Financial Data and Key Metrics Changes - The company reported a net income attributable to Fortuna of $42.6 million or $0.14 per share, a 380% increase compared to Q2 2024, driven by higher metal prices and an increase in gold sold [30][31] - Liquidity increased to $537 million, up $76 million from the previous quarter, primarily due to $84 million in proceeds from mine sales [9][10] - Free cash flow from operations was $57.5 million, down from $66 million in Q1, mainly due to the timing of tax payments [10][34] - The average realized gold price was $3,306 per ounce, a 14% increase from Q1 [11] Business Line Data and Key Metrics Changes - Consolidated gold equivalent production for the period was 75,950 ounces, with gold production from continuing operations at 71,229 ounces, slightly above the previous quarter [12] - At the Seguela mine, production was 38,186 ounces, consistent with the prior quarter and exceeding the mine plan [18] - Lindero produced 23,450 ounces of gold, marking a 16% increase over Q1, with an all-in sustaining cost (AISC) of $17.83 per ounce, a 6.7% reduction from the previous quarter [23][24] Market Data and Key Metrics Changes - The indicated resource at the Ambassador project in Senegal grew by 53%, and inferred resources increased by 93%, totaling a combined 1 million ounces [7] - The company’s cash cost per ounce was $929, up 7% from Q1, primarily due to the gold to base metal ratio at the Caylloma mine [12][31] Company Strategy and Development Direction - The company aims to rebuild production to 5 million ounces per year, focusing on higher margin, longer life, and lower risk ounces [6][16] - The sale of the San Jose and Yaramoko mines generated $84 million in gross proceeds and allowed the company to redirect capital towards high-value growth opportunities [15] - The company is actively pursuing greenfield and brownfield exploration opportunities, with a total exploration budget of $51 million for 2025, up from $41 million in 2024 [74][75] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s growth potential, highlighting a robust balance sheet with $537 million in liquidity and $215 million in net cash [7][9] - The company is well-positioned for strong growth in 2026, with ongoing investments in the Seguela and Ambassador projects [16][60] - Management noted that the elevated AISC is a temporary effect related to capital expenditures and waste stripping, with expectations for costs to decrease in the latter half of the year [13][37] Other Important Information - The company achieved a record of 7.2 million work hours without any lost time injury, improving from the previous record of 6.7 million work hours [8] - The company’s capital expenditures for the quarter totaled $47 million, with $15 million classified as growth CapEx [33] Q&A Session Summary Question: Comments on stock performance and support - Management acknowledged the stock's performance and clarified that the EPS miss was due to the timing of withholding taxes, emphasizing the company's strong financial position [41] Question: Investments in other companies - Management confirmed ongoing investments in various projects, including Awale, and expressed confidence in the growth potential of these investments [46][49] Question: Permitting experience in Senegal - Management reported positive interactions with the Senegalese government and expressed confidence in obtaining necessary permits for the Ambassador project [52][53] Question: Key milestones for the Ambassador project - Management outlined a timeline for the environmental approval and PEA, expecting to submit the environmental document soon and aiming for approval early next year [60][62] Question: CapEx cadence for the second half of the year - Management indicated a slight increase in CapEx spending in Q3, with expectations for a decrease in Q4, contributing to lower AISC in the latter part of the year [63][64] Question: Greenfield projects and exploration budget - Management detailed ongoing greenfield projects and confirmed an exploration budget of $51 million for 2025, highlighting the focus on early-stage opportunities [74][75] Question: Acquisition strategy - Management stated that while they are open to acquisitions, their primary focus is on organic growth within their existing portfolio, emphasizing value over volume [80]

Summary of Catalyst Metals Conference Call Company Overview - **Company**: Catalyst Metals - **CEO**: James Champion DeCrepney - **Key Team Members**: Craig Dingley (Corporate Development), Sylvain Guillaume, Mick Garbeline (Operations) [1][2] Industry Context - **Sector**: Mining, specifically gold mining - **Key Asset**: Plutonic Belt, with a focus on increasing gold reserves and production [4][7] Core Points and Arguments - **Resource Update**: Catalyst announced an update to the resource on the Plutonic Belt, reporting a total of **800,000 ounces** at an average grade of **5 grams per tonne**. The indicated resource has increased to **over 500,000 ounces** at **6.5 grams per tonne** [3][4]. - **Production Goals**: The company aims to increase reserves from **1,000,000 ounces** to **2,000,000 ounces** and boost annual gold production from **100,000 ounces** to **200,000 ounces** [4][8]. - **Financial Position**: Catalyst has a strong balance sheet with approximately **$330 million** in liquidity and **$230 million** in cash, with no debt [7]. - **Cost Efficiency**: The company has managed to bring resources into the indicated category at a cost of **$70 per ounce**, significantly lower than previous studies that estimated costs around **$1,600 per ounce** [5][6]. - **Exploration Strategy**: Catalyst has focused on drilling and exploration, with **10 drill rigs** currently operational, which is expected to enhance resource discovery and increase shareholder value [14][18]. Additional Important Insights - **Historical Context**: The Plutonic Belt has had **14 different owners** over the past 35 years, which has led to inconsistent geological focus. Catalyst's stable management aims to capitalize on this by investing in exploration and development [19]. - **New Acquisitions**: The company has recently acquired the Old Highway deposit for approximately **$30 million**, which has a resource of **200,000 ounces** at **4.5 grams per tonne** [10]. - **Future Projects**: Catalyst is also exploring the Baltic deposit and the K2 deposit, with plans to expand mine life and production capabilities [15][17]. - **Regulatory Environment**: The company is seeking approval from the Victorian government to proceed with underground operations, which is seen as increasingly likely [21]. Conclusion - Catalyst Metals is strategically positioned to enhance its gold production and reserves through focused exploration and efficient resource management. The recent resource update and strong financial position provide a solid foundation for achieving its ambitious production targets in the Plutonic Belt [24].

Core Insights - Omai Gold Mines Corp. has reported significant drill results from its ongoing resource expansion program at the Wenot deposit, indicating high-grade gold mineralization [1][3][5] - The company has exceeded its initial drilling plan, with a total of 37 holes drilled in 2025, totaling 20,500 meters, surpassing the original target of 15,000 meters [1][5] - The updated Mineral Resource Estimate (MRE) is underway, reflecting the successful drilling and the potential for further resource expansion [5][27] Summary by Sections Drill Results - Hole 25ODD-119 reported 31.70 g/t Au over 7.5m (capped at 17.36 g/t Au), including 141.74 g/t Au over 1.5m, and additional significant intervals [4][7] - Hole 25ODD-124 intersected 2.64 g/t Au over 41.8m, including 9.25 g/t Au over 4.5m, and 3.49 g/t Au over 17.4m [4][9] - Hole 25ODD-121 showed multiple intervals of gold mineralization, including 9.85 g/t Au over 2.9m and 13.74 g/t Au over 3.5m [12] - Hole 25ODD-120 intersected 1.66 g/t Au over 37.8m and 2.74 g/t Au over 9.4m [11] Resource Expansion - The Wenot shear corridor is extensive, reaching widths of 350-400m and extending at least 2.5km along strike, indicating potential for further mineralization [5][6] - The company plans to continue drilling to identify near-surface economic satellite deposits that could contribute to early mining [6][28] - The total drilling for the 2024-25 Wenot resource expansion program has now exceeded 33,000m [5] Future Plans - An updated Preliminary Economic Assessment (PEA) is expected 3 to 4 months following the updated MRE, which will include an expanded Wenot open pit deposit and an underground mining scenario at Gilt Creek [5][28] - The company aims to continue impactful drill programs in 2025, with plans to announce an updated and expanded MRE [28]

Company Overview - Hillgrove's market capitalization is $99 million with shares priced at $0.038 as of July 22, 2025[9] - The company has $11 million in cash and an enterprise value of $88 million[9] - Hillgrove has $282 million in income tax losses carried forward as of December 31, 2024[9, 12] Production and Cost Metrics - Kanmantoo processed 669kt of ore with a grade of 0.88% in the first half of 2025[25] - Copper production reached 5,545 tonnes, and gold production was 1,285 ounces[25] - Payable copper sold amounted to 5,481 tonnes at an average realized price of A$14,232 per tonne[25] - C1 costs were A$4.68 per pound, and all-in costs excluding Nugent development were US$4.10 per pound[25] Growth and Exploration - The company plans approximately 20 km of drilling in 2025 targeting resource expansion[32] - Kanmantoo's 2024 Mineral Resources are 19.3Mt grading 0.77% Cu and 0.14g/t Au, containing 150kt Cu and 82koz Au, representing a 96% increase in contained copper compared to the 2022 MRE[31, 32] - The 2024 Maiden Ore Reserve is 2.8Mt grading 0.91% Cu and 0.15g/t Au, containing 26kt Cu and 14koz Au[31] Future Outlook - The company aims to achieve a 1.7-1.8Mtpa run rate in 2026 by accelerating the development of Nugent[21] - Nugent development is expected to reduce mining and processing unit costs by approximately 15-20%[23] - The company is on track to deliver 12-14kt Cu production with All-In Costs of US$3.40-3.90/lb for CY25[20]

Core Viewpoint - Osisko Metals Incorporated announced new drilling results from the Gaspé Copper Project, indicating significant mineralization and potential resource expansion below the 2024 Mineral Resource Estimate (MRE) [1][3][11]. Drilling Results - Drill hole 30-1075 intersected 258.0 metres averaging 0.33% Cu and 2.95 g/t Ag, including 15.6 metres averaging 1.47% Cu and 8.5 g/t Ag, with a second intercept at depth of 96 metres averaging 0.54% Cu and 3.34 g/t Ag [3][4]. - Drill hole 30-1076 encountered 208.4 metres averaging 0.40% Cu and 2.61 g/t Ag, with significant intercepts at depth extending mineralization to 548 metres [3][4]. - Drill hole 30-1070 revealed 160.5 metres averaging 0.16% Cu and 1.92 g/t Ag, followed by a second intercept of 122.8 metres averaging 0.62% Cu and 4.86 g/t Ag, and a third intercept of 29.7 metres averaging 1.92% Cu and 15.2 g/t Ag at a depth of 629 metres [3][4]. - Drill hole 30-1074 showed 118.5 metres averaging 0.26% Cu and 1.92 g/t Ag, extending mineralization to a vertical depth of 797 metres [4]. Mineral Resource Estimate - The November 2024 MRE was limited to the base of the L1 skarn horizon (C Zone), with all mineralized intersections below this horizon representing potential depth extensions to be included in the next MRE update scheduled for Q1 2026 [7][11]. - Current Indicated Mineral Resources at the Gaspé Copper Project are 824 million tonnes averaging 0.34% CuEq, while Inferred Mineral Resources are 670 million tonnes averaging 0.38% CuEq [15]. Project Focus - The current drilling program aims to convert the November 2024 MRE to Measured and Indicated categories and to test the extension of the mineralization deeper and laterally towards Needle East and Needle Mountain [11][15].

Core Insights - Luca Mining Corp. reported strong financial results for Q1 2025, with net earnings of $4.5 million, EBITDA of $7.6 million, and free cash flow of $11.7 million before working capital adjustments [1][2]. Financial Performance - The company achieved record revenues of over $47.4 million, representing a 117% increase compared to the same quarter in the previous year [4]. - Positive EBITDA was reported at $7.6 million, with adjusted EBITDA reaching $12.7 million [4]. - Free cash flow before working capital items increased significantly to $11.7 million [4]. - The all-in sustaining cost (AISC) per gold equivalent ounce sold was controlled at $2,251, reflecting only a 9% increase from the prior year despite inflationary pressures [4]. Production Metrics - Consolidated gold equivalent production reached 21,293 ounces, a 51% increase compared to Q1 2024, driven by higher throughput and improved head grades at both mines [4]. - Gold production specifically increased by 79% to 7,677 ounces, with silver and zinc production rising by 69% and 71%, respectively [4]. - The Campo Morado mine processed 175,334 tonnes, a 40% increase, while Tahuehueto more than doubled its throughput to 70,948 tonnes [4]. Exploration and Development - Drilling activities are ongoing at both Campo Morado and Tahuehueto mines to delineate additional near-mine resources and test district-scale potential [3][6]. - Significant discoveries include a new high-grade breccia mineralized shoot at Tahuehueto, with drill results indicating 9.4m of 5.21 g/t AuEq [7][8]. - The company has completed 19 underground drillholes as part of a 5,000m Phase 1 program targeting near-mine resource expansion [5][9]. Debt Management and Cash Position - Since January 1, 2025, the company has paid down $8.4 million against its debt facilities, resulting in a current debt balance of $8.5 million [11]. - Luca's total cash and cash equivalents, including silver bullion, stand at $24.6 million, indicating strong cash flow from operations [11]. Market Position and Index Inclusion - Luca Mining Corp. has been added to the Solactive Global Copper Miners Total Return Index, effective May 1, 2025, enhancing its market visibility [13]. - The company is well-positioned to benefit from strong commodity demand with a diversified metal production profile and expanding production levels [12].

Core Insights - Mithril Silver and Gold Limited has reported high-grade drilling results from the Target 2 area in the Copalquin property, Mexico, indicating a significant discovery of gold and silver [1][2][4] Group 1: Drilling Results - The drill hole T2DH25-006 returned 11.5 meters at 8.61 g/t gold and 57.6 g/t silver from a depth of 44.5 meters, including 3.85 meters at 25.33 g/t gold and 128 g/t silver [2][16] - Follow-up drilling is planned approximately 80 meters down dip to further explore the mineralization [2] Group 2: Exploration Progress - Drilling at Target 2 (Las Brujas) has shown excellent results over a 200-meter strike length, confirming the presence of high-grade gold and silver within a broad, near-surface structure [2][4] - The first phase of drilling at El Peru, located 400 meters east of Las Brujas, has also indicated an extension of the mineralized footprint [5] Group 3: District Potential - The Copalquin district is characterized by over 1,000 meters of vertical relief between Target 2 and Target 5 across a 5 km area, highlighting its potential to host a large, multi-target mineralized system [5][8] - The district has a history of significant gold and silver occurrences, with rapid exploration success suggesting it is developing into a notable gold-silver district within the Sierra Madre Gold-Silver Trend [8][25] Group 4: Resource Expansion - Resource expansion efforts are underway at Target 1, with deep drilling at the El Refugio structure continuing to intercept the targeted zone [5][31] - The maiden JORC resource estimate for the district indicates a high-grade gold and silver resource potential, with significant opportunities for further resource growth [27][31]

Core Developments - Oroco Resource Corp. announced three significant developments for its Santo Tomás Copper Project in northwestern Mexico [1] - The company aims to enhance the scale and long-term value of the project through a proposed river realignment [2][7] - Engagement of a respected environmental law firm in Mexico to assist with regulatory compliance and permitting [4][5] - Application for listing on the Toronto Stock Exchange to increase visibility and attract institutional investors [6][8] Project Details - The Santo Tomás Project covers a total area of 9,034 hectares, including 1,173 hectares of core concessions [9] - The project is located within 170 km of the Pacific deep-water port at Topolobampo, with access via highway and rail [12] - Historical exploration has defined significant copper porphyry mineralization, with over 30,000 meters drilled from 1968 to 1994 and an additional 48,481 meters drilled since 2021 [10][11]

Core Viewpoint - Surge Copper Corp. has successfully completed a geotechnical drilling and analysis program at its 100%-owned Berg Project, which supports the feasibility of a future open pit mine design and indicates potential for resource expansion [1][3][4]. Group 1: Geotechnical Program Overview - The geotechnical program included six drill holes targeting both central and outer areas of the deposit, designed to gather data on structural geology, rock mass quality, and hydrogeological conditions [1][3]. - The program was completed ahead of schedule and under budget, providing critical data for advancing Pre-Feasibility Study (PFS)-level engineering design [3][8]. Group 2: Slope Design and Mining Efficiency - The resulting slope design criteria recommend inter-ramp angles ranging from 39 to 46 degrees, which may allow for steeper slopes and a lower overall strip ratio compared to previous designs [5][6][9]. - The updated fault model incorporates 2024 drilling data to improve geotechnical resolution and enhance structural interpretation [5][8]. Group 3: Mineralization and Resource Expansion - Several drill holes intersected low-grade mineralization and silver-rich base-metal veins, suggesting potential for resource expansion and conversion [8][9]. - Notable results include hole BRG24-246, which returned 184 meters grading 0.30% CuEq, and hole BRG24-249, which encountered high-grade silver intervals [9][25]. Group 4: Company Background and Future Prospects - Surge Copper Corp. is advancing a critical metals district in British Columbia, owning multiple advanced porphyry deposits with significant resources of copper, molybdenum, gold, and silver [28][29]. - The Berg Project has a maiden PEA outlining a large-scale, long-life project with an NPV of C$2.1 billion and an IRR of 20% based on long-term commodity prices [29].

Core Insights - Osisko Metals has announced new drilling results from the Gaspé Copper Project, confirming the potential for resource expansion both at depth and to the south of the current deposit [1][4][10] Drilling Results - Drill hole 30-1065 intersected 323.0 metres averaging 0.43% Cu and 3.18 g/t Ag, with a higher-grade section of 13.3 metres averaging 2.50% Cu and 17.8 g/t Ag [5] - Drill hole 30-1061 extended mineralization to a vertical depth of 712 metres, with significant intersections of 172.5 metres averaging 0.18% Cu and 1.52 g/t Ag, and 215.5 metres averaging 0.31% Cu and 2.67 g/t Ag [5] - Drill hole 30-1064 extended mineralization to a vertical depth of 618 metres, with intersections of 164.7 metres averaging 0.26% Cu and 1.94 g/t Ag [5] - Drill hole 30-1067, located 215 metres south of the 2024 MRE model, intersected 136.8 metres averaging 0.32% Cu and 3.18 g/t Ag, indicating that mineralization remains open to the south [5][6] Geological Insights - The new drilling results support a revised geological model, with mineralization occurring as disseminations and veinlets of chalcopyrite, primarily controlled stratigraphically [7][9] - The current drilling program aims to convert the November 2024 Mineral Resource Estimate (MRE) to Measured and Indicated categories and to explore deeper stratigraphy [11][10] Resource Estimates - The Gaspé Copper Project currently has Indicated Mineral Resources of 824 million tonnes averaging 0.34% CuEq and Inferred Mineral Resources of 670 million tonnes averaging 0.38% CuEq [16] - The project hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure [16]