Summary of Carnaby Resources (CNB) Conference Call - July 24, 2025 Company Overview - **Company**: Carnaby Resources (CNB) - **Key Shareholders**: Includes major miners such as Glencore, BHP, and Rio Tinto, indicating strong project quality [2][34] Industry Insights - **Copper Market**: The copper space is highlighted as interesting with few quality development stories available [3][33] - **Development Projects**: The company is positioned as a significant player in the copper development sector in Australia, with a focus on high-grade projects [33] Key Developments - **Greater Duchess Project**: Located 70 km southeast of Mount Isa, with a resource estimate of 27 million tonnes at 1.5% copper equivalent, totaling 400,000 tonnes [4][33] - **Trekalano Acquisition**: The acquisition of the Trekalano deposit is nearing completion, expected to enhance the resource base significantly [7][25] - **Infrastructure**: Existing railway infrastructure is underutilized (25% capacity), which could facilitate ore transport to Mount Isa [34] Exploration and Drilling Results - **Drilling Success**: Recent drilling has confirmed significant ore bodies with high grades, including results of 93 meters at 6.2% copper and 41 meters at 2.7% copper equivalent [10][11][15] - **Mount Hope Discovery**: A major discovery with consistent mineralization across two main loads, showing promising results such as 24 meters at 2% copper [20][22] Project Development Plans - **Scoping Study**: A scoping study has been completed, with plans to include the Trekalano acquisition in future production profiles [25][27] - **Production Timeline**: Targeting three to five years of open-pit mining, with a Pre-Feasibility Study (PFS) expected by the end of the year and a Final Investment Decision (FID) in the first half of next year [26][27] Strategic Partnerships - **Glencore Support**: Glencore is actively supporting the company’s production plans, indicating a strong partnership that could facilitate quicker market entry [6][34] Risks and Challenges - **Regulatory Constraints**: Previous mining constraints have been lifted, allowing for expanded exploration and development opportunities [9][14] - **Market Conditions**: The company is monitoring government and market conditions closely, particularly regarding the smelter operations in the region [35] Future Outlook - **Exploration Upside**: The company has identified significant exploration potential with ongoing drilling and new VTEM surveys revealing additional targets [28][30][32] - **Resource Growth**: The current resource base of 400,000 tonnes is viewed as just the beginning, with expectations for substantial growth in the coming years [36][37]

The information in this document that relates to all exploration results is based upon information compiled by Mr Robert Watkins. Mr Watkins is a Director and shareholder of the Company and a Member of the AusIMM. Mr Watkins consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Mr Watkins has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which is under ...

Summary of the Conference Call Industry and Company Overview - The conference primarily focused on the mining industry, specifically gold and copper, with Sunstone Metals being a key participant [2][3] - Sunstone Metals operates two significant mining projects in Ecuador: Bramaderos and El Palma, both of which are expected to yield high-quality gold and copper resources [3][5] Core Points and Arguments - **Bramaderos Project**: - Currently holds a resource of 2.7 million ounces, with expectations to grow to over 10 million ounces [5] - Located in Southern Ecuador, it features surface porphyry systems and complementary high-grade epithermal systems [5][16] - **El Palma Project**: - Initial resource estimate of 1.2 million ounces, with potential growth to between 15 million and 45 million ounces [6][22] - Positioned near significant mining operations, including a major Codelco project and the Cascabel project owned by SolGold [21][22] - **Market Position and Strategy**: - Sunstone aims to avoid diluting shareholder value by seeking alternative funding pathways rather than traditional equity raises [4][25] - The company is exploring joint ventures and strategic investments to fund its projects [25][26] - **Cost Advantages**: - Operating costs in Ecuador are significantly lower than in Australia, with energy costs being half and labor costs a quarter of those in Australia [13] - The expectation of all-in sustaining costs being less than $1,000 per ounce in Ecuador compared to $2,500 in Australia [13] - **Market Outlook**: - Anticipation of gold prices reaching $4,000 per ounce by the end of the year, driven by market volatility and geopolitical factors [10] - The copper market is expected to face supply challenges, creating opportunities for companies like Sunstone [10] Additional Important Insights - **Team Expertise**: - The management team has a strong track record in mining development, with key members having experience in significant projects globally [6][8] - **Community and Environmental Considerations**: - The projects are located in supportive communities that are economically disadvantaged and looking for mining to bring prosperity [15] - **Funding Status**: - Sunstone has raised $4 million in March and has additional cash inflows from options, ensuring funding for the year [24] - The current market cap is around $100 million, with a low enterprise value per resource ounce compared to peers [26][27] - **Exploration Potential**: - There are numerous untested porphyry systems in the region that could significantly expand the resource base over time [16][22] This summary encapsulates the key points discussed during the conference call, highlighting the strategic positioning of Sunstone Metals within the mining industry, particularly in Ecuador, and its plans for future growth and funding.

Project Overview - Sunstone Metals focuses on high-quality gold-copper assets, aiming for resource growth and scalable development[10] - The company's flagship assets are El Palmar and Bramaderos, both located in Ecuador[13, 14] El Palmar Project - El Palmar has an exploration target of 15 million to 45 million ounces of gold equivalent (AuEq)[17] - The project's maiden JORC resource is 1.2 million ounces of gold equivalent (AuEq)[17] - The exploration target ranges from 1 billion to 1.2 billion tonnes at a grade of 0.3 to 0.7 g/t gold and 0.1% to 0.3% copper[15] Bramaderos Project - Bramaderos has a maiden JORC resource of 2.7 million ounces of gold equivalent (AuEq)[17] - The exploration target is 7 million to 13 million ounces of gold equivalent (AuEq), including the resource[17] - Brama-Alba contains an initial mineral resource estimate of 156Mt at 0.53g/t AuEq[84] Ecuador's Advantages - Ecuador offers low mining input costs, providing a competitive advantage[34] - Hydro provides over 90% of the country's base energy load, enabling low-cost, low-carbon emission mining[35] - Mining exports from Ecuador reached $3.32 billion in 2023[120] Financials - Sunstone Metals has a market capitalization of A$92.4 million[75] - The company's enterprise value is A$90.1 million[75] - Sunstone Metals has cash and equities of A$4.0 million[75]

Financial Data and Key Metrics Changes - Newmont reported strong financial results in Q2 2025, with cash flow from operations reaching $24.4 billion and a record quarterly free cash flow of $1.7 billion, of which over $1.5 billion (90%) was generated by core managed operations [8][21][23] - The company generated $2.4 billion in adjusted EBITDA and reported an adjusted net income of $1.43 per share, with significant adjustments related to asset divestments and market gains [20][21] - Gold all-in sustaining costs for the quarter were $15.93 per ounce on a co-product basis, slightly below full-year guidance, while on a by-product basis, costs were $13.75 per ounce [18][19] Business Line Data and Key Metrics Changes - Newmont produced 1.5 million ounces of gold and 36,000 tonnes of copper, aligning with full-year guidance [6][7] - Production from Cadia exceeded expectations due to higher-grade ore, while Penasquito's production is expected to shift from gold to a higher proportion of silver, lead, and zinc in Q4 [11][12] - Lihir showed steady production but is expected to decline in the second half due to processing lower-grade material [12][14] Market Data and Key Metrics Changes - The company expects to generate approximately $3 billion in after-tax cash proceeds from its divestment program in 2025, with $470 million expected from recent asset sales [8][22] - Newmont's cash balance at the end of Q2 was $6.2 billion, significantly above the target of $3 billion, and the company retired $372 million of debt [21][22] Company Strategy and Development Direction - Newmont's strategic priorities include strengthening safety culture, stabilizing operations, and executing capital returns, with a focus on internal capital allocation rather than acquisitions [5][9][28] - The company is committed to returning capital to shareholders through dividends and share repurchases, with an additional $3 billion share repurchase program approved [9][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the recent incident at Red Chris but emphasized strong operational performance and commitment to safety [5][24] - The company remains on track to meet its 2025 guidance, with expectations for steady production and cash flow in the second half of the year [21][23] Other Important Information - The company is actively working on optimizing operations across its portfolio, focusing on cost discipline and productivity enhancements [14][15][66] - Management highlighted the importance of ongoing projects, including the Ahafo North and Tanami expansions, and the need for careful planning and execution [16][70] Q&A Session Summary Question: Capital allocation priorities regarding acquisitions - Management stated that the focus is on internal capital allocation, primarily buying back Newmont stock, rather than pursuing acquisitions [26][28] Question: Management changes and succession planning - Management expressed confidence in the existing finance team and highlighted the promotion of Natasha Viljoen to President as part of ongoing leadership development [30][34] Question: Cash flow outlook and working capital impacts - Management indicated that free cash flow generation is expected to remain steady, with increased sustaining capital and reclamation spending impacting cash flow in the second half [36][38] Question: Production expectations for Cadia and Penasquito - Management explained that production is expected to decline due to lower grades in the second half, with a natural progression in mining sequences [44][46] Question: Improvements at Lihir and future CapEx - Management noted significant improvements in productivity at Lihir and emphasized the importance of ongoing capital spending to enhance operations [53][55] Question: Trends in underlying cost structure and inflation - Management reported that costs are in line with expectations, with no significant inflationary impacts observed [63][66] Question: Production guidance and adjustments - Management clarified that production guidance remains cautious, with a focus on meeting expectations while accounting for potential risks in the second half [72][74] Question: Updates on Tanami and Ahafo projects - Management confirmed that risks associated with the Tanami shaft works have been mitigated and that Ahafo North is on track for commissioning [78][80] Question: Status of non-core asset positions - Management indicated that positions in Greatland Gold and Orla are considered non-core and may be divested in the future [94][96]

Financial Data and Key Metrics Changes - Newmont reported strong financial results in Q2 2025, with cash flow from operations reaching $24.4 billion and a record quarterly free cash flow of $1.7 billion, of which over $1.5 billion (90%) was generated by core managed operations [6][20][23] - The company generated $2.4 billion in adjusted EBITDA and reported an adjusted net income of $1.43 per share, with significant adjustments related to asset divestments and market gains [19][20] - Gold all-in sustaining costs for the quarter were $15.93 per ounce on a co-product basis, slightly below full-year guidance, while on a by-product basis, costs were $13.75 per ounce [18][19] Business Line Data and Key Metrics Changes - Newmont produced 1.5 million ounces of gold and 36,000 tonnes of copper in Q2 2025, aligning with full-year guidance [5][6] - Production from Cadia exceeded expectations due to higher-grade ore, while Penasquito's production is expected to shift from gold to a higher proportion of silver, lead, and zinc in Q4 [10][11] - Lihir showed steady production, but a decline is anticipated in the second half due to processing lower-grade material [12][13] Market Data and Key Metrics Changes - The company expects to generate approximately $3 billion in after-tax cash proceeds from its divestment program in 2025, with $470 million expected from recent asset sales [6][22] - Newmont's cash balance at the end of Q2 was $6.2 billion, significantly above the target of $3 billion [21] Company Strategy and Development Direction - Newmont's strategic priorities include strengthening safety culture, stabilizing operations, and executing capital returns to shareholders [4][6] - The company is focusing on internal capital allocation, primarily through share buybacks, rather than pursuing acquisitions [27][28] - The company is committed to maintaining a strong balance sheet while funding cash-generative organic projects and returning capital to shareholders [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the recent incidents at Red Chris but emphasized strong operational performance and commitment to safety [4][24] - The company remains on track to meet its 2025 guidance, with expectations of steady production and cash flow in the second half of the year [20][23] - Management expressed confidence in the ongoing optimization of operations and the potential for future growth through organic projects [10][66] Other Important Information - Newmont has retired $372 million of debt and returned over $1 billion to shareholders through dividends and share repurchases [7][22] - An additional $3 billion share repurchase program has been approved, doubling the total authorization to $6 billion [8][23] Q&A Session Summary Question: Capital allocation priorities regarding acquisitions - Management stated that the focus is on internal capital allocation, particularly share buybacks, rather than pursuing acquisitions [27][28] Question: Management changes and succession planning - Management confirmed that the interim CFO is capable and that the company is focused on leadership development, with no immediate concerns regarding succession [30][34] Question: Cash flow outlook and working capital impacts - Management indicated that free cash flow generation will remain steady, with expected increases in sustaining capital and reclamation spending impacting cash flow in the second half [36][39] Question: Production guidance and expectations for Cadia and Penasquito - Management explained that production is expected to decline in the second half due to lower grades, but they remain cautious and on track to meet guidance [71][72] Question: Updates on Tanami and Ahafo projects - Management confirmed that risks associated with the Tanami shaft works have been mitigated and that Ahafo North is on track for commissioning [75][78] Question: Status of non-core asset positions - Management categorized positions in Greatland Gold and Orla as non-core, indicating a focus on simplifying the portfolio [91] Question: Productivity improvements across the portfolio - Management highlighted opportunities for productivity enhancements at various assets, particularly at Lihir and Cerro Negro [96]

Sokoman Launches Exploration Reset: Deep Drill Holes at Moosehead, Copper/Gold Porphyry Potential at Crippleback Lake and New Drill Targets at Fleur de LysJuly 24, 2025 4:21 PM EDT | Source: Sokoman Minerals Corp.St. John's, Newfoundland and Labrador--(Newsfile Corp. - July 24, 2025) - Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) ("Sokoman" or the "Company") is pleased to provide the following updates on its core properties in central/north-central Newfoundland: Moosehead, Crippleback and ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $722 million for Q2 2025, reflecting a 3% increase compared to the same period last year, primarily due to strong performance in the zinc segment and reduced corporate overhead costs [28][29][30] - Year-to-date, the company has returned over $1.1 billion to shareholders through dividends and share buybacks, with $548 million returned in Q2 alone [29][39] Business Line Data and Key Metrics Changes - In the copper segment, gross profit before depreciation and amortization declined by 3% to $673 million, attributed to lower copper prices and higher operating costs, despite stable production levels at 109,000 tonnes [31][33] - The zinc segment saw a significant improvement, with gross profit before depreciation and amortization increasing by 137% to $159 million, driven by higher byproduct revenues and lower operating costs [36][37] Market Data and Key Metrics Changes - The company acknowledged risks to production guidance for QB due to ongoing TMS development work, revising its outlook to 210,000 to 230,000 tonnes for the year [22][21] - The Highland Valley Copper mine life extension project is expected to produce an average of 132,000 tonnes of copper annually over its life, with capital costs estimated between CAD 2.1 billion to CAD 2.4 billion [19][20] Company Strategy and Development Direction - The company is focused on advancing its copper growth strategy while returning cash to shareholders, with plans to double copper production by the end of the decade [9][23] - The sanctioning of the Highland Valley Copper mine life extension project is seen as foundational to the company's future copper production growth [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming current operational constraints related to TMS development, maintaining guidance for 2026 production levels [46][50] - The company remains committed to safety and sustainability, achieving recognition as one of Corporate Knight's Best 50 Corporate Citizens in Canada for the 19th consecutive year [12] Other Important Information - The company has a strong liquidity position with $8.9 billion available, including $4.8 billion in cash, and has reduced its debt by $2 billion since 2024 [40][41] - The company is actively working on optimizing its operations and exploring growth opportunities through capital-efficient projects [26][27] Q&A Session Summary Question: Impact of tailings issue on QB and future investments - Management acknowledged that TMS development work has limited online time for QB but expects to resolve these issues without additional capital investment next year [46][49] Question: CapEx guidance for the second half of the year - Management confirmed that the increased CapEx guidance is primarily due to the sanctioning of the Highland Valley project and ongoing TMS development costs [54][56] Question: Ship loader repairs and CapEx impact - Management indicated that repairs to the ship loader are ongoing, with no production impact due to alternative shipping arrangements [64][66] Question: Sequencing of Zafranal and San Nicolas projects - Management noted that Zafranal is more advanced in permitting but both projects are considered options for future development [67][68] Question: Technical report for Highland Valley extension - A technical report is expected to be published in August, detailing the throughput and production profile for the Highland Valley project [70][72] Question: Incremental CapEx for QB's TMF - Management clarified the distinction between project CapEx and sustaining CapEx, emphasizing the ongoing nature of TMS development costs [100][101]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $722 million for Q2 2025, reflecting a 3% increase compared to the same period last year, primarily due to strong performance in the Trail operations and reduced corporate overhead costs [27][28][30] - Year-to-date, the company has returned a total of $1.1 billion to shareholders through dividends and share buybacks, with $548 million returned in Q2 alone [28][39] Business Line Data and Key Metrics Changes - In the copper segment, gross profit before depreciation and amortization declined by 3% to $673 million, attributed to lower copper prices and higher operating costs, despite stable production levels at 109,000 tonnes [30][32] - The zinc segment saw a significant improvement, with gross profit before depreciation and amortization increasing by 137% to $159 million, driven by higher byproduct revenues and lower operating costs [36][37] Market Data and Key Metrics Changes - The company acknowledged a reduction in settlement pricing adjustments amounting to $91 million, impacting overall financial performance [29] - The net cash unit cost for copper improved to $2.02 per pound, while the net cash unit cost for zinc decreased to $0.49 per pound [32][36] Company Strategy and Development Direction - The company is focused on advancing its copper growth strategy, with the sanctioning of the Highland Valley Copper Mine life extension project, expected to produce an average of 132,000 tonnes of copper annually [7][16] - The company aims to double copper production by the end of the decade, supported by ongoing growth projects in Peru and Mexico [25][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming current operational challenges related to the TMS development work at QB, maintaining guidance for 2026 production levels [47][48] - The company remains committed to balancing investment in growth with cash returns to shareholders, emphasizing a strong balance sheet and liquidity of $8.9 billion [40][42] Other Important Information - The company was recognized as one of Corporate Knight's 2025 Best 50 Corporate Citizens in Canada, marking the 19th consecutive year of receiving this accolade [11] - The company has reduced its debt by $2 billion since 2024, maintaining a strong financial position with investment-grade credit ratings [41] Q&A Session Summary Question: Impact of tailings issue on QB and future investments - Management confirmed that the TMS development work has limited online time for QB but expects to resolve these issues without additional capital investment next year [47][49] Question: Confidence in achieving production guidance for 2026 - Management expressed confidence in reaching the low end of the guidance for 2026, citing operational parameters and past performance as indicators of future success [50][52] Question: CapEx guidance for the second half of the year - Management acknowledged the need to spend $1.6 billion to $1.8 billion in the second half of the year, primarily due to the sanctioning of the Highland Valley project and ongoing TMS development costs [55][56] Question: Ship loader repairs and CapEx impact - Management indicated that repairs to the ship loader are ongoing, with no production impact due to alternative shipping arrangements [66][68] Question: Sequencing of projects for Zafranal and San Nicolas - Management noted that Zafranal is more advanced in permitting but emphasized that both projects are options for future development [70][71] Question: Technical report for Highland Valley extension - Management confirmed that a technical report will be published in August, detailing the throughput and production profile for the Highland Valley project [74][76]

Core Viewpoint - District Copper Corp. has provided an update on its Copper Keg porphyry copper project, highlighting significant advancements in understanding the project's geological potential and exploration strategy [1][2]. Project Overview - The Copper Keg project spans 6,628 hectares in the Kamloops mining Division, British Columbia, located approximately 20 kilometers north of Teck Resources Limited's mining operations [1]. - The project aims to characterize the porphyry copper potential and develop an updated exploration model based on new geological data [4]. Exploration Results - Phase 1 of the 2025 exploration program has improved the understanding of the porphyry copper potential, particularly in the gossan area, which shows encouraging geological features [2]. - The exploration identified a primary target area measuring approximately 1,000 meters long by 200 meters wide, characterized by variably altered Nicola volcanics [3]. Geological Findings - The Phase I program has revealed several previously unrecorded porphyry-related geological parameters, including the relocation of the Guichon Creek/Nicola contact and the presence of altered porphyritic dikes [6]. - High sensitivity airborne magnetic data suggests that the Guichon Creek/Nicola Volcanic contact may be intrusive rather than structural [7]. Mineralization Insights - The exploration has located areas of primary and secondary copper mineralization, with significant pyrite mineralization observed in the Nicola Volcanics [10]. - Various styles of mineralized and non-mineralized vein sets have been identified, indicating the presence of a porphyry copper system [9].