Financial Data and Key Metrics Changes - The company closed the year with a cash balance of $20.1 million and secured funding of $30.9 million in net proceeds [36] - A net loss of $14.1 million was reported, with a diluted loss per share of $0.17 [38] - Investment activities reduced from $52 million to $21 million, reflecting a shift from exploration to development [38] Business Line Data and Key Metrics Changes - The Kabanga Nickel Project is positioned as a development-ready asset with a $1.58 billion after-tax NPV and a strong 23.3% IRR, indicating competitive positioning against other nickel projects [12][13] - The feasibility study published in July 2025 confirmed the project's high quality and readiness for development [12] Market Data and Key Metrics Changes - Nickel prices have increased by $2,500 per ton since late 2025, positively impacting project financing and market interest [18] - The company is positioned to compete with Indonesia, which has a tightly controlled nickel market [4][13] Company Strategy and Development Direction - The strategic focus is on unlocking processing and refining bottlenecks in the supply chain, leveraging technological expertise in hydrometallurgy [6][7] - The company is pursuing partnerships for the Kabanga project and exploring opportunities in catalytic converter recycling [7][28] - Plans to develop a fully vertically integrated project in Tanzania, with a staged approach to downstream processing [54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the project's potential and the importance of securing strategic partnerships to enhance shareholder value [56][70] - The company is committed to sustainability and differentiating its product as a cleaner alternative to nickel sourced from Indonesia [50] Other Important Information - The company has completed a life cycle assessment compliant with ISO standards, highlighting the project's environmental advantages [20] - A significant achievement includes the completion of the resettlement plan, which is crucial for obtaining a social license to operate [8] Q&A Session Summary Question: Will the nickel refinery from the Kabanga Project still be implemented in Tanzania after five years of mine operations? - The company plans to have a fully vertically integrated project in Tanzania, with a staged approach to downstream processes [54] Question: Will the potential partner join at a premium, and what will be the cost to own Musongati? - The current share price does not reflect the real value of the asset, and the company is focused on maximizing shareholder value [56] - The Musongati project is in early stages, with no capital committed until a proposal is developed [59] Question: What is the opinion on the recent decline in nickel prices, and what are the plans for FID? - Recent nickel price fluctuations are influenced by geopolitical events and changes in regulations in Indonesia [64] - The company is focused on securing strategic partnerships and financing options to progress towards FID [70]

Core Insights - Newlox Gold Ventures Corp. has made significant additions to its leadership team to enhance governance, technical proficiency, and operational effectiveness in sustainable gold production [1] Leadership Appointments - Frederick Kozak has been appointed as an independent director, bringing extensive experience as a top-ranked international analyst and expertise in critical minerals and resource sector equities [3][4] - Dr. Marcello Veiga has been appointed as the Lead Technical Advisor, recognized for his authority on sustainable mining and mercury reduction, with over 25 years of experience [5][6] - Wilmer Antonio Ñiquen Parra has been appointed as Head of Operations in the Field, overseeing on-site operations with over 24 years of experience in precious metals facilities across Latin America [7][8] Strategic Goals - The new leadership structure aims to expedite project execution, deliver increased shareholder value, and advance the mission of responsible mineral production and environmental remediation [9] Company Overview - Newlox Gold Ventures Corp. focuses on recovering gold and silver from artisanal and small-scale mining operations in Latin America, leveraging technology for precious metal recovery while remediating historical mine waste [10]

Core Insights - Rio Tinto Group (RIO) shares have increased by 64.9% over the past six months, significantly outperforming the industry growth of 31.8% and the S&P 500's return of 4.1% [1][6] - The stock closed at $91.68, nearing its 52-week high of $101.53, and is above both its 50-day and 200-day moving averages, indicating strong upward momentum [3][4] Performance Highlights - RIO's copper output rose by 5% year-over-year in Q4 2025, with total copper production reaching 883 kiloton (kt), an 11% increase year-over-year [9][11] - The company achieved its first copper production at the Johnson Camp mine in Arizona, utilizing proprietary Nuton technology for cleaner and more efficient copper recovery [10][11] - Iron ore shipments from the Pilbara facility increased by 7% year-over-year, while aluminum production rose by 2% due to improved operations [12] Strategic Developments - RIO secured a $1.175 billion financing package to develop the Rincon lithium project in Argentina, aiming for an annual production of 60,000 tons of battery-grade lithium carbonate starting in 2028 [15] - A joint venture with Aluminum Corporation of China Limited (Chalco) was established to acquire a controlling stake in Brazilian aluminum company CBA, enhancing RIO's green aluminum footprint [14] - The Rhodes Ridge joint venture approved a $191 million feasibility study for a major undeveloped iron ore deposit in Western Australia, targeting an initial production of 40-50 million tons annually [16] Challenges and Outlook - Despite solid performance, RIO faced challenges such as weather-related disruptions affecting iron ore volumes and temporary output reductions due to maintenance activities [17] - The Zacks Consensus Estimate for RIO's bottom line for 2026 has increased by 4.9% in the past 30 days, indicating positive market sentiment [20] - RIO is trading at a forward price-to-earnings ratio of 10.71X, below the industry average of 14.69X, suggesting potential undervaluation [22]

Core Insights - Franco-Nevada reported record financial results for 2025, driven by higher precious metal prices and increased production, achieving a 75% increase in annual earnings and a 64% rise in revenue [4][11][10] - The company has a strong portfolio of royalty and stream assets, with a focus on sustainable mining practices and a commitment to shareholder value [5][6][24] - The outlook for 2026 is positive, with guidance for GEOs sold expected to range from 510,000 to 570,000 ounces, primarily from precious metals [17][18] Financial Performance - Annual earnings increased by approximately 75%, reaching over $1 billion, with a 60% earnings margin [4] - Revenue for 2025 was up 64% year-over-year, with adjusted EBITDA also increasing by 74% [11][14] - The average gold price rose by 56% in Q4 2025 compared to the previous year, contributing to strong financial results [8][10] Asset Performance - The company sold 519,106 GEOs in 2025, slightly exceeding the top end of the guidance range [7][8] - Precious metal GEOs sold reached 440,140, while diversified assets contributed 78,966 GEOs [8][11] - The strong performance was attributed to key assets such as Antamina and Guadalupe, which benefited from higher deliveries and prices [12][14] Strategic Initiatives - Franco-Nevada has added 820,000 royalty ounces with an undiscounted value of over $4 billion at current gold prices [5] - The company is focused on expanding its portfolio through strategic acquisitions, including significant investments in Canada, the U.S., and Australia [24][50] - The restart of Cobre Panama could significantly enhance growth, with potential contributions of 150,000 to 175,000 GEOs annually if production resumes [22][19] Market Positioning - The company maintains a debt-free status with $3.1 billion in available capital, positioning it well for future growth [6][24] - Franco-Nevada's business model, which relies on royalties and streams, has proven to be highly profitable, with an adjusted EBITDA margin of 91% for 2025 [16] - The company aims to be a leading gold stock while recognizing the cyclical nature of commodities and the benefits of diversification [2]

Financial Data and Key Metrics Changes - Franco-Nevada achieved record-breaking annual earnings of over $1 billion, reflecting a 75% increase year-over-year and a 60% earnings margin [4] - Revenue increased by 64%, adjusted EBITDA rose by 74%, and adjusted net income also increased by 74% for the year [11][14] - For the fourth quarter, total GEOs sold increased by 18% to 141,856 compared to 120,063 in Q4 2024, with precious metal GEOs sold rising by 34% [11][12] Business Line Data and Key Metrics Changes - The company sold 519,106 total GEOs for the year, exceeding the guidance range of 495,000 to 525,000 [9] - Precious metal GEOs sold were 440,140, slightly above the top end of the guidance range, while diversified assets contributed 78,966 GEOs [10] - The average gold price increased by 56% in Q4, with silver and platinum prices rising by 75% and 74% respectively [10] Market Data and Key Metrics Changes - Precious metals accounted for 90% of total revenue, with 88% of revenue sourced from the Americas [15] - The cash cost per GEO increased from $242 in 2020 to $325 in 2025, a 34% increase over five years, while the margin per GEO increased by 204% [16] Company Strategy and Development Direction - Franco-Nevada aims to be the go-to gold stock while recognizing the cyclical nature of commodities and the benefits of diversification [5] - The company has added six quality long-dated assets to its portfolio, contributing to its five-year outlook and sustaining production levels [6] - The strategy includes promoting sustainable mining practices, as evidenced by being named one of the 100 most sustainable corporations globally [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2026, with expectations for further growth in GEO guidance and a strong focus on profitable business growth [4][8] - The company is well-positioned with $3.1 billion in available capital and no debt, allowing for continued growth and shareholder value creation [8] - The potential restart of Cobre Panamá could significantly enhance growth, with expectations of substantial contributions to GEOs sold [20] Other Important Information - Franco-Nevada has identified $250 million for exploration spending on Canadian assets in 2026, with expectations for a multiple of that on its global portfolio [5] - The company has added 820,000 royalty ounces with an undiscounted value of over $4 billion at current gold prices [7] Q&A Session Summary Question: Expectations for South Arturo in 2026 and 2030 - Management indicated that South Arturo is performing ahead of schedule and is expected to have a strong year in 2026, but production is anticipated to decline in 2027 [31][32] Question: Impact of oil price changes on revenue - A $5 increase in WTI price translates to a 7% increase in energy revenue [39] Question: Cobre Panamá's next steps and ramp-up timeline - The government aims for a resolution on Cobre Panamá by the upcoming summit, with a ramp-up to 50% production expected in about six months post-approval [41] Question: Strategic positioning of publicly traded equity investments - The company intends to be long-term holders of shares obtained from supporting G Mining Ventures and Discovery Silver, while also considering opportunities to realize value [42] Question: Sensitivity of cash receipts for Q1 - Management noted that the real benefit from recent high prices would likely be seen in Q2, with additional details provided in Q1 results [46] Question: Guidance for GEOs sold in 2030 - Management confirmed that guidance for 2030 would include contributions from various assets, with Bullabulling included but minimal in 2030 [60]

Financial Data and Key Metrics Changes - Franco-Nevada achieved record-breaking annual earnings of over $1 billion, reflecting a 75% increase year-over-year and a 60% earnings margin [4] - Revenue increased by 64%, adjusted EBITDA rose by 74%, and adjusted net income also increased by 74% for the year [11] - For the fourth quarter, total GEOs sold increased by 18% to 141,856 compared to 120,063 in Q4 2024, with precious metal GEOs sold rising by 34% [11][14] Business Line Data and Key Metrics Changes - The company sold 519,106 GEOs for the year, exceeding the guidance range of 495,000 to 525,000 GEOs [9] - Precious metal GEOs sold were 440,140, slightly exceeding the top end of the range, while diversified assets contributed 78,966 GEOs [10] - The average cost per GEO increased from $242 in 2020 to $325 in 2025, a 34% increase, while the margin per GEO increased from $1,528 to $3,110, a 204% increase [15][16] Market Data and Key Metrics Changes - Gold prices increased by 56% year-over-year, while silver and platinum prices rose by 75% and 74% respectively in Q4 [10] - Oil prices were lower year-over-year, but natural gas prices saw a significant increase [11] - 85% of full year 2025 revenue was generated by precious metals, with 88% sourced from the Americas [15] Company Strategy and Development Direction - The company aims to be the go-to gold stock while recognizing the cyclical nature of commodities and the benefits of diversification [5] - Franco-Nevada's strategy of supporting strong management teams has led to significant increases in share prices of associated companies [6] - The company is committed to sustainable mining practices and was recognized as one of the 100 most sustainable corporations globally [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2026, with expectations for further growth in GEO guidance [4][8] - The restart of Cobre Panama is seen as a significant growth opportunity, pending government approvals [5][20] - The company has a robust pipeline of acquisitions and expects continued activity in the deal environment despite market fluctuations [63] Other Important Information - Franco-Nevada has approximately $3.1 billion in available capital and is debt-free, positioning it well for future growth [8] - The company added 820,000 royalty ounces post-year-end, with an undiscounted value of over $4 billion at current gold prices [7] Q&A Session Summary Question: Expectations for South Arturo in 2026 and 2030 - Management indicated that South Arturo is performing ahead of schedule and expects strong results in 2026, but a decline is anticipated starting in 2027 [31][32] Question: Impact of oil price changes on revenue - A $5 increase in WTI price translates to a 7% increase in energy revenue [39] Question: Update on Cobre Panama's restart - The government aims for a resolution soon, with a ramp-up to 50% production expected within six months post-approval [41] Question: Strategic positioning of publicly traded equity investments - The company intends to be long-term holders of shares obtained from supporting G Mining Ventures and Discovery Silver, but may sell for good opportunities [42] Question: Sensitivity of cash receipts in Q1 - Management did not provide specific figures but noted that the benefits of recent high prices would likely be seen in Q2 [48] Question: Deal environment and focus on precious metals - The deal environment remains robust, with a focus primarily on precious metals, although the company remains open to other opportunities [66]

Financial Data and Key Metrics Changes - Franco-Nevada achieved record-breaking annual earnings of over $1 billion, reflecting a 75% increase year-over-year and a 60% earnings margin [4] - Revenue increased by 64%, adjusted EBITDA rose by 74%, and adjusted net income also increased by 74% for the year [12] - For Q4 2025, total GEOs sold increased by 18% to 141,856 compared to 120,063 in Q4 2024, with precious metal GEOs sold rising by 34% [12][15] Business Line Data and Key Metrics Changes - The company sold 519,106 total GEOs for the year, slightly exceeding the guidance range of 495,000 to 525,000 [10] - Precious metal GEOs sold were 440,140, while diversified assets contributed 78,966 GEOs sold for the year [11] - The average cash cost per GEO increased from $242 in 2020 to $325 in 2025, a 34% increase over five years, while the margin per GEO increased from $1,528 to $3,110, a 204% increase [17][18] Market Data and Key Metrics Changes - Gold prices increased by 56% year-over-year in Q4, while silver and platinum prices rose by 75% and 74%, respectively [11] - Oil prices were lower year-over-year, but natural gas prices saw a significant increase [12] - The company expects to benefit from a $70 per barrel oil price in its 2026 guidance, with a $5 increase in WTI price translating to a 7% increase in energy revenue [19][39] Company Strategy and Development Direction - Franco-Nevada aims to be the go-to gold stock while recognizing the cyclical nature of commodities and the benefits of diversification [5] - The company has added six quality long-dated assets to its portfolio, contributing to sustained production levels over the next decade [6] - The strategy includes promoting sustainable mining practices, as evidenced by being named one of the 100 most sustainable corporations globally [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the outlook for 2026, with expectations for good growth over 2025 and a strong five-year outlook [4] - The restart of Cobre Panama is seen as a significant growth opportunity, contingent on government approvals [5][22] - The company has a robust portfolio of assets that should contribute meaningfully over time, with a focus on jurisdictions with lower risk [53] Other Important Information - Franco-Nevada announced a 16% dividend increase, marking the 19th consecutive increase [4] - The company has approximately $3.1 billion in available capital and is debt-free, positioning it well for future acquisitions [9][29] - The company has identified $250 million of exploration spend on Canadian assets alone for the year [5] Q&A Session Summary Question: Expectations for South Arturo in 2026 and 2030 - Management indicated that South Arturo is performing ahead of schedule and expects strong results in 2026, with minimal contributions in 2030 [31][32] Question: Production guidance for Cascabel and stream buyback - The stream buyback will provide ounces not included in current guidance, with production volumes for 2030 expected to be between 15,000-20,000 GEOs [34][35] Question: Impact of energy prices on guidance - A $5 increase in WTI price would result in a 7% increase in energy revenue [39] Question: Cobre Panama's next steps and ramp-up timeline - The government aims for a resolution on Cobre Panama by the summit, with a ramp-up to 50% production expected in about six months post-approval [40][42] Question: Strategic positioning of publicly traded equity investments - The company intends to be long-term holders of shares obtained from supporting G Mining Ventures and Discovery Silver, with potential for liquidity if good opportunities arise [43]

Core Viewpoint - Eldorado Gold Corporation's Lamaque Complex has been awarded the Towards Sustainable Mining (TSM) Gold Leadership Award, recognizing its exceptional performance in responsible mining practices [1][3]. Group 1: Award Recognition - The TSM Gold Leadership Award is given to mining operations achieving Level AAA, the highest rating, across all TSM performance indicators, verified by independent auditors [3]. - The Lamaque Complex is one of only six facilities to receive this recognition, marking the first award since 2020 [3]. Group 2: Company Commitment - The CEO of Eldorado Gold emphasized that the award reflects the dedication of employees and the company's commitment to responsible mining practices in Québec and globally [4]. - The Vice President of Canada highlighted the collaborative efforts with local communities and the multi-year journey towards achieving this recognition [4]. Group 3: Sustainability Standards - TSM performance is verified every three years against strict environmental and social standards, including climate change, water stewardship, and community relationships [4]. - Eldorado Gold integrates TSM protocols into its Sustainability Integrated Management System (SIMS), which sets company-wide sustainability standards [6]. Group 4: Additional Certifications - The Lamaque Complex has also been certified in full compliance with the International Cyanide Management Code, ensuring safe management of cyanide in gold production [7]. Group 5: Company Overview - Eldorado Gold is a producer of gold and base metals with operations in Canada, Greece, and Türkiye, known for its skilled workforce and responsible operations [8].

Financial Data and Key Metrics Changes - Headline earnings per share for 2025 increased by 281% to ZAR 2.44 per share [56] - Adjusted EBITDA increased almost threefold, from ZAR 13 billion to just under ZAR 38 billion, a 189% increase [56] - Net debt to Adjusted EBITDA decreased from 1.77 times at the end of 2024 to 0.59 times at the end of 2025 [57] Business Line Data and Key Metrics Changes - Total full year PGM production reached 1.8 million ounces, aligning with guidance and stable year-on-year [22] - Underground production increased by 2% to over 1.6 million ounces, supported by improvements at Rustenburg [23] - Total production for gold operations, including DRDGold, was lower by 10% at 19.7 tons, with underground production reduced by 8% [27] Market Data and Key Metrics Changes - Gold spot prices broke the $4,500 mark during December, up 73% since the beginning of the year [64] - Platinum imports into the U.S. increased over 50% year-on-year, with significant flows driven by tariff uncertainty [66] - Lithium prices moved from low $7,000 per ton levels up to just over $16,000 per ton currently [67] Company Strategy and Development Direction - The company is focusing on simplification of operations and maximizing operating margins through operational excellence [3] - A disciplined capital allocation framework is in place, with a third towards shareholder returns, a third towards reducing gross debt, and a third towards growth [4] - The company aims to convert a large percentage of their abundant resources into reserves in the coming years [44] Management's Comments on Operating Environment and Future Outlook - The management noted a significant change in the latter half of 2025, including a leadership transition and a strategic refresh [2] - The outlook for 2026 is positive, with expectations of additional earnings and cash flow improvements due to rising prices [26] - The company remains committed to eliminating fatal incidents and enhancing safety culture as a priority [20] Other Important Information - The company declared a dividend of ZAR 1.31 per share, reflecting a 2% yield and marking a return to dividend-paying territory [14] - A settlement payment of $215 million was made regarding the Appian court case [7] - The renewable energy program aims to reduce emissions by 40% by 2030, with significant savings and carbon dioxide reductions expected [45] Q&A Session Summary Question: What are the expectations for gold prices moving forward? - The company remains bullish on gold, anticipating continued price support due to geopolitical factors and market dynamics [68] Question: How is the company addressing safety concerns? - The management emphasized a focus on embedding a fatal elimination strategy and enhancing compliance through a culture of accountability [20] Question: What is the outlook for lithium production? - The company is optimistic about the lithium market, with plans for phased production ramp-up and a focus on optimizing costs [49]

20 February 2026 Operating and financial results for H2 & YE 2025 Solid operational output and financial stability | Agenda | | | --- | --- | | a | Salient features | | b | Performance excellence • Safe production • Resource optimisation | | | • Operational excellence • Embedding sustainability | | c | Growth | | d | Financial performance | | e | Market performance and outlook | | f | Resilient strategy for the way forward | | g | Q&A | Columbus metallurgical facility, US PGM operations Disclaimer FORWARD L ...