Core Viewpoint - Seabridge Gold Inc. plans to spin out its subsidiary Seabridge Gold (NWT) Inc., which will be renamed Valor Gold, to focus on the Courageous Lake Gold Project, allowing Seabridge to concentrate on its KSM project and other exploration assets [1][3] Group 1: Spin-Out Details - Valor Gold will own 100% of the Courageous Lake Gold Project and will focus on exploration, engineering, and permitting [1] - Shares of Valor Gold are expected to be distributed to Seabridge shareholders and listed on at least one major public stock exchange [1][9] - Seabridge management will oversee Courageous Lake until a dedicated team is established for Valor Gold [7] Group 2: Project Overview - Courageous Lake is one of Canada's largest undeveloped gold projects, with a total contained gold inventory of 11.0 million ounces in Measured and Indicated Resources and an additional 3.3 million ounces in the inferred category [2] - The project includes 2.8 million ounces of proven and probable reserves, making it one of the highest-grade open pit gold projects in Canada [2] Group 3: Financial Projections - At a gold price of US$2,500 per ounce, the after-tax NPV (5%) of Courageous Lake increases to US$1.1 billion, with an IRR of 38.2% and a payback period of 1.6 years [5] - The 2024 PFS indicates a mine life of 12.6 years, with total payable gold of 2.5 million ounces and an average annual payable gold of 201,000 ounces [13] Group 4: Future Plans - Valor Gold plans to conduct a targeted drill program to explore for satellite deposits similar to the Walsh Lake deposit, which could enhance the project's economics [8] - The spin-out is expected to be completed through a plan of arrangement under the Canada Business Corporations Act, with updates anticipated in Q1 2026 [9]

Core Viewpoint - Great Pacific Gold Corp. has announced the approval of the spin-out of Walhalla Gold Corp., allowing shareholders to receive shares of Walhalla, which will own the Walhalla Gold Project in Victoria, Australia [1][2]. Summary by Sections Spin-Out Approval - Shareholders voted overwhelmingly to approve the spin-out of Walhalla Gold Corp. during a Special Meeting held on November 27, 2025 [1][2]. - The spin-out involves distributing one common share of Walhalla for each common share of Great Pacific Gold held by shareholders [2]. Stock Option Plan - An ordinary resolution to approve a stock option plan for Walhalla was also approved without amendment by the shareholders [3]. Court Approval and Record Date - Final court approval for the spin-out is scheduled for December 4, 2025, after which the official record date for shareholders to receive Walhalla shares will be set [3]. CEO Statement - The CEO of Great Pacific Gold expressed satisfaction with the progress made over the past six months in preparing for the spin-out, highlighting the benefits for shareholders in retaining exposure to a significant gold project [4]. Walhalla Gold Project Overview - The Walhalla-Woods Point Goldfield is a notable goldfield in Victoria, Australia, with an estimated total historic gold production of 2.2 million ounces (72.2 tonnes) at a gold grade of 25.3 g/t [5]. - The goldfield contains over 420 mines/workings and is located approximately 150 km east of Melbourne [5].

Group 1 - Telesat Corporation (TSAT) is viewed as a highly asymmetric investment opportunity, primarily due to its complex capital structure and the potential of its Lightspeed project [2][4] - The legacy GEO satellite operations are declining and over-levered, while the real value lies in the fully funded 198-satellite low-earth-orbit constellation, Lightspeed, which is set to launch global services in 2026 [2][3] - Lightspeed targets the $320 billion enterprise and government markets, offering competitive latency with Starlink, and has secured $3.5 billion in total capital expenditures through various funding sources [3] Group 2 - Geopolitical factors, including concerns over Starlink's market dominance, have increased demand for alternative satellite providers, leading to significant contract signings for Telesat, resulting in a backlog exceeding C$1.1 billion [4] - Recent credit agreements indicate a potential spin-out of Lightspeed, which would alleviate GEO debt burdens and reveal substantial hidden value, with valuation scenarios suggesting a share price of $70–140, representing an upside of 185% to 457% [5] - Telesat's strategic importance as a Canadian "national champion" is reinforced by government support and financing, positioning it favorably in the current geopolitical landscape [4][5]

Core Viewpoint - Sokoman Minerals Corp. has successfully completed the spin-out of approximately half of its shares in Vinland Lithium Inc. to its shareholders, with the distribution effective April 30, 2025 [1][2]. Company Overview - Sokoman Minerals Corp. is a discovery-oriented company and one of the largest landholders in Newfoundland and Labrador, focusing primarily on gold projects, including the flagship Moosehead project and others targeting Dalradian-type orogenic gold mineralization [4]. - The company has entered a strategic alliance with Benton Resources Inc. for large-scale joint-venture properties in Newfoundland [4]. Spin-Out Details - The spin-out involves a total of 2,025,126 common shares of Vinland being distributed to shareholders, while Sokoman will retain 2,000,000 shares of Vinland [2]. - Shareholders holding at least 8,000 Sokoman shares will receive approximately 50 Vinland shares for every 8,000 Sokoman shares owned [1][2]. - New Sokoman shares will be listed on the TSX Venture Exchange on April 29, 2025, while Old Sokoman shares will be delisted effective April 28, 2025 [3]. Market Context - Vinland has made a separate application for listing its shares on the TSX Venture Exchange, although no Vinland shares will be listed upon the closing of the spin-out [3].