Core Viewpoint - B2Gold Corp. is set to release its fourth quarter and full year 2025 financial results along with 2026 guidance on February 18, 2026, after North American markets close [1] Group 1: Financial Results and Conference Call - The financial results will be discussed in a conference call scheduled for February 19, 2026, at 8:00 am PT / 11:00 am ET [1] - Participants can register for the conference call to receive dial-in details and a unique PIN, allowing them to bypass the operator queue [2] Group 2: Company Overview - B2Gold is an international senior gold producer based in Vancouver, Canada, founded in 2007 [3] - The company operates gold mines in Canada, Mali, Namibia, and the Philippines, and has various development and exploration projects globally [3]

Core Viewpoint - Kinross Gold Corporation will release its 2025 fourth-quarter and full-year financial statements on February 18, 2026, and provide full-year 2026 guidance along with an exploration and project update [1] Financial Reporting Schedule - Q1 2026 financial statements will be released on April 29, 2026, with a conference call on April 30, 2026 [4] - Q2 2026 financial statements will be released on July 29, 2026, with a conference call on July 30, 2026 [4] - Q3 2026 financial statements will be released on October 28, 2026, with a conference call on October 29, 2026 [4] Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations in the United States, Brazil, Mauritania, Chile, and Canada [3] - The company focuses on responsible mining, operational excellence, disciplined growth, and maintaining a strong balance sheet [3]

Core Viewpoint - Kinross Gold Corporation is set to release its 2025 fourth-quarter and full-year financial statements and operating results on February 18, 2026, along with guidance for 2026 and updates on mineral reserves and resources [1] Financial Reporting Schedule - The company will hold a conference call and audio webcast on February 19, 2026, at 8:00 a.m. ET to discuss the results [1] - The quarterly reporting schedule for 2026 includes: - Q1 2026: April 29, 2026, with a conference call on April 30, 2026 - Q2 2026: July 29, 2026, with a conference call on July 30, 2026 - Q3 2026: October 28, 2026, with a conference call on October 29, 2026 [4] Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations in the United States, Brazil, Mauritania, Chile, and Canada [3] - The company focuses on responsible mining, operational excellence, disciplined growth, and maintaining a strong balance sheet [3]

Core Viewpoint - NOVAGOLD Resources Inc. has announced a private placement offering of 20 million common shares at a price of US$10.00 per share, aiming for gross proceeds of approximately US$200 million, with a cornerstone order of US$140 million from a European institution [1][2]. Group 1: Offering Details - The offering is structured as a bought deal with underwriters BMO Capital Markets, RBC Capital Markets, and Scotiabank [1]. - An over-allotment option allows underwriters to purchase an additional 15% of the shares, potentially increasing total gross proceeds to approximately US$230 million [1]. - The expected closing date for the offering is around February 5, 2026, pending necessary regulatory approvals [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to expenditures related to the Donlin Gold project, settlement of a promissory note with Barrick Mining Corporation, and general corporate purposes [2]. Group 3: Company Overview - NOVAGOLD is focused on the development of the Donlin Gold project in Alaska, which is recognized as one of the largest and highest-grade open-pit gold deposits globally, with approximately 40 million ounces of gold in Measured and Indicated Mineral Resource categories [6]. - The Donlin Gold project is projected to produce over one million ounces of gold annually over a 27-year mine life once in production [6].

Core Viewpoint - International Tower Hill Mines Ltd. is launching a $60 million public offering of common shares to fund the exploration and development of the Livengood Gold Project [1][2] Group 1: Offering Details - The public offering consists of $60 million in common shares, with Paulson & Co. Inc. agreeing to purchase $40 million in a concurrent private placement at the public offering price [1] - The underwriters, led by BMO Capital Markets, have an option to purchase additional common shares representing up to 15% of the offering, potentially increasing total gross proceeds to approximately $109 million if fully exercised [4] - The offering is being conducted under the Company's effective shelf registration statement with the SEC, and will also be available in Canada and offshore jurisdictions [6] Group 2: Use of Proceeds - The net proceeds from the offering and the concurrent private placement will be allocated to various activities related to the Livengood Gold Project, including drilling, feasibility studies, and community engagement [2] Group 3: Company Background - International Tower Hill Mines Ltd. holds a 100% interest in the Livengood Gold Project, located 70 miles north of Fairbanks, Alaska [11]

Core Viewpoint - Paradigm Gold Corporation plans to raise $1,000,000 through a non-brokered private placement by issuing up to 7.0 million units, which will be allocated to fund working capital and exploration activities on its Swift-Katie gold/copper project in British Columbia [1][3]. Group 1: Offering Details - The company will issue up to 5.0 million flow-through units at $0.15 each to raise $750,000 and up to 2.0 million non-flow-through units at $0.125 each to raise $250,000 [2]. - Each flow-through unit consists of one common share and one-half share purchase warrant, while each non-flow-through unit consists of one common share and one-half warrant [2]. - Warrants will be exercisable at $0.15 for three years from the date of issue, and the securities will be subject to a four-month hold period [2]. Group 2: Project Overview - The Swift-Katie project is located 7 kilometers southwest of Salmo, British Columbia, covering approximately 8,797 hectares and includes two claim groups with significant mineral potential [4]. - The project is strategically positioned with good access and infrastructure, allowing for year-round exploration [4]. Group 3: Exploration Focus - Exploration in 2026 will primarily target the Swift gold area, which has shown promising results from previous drilling, including high-grade gold intercepts [5]. - Notable drilling results from 2017 include 2.5 meters of 11.5 g/t Au and 6.7 g/t Ag, and 8.6 meters of 3.1 g/t Au and 2.0 g/t Ag [5]. - Historical trench results indicate potential for increased gold grades in the Swift structural corridor, although these results have not been independently verified [6].

Core Insights - Pan American Silver Corp. (PAAS) and SSR Mining Inc. (SSRM) are benefiting from record-high gold and silver prices, with silver prices increasing approximately 207% year over year and gold prices rising around 75% [2][3] Group 1: Company Overview - Pan American Silver operates 11 mines across the Americas and has a significant stake in the Juanicipio project, which has produced 2.5 million ounces of silver since acquisition [4][5] - SSR Mining has assets in the U.S., Turkey, Canada, and Argentina, and recently acquired the Cripple Creek & Victor mine, positioning it as the third-largest gold producer in the U.S. [12][13] Group 2: Production and Financials - PAAS expects silver production of 22.8 million ounces in 2025, an 8% increase from 2024, with a record fourth-quarter output of 7.3 million ounces [6][11] - SSRM's total gold production for 2025 is projected to be between 410,000 and 480,000 gold-equivalent ounces, with a previous production of 399,267 ounces in 2024 [14] - As of December 31, 2025, PAAS had cash and short-term investments of $1.32 billion, while SSRM reported cash and cash equivalents of $409 million [8][16] Group 3: Earnings Estimates - The Zacks Consensus Estimate for PAAS's 2025 earnings is $2.21 per share, reflecting a 179.7% year-over-year increase, with estimates for 2026 at $3.60, indicating a 63.2% rise [17] - SSRM's earnings estimate for 2025 is $1.77 per share, showing a 532.1% increase year-over-year, with 2026 estimates at $3.56, implying growth of 101.3% [18] Group 4: Stock Performance and Valuation - Over the past year, PAAS stock has increased by 166.2%, while SSRM has risen by 196.6% [19] - PAAS is trading at a forward earnings multiple of 15.76X, while SSRM is at 6.53X, both lower than their five-year medians [21] Group 5: Investment Appeal - Both companies are positioned to benefit from rising silver and gold prices, with SSRM showing stronger price performance and a more attractive valuation compared to PAAS [23]

Core Viewpoint - SSR Mining's stock price increased by 10% following an upgrade to "buy" by TD Cowen analyst Steven Green, with a price target of 43 Canadian dollars, equating to 31.18 U.S. dollars, which is 22% higher than the current stock price [1][3]. Group 1: Analyst Upgrade and Market Reaction - TD Cowen analyst Steven Green upgraded SSR Mining to a "buy" rating, citing the stock's compelling valuation amid rising gold prices [3][7]. - The stock's price is lower compared to rival gold companies, and it is generating improved free cash flow [3]. Group 2: Financial Performance and Projections - SSR Mining currently has an operating cash flow of 395 million U.S. dollars, with forecasts suggesting it could rise to 946 million U.S. dollars in 2026 and exceed 1.1 billion U.S. dollars in 2027 if the Çöpler mine reopens [4]. - The stock is valued at approximately 25 times both earnings and free cash flow, with a forecast growth rate exceeding 100% over the next five years, indicating potential for significant price appreciation [5]. Group 3: Potential Catalysts - A key catalyst for SSR Mining's stock could be the reopening of the Çöpler mine in Turkey, which was suspended due to an industrial accident in 2024 [3]. - If SSR Mining achieves its projected financial targets, the stock could potentially double in value over the next 12 months [5].

Financial Data and Key Metrics Changes - NovaGold reported a fiscal 2025 fourth quarter net loss of $15.6 million, an increase of $4.7 million from the prior year, primarily due to higher site activity at Donlin Gold and increased general and administrative expenses [35] - For the full year, the company reported a net loss of $94.7 million, which included a $39.6 million non-cash, non-recurring charge related to warrants issued for a backstop commitment [35] - The treasury increased by $13.9 million during fiscal 2025, ending the year with $115.1 million [36] Business Line Data and Key Metrics Changes - Donlin Gold expenditures increased by $9 million due to the 2025 field program, reflecting the company's second consecutive quarter with a 60% interest in Donlin Gold [35] - Corporate general and administrative cash spend increased by $1 million compared to the prior year [36] Market Data and Key Metrics Changes - The market reception for NovaGold has improved significantly, with the stock price rising from a low of $2.50 early last year to current levels, indicating a potential for major revaluation [7] Company Strategy and Development Direction - NovaGold aims to build what could be America's largest single gold mine, emphasizing the strategic partnership with Paulson and the alignment of interests [3][4] - The company is focused on advancing the Donlin Gold project, with plans for a bankable feasibility study and ongoing exploration to enhance resource conversion [39][48] - The company is also exploring financing opportunities, leveraging partnerships with sovereign wealth funds and other investors [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the gold market, citing strong demand from central banks and the potential for gold prices to reach $3,000-$5,000 [16][25] - The company believes it is in a favorable jurisdiction (Alaska) for mining, which will support its operational stability and growth [10][46] Other Important Information - The company completed an 18,000-meter drill program at Donlin, with a focus on enhancing geological modeling and resource conversion [39] - NovaGold has maintained a strong environmental and safety record, which is crucial for its operations in Alaska [43] Q&A Session Summary Question: What is the ideal structure of the agreement with Glenfarne Group? - Management indicated that discussions are ongoing and that Glenfarne is interested in building and operating the pipeline, with further announcements expected soon [54] Question: How is the budget for the bankable feasibility study allocated? - The budget for 2026 includes significant components for the feasibility study, ongoing exploration, and community engagement, with the feasibility study expected to take about 18 months [60][62] Question: Is the tailings design finalized? - The tailings dam design is finalized and submitted, with no anticipated changes, ensuring stability and compliance with regulatory standards [66] Question: What are the project economics targeted in the BFS? - The project economics at a gold price of $2,100 indicate a double-digit rate of return, with significant leverage to higher gold prices [67]

Financial Data and Key Metrics Changes - NOVAGOLD reported a fiscal 2025 fourth quarter net loss of $15.6 million, an increase of $4.7 million from the prior year, primarily due to higher site activity at Donlin Gold and increased general and administrative expenses [34] - For the full year, NOVAGOLD reported a net loss of $94.7 million, which included a $39.6 million non-cash, non-recurring charge for warrants issued as consideration for a backstop commitment in support of the Donlin Gold transaction [34] - The company's treasury increased by $13.9 million during fiscal 2025, ending the year with $115.1 million [36] Business Line Data and Key Metrics Changes - Donlin Gold expenditures were $9 million higher in fiscal 2025 due to the field program [35] - Corporate general and administrative cash spend increased by $1 million compared to the prior year [36] Market Data and Key Metrics Changes - The market reception for NOVAGOLD has improved, with the stock price rising from a low of $2.50 early last year [7] Company Strategy and Development Direction - NOVAGOLD aims to build America's largest single gold mine at the Donlin Gold Project, emphasizing the strategic alignment with its partner, Paulson [3][4] - The company is focused on advancing the feasibility study and exploring the vast potential of its land holdings, with only 5% explored so far [41][32] Management's Comments on Operating Environment and Future Outlook - Management believes that NOVAGOLD is in the early stages of a revaluation, with significant upside potential as gold prices rise [4][9] - The company is confident in its operational jurisdiction in Alaska, which is seen as stable and supportive for mining activities [10][44] Other Important Information - The company has completed the federal permitting process and is nearing completion of state permitting, allowing for progress without external delays [39] - NOVAGOLD has strong institutional support, with top shareholders representing almost two-thirds of outstanding stock [45] Q&A Session Summary Question: Ideal structure of the agreement with Glenfarne Group - Management indicated that discussions are ongoing and that Glenfarne is interested in building and operating the pipeline, with further announcements expected soon [50][52] Question: Capacity of engineering firms for the BFS - Management stated that they have been selective in choosing firms with the necessary experience and capacity for the project, with news on the selected firm expected soon [50][53] Question: Increase in strip ratio in the technical report - The increase in strip ratio is attributed to adjustments in pit design and views on dilution, which will be revisited in the feasibility study [51][54] Question: Allocation of the budget for upcoming Donlin activities - The budget for 2026 includes significant components for the bankable feasibility study and ongoing exploration, with a focus on community engagement [57][59] Question: Tailings design status - The tailings dam design is finalized and not expected to change, as it is a state-of-the-art structure [64] Question: Project economics, NPV, and IRR targets - Management indicated that the project economics are robust even at lower gold prices, with significant leverage to upside as gold prices increase [66]