Core Viewpoint - Barrick Mining Corporation has declared an enhanced dividend of $0.15 per share for Q2 2025, aligning with its Performance Dividend Policy established in 2022 [1] Group 1: Dividend Announcement - The Q2 2025 dividend will be paid on September 15, 2025, to shareholders of record as of August 29, 2025 [1] Group 2: Share Buyback Program - Barrick repurchased 13.50 million shares during Q2 2025 under its share buyback program initiated in February 2025 [2] - As of the end of Q2 2025, Barrick has repurchased approximately 21.19 million shares, representing about 1.2% of its issued and outstanding shares, for a total net cash of $411 million, including $268 million spent in Q2 [2] Group 3: Management Commentary - The combination of the performance dividend policy and share buyback program is designed to provide significant benefits to shareholders, supported by solid operating performance and strong cash flows [3]

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Summary of Key Points from the Conference Call Industry Overview - **Industry**: Greater China Materials, specifically focusing on **Steel and Iron Ore** sectors [1][4] Key Metrics and Trends - **Weekly Output**: Increased by **3.7%** week-over-week (WoW) for long products [1] - **Inventory Levels**: - Inventory at mills rose by **0.8%** WoW [1] - Iron ore inventory at ports decreased by **1.1%** [3] - **Utilization Rates**: - Blast furnace utilization dipped by **0.6 percentage points (ppts)** [1] - Electric arc furnace utilization increased by **1.6 ppts** [1] - **Crude Steel Production**: Average daily output of crude steel by key enterprises was **1.982 million tons (mnt)**, a decline of **7.4%** compared to early July [1] Iron Ore Shipments - **Total Shipments**: Combined shipments from Australia and Brazil decreased by **1.00 million tons (Mt)** WoW for the period from July 28 to August 3 [2] - Shipments from Australia increased by **0.71 Mt** [2] - Shipments from Brazil decreased by **1.71 Mt** [2] Consumption and Demand - **Apparent Consumption**: - Long products consumption increased by **3.4%** WoW [4] - Flat products consumption decreased by **2.9%** WoW [4] - **Rebar Output**: Increased by **4.8%** WoW and **31.2%** year-over-year (YoY) [7] Weekly Data Summary - **Steel Inventory**: - Traders' inventory at **9,625 kt**, up **2.1%** [3] - Mills' inventory at **4,129 kt**, up **0.8%** [3] - **Operating Rates**: - Steel operating rate at **62.4%**, down **2.1 ppts** [3] - Average daily output of iron ore at **393.8 kt**, down **3.2%** [3] Analyst Insights - **Industry View**: Rated as **Attractive** by Morgan Stanley [5] - **Analyst Contacts**: Multiple analysts involved, including Rachel Zhang and Hannah Yang [4] Additional Notes - **Potential Conflicts of Interest**: Morgan Stanley may have business relationships with companies covered in the research, which could affect objectivity [5] - **Investment Recommendations**: Ratings include Overweight, Equal-weight, Not-Rated, and Underweight, with no direct Buy, Hold, or Sell ratings [22][25] This summary encapsulates the essential insights and data points from the conference call, providing a comprehensive overview of the current state of the steel and iron ore industries in Greater China.

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Core Viewpoint - Focus Graphite Advanced Materials Inc. has successfully closed a non-brokered private placement, raising total gross proceeds of C$891,000, which has been conditionally approved by the TSX-V [1][2]. Financing Details - The Company issued 7,425,000 units at a price of $0.12 per unit, with each unit consisting of one common share and one non-transferable common share purchase warrant [2]. - Each warrant allows the holder to acquire one common share at an exercise price of $0.22 for a period of 24 months from the date of issue [2]. - The net proceeds from this financing will be allocated to maintain existing operations and general working capital, including advancing battery technology and developing advanced materials [3]. Finder's Fee - In connection with the offering, the Company paid a cash finder's fee of $42,480 and issued 354,000 finder warrants, each allowing the finder to purchase one common share at a price of $0.22 until August 8, 2027 [4]. Company Overview - Focus Graphite Advanced Materials is focused on critical minerals, owning two world-class graphite projects, including the Lac Knife project, which is one of the most advanced high-purity graphite deposits in North America [6]. - The Lac Tétépisca project is also highlighted for its potential to be one of the largest and highest-purity graphite deposits in North America [7]. - The Company is committed to environmentally sustainable processing solutions and innovative battery technologies, including a patent-pending silicon-enhanced spheroidized graphite [7][8].

Financial Data and Key Metrics Changes - The company reported revenues of $81 million, a 13% increase from the previous year [4] - Cash flow from operating activities reached a record $48 million, up 21% year-over-year [4] - Net income for the quarter was $18.1 million, or $0.08 per share, down from $21.9 million or $0.12 per share in 2025 [5] - Adjusted net income was $21 million or $0.10 per share, compared to $20.6 million or $0.11 per share in the prior year [5] - The cash position at the end of the quarter was $377 million, an increase of $8 million from March [6] Business Line Data and Key Metrics Changes - Silver sales increased by 595%, while gold sales rose by 1245% compared to Q1 of last year [4] - Silver contributed 66% of Q1 revenue, lead contributed 18%, and gold contributed 7% [4] - Production of silver was approximately 1.8 million ounces, gold was just over 2,000 ounces, lead was 16 million pounds, and zinc was 5 million pounds [7] - Production costs averaged $83 per tonne at Ying, down 8% from last year [7] - Consolidated cash cost per ounce of silver was $1.11, compared to a negative $1.67 in the prior year [8] Market Data and Key Metrics Changes - The company disclosed a potential production shortfall of 20% to 25% for the current quarter due to regulatory delays following a fatal accident [11] - The company is awaiting regulatory sign-off to resume production in certain closed areas [11] Company Strategy and Development Direction - The company is focused on building a larger and more diversified mining company, with ongoing projects at Aldomo and Condor [23] - Investments in ramp and tunnel development at Ying are aimed at enhancing underground access [12] - The company plans to complete a Preliminary Economic Assessment (PEA) for the Condor gold project by year-end [14] Management's Comments on Operating Environment and Future Outlook - Management expressed commitment to safety and is implementing changes based on recommendations from a government investigation following a fatal accident [10][12] - The company is cautious about the potential impact of the production shortfall on future guidance [19] - Management indicated that adjustments to mine plans will be made for the current quarter and the rest of the year [19][34] Other Important Information - The company invested over $18 million in operations in China and $7.6 million in Ecuador during the quarter [6] - A lawsuit seeking to void the environmental license for the Al Domo project was dismissed by the local court [14] Q&A Session Summary Question: Is Silver Corp continuing to work with the contractor involved in the incident at Ying? - The contractor will continue to be used at various locations, but the individual responsible has been dismissed [18] Question: Will there be an increase in cash costs due to the production shortfall? - It is too early to determine the exact impact on cash costs, but adjustments to mine plans will be made [19] Question: What percentage of overall operating costs are fixed at Ying? - The company needs to revisit the analysis as it has been a while since it was last conducted [20] Question: Will the Kupangyang mine be consolidated under Ying? - Kupangyang is a separate mining operation but will contribute to overall corporate production [21] Question: What can be done to close the valuation gap with peers? - The company is focused on building a diversified mining company, which should help close the gap over time [23] Question: What is the current status of construction at Al Domo? - Construction is progressing well, with expectations for a significant ramp-up in tons moved starting in August [30] Question: When will the company draw down on the stream proceeds? - The company anticipates drawing down towards the end of the current quarter or early next quarter [32] Question: Is the company still comfortable with its production guidance? - It is too early to address guidance adjustments, and the company will assess the true impact of production issues [34]

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