Summary of Cerrado Gold Conference Call Company Overview - **Company Name**: Cerrado Gold - **Stock Symbols**: CRDOF (OTCQX), CERT (TSXV) - **Main Operations**: Minera Don Nicolás in Santa Cruz, Argentina Key Points and Arguments Financial Performance - Investment of approximately **$40 million** in assets and a **$40 million** reduction in debt during the year [2][8] - Current cash balance of **$15 million**, expected to increase to between **$20 million and $25 million** by year-end [8] - Projected free cash flow of about **$50 million** at current prices [9][31] Production and Operations - **Minera Don Nicolás** produces an average of **55,000 ounces** of gold per year at an All-In Sustaining Cost (AISC) of about **$1,700** [2][4] - Ongoing surface exploration program of **20,000 meters** for the current year, with plans to increase to **50,000 meters** next year [4][5] - Underground development initiated to access higher-grade material, with expectations of profitable ounces starting in **November-December** [5][6] Project Development - **Lagoa Salgada** project in Portugal transitioning to a focus on precious metals, with expectations of **40%** precious metals based on feasibility pricing [6][23] - Anticipated completion of feasibility study for Lagoa Salgada by the end of the year, with construction expected to begin in the **third quarter of 2026** [24][38] - **Mont Sorcier** project in Quebec, a high-purity iron ore project, with feasibility expected by **2Q2026** [3][8] Market Position and Growth Potential - The company aims to maintain a **five-year production profile** at Minera Don Nicolás, with ongoing initiatives to demonstrate this by year-end [4][13] - Potential to grow production significantly, with a focus on underground resources that could enhance cash flow [17][18] - The market for high-purity iron ore is growing at **9-10%** annually, with a premium of about **$35** over conventional iron ore [7][8] Strategic Outlook - The company is positioned to drive cash flow and net asset value (NAV) without diluting shareholders [9][11] - Expected NAV growth from **$111 million** to **$258 million** with the construction of Lagoa Salgada, and up to **$2 billion** with Mont Sorcier [11][12] - Anticipated cash flows of **$75 million** from Lagoa Salgada by late **2027**, and up to **$500 million** by **2030** with Mont Sorcier [11][12] Risks and Considerations - Political risk in Argentina acknowledged, but the company has managed to operate effectively despite challenges [38][39] - The company is well-funded for project development, with minimal expected dilution for shareholders [36][37] Community and Environmental Considerations - Commitment to responsible tailings management and water use, with adherence to global standards [33] Additional Insights - The company has a significant land position of about **330,000 hectares** in Argentina, with much of it still unexplored [15][19] - The potential for substantial resource growth exists, particularly in areas adjacent to successful mining operations [20][21] This summary encapsulates the key points discussed during the conference call, highlighting Cerrado Gold's operational performance, strategic initiatives, and market outlook.

Core Insights - Asante Gold Corporation is focused on extending the mine life at its existing operations, particularly at the Bibiani and Chirano Gold Mines, through near-mine exploration initiatives in 2025 [1][2][3] Chirano Exploration - The company has allocated over $9 million from its $500 million financing initiative to accelerate near-mine exploration at Chirano and Bibiani [2] - Significant drilling results at Obra Underground confirmed the extension of a high-grade mineralized shoot, with the deepest hole returning an intercept of 27.71 meters grading 5.23 g/t Au [4][9] - Drilling at Suraw returned 18.26 meters at 3.60 g/t Au, indicating the area's underexplored potential [4] - The Magnetic Hinge deposit has advanced to the pre-feasibility study stage due to positive drilling results, suggesting a new source of shallow, easily mineable oxide material [5] - A total of 126 holes for 13,561 meters of drilling have been completed year-to-date 2025, representing 43% of the planned drilling for the year [9] Bibiani Exploration - Initial drill testing at the Little Mug and Pamunu prospects confirmed the presence of mineralized shear zones associated with sediments and intrusive host rocks [15][17] - Detailed geological mapping and rock chip sampling have led to the identification of several targets in the Yaro-Bredi Domain and the Asempaneye–Fawoman-SWT domain [16] - A total of 126 holes for 19,271 meters of drilling have been completed year-to-date 2025, with an additional 25,000 meters of RC projected for the first half of 2026 [19] Future Plans - Exploration efforts will continue to focus on upgrading resources, extending mineralized shoots, and identifying new targets at Chirano and Bibiani [7] - Approximately 15,000 meters of drilling is planned for the remainder of 2025 [7]

Core Viewpoint - Asante Gold Corporation is focused on extending the mine life at its existing operations, particularly at the Bibiani and Chirano Gold Mines, through significant exploration efforts and financing initiatives [1][2][3] Chirano Exploration - The company has allocated over $9 million from its $500 million financing initiative to accelerate near-mine exploration at Chirano [2] - Drilling at Obra has confirmed the extension of a high-grade mineralized shoot, with notable intercepts including 27.71 meters grading 5.23 g/t Au [4][9] - The first drill hole at Suraw returned 18.26 meters at 3.60 g/t Au, indicating the area's underexplored potential [4] - A total of 126 holes for 13,561 meters of drilling have been completed year-to-date 2025, representing 43% of the planned drilling for the year [9] Bibiani Exploration - Initial drill testing at the Little Mug and Pamunu prospects has confirmed the presence of mineralized shear zones, indicating successful early-stage discoveries [14][16] - Detailed geological mapping and rock chip sampling have led to the identification of several targets in the Yaro-Bredi Domain and the Asempaneye–Fawoman-SWT domain [15] - A total of 126 holes for 19,271 meters of drilling have been completed year-to-date 2025, with an additional 25,000 meters of RC projected for the first half of 2026 [18] Future Plans - Exploration efforts will continue to focus on upgrading resources, extending mineralized shoots, and identifying new targets at Chirano and Bibiani [7][18] - Approximately 15,000 meters of drilling is planned for the remainder of 2025 [7] - The company is excited about the potential impact of its exploration initiatives on the upcoming NI 43-101 Technical Reports, scheduled for release in April 2026 [4]

Core Insights - Newcore Gold Ltd. has reported significant drill results from its ongoing 35,000-metre drill program at the Enchi Gold Project in Ghana, particularly at the Kojina Hill Gold Target, which has intersected high-grade gold mineralization [1][3][4] - The drilling at Kojina Hill continues to demonstrate the potential for resource growth, with multiple high-grade intervals identified, including 184 grams per tonne gold over 1.0 metre in hole KJRC033 and 3.06 g/t Au over 13.0 metres in hole KJRC034 [1][7][12] - The current drill program aims to convert Inferred Resources to Indicated and to explore deeper mineralization potential, with the first phase focused on resource conversion ahead of a Pre-Feasibility Study [3][15] Drilling Results - The recent drilling results include 7 Reverse Circulation holes totaling 970 metres, with all holes intersecting gold mineralization [1][10] - Notable assay results include: - KJRC033: 184 g/t Au over 1.0 m from 126 m, within a 24-metre contiguous zone of gold mineralization [7][11] - KJRC034: 3.06 g/t Au over 13.0 m from surface, including higher-grade intervals of 8.09 g/t Au over 3.0 m from 2 m [12][13] - The overall drill program has reported that 98.5% of the 207 holes drilled have intersected gold mineralization [1][3] 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, totaling approximately 1.7 million ounces of gold [19] - The ongoing exploration and development work includes metallurgical testwork, trenching, and environmental studies, aimed at improving the confidence level of the Mineral Resource Estimate [16][24] - The Kojina Hill Gold Target is located within a larger district-scale property that remains open for future resource growth along strike and at depth [17][15]

Core Insights - McEwen Inc. reports continued positive drilling results at the Grey Fox Project, indicating strong gold grades and widths, which support resource growth ahead of an updated estimate expected in October 2025 [1][4][8] Strategic Highlights - The drilling results from the Gibson Expansion Zone and Grey Fox South (GFS) show high-grade veins and broad mineralized zones, with notable grades such as 10.1 g/t over 5.8 m and 4.8 g/t over 14.9 m [3][8] - The updated 3D mineralization model for Grey Fox is anticipated to enhance the resource estimate, with mineralization remaining open and demonstrating strong continuity [4][8] Project Update - The current Grey Fox resource consists of 1,538,000 gold ounces at 3.64 g/t Au Indicated and 458,000 gold ounces at 3.30 g/t Au Inferred, with significant contributions from the Gibson and GFS zones [8][25][23] - Geological similarities with major regional deposits, such as Canadian Malartic, reinforce the growth potential of Grey Fox [4][46] Exploration Outlook - The company aims to increase annual gold output beyond 200,000 ounces and reduce production costs, positioning itself favorably to capitalize on high gold prices [6][8] - The exploration drilling campaigns for 2024 and 2025 are focused on expanding the resource base and upgrading the confidence of the gold resource from Inferred to Indicated [26][27] Upcoming Milestones - An updated resource estimate for Grey Fox is scheduled for release in October 2025, with a Pre-feasibility Study (PFS) anticipated in Q1 2026 [8][28]

Company Overview - Unico Silver (ASX:USL) aims to become a globally significant silver development company with over 300 million ounces of silver equivalent resources[14] - The company completed a $25 million placement to accelerate the development of its silver projects in Argentina[1, 12] - As of June 30, 2025, the company had $12.5 million in cash, excluding the proceeds from the $25 million placement[12] - The pro-forma market capitalization of the company is $177 million (AUD)[12] Resource Base and Exploration - The company has a large resource base of 160 million ounces of silver equivalent (AgEq) Indicated and Inferred resources, including 105 million ounces of silver and 407,000 ounces of gold[21, 22] - The company plans an aggressive drill program of 30,000 meters[21] - The company is targeting an exploration roadmap to over 150 million ounces of pit-constrained free-milling oxide silver mineralization[37] - The PLUS 150 Exploration Target estimates approximately 315 million tonnes grading ~150 g/t AgEq, for a contained silver equivalent range of approximately 123 to 176 million ounces[102] Project Development and Strategy - The company has completed five acquisitions in two years, consolidating a large silver district at a cost of 10c/AgEq oz[21, 22] - The company's immediate plan is to transition from explorer to developer, focusing on "high-value" free-milling silver ounces[29] - A medium-term strategy is in place to unlock value through growth in sulphide resources, enhancing project scale and longevity[29] Market and Location - The company's projects are located in Santa Cruz, Argentina, a pro-mining province with a clear permitting framework[21, 66] - Coeur Mining acquired 49% of Joaquin for USD $60 million in 2012, implying a valuation of $27/AgEqoz[23]

Antipa Minerals (AZY) Conference Summary Company Overview - Antipa Minerals has a market capitalization of approximately $370 million, marking a significant increase since August, with potential for further growth based on research price targets ranging from $1 to $1.50 [3][4] - The company holds $71 million in cash and has an enterprise value (EV) per gold resource ounce of $120 [4] Key Financial Metrics - Over 50% of the company's register is held by institutions, with Greatland Resources being the major shareholder at 6.3% [4] - Antipa's resource base includes 3 million gold equivalent ounces, providing a strong foundation for development [5] Project Development - The Munari Dome scoping study confirmed a mining inventory of 1.5 million ounces of gold at 1.5 grams per tonne, with an initial processing life of over ten years [6] - The project is expected to generate an average production of 130,000 ounces per annum at an all-in sustaining cost of AUD 1,721 per ounce [6] - The base case NPV at a gold price of AUD 3,000 per ounce is AUD 834 million, with an IRR of 52%. If the gold price rises to AUD 4,000, the post-tax NPV increases to AUD 1.2 billion and the IRR to 79% [6] Strategic Positioning - The Munari Dome is strategically located near Greatland's processing facility, which has significant spare capacity expected by mid-2027 [7] - Antipa is positioned within a consolidation phase in the mining sector, with notable M&A activity in the region [5] Exploration and Drilling Programs - Antipa is fully funded for its prefeasibility study (PFS) and definitive feasibility study (DFS), with ongoing drilling programs aimed at resource growth [10] - The first phase of the resource growth drilling program has confirmed significant extensions, with further drilling planned for August [12][15] - The company has identified multiple high-potential targets, including the GZR1 area, which hosts an existing gold resource of 200,000 ounces [14] Market Context - The Paterson Province is gaining attention due to recent Tier one gold-copper discoveries and M&A activity, positioning Antipa favorably within this emerging mining region [17] - Antipa aims to advance the Minyari Dome development while exploring additional high-impact targets across its extensive portfolio [17] Conclusion - Antipa Minerals is emerging as a significant player in the gold-copper sector, with a robust financial position, promising project developments, and a strategic focus on exploration and resource growth [17]

Summary of the Conference Call Industry and Company Overview - The conference primarily focused on the mining industry, specifically gold and copper, with Sunstone Metals being a key participant [2][3] - Sunstone Metals operates two significant mining projects in Ecuador: Bramaderos and El Palma, both of which are expected to yield high-quality gold and copper resources [3][5] Core Points and Arguments - **Bramaderos Project**: - Currently holds a resource of 2.7 million ounces, with expectations to grow to over 10 million ounces [5] - Located in Southern Ecuador, it features surface porphyry systems and complementary high-grade epithermal systems [5][16] - **El Palma Project**: - Initial resource estimate of 1.2 million ounces, with potential growth to between 15 million and 45 million ounces [6][22] - Positioned near significant mining operations, including a major Codelco project and the Cascabel project owned by SolGold [21][22] - **Market Position and Strategy**: - Sunstone aims to avoid diluting shareholder value by seeking alternative funding pathways rather than traditional equity raises [4][25] - The company is exploring joint ventures and strategic investments to fund its projects [25][26] - **Cost Advantages**: - Operating costs in Ecuador are significantly lower than in Australia, with energy costs being half and labor costs a quarter of those in Australia [13] - The expectation of all-in sustaining costs being less than $1,000 per ounce in Ecuador compared to $2,500 in Australia [13] - **Market Outlook**: - Anticipation of gold prices reaching $4,000 per ounce by the end of the year, driven by market volatility and geopolitical factors [10] - The copper market is expected to face supply challenges, creating opportunities for companies like Sunstone [10] Additional Important Insights - **Team Expertise**: - The management team has a strong track record in mining development, with key members having experience in significant projects globally [6][8] - **Community and Environmental Considerations**: - The projects are located in supportive communities that are economically disadvantaged and looking for mining to bring prosperity [15] - **Funding Status**: - Sunstone has raised $4 million in March and has additional cash inflows from options, ensuring funding for the year [24] - The current market cap is around $100 million, with a low enterprise value per resource ounce compared to peers [26][27] - **Exploration Potential**: - There are numerous untested porphyry systems in the region that could significantly expand the resource base over time [16][22] This summary encapsulates the key points discussed during the conference call, highlighting the strategic positioning of Sunstone Metals within the mining industry, particularly in Ecuador, and its plans for future growth and funding.

Production and Growth Targets - The company is targeting a production rate of approximately 100,000 ounces of gold by the end of 2025[23, 68] - The company has an aspirational target of over 200,000 ounces of gold per annum from organic growth projects[24, 68] - Kal East gold production increased 37% quarter-over-quarter to 12,156 ounces in the June quarter[34, 40, 41] - Paulsens gold production increased 29% quarter-over-quarter to 4,600 ounces in the June quarter[35, 49, 50] Resources and Reserves - Group Resources total 2.5 million ounces of gold at 2.9 g/t Au and approximately 13,000 tonnes of antimony at 1.7% Sb[24, 33, 67] - Kal East has a gold Resource of 1.3 million ounces at 2.1 g/t Au and Ore Reserves of 0.24 million ounces at 2.0 g/t Au[34, 40] - Paulsens has a gold Resource of 548,000 ounces at 4.0 g/t Au, including a high-grade underground Resource of 400,000 ounces at 9.5 g/t Au[35, 49] - Coyote has a gold Resource of 645,000 ounces at 5.5 g/t Au, including an underground Resource of 360,000 ounces at 14.6 g/t Au[35, 59, 60] - Mt Clement has an antimony Resource of approximately 13,000 tonnes at 1.7% Sb[34, 65] Financial Position - The company has approximately $56 million in cash, bullion, and listed investments[23] - The company has approximately $2.0 million in investments in ASX:DRE[26]

Core Viewpoint - Wesdome Gold Mines Ltd. is making significant progress in its exploration activities at the Kiena mine, with a focus on resource growth to meet increasing production levels [1][2]. Exploration Progress - The company has completed 21,000 meters of exploration drilling at Kiena in 2025, aided by new underground drill platforms established last year, which have improved drilling angles and access to previously unreachable targets [2][3]. - Drilling results from the Kiena Deep and Kiena Deep Footwall Zone have shown high-grade mineralization, confirming the geological models and supporting the conversion of inferred resources [3][9]. Resource Expansion Strategy - The fill-the-mill strategy is being advanced, with early results from the B Zone and Wish Area indicating potential for future ore sources adjacent to existing infrastructure [4][12]. - Additional drilling is planned for the second half of 2025 to upgrade inferred resources in the Kiena Deep and Footwall zones, with a new exploration drift being developed to enhance drilling capabilities [10][12]. High-Grade Intercepts - Notable high-grade intercepts include: - Hole N127-7035: 2,349.9 g/t Au uncapped over 2.9 m core length [7]. - Hole N127-6948: 482.8 g/t Au over 4.3 m core length, including 1,460.0 g/t Au over 1.0 m core length [7]. - Hole N033-6998: 25.4 g/t Au uncapped over 3.5 m core length [16]. Future Drilling Plans - The company plans to ramp up its summer barge drilling program targeting high-priority areas identified in previous exploration efforts, including the Duchesne and Northwest zones [5][10]. - Follow-up drilling is also planned for the Wish Zone, where new high-grade intervals have been identified [13][15]. Technical Developments - The establishment of new drilling platforms has significantly improved drilling angles towards Kiena Deep and the Footwall zones, enhancing the definition of mineralized lenses and increasing confidence in the geological model [9][12]. - The B Zone has been re-evaluated, revealing multiple stacked lenses of mineralization, which could contribute to the company's fill-the-mill strategy [11][12].