is seen as a strategic advantage, providing financial backing and expertise to advance the project [4][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the project's potential, citing the removal of uncertainty following the partnership with Paulson, which is expected to lead to a substantial increase in shareholder value [8][9] - The company is optimistic about the future, anticipating that the feasibility study will take 18 months to 2 years, after which a construction decision can be made [26] Other Important Information - The company has completed the federal permitting process and is nearing completion of state permits, with only the Tailings Dam permit remaining [18][19] - The company is actively engaging with major engineering firms to update the feasibility study, indicating a proactive approach to project advancement [23] Q&A Session Summary Question: When does the company expect to reach a construction decision? - Management indicated that the feasibility study will be initiated late this year and is expected to take 18 months to 2 years, allowing for a construction decision thereafter [26]

Core Viewpoint - Hudbay Minerals Inc. reported strong financial results for the second quarter of 2025, driven by significant free cash flow generation, industry-leading cost margins, and diversified exposure to copper and gold, while reaffirming production guidance and improving cost guidance for the year [2][5][10]. Financial Performance - Revenue for the second quarter of 2025 was $536.4 million, with adjusted EBITDA of $245.2 million, reflecting strong operating cost margins and significant exposure to copper and gold [5][18]. - Net earnings attributable to owners were $117.7 million, or $0.30 per share, representing a 17% increase from the first quarter of 2025 [12][18]. - Cash and cash equivalents increased by $62.9 million to $625.5 million, with total liquidity reaching $1,050.2 million as of June 30, 2025 [15][18]. Production and Cost Guidance - Consolidated copper production for the second quarter was 29,956 tonnes, and gold production was 56,271 ounces, with full-year production guidance reaffirmed at 117,000 to 149,000 tonnes of copper and 247,500 to 308,000 ounces of gold [5][9]. - Consolidated cash cost per pound of copper produced was $(0.02), while sustaining cash cost was $1.65, reflecting strong cost control and increased exposure to gold by-product credits [14][19]. - Full-year 2025 consolidated cash cost guidance improved to $0.65 to $0.85 per pound from $0.80 to $1.00 per pound [5][10]. Strategic Developments - The announcement of a $600 million joint venture with Mitsubishi Corporation for a 30% minority interest in the Copper World project is expected to enhance financial flexibility and reduce capital contributions [6][10]. - The joint venture is projected to increase levered project IRR to approximately 90% based on pre-feasibility study estimates, validating the long-term value of the Copper World asset [10][11]. - Hudbay is advancing its Copper World project towards a sanction decision in 2026, with a definitive feasibility study expected by mid-2026 [10][11]. Operational Highlights - Peru operations produced 21,710 tonnes of copper and 7,366 ounces of gold in the second quarter, maintaining production in line with expectations despite a planned mill maintenance shutdown [21][24]. - Manitoba operations produced 43,235 ounces of gold, with production impacted by temporary shutdowns due to wildfire evacuation orders [30][37]. - British Columbia operations produced 6,634 tonnes of copper, with ongoing optimization initiatives expected to enhance production in the second half of 2025 [51][52].