Financial Data and Key Metrics Changes - The company reported a net loss of $500,000, or $0.01 per share, compared to a loss of $2.1 million, or $0.04 per share, in the same period last year [17] - Adjusted EBITDA was $11.8 million, or $0.22 per share, compared to $10.5 million, or $0.20 per share, in the corresponding period [17] - The company ended the quarter with $51 million in cash and $24 million in marketable securities, with the cash balance relatively unchanged from the prior quarter [18] Business Line Data and Key Metrics Changes - McEwen Copper advanced the Los Azules project, which is now considered a bankable Tier 1 asset, benefiting from Argentina's Large-Scale Investment Incentive Program [12][13] - The feasibility study for Los Azules indicated a production process designed for low environmental impact, with a projected after-tax NPV of $2.9 billion and an IRR of 19.8% [14] Market Data and Key Metrics Changes - Gold prices are currently just below $4,000 per ounce, up 45% year-over-year, while silver is up 47% and copper is close to $5, up 13% [2] - The company anticipates that the intermediate and long-term prices for metals will be considerably higher, positioning itself favorably in the current market environment [2] Company Strategy and Development Direction - The company aims to achieve an annual production of 250,000-300,000 gold-equivalent ounces by 2030, alongside the development of the Los Azules copper mine [3] - The company is optimistic about the exploration potential of its mining rights, having identified eight significant targets within its holdings [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming temporary setbacks and emphasized the importance of the current favorable metal prices in supporting growth plans [2][3] - The approval of the REGI program for Los Azules is seen as a significant endorsement, providing stability and competitive tax rates for the project [12][13] Other Important Information - The company is set to close the acquisition of Canadian Gold Corp in January, with an updated resource estimate expected by the end of February [6] - Exploration activities are ongoing, with a focus on optimizing the Tartan project and its synergies with other properties [7] Q&A Session Summary Question: Can you elaborate on the vertical integration strategy and potential targets? - The company is exploring vertical integration opportunities, particularly in assay labs, to enhance efficiency and reduce turnaround times for assays [29][30] Question: What is the outlook for Gold Bar production next year? - Management indicated that the recent issues were temporary and that production guidance for next year will be announced shortly [35][36] Question: What is the timeline for the Canadian Gold Corp merger and subsequent resource estimates? - The merger is expected to close in early January, with a resource estimate and preliminary economic assessment to follow [45][46] Question: How does the company estimate its proven resources? - The company estimates its resources similarly to industry standards, with approximately 4.2 million ounces across all operations [53] Question: What is the expected timeline for the Los Azules IPO? - The IPO is now targeted for sometime next year, with expectations of a higher price than the last financing due to the project's attractiveness [68][70]

Core Viewpoint - McEwen Inc. reported its Q3 2025 results, outlining a plan to double production by 2030, aiming for 250,000 to 300,000 GEOs Consolidated Annual Production by 2030, despite facing operational challenges that led to lower production and higher costs in the short term [1][3][4]. Production Goals and Projects - The Fox Complex (Stock and Grey Fox) is projected to contribute approximately 50% to the total production goal, followed by the Gold Bar Mine Complex at 30%, and El Gallo at 20% [2]. - The Stock Mine is expected to begin production by mid-2026, with lower-cost gold production anticipated compared to the Froome mine due to various operational efficiencies [6][19]. - El Gallo's Phase 1 production is targeted for mid-2027, with an optimized production plan aiming for 20,000 GEOs annually [21][22]. Operational Challenges and Adjustments - The company faced operational challenges that resulted in production falling below guidance and increased costs, particularly at Nevada and Timmins operations. Corrective measures are being implemented, with expected improvements in Q4 2025 [3][7]. - The annual production guidance for the Gold Bar Mine has been revised down to 32,000 to 35,000 GEOs from 40,000 to 45,000 GEOs due to lower-than-expected production [7]. Financial Performance - Q3 2025 revenue decreased by 3% to $50.5 million from the sale of 14,968 GEOs, with an average realized gold sale price of $3,477 per GEO, which is 39% higher than the previous year [7]. - Gross profit for Q3 2025 was $7.8 million, down from $13.8 million in Q3 2024, primarily due to higher waste stripping costs [7]. - Adjusted EBITDA increased by 12% to $11.8 million, reflecting improved operational performance despite challenges [7]. Liquidity and Capital Resources - Cash and equivalents increased to $51.2 million as of September 30, 2025, compared to $13.7 million at the end of 2024, indicating improved liquidity [8]. - Working capital rose to $62.6 million from a negative $6.5 million at the end of 2024, while total debt increased to $130 million [8]. Exploration and Development Investments - The company invested $6.8 million in exploration during Q3 2025, focusing on various properties including Grey Fox, Gold Bar, Lookout Mountain, and Windfall [8]. - Significant drilling results at Windfall are expected to enhance the overall resource size, with an updated resource estimate anticipated in Q4 2025 [11][12]. Strategic Acquisitions - McEwen signed a definitive agreement to acquire Canadian Gold Corp., which includes the Tartan Mine, expected to close in January 2026 [37]. - The company also acquired a 31% stake in Paragon Geochemical Laboratories, enhancing its capabilities in gold and metal assaying [37].

Financial Data and Key Metrics Changes - OR Royalties earned 20,326 gold-equivalent ounces (GEOs) in Q3 2025, a 3% improvement over Q2 2025, tracking towards the midpoint of the full-year guidance of 80,000-88,000 GEOs [4][6] - Quarterly revenues reached $71.6 million, a 71% increase year-over-year, marking a quarterly record for the company [10] - Net earnings were $0.44 per basic common share, significantly improved year-over-year, partly due to a non-cash gain of $54 million from the revaluation of Osisko Development equity investment [11][12] - Cash margins for the period were just under 97%, in line with the budget for the year [7] Business Line Data and Key Metrics Changes - Approximately 95% of GEOs earned came from precious metals, with the balance from copper exposure through Harmony Gold's CSA Copper Mine [12] - Significant year-over-year improvements in cash flow per share at $0.34 compared to $0.19 in Q3 last year [12] - Mantos Blancos operation saw improved silver grades contributing to third-quarter stream deliveries, with production at or above nameplate capacity [13][14] Market Data and Key Metrics Changes - The average realized gold price for the first nine months of 2025 was $3,188 per ounce, over $900 higher than the same period last year [7] - Silver represented over 30% of revenues in Q3 2025, up from just over 26% in H1 2025 [16] Company Strategy and Development Direction - The company emphasizes capital allocation discipline, focusing on high-quality accretive streams and royalties while maintaining a debt-free position [9][39] - OR Royalties plans to adhere to a disciplined approach in pursuing transactions that meet internal hurdle rates, with a focus on maintaining strong cash flows [39] - The company is committed to returning capital to shareholders, having declared its 44th consecutive dividend [10] Management's Comments on Operating Environment and Future Outlook - Management expects Q4 2025 to be the strongest quarter of the year in terms of GEOs earned, driven by improved silver grades at Mantos Blancos [5] - The company is tracking approximately 2,000-2,100 GEOs lower than its original budget due to higher-than-budgeted commodity price ratios [6] - Future growth is anticipated from the Namdini mine in Ghana and continued improvements at Mantos Blancos [52] Other Important Information - OR Royalties ended Q3 2025 with $57 million in cash and is debt-free for the first time in over 10 years [8][38] - The company received $49 million in cash from the sale of shares in CSA Copper following Harmony Gold's acquisition [28][30] Q&A Session Summary Question: Near-term outlook for the Canadian Malartic asset - Management expects no surprises, with continued overperformance in grades due to conservative resource reserve models [41] Question: Involvement in negotiations for the Eagle Gold Mine - Management confirmed they are stakeholders and pleased with the quality of interest from established operators, but cannot comment on specific negotiations [43] Question: Outlook for transaction opportunities - Management emphasized the need for discipline in capital allocation, with a focus on high-conviction transactions that meet internal return criteria [44][45] Question: Internal rate of return metrics for transactions - Management indicated that the internal rate of return varies but is generally above 5%, with a focus on conservative gold pricing [46][49] Question: Current opportunities in the market - Management noted a variety of opportunities, including streams and royalty packages, with a focus on transactions in the $50 million-$500 million range [50][51]

Solaris Resources (NYSEAM:SLSR) Update Summary Company Overview - Solaris Resources is presenting a significant copper project known as the Warintza project, which is characterized as a multi-generational project with a mine life exceeding 50 years, a rarity in the current market [2][3][25]. Industry Context - Global copper demand is projected to surge by 24% by 2035, necessitating an additional 1 million tons of production annually [3]. - The Warintza project is positioned as a near-term executable project to meet this increasing demand [3]. Key Financial Metrics - The pre-feasibility study (PFS) indicates a 312% increase in measured and indicated resources compared to the previous year [4]. - The project is expected to produce over 300,000 tons of copper equivalent in the first five years and over 240,000 tons in the first 15 years [5]. - The all-in sustaining cash costs are projected at $0.85 per pound for the first five years and $1.07 for the first 15 years [5][11]. - The post-tax NPV at an 8% discount rate is estimated at $4.6 billion, with a post-tax IRR of 26% and a payback period of 2.6 years [5]. Resource and Reserve Estimates - The mineral resource increased by 38% in 2025, totaling 5.8 billion tons, which includes 3.7 billion tons in the measured and indicated category and 2 billion tons inferred [6]. - The reserves support a 22-year operational life, with potential to extend by 25-30 years [6][15]. Project Design and Operational Efficiency - The project features a low strip ratio of 0.53:1, one of the lowest globally, which enhances cost efficiency [5][10]. - The mine design is simple and environmentally encapsulated, facilitating effective water management and minimal environmental impact [12][17]. - The project is fully funded for the feasibility study through a $200 million financing package from Royal Gold [4][24]. Social and Environmental Considerations - Solaris Resources has established partnerships with indigenous organizations and is committed to maintaining a social license to operate [13][14]. - The company has engaged in a free, prior, and informed consultation process with local communities, which is crucial for project approval [34]. Infrastructure and Logistics - The project benefits from Ecuador's strong infrastructure, including roads, ports, and power supply, which are essential for operational efficiency [23][41]. - The distance to Port Bolívar is approximately 340 km, with well-established road access [23]. Future Outlook and Strategic Plans - The company aims to complete the feasibility study and obtain technical approval for the Environmental Impact Assessment (EIA) by the end of the year [24][36]. - Solaris Resources is exploring various funding avenues for future project phases, including joint ventures and traditional bank debt [40]. - The management team is focused on maximizing shareholder value and de-risking the project through strategic planning and execution [25][39]. Conclusion - Solaris Resources is well-positioned to capitalize on the growing demand for copper with its Warintza project, which boasts strong financial metrics, a significant resource base, and a commitment to social and environmental responsibility [2][25][43].

Warintza PFS Highlights - PFS confirms Warintza's status as a Tier 1 project[23] - Measured and Indicated Mineral Resources increased by 312% compared to the 2024 MRE[24] - Average annual copper equivalent production is projected to be 304kt for the first 5 years and 242kt for the first 15 years[24] - The project boasts a reserve life of over 20 years with a low LOM strip ratio of 053:1[24] - First quartile AISC is estimated at $085/lb for the first 5 years and $107/lb for the first 15 years[24] - The post-tax NPV8% is $46 billion with a post-tax IRR of 26% and a payback period of 26 years[24] Resource Base and Production Scale - Total Reserves are 5,294 kt of Copper Equivalent[32] - Total Measured and Indicated Resources are 11,820 kt of Copper Equivalent[32] Financials - Average annual EBITDA is projected to be $19 billion for the first 5 years and $14 billion for the first 15 years[24] - Average annual post-tax Free Cash Flow is projected to be $13 billion for the first 5 years and $10 billion for the first 15 years[24]

Core Insights - Solaris Resources Inc. announced the results of a Pre-Feasibility Study (PFS) for its Warintza Project, highlighting a significant increase in mineral resources and the establishment of maiden mineral reserves [2][5][28] - The Warintza Project is positioned to capitalize on a tightening copper market, with exceptional economics and a strong community support framework [4][6][20] Mineral Resource and Reserves - The updated Mineral Resource Estimate (2025 MRE) includes 3.7 billion tonnes of Measured and Indicated Resources, 2.1 billion tonnes of Inferred Resources, and 1.3 billion tonnes of Mineral Reserves [5][26] - The 2025 MRE reflects a 312% increase in Measured plus Indicated Mineral Resources compared to the 2024 MRE, with significant new mineralization identified [26][39] Economic Metrics - The project is expected to generate an average annual copper equivalent production of over 300,000 tonnes in the first five years and over 240,000 tonnes during the first 15 years [7][14] - The post-tax net present value (NPV) is estimated at US$4,617 million, with a post-tax internal rate of return (IRR) of 26% [7][29] - Initial capital costs are projected at US$3.7 billion, with a payback period of 2.6 years post-tax [7][29] Production and Operating Costs - The average All-In Sustaining Cost (AISC) is projected at US$0.85 per pound of payable copper for the first five years and US$1.07 for the first 15 years [7][29] - The project will utilize conventional open-pit mining methods, with a low strip ratio of 0.53 to 1, enhancing its economic viability [24][46] Community and Environmental Engagement - The company has established formal agreements with local Indigenous communities, ensuring shared benefits and participatory decision-making [20][21] - Solaris maintains close engagement with government authorities to facilitate permitting and environmental assessments [22][36] Infrastructure and Accessibility - The Warintza Project benefits from strong existing infrastructure, including paved highways and proximity to ports, which supports efficient transportation of materials [19][58] - The power supply for the project will be sourced from a 62.1 km overhead transmission line, ensuring adequate energy for operations [59]

Group 1 - Taseko Mines (TGB) is a Canadian mid-tier producer with three main assets: Gibraltar, Florence, and Yellowhead [1] - Gibraltar has a long history of stable production, providing a solid cash flow foundation for the company [1] - Florence is currently at a different stage of development, indicating potential future growth opportunities [1] Group 2 - The mining industry is believed to be in the early upward stages of a mining supercycle, particularly in base metals [1] - The focus on long-term compounding and high-reward investments suggests a strategic approach to capitalizing on market opportunities [1]

Kenadyr Provides Operational Update on the Adelita Copper-Gold-Silver Project and Status Update of Reactivation TransactionNovember 05, 2025 7:12 PM EST | Source: Kenadyr Metals Corp.Phase 1 Exploration Program: Drill program, detailed magnetic and geochemical surveys set to commence at Cerro Grande Skarn zone.Fully Permitted for Exploration: All social, environmental, and exploration permits received, including a 20-year mining license over the high-grade Skarn discovery zone.Transaction Stat ...

Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached $177 million, a $14 million increase compared to Q2, driven by a 24% increase in copper concentrate sales at Tucumã and stronger copper and gold prices [17] - Adjusted EBITDA totaled $77.1 million in Q3, with adjusted net income attributable to owners of the company at $27.9 million, or $0.27 per share [17] - Liquidity position at quarter end was $111 million, including $66.3 million in cash and cash equivalents [18] - Net debt leverage ratio improved to 1.9 times at the end of Q3, down from 2.1 times in Q2 and 2.5 times at the end of 2022 [18] Business Line Data and Key Metrics Changes - Consolidated copper production set a record in Q3, with significant contributions from Tucumã, which saw a nearly 20% increase for the second consecutive quarter [10] - At Caraíba, plant throughput levels reached a quarterly volume record, with a decline in grade as expected due to a strategic shift in ore sourcing [11] - Tucumã's production increased by 19% in Q3, driven by a ramp-up in throughput, while Xavantina's production rose by approximately 17% due to mechanization efforts [12][13] Market Data and Key Metrics Changes - The company expects to sell between 10,000 and 15,000 tons of gold concentrate during Q4 2025, with operating costs estimated at approximately $300-$500 per ounce of gold [5] - The average quarterly production of gold at Xavantina was 7,000 ounces in the first half of the year, with a production of nearly 7,000 ounces in October alone [8] Company Strategy and Development Direction - The company is focused on deleveraging its balance sheet and expects to accelerate this process through gold concentrate sales [6][18] - A significant emphasis is placed on operational excellence, health and safety, and optimizing production across all operations [9][10] - The company is also advancing long-term growth initiatives at Furnas, with ongoing drilling and technical work to support future development [15][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and improvements across operations, with expectations for Q4 to be the strongest production quarter of the year [10][12] - The company is addressing inflationary pressures in Brazil through various initiatives, including foreign exchange hedging [22][24] - Management highlighted the importance of mechanization and operational improvements in driving productivity and safety [41][46] Other Important Information - The company has commenced shipping gold concentrate, resulting in its first invoice, and expects to continue this momentum into Q4 [5][19] - A foreign exchange hedge program was in place with a total notional position of $290 million, resulting in a realized gain of $2 million [19] Q&A Session Summary Question: On Xavantina, regarding the remaining 80% of the gold concentrate that has not been sampled yet, what assumptions can be made? - Management indicated that while excitement exists about the potential volume, it is too early to provide specific estimates for the remaining concentrate [20][21] Question: Have there been any significant labor contractor inflation pressures in Brazil? - Management acknowledged inflationary pressures in Brazil but noted efforts to mitigate these through longer-term contracts and hedging strategies [22][24] Question: What is the timeline for sampling the remaining gold concentrate stockpile? - Management stated that the focus is on selling the current volume before continuing sampling, with updates expected quarterly [33][34] Question: How is the company addressing the tailings filtration circuit at Tucumã? - Management confirmed ongoing improvements and the addition of a mobile filter press to enhance capacity [36][37] Question: What are the expectations for mining rates and grades at Xavantina moving into next year? - Management highlighted significant increases in mining rates and grades due to mechanization, with expectations for continued high performance [41][44]

（原标题：全球前20大铜矿中智利和秘鲁占据12席） 智利《DFSUD》网站11月4日报道，在全球铜价突破每磅5美元创历史新高之际， 智利与秘鲁展现出铜矿生产核心地位，全球前20大铜矿中两国占据12席。其中智利以 七大矿区领先，Escondida矿区上半年产量达68万吨，而Quebrada Blanca矿区因生产问题 跌出前20榜单。上半年全球前20大矿区产量达395万吨，占全球总产量35%。尽管智利 上半年产量同比增长2.6%，分析师预计其全年产量可能低于2024年水平。Grasberg坍 塌、Las Bambas抗议及Teniente矿难等致供应端受挫事件促使高盛将2025年铜市场预期 从10.5万吨盈余调整为5.55万吨短缺。专家警告，若一级矿区持续停产可能引发价格剧 烈波动。智利虽坐拥1.9亿吨铜最大储量，但采矿投资长达138个月的环境审批流程已成 为开发瓶颈，业界呼吁加快许可发放并建立法律稳定性机制以保障投资。 ...