Core Insights - Lake Victoria Gold Ltd. has completed drilling and received analytical results from its Imwelo Gold Project in Tanzania, advancing it towards construction readiness and initial production [1][3][13] Drilling Results - The drilling program confirmed down-dip continuity of mineralization below the current pit design and identified new mineralized extensions to the west and east of the planned open pit, enhancing confidence in the geological model [2][10] - Significant drill results include intersections such as 11.88g/t Au over 1.33m and 6.96g/t Au over 2.56m, indicating strong mineralization [9][10] Management Commentary - The President & CEO emphasized that the results validate Imwelo as a near-term production asset, demonstrating continuity of mineralization beyond the current pit design [3] - The Exploration Manager noted consistent mineralization and structural continuity across multiple zones, reinforcing the potential for resource growth [3] Technical Highlights - The results support the existing historical resource model, improving confidence in resource classification upgrades [4] - Depth extensions and lateral expansions indicate potential for additional internal ounces within the current design envelope [5][16] Resource Growth Potential - Step-out drilling has intersected additional mineralization outside current pit limits, highlighting opportunities for future resource expansion [16] - The company anticipates meaningful conversion of Inferred material to Indicated classification and an increase in Measured resources [11][12] Project Development - The completion of geotechnical drill holes will support final pit design and optimization, essential for mine construction and project financing [11][13] - The company is advancing a funding strategy aimed at minimizing equity dilution while aligning capital with near-term cash flow generation [13] Strategic Partnerships - The company has formed a strategic partnership with Taifa Group, which will conduct contract mining and civil works for the Imwelo project, leveraging their extensive experience in Tanzania [22][21]

Performance Overview - The Third Avenue Real Estate Value Fund generated a return of +11.61% for the year ended December 31, 2025, outperforming its benchmark, the MSCI ACWI IMI Core Real Estate Index, which returned +9.86% [2][3] - Since its inception in 1998, the Fund has achieved an annualized return of +8.96%, indicating that an initial investment of $100,000 would exceed $1,000,000 by year-end with reinvested distributions [4] Key Contributors and Detractors - Major contributors to the Fund's performance included investments in National Storage REIT and several industrial and logistics REITs such as Prologis, First Industrial, and Segro plc [3] - Detractors included investments in U.S. homebuilders like Lennar Corp., PulteGroup, and D.R. Horton, as well as certain U.K. property companies [3] Fund Management Strategy - The Fund Management emphasizes long-term results and has refined its investment strategy to focus on well-capitalized enterprises with discounted securities [8][9] - The Firm's approach to value investing has remained consistent, targeting opportunities for resource conversion, including privatizations and mergers [10][11] Recent Additions and Changes - The Fund initiated a position in FirstService Corporation, a Canadian real estate services company, which meets the Fund's investment criteria due to its conservative capitalization and strong management [12][13] - Other changes included adding to positions where the price-to-value gap widened, such as Unite Group and Fidelity National Financial, while trimming back on CBRE Group and JLL Inc. [16] Sector Allocations - 40.3% of the Fund's capital is invested in U.S. residential real estate companies, supported by strong demand and low inventory levels [18] - 27.5% is allocated to North American commercial real estate companies, which are expected to benefit from structural demand drivers [19] - 27.6% is invested in international real estate companies, focusing on similar activities as domestic holdings [20] - The remaining 4.6% is in cash, debt, and options, including U.S. Dollar cash and short-term U.S. Treasuries [21] Market Insights - The Fund Management believes that the next five years could mirror the early 2000s, with compelling valuations for listed real estate leading to net inflows and differentiated returns [29][30] - The report highlights the significant size of the publicly traded real estate market, with over $6 trillion accessible to investors globally [28]

Core Viewpoint - Homeland Uranium Corp. has commenced its Phase II exploration drilling program at the Coyote Basin Uranium Project, aiming to convert historical uranium resources to modern standards [1][3]. Group 1: Exploration Program Details - The Phase II exploration drilling program consists of two parts, with Part 1 involving approximately 35 reverse circulation holes totaling about 17,000 ft (5,300 m) [2]. - The entire Phase II plan includes 50 to 70 holes totaling approximately 33,000 ft (10,000 m), with Part 2 contingent on the results of Part 1 [2]. - Drilling is expected to take six to eight weeks to complete for Part 1 [2]. Group 2: Historical Resource Information - The Coyote Basin Project has an estimated historical resource of 8,850,000 tons grading 0.20% U3O8 and 0.10% V2O5, totaling 35.4 million pounds of U3O8 and 17.7 million pounds of V2O5 [6]. - This historical resource estimate was calculated by Western Mining Resources based on a 1978-79 program [6]. Group 3: Technical Aspects of Drilling - Holes will be spaced approximately 200 m apart, and each hole will be probed using a wireline gamma tool to detect uranium in-situ [4]. - All cuttings will be scanned using a handheld X-Ray Fluorescence Spectrometer to enhance sample selection for assaying [4]. Group 4: Company Overview - Homeland Uranium is focused on becoming a premier US-focused uranium explorer and developer, owning the Coyote Basin and Cross Bones uranium projects in northwestern Colorado [5].

Core Insights - Calibre Mining Corp. is a mid-tier gold producer focused on high-return assets in the Americas, particularly in Central America, with a strategy that combines production and exploration to enhance cash flow and reserve growth [2][3][47] Company Profile - Calibre Mining Corp. is publicly listed on the Toronto Stock Exchange under the ticker TSX:CXB, concentrating on the acquisition, exploration, and development of gold deposits [3][36] - The company aims to optimize near-mine brownfield opportunities while pursuing selective greenfield projects with high margin potential [3][21] Operational Strategy - Calibre's operational profile is characterized by a focus on maximizing operating cash flow, extending mine lives through near-mine exploration, and evaluating accretive acquisitions [5][21] - The company employs a disciplined exploration strategy that integrates near-mine drilling to reduce discovery risk and enhance resource conversion [23][46] Financial Metrics - Calibre's market capitalization and revenue are influenced by commodity price fluctuations, production performance, and investor sentiment, with revenue primarily driven by gold sales [10][20] - Analysts monitor key performance indicators such as production volumes, all-in sustaining cost (AISC) per ounce, reserve revisions, and cash position to assess financial health [6][7][20] Market Position - Calibre operates within a competitive landscape alongside peers like B2Gold, Yamana Gold, and larger companies such as Newmont Corporation and Barrick Gold, focusing on operational efficiency and jurisdictional risk management [2][4][24] - The company's strategic posture includes maintaining operational efficiency while growing reserves, which may attract interest from larger miners seeking acquisitions [38][39] Leadership and Governance - The leadership team at Calibre is noted for its blend of technical mining expertise and financial experience, emphasizing operational efficiency and capital discipline [31][35] - Management's decisions regarding exploration and capital allocation significantly impact the company's risk-return profile [32][35] Industry Context - Calibre operates in a capital-intensive gold mining sector where returns are driven by cost control and strategic exploration, with a focus on Central America [21][22] - The company benefits from existing infrastructure and established mining jurisdictions, which facilitate operational synergies [21][25]

Core Viewpoint - Revival Gold Inc. has commenced field work for its gold development projects in Utah and Idaho, focusing on enhancing project value through various operational activities [1]. Group 1: Mercur Gold Project, Utah - Field work is actively progressing at the Mercur Gold Project, with plans for drilling, metallurgical de-risking, and archaeological data collection to support permitting [4]. - A comprehensive soil sampling program has been completed, involving approximately 1,000 soil samples over 5.7 square kilometers, aimed at establishing geochemical data for resource conversion and expansion drilling [6]. - Archaeological surveys have been conducted to support permitting for planned drilling, with further surveys expected later this year [6]. - Drill permitting and preparations are underway for a proposed program of approximately 13,000 meters of drilling in 2025, with permit applications submitted and approvals anticipated this summer [6]. Group 2: Beartrack-Arnett Gold Project, Idaho - The Beartrack-Arnett project is prioritized for exploration of its high-grade underground potential, with ongoing metallurgical testing and exploration drilling preparations [4]. - Approximately 60 kilograms of drill core samples from the Joss target area have been submitted for metallurgical testing to evaluate the effectiveness of specific gold extraction processes [6]. - A follow-up drilling program of approximately 4,000 meters is proposed for targets along the mineralized strike, with drill permitting already in place [6]. Group 3: Company Overview - Revival Gold is recognized as one of the largest pure gold mine developers in the United States, advancing the Mercur Gold Project and Beartrack-Arnett Gold Project [7]. - The company is listed on the TSX Venture Exchange under the ticker "RVG" and on the OTCQX Market under "RVLGF," with headquarters in Toronto and an exploration office in Salmon, Idaho [7].

Core Viewpoint - Probe Gold Inc. has reported significant results from its Novador in-fill drill program, which is crucial for the upcoming pre-feasibility study, indicating strong continuity and grade of gold mineralization in the Bussiere and Monique deposits [2][3]. Summary by Sections Drill Program Overview - The winter in-fill drill program consists of 50,000 metres initiated in fall 2024, with results from 31 drill holes totaling 9,083 metres [2]. - The program aims to support the 2025 pre-feasibility study for the Novador property located near Val-d'Or, Quebec [2]. Significant Drill Results - Notable gold intercepts were found at various depths, with significant grades reported: - Bussiere deposit: up to 14.8 g/t Au over 4.0 metres (cut) and 18.9 g/t Au (uncut) [5]. - Monique deposit: up to 4.4 g/t Au over 7.0 metres, including 17.1 g/t Au over 1.1 metres [5]. - The results indicate both near-surface and deeper mineralization, with potential for further expansion [3][5]. Company Strategy and Focus - The company is focused on advancing the Novador project, aiming to position it as a leading development project in varying gold price environments [3]. - Progress is being made in permitting, resource growth, and mine plan optimization, enhancing confidence in the project's potential [3]. Geological Context - The mineralization in the Courvan trend, including the Bussiere Mine sector, is characterized by shallow-dipping gold-bearing veins associated with shear zones [9]. - The Monique deposit features mineralization linked to deformation zones, with structures extending laterally up to 2,500 metres [11]. Resource and Land Position - Probe Gold controls a significant land package of 835 square kilometres in the Val d'Or East area, which includes four past-producing mines and contains 80% of the company's gold resources [14]. - The total gold resources in Val-d'Or properties amount to 6,728,600 ounces in the Measured and Indicated category and 3,277,100 ounces in the Inferred category [16].