Core Viewpoint - Bunker Hill Mining Corp. has successfully closed the seventh and final tranche of a silver loan, totaling approximately US$4.76 million, to support the restart and development of the Bunker Hill Mine [1][2]. Group 1: Silver Loan Details - The total principal amount of the silver loan is up to 1.2 million ounces of silver, advanced in multiple tranches [3]. - The first tranche was closed on August 8, 2024, for US$16,422,039, equivalent to 609,805 ounces of silver [3]. - Subsequent tranches included amounts of US$6,369,000 for 200,000 ounces, US$6,321,112 for 198,777 ounces, US$1,250,000 for 39,620 ounces, US$1,478,847 for 50,198 ounces, and US$2,521,215 for 50,384 ounces [3][4]. Group 2: Warrants Issued - A total of 3,000,000 non-transferable bonus share purchase warrants have been issued to Monetary Metals in connection with the silver loan, with no warrants issued for the final tranche [4]. Group 3: Company Overview - Bunker Hill Mining Corp. is focused on the restart of the historic Bunker Hill Mine, located in Idaho's Coeur d'Alene Mining District, known for its rich history in zinc, lead, and silver production [6]. - The company aims to unlock the remaining value of this asset through modern exploration and responsible mining practices, with a strategic focus on maximizing shareholder value [6].

Group 1 - Avaada Group is in advanced talks to raise $700 million (Rs 6,500 crore) in a 20-year project finance deal for its solar-wind hybrid project awarded by Sutlej Jal Vikas Nigam (SJVN) [8] - The loan terms are being finalized, including a likely put option at the end of five years to provide a repayment window for the borrower [1][8] - The project involves a power purchase agreement (PPA) with SJVN, and the loan structure is still being worked out [2][8] Group 2 - Last year, SJVN awarded Avaada contracts for large-scale solar-wind hybrid projects totaling 1410 MW, including an 820 MW hybrid project and a 590 MW interstate transmission system connected renewable projects, both with 25-year PPAs [5][8] - In 2023, Avaada secured a 300 MW project from Solar Energy Corporation of India (SECI), with financing finalized at the end of December, where MUFG and SMBC provided Rs 1,150 crore each at an interest rate of 8.40% per annum for a five-year loan [6][8] Group 3 - ICRA reported that Avaada's significant capacity expansion plans expose it to execution and stabilization risks, leading to a leveraged capital structure due to ongoing debt-funded expansion [7][9] - The company's ability to maintain adequate liquidity and service debt obligations will be a key credit monitorable, with successful execution and stabilization of expanded capacity critical for supporting cash flows [9]

Core Viewpoint - NexGold Mining Corp. has achieved significant milestones in 2025, positioning itself for a transformative year in 2026, with a focus on advancing its Goldboro and Goliath Gold Complex projects [2][3]. 2025 Achievements - The company transitioned to a multi-asset, Canadian gold-focused developer after acquiring Signal Gold in December 2024 - Share price increased by over 150%, from $0.70 to $1.77 - Market capitalization grew by more than 325%, from $100 million to over $400 million [2]. 2026 Priorities - Focus on creating value through the advancement of Goldboro and Goliath projects, including comprehensive drill programs and permitting activities [3]. - Key priorities for Goldboro include finalizing an updated Mineral Resource Estimate based on recent drilling results [3]. Goldboro Gold Project Developments - Major federal and provincial permits received to advance Goldboro towards construction, including: - Crown Land Lease and License granted in May 2025 - Schedule 2 Amendment approval in July 2025 - Industrial Approval received in August 2025 - Fisheries Act Authorizations granted in October 2025 [4]. - Implementation of a landmark Benefits Agreement with the Assembly of Nova Scotia Mi'kmaw Chiefs, outlining economic and environmental benefits [4]. - Continued implementation of the Community Benefits Agreement with the Municipality of the District of Guysborough, including community grants and local office commitments [4]. - Deleveraging of the balance sheet through early repayment of a US$12 million debt facility and repurchase of a 0.6% NSR Royalty [4]. - Sale of a US$24 million, 2.9% royalty to Appian Capital Advisory Limited, with a non-binding Letter of Intent for up to US$175 million in project finance debt [4]. - Completion of a $112.5 million bought deal equity financing [4]. - Completion of infill diamond drill programs at Goldboro and Goliath [4]. Goliath Gold Complex Updates - Decision to pause the Feasibility Study at Goliath to assess alternatives for optimal project configuration [5]. - Issuance of common shares to Sprott Streaming as part of a royalty agreement to satisfy a minimum payment [5]. Investor Relations - Agreement with GDT Strategic Communications Inc. for investor relations services, with an initial term of three months at a fee of $8,500 per month [6]. Project Execution and Planning - Completion of a Feasibility Study update commenced in November 2025, including capital and operating cost estimates [7]. - Advancement of project execution planning and detailed engineering to support construction requirements [7]. - Initiation of an early works construction program in the second half of the year [7]. - Additional exploration activities planned to discover new deposits and resources [8].

Core Insights - New Found Gold Corp. has engaged Cutfield Freeman & Co. Ltd. as its project finance advisor to assist in financing strategies for the Queensway Gold Project [1][2] - The company is targeting a $155 million initial capital expenditure for Phase 1 production, expected to commence in the second half of 2027 [3][10] Company Overview - New Found Gold is an emerging Canadian gold producer with a 100% interest in the Queensway project and additional operations including Hammerdown, Pine Cove, and Nugget Pond [4][6] - The company aims to advance the Queensway project towards production while stabilizing the Hammerdown operation [4][6] Project Development - The Queensway Gold Project has shown promising results from recent drilling, indicating significant district-scale potential along a 110 km strike extent [5] - A Preliminary Economic Assessment (PEA) was completed in July 2025, further supporting the project's viability [5] Management and Strategy - The company has a new board of directors and management team, with a focus on growth and value creation [6] - CEO Keith Boyle emphasized the importance of selecting optimal financing packages for the development and construction of mining projects [3][6]

Core Points - Ivanhoe Mines officially opened the Platreef platinum-palladium-nickel-rhodium-gold-copper mine on November 18, 2025, with President Cyril Ramaphosa in attendance, marking a significant milestone for the company and the mining industry in South Africa [1][4][8] - The first concentrate from the Phase 1 concentrator was produced during the opening ceremony, indicating the commencement of production at the mine [20][19] - The Masodi Wastewater Treatment Works, a public-private partnership, was also inaugurated to sustainably source water for the Platreef Mine, enhancing local sanitation and public health [27][28] Company Developments - The Platreef Mine is projected to be one of the largest and lowest-cost producers of platinum-group metals globally, with a life-of-mine total cash cost estimated at $599 per ounce for Phase 2, expected to decrease to $511 per ounce after Phase 3 expansion [34][35] - The mine's annualized production is expected to increase significantly, reaching over 460,000 ounces of platinum-group metals and substantial by-products of nickel and copper following the Phase 2 expansion [36] - The company is advancing negotiations for a $700 million senior project finance facility to support the Phase 2 expansion, with expectations for financing to be in place by Q1 2026 [32][31] Community Involvement - Approximately 150,000 historically disadvantaged local black people are equity owners in the mine, with 70% of the workforce sourced from local communities and nearly 30% being female [8][4] - The opening of the Platreef Mine is seen as a new chapter in mining practices in South Africa, emphasizing community involvement not only as workers but also as equity owners [9][8] Future Prospects - The Phase 2 expansion is targeted for completion in Q4 2027, aiming to increase production capacity to approximately 450,000 ounces of platinum-group metals [29] - The company anticipates that cash flow generated from the operations of Phases 1 and 2 will underpin financing for the future Phase 3 expansion [33][32] - Significant increases in platinum and palladium prices have boosted the project's value, with the net present value of the feasibility study projected to be 52% higher at current spot prices [38]

Project Finance - A consortium of approximately 20 banks is furnishing a project finance loan of around $18 billion [1] - The $18 billion loan aims to facilitate the construction of a data center campus associated with Oracle [1]

Core Insights - Intesa Sanpaolo's IMI Corporate & Investment Banking Division has facilitated approximately $50 billion in US transactions over the past three years, indicating robust growth in project finance and capital markets activity [2][4]. Market Performance - From January to August 2025, global project finance volumes surpassed €200 billion, with IMI CIB participating in over €30 billion, accounting for around 15% of global volumes [4]. - Between 2018 and 2024, US project finance volumes grew approximately 20% annually, while IMI CIB's activity increased nearly 34% per year [4]. Key Transactions - Notable transactions include: - AT&T (2025): Joint Lead Manager and Active Bookrunner for a €2.75 billion bond issuance [5]. - Bighorn Project (2024): Participation in a $3.4 billion financing for a 300 MW hyperscale data center in Reno, Nevada [5]. - Cider Project (2024): Structured and partially underwrote a $870 million long-term loan for New York's largest solar PV park [5]. - SunZia (2023): Structured and partially underwrote an $8.8 billion green credit facility for a major green energy infrastructure project [5]. - CEMEX SAB de CV (2023): Involved in a $1 billion hybrid green bond issuance [5]. - JFK New Terminal One (2022): Organized and underwrote a $6.63 billion financing for New York's New Terminal One [5]. Americas Operations - IMI CIB operates in the Americas with a significant presence in New York, employing over 200 professionals and serving as the operational hub [6]. - The division supports over 150 global corporate groups, including US Fortune 500 companies and major Latin American firms, as well as around 50 financial institutions [7]. Strategic Positioning - Intesa Sanpaolo IMI Securities Corp. connects US investors with European financial assets, enhancing ties between Italian corporates and US investors [8]. - The division is recognized as a strategic bridge between Europe and the United States, supporting growth-oriented investments [8].

Overseas Lending - Nippon Life expects its overseas project finance lending to increase by 11% to a record high this year [1] Market Drivers - The increase is driven by surging demand to fund AI data centers in the US and elsewhere [1]

Core Viewpoint - Vizsla Silver Corp. has secured a mandate letter with Macquarie Bank for a senior secured project finance facility of up to US$220 million to fund the Panuco silver-gold project in Sinaloa, Mexico [1][4]. Financing Details - The facility will be arranged by a syndicate of banks, with Macquarie holding a 70% interest and managing the remaining 30% [2]. - An initial US$25 million early-drawdown tranche may be accessed for early development and working capital, with the remaining funds contingent on customary conditions [3]. - The expected interest cost for the facility is approximately 10% during construction and below 10% post-completion, with a margin of 5.75% and 5.25% respectively [3]. Project Development - The Panuco project is a high-grade silver-gold discovery covering 7,189.5 hectares, with significant existing infrastructure [8]. - The project has an estimated in-situ combined measured and indicated mineral resource of 222.4 million ounces of silver equivalent (AgEq) and an inferred resource of 138.7 million ounces AgEq [10]. - A Preliminary Economic Study indicates an annual production of 15.2 million ounces AgEq over an initial mine life of 10.6 years, with an after-tax NPV of US$1.1 billion and an 86% IRR [11]. Strategic Partnerships - The partnership with Macquarie is seen as a significant step towards de-risking the Panuco project and facilitating its transition into production [4]. - The selection of Macquarie was based on competitive terms and alignment with the project's development timeline [4]. Operational Progress - The Morgan test mine is providing evidence of the technical capabilities and operational discipline of the Vizsla team, validating key assumptions for the feasibility study [5]. - The company is on schedule with key de-risking milestones, positioning itself for a seamless transition into construction [4].

Core Viewpoint - Vizsla Silver Corp. has secured a senior secured project finance facility of up to US$220 million with Macquarie Bank to fund the construction and development of the Panuco silver-gold project in Sinaloa, Mexico [1][4]. Financing Details - The facility will be arranged by a syndicate of banks, with Macquarie holding a 70% interest and managing the remaining 30% [2]. - An initial US$25 million early-drawdown tranche will be available for immediate funding, with the remaining balance contingent on customary conditions [3]. - The expected interest cost during construction is approximately 10%, with a margin of 5.75%, and below 10% post-completion with a margin of 5.25% [3]. Project Overview - The Panuco project is a high-grade silver-gold discovery covering 7,189.5 hectares, with over 86 kilometers of vein extent and existing infrastructure [8]. - The project has an updated mineral resource estimate of 222.4 million ounces of silver equivalent (AgEq) in measured and indicated resources, and 138.7 million ounces AgEq in inferred resources [10]. Company Strategy - Vizsla aims to become a leading silver company by advancing the Panuco project while continuing district-scale exploration [11]. - The company has received significant interest from multiple banks and alternative lenders, ultimately selecting Macquarie for its attractive cost of capital and alignment with the project timeline [4]. Development Progress - The Morgan test mine is providing evidence of the company's technical capabilities and operational discipline, validating assumptions for the feasibility study [5]. - The closing of the financing facility is targeted for Q1 2026, aligning with the broader project development schedule [6].