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 - Osisko Metals has announced significant new drilling results from the Gaspé Copper Project, highlighting the potential for resource expansion with the longest continuous intercept to date of 853 meters averaging 0.20% Cu, 1.43 g/t Ag, and 0.02% Mo (0.30% CuEq) [1][2]. Summary by Relevant Sections New Drill Results - Drill hole 30-1082 reported 853.5 meters of continuous mineralization, including a lower intercept of 424.0 meters averaging 0.21% Cu, 1.33 g/t Ag, and 0.026% Mo, extending mineralization to a vertical depth of 1140 meters [11][12]. - Drill hole 30-1089 intersected 645.0 meters averaging 0.28% Cu, 1.46 g/t Ag, and 0.023% Mo, with a lower intercept of 396.7 meters averaging 0.30% Cu, 1.34 g/t Ag, and 0.023% Mo, extending to a depth of 965 meters [15][16]. - Drill hole 30-1083 showed 427.5 meters averaging 0.26% Cu, 1.54 g/t Ag, with a lower intercept of 328.0 meters averaging 0.24% Cu, 1.43 g/t Ag, extending to a depth of 900 meters [12][13]. Mineral Resource Potential - The current drill program aims to convert the November 2024 Mineral Resource Estimate (MRE) to Measured and Indicated categories and test for deeper and lateral expansions [21][22]. - The Gaspé Copper Project hosts Indicated Mineral Resources of 824 million tonnes averaging 0.34% CuEq and Inferred Mineral Resources of 670 million tonnes averaging 0.38% CuEq [30][31]. Geological Context - Mineralization at the Gaspé Copper Project occurs as disseminations and stockworks of chalcopyrite with pyrite or pyrrhotite, with at least five recognized mineralizing events [19]. - The drilling is focused on defining open-pit resources within the Copper Mountain stockwork mineralization, with significant resource increases noted in the Inferred category [20][31].

Core Viewpoint - Pasinex Resources Limited is conducting a non-brokered private placement to raise approximately CDN $2,150,000 for the acquisition of the Sarikaya mine property in Türkiye, with initial investor commitments of about CDN $500,000 received to date [1][2]. Group 1: Offering Details - The private placement will offer common shares at a price of CDN $0.075 per share, with a minimum subscription amount of CDN $15,000 for accredited investors [1][3]. - The offering is expected to close on or about July 31, 2025, pending regulatory approvals and customary closing conditions [4]. - Shares issued will be subject to a statutory hold period of four months from the date of issuance in accordance with Canadian securities laws [4]. Group 2: Use of Proceeds - The net proceeds from the private placement will primarily be used to complete the purchase of the Sarikaya mine property, which has been previously announced [2]. - The acquisition of Sarikaya is seen as a strategic move to enhance the company's portfolio of high-grade zinc exploration and mining properties [6][9]. Group 3: Company Overview and Strategy - Pasinex Resources Limited focuses on high-grade zinc mining, with existing operations in Türkiye and Nevada, and aims to leverage its experience to drive growth and profitability [10]. - The company has a strong track record in mining high-grade zinc, with grades ranging from 25% to 50% in Türkiye and 14% to 24% in Nevada, demonstrating economic strength and high after-tax margins [6][10]. - The Sarikaya project is highlighted as a top priority, with secured exploration and mining permits and existing infrastructure that supports immediate mining operations [8][10].

Core Viewpoint - Pasinex Resources Limited has issued 28,766,306 common shares to creditors in exchange for C$2,157,473 of outstanding debt, aiming to improve its financial position by reducing liabilities [1][2]. Group 1: Shares for Debt Transaction - The Shares for Debt Transaction involves the issuance of Settlement Shares at a price of $0.075 per share, in compliance with Canadian Securities Exchange policies [1]. - All Settlement Shares will be subject to a four-month hold period from the closing date under applicable Canadian securities laws [2]. Group 2: Related Party Transaction - The issuance of Settlement Shares to certain creditors constitutes a related party transaction, as 151 Ontario is controlled by the Company's Chairman, Larry Seeley, and Joachim Rainer is a Director [3]. - The Company is relying on exemptions from valuation and minority shareholder approval requirements, as neither the fair market value of the Settlement Shares nor the Debt exceeds 25% of the Company's market capitalization [3]. Group 3: Company Overview - Pasinex Resources Limited is a zinc-focused mining company based in Toronto, owning 50% of a producing high-grade zinc mine in Türkiye and holding a 51% interest in a high-grade zinc exploration project in Nevada [4]. - The Company has recently secured an option to acquire a 100% interest in a lead-zinc operating license in Türkiye, indicating potential for near-term profitability and major zinc discoveries [4]. - Pasinex is led by a seasoned management team with extensive experience in mineral exploration and mine development, focusing on high-grade ore extraction and value creation for stakeholders [4].

Core Insights - Osisko Metals has announced significant new drill results from the Gaspé Copper Project, confirming the large-scale potential of mineralization in the area [2][3] - The company is actively expanding its drilling program, now utilizing nine drill rigs to accelerate resource definition and expansion [3] Drill Results - Drill hole 30-1090 intersected 279.0 metres averaging 0.49% Cu and 3.35 g/t Ag, with a notable second intercept of 108 metres averaging 0.84% Cu and 7.79 g/t Ag [8][9] - Other significant results include: - Drill hole 30-1078: 256.5 metres averaging 0.25% Cu and 1.79 g/t Ag, and 381.0 metres averaging 0.22% Cu and 1.69 g/t Ag [10] - Drill hole 30-1079: 319.5 metres averaging 0.28% Cu and 2.14 g/t Ag, and 180.0 metres averaging 0.37% Cu and 2.54 g/t Ag [11] - Drill hole 30-1081: 301.8 metres averaging 0.41% Cu and 3.36 g/t Ag, and 44.5 metres averaging 0.23% Cu and 1.32 g/t Ag [12] - Drill hole 30-1084: 471.4 metres averaging 0.25% Cu and 1.95 g/t Ag, followed by 55.4 metres averaging 0.33% Cu and 2.64 g/t Ag, and 89.7 metres averaging 0.29% Cu and 1.93 g/t Ag [13] - Drill hole 30-1080: 520.5 metres averaging 0.23% Cu and 1.02 g/t Ag, and 195.0 metres averaging 0.26% Cu and 1.28 g/t Ag [14] Project Overview - The Gaspé Copper Project is located in the Gaspé Peninsula of Eastern Québec and is focused on resource expansion [2][24] - The current Indicated Mineral Resources are 824 million tonnes averaging 0.34% CuEq, while Inferred Mineral Resources are 670 million tonnes averaging 0.38% CuEq [24] - The project is strategically located near existing infrastructure in a mining-friendly province [24] Future Plans - The ongoing drill program aims to convert the November 2024 Mineral Resource Estimate (MRE) to Measured and Indicated categories and to test for further expansion of the mineralization [17][19] - The next MRE update is scheduled for Q1 2026, which will include new mineralized intersections below the current MRE model [19]

Core Viewpoint - Pasinex Resources Limited reported significant financial losses for the year ended December 31, 2024, and the first quarter of 2025, primarily due to decreased production and legal disputes affecting operations [4][5][8]. Financial Results - For the year ended December 31, 2024, Pasinex recorded a consolidated net loss of approximately $2.65 million, compared to a loss of $0.31 million in 2023, reflecting lower equity gains and higher costs [4]. - The share of net equity gain from the joint venture was $143,147 in 2024, down from $1.8 million in 2023 [4]. - In Q1 2025, the company reported a net loss of approximately $0.89 million, compared to a net income of $0.29 million in Q1 2024 [5][8]. - Total assets as of March 31, 2025, were approximately $3.39 million, while total liabilities increased to $5.31 million [5]. Operational Highlights - Zinc product mined in 2024 was 3,601 wet tonnes, a decrease from 8,061 tonnes in 2023, primarily due to decreased mineral reserves and paused exploration activities [4]. - The average grade of zinc sulphide product sold improved to 51.5% in 2024 from 48.9% in 2023 [4][7]. - In Q1 2025, 653 wet tonnes of zinc were mined, down from 1,503 tonnes in Q1 2024, with no sales occurring during this quarter [5][8]. Legal and Strategic Developments - The company is pursuing legal actions to resolve outstanding receivables of approximately $37.7 million owed by Akmetal [11]. - Pasinex is progressing with the Sarikaya License acquisition, with an option to acquire 100% of this high-potential zinc property by October 18, 2025 [6][13]. - The company is in discussions for a private equity placement to fund the Sarikaya property and other high-grade zinc projects [10]. Safety and Environmental Performance - Horzum AS achieved a zero-fatality year at the Pinargozu Mine, logging 99,752 fatality-free hours and reporting reductions in serious and lost-time injuries compared to 2023 [7].

Core Viewpoint - Titan Mining Corporation has initiated the construction of a commercial demonstration facility for natural flake graphite in New York, marking the first U.S.-sourced and processed natural graphite production since 1956, which is crucial for national security and supply chain resilience [1][3]. Project Overview & Next Steps - The facility is designed to process approximately 60,000 tonnes per year of graphite-bearing material, producing 1,000–1,200 tonnes per year of graphite concentrate [4][5]. - Initial sales to U.S. defense and industrial customers are expected in early 2026, with the facility on track for commissioning in the second half of 2025 [5][6]. - Titan aims to expand production capability to 40,000 tonnes per year to meet a significant portion of U.S. natural flake graphite demand [6][7]. - A Preliminary Economic Assessment (PEA) for the Kilbourne graphite project is anticipated in the second half of 2025 [7]. Strategic Importance - The facility represents a critical step in restoring domestic production of a mineral essential for national security and energy independence [3][4]. - The project is supported by public-private partnerships with local development agencies, which have provided equipment financing and workforce support [4][8]. - Titan Mining Corporation is committed to maintaining at least 135 full-time jobs and creating 5 new positions as part of this initiative [8].

Core Viewpoint - Pasinex Resources Limited has received a Failure to File Cease Trade Order from the British Columbia Securities Commission due to delays in filing its audited annual consolidated financial statements for the year ended December 31, 2024 [1][2] Group 1: Regulatory Actions - The Failure to File Cease Trade Order (FFCTO) prohibits trading of the Company's securities in Canada, including common shares on the Canadian Securities Exchange [1] - The FFCTO was issued because the Required Documents, including the audited financial statements and Management's Discussion and Analysis, were due by April 30, 2025, but were not filed on time [2] Group 2: Reasons for Delay - The delay in filing is attributed to internal changes, including the resignation of the Chief Financial Officer in late 2024 and the appointment of a new auditor and CFO in early 2025 [3] - Changes in leadership and component auditors at Pasinex AŞ, the Company's Turkish subsidiary, have also contributed to the delays in completing the audit [3] Group 3: Company Response - The Company is actively working with its accounting staff and external auditors to complete the audit and expects to file the Required Documents shortly [4] - The FFCTO will remain in effect until the Required Documents are filed, and the Company has confirmed that the order will be lifted promptly upon completion of these filings [4] Group 4: Company Overview - Pasinex Resources Limited is focused on developing a profitable zinc mining operation, with high-grade zinc deposits in Türkiye (25% to 50% zinc) and Nevada (14% to 24% zinc) [5] - Over the past decade, the joint venture in Türkiye has produced over 160 million pounds of zinc, generating more than $125 million CAD in sales from mining over 200,000 tonnes of ore with grades between 30% and 50% zinc [5] - The Company is advancing high-grade zinc properties, such as Sarikaya, and holds a 51% interest in the Gunman Project in Nevada [5]

Financial Performance - Nexa Resources reported a net income of US$29 million in 1Q25, reversing a net loss of US$12 million in 1Q24 and US$111 million in 4Q24, reflecting improved operating income and favorable foreign exchange impacts [2][3] - Adjusted EBITDA for 1Q25 was US$125 million, slightly down from US$128 million in 1Q24 and US$197 million in 4Q24, primarily due to higher costs and lower smelting sales volume [3] - Net revenues in 1Q25 were US$627 million, an 8% increase from US$580 million in 1Q24, driven by higher LME metal prices for zinc and copper, despite lower smelting sales volume [4] Operational Challenges - The company faced operational challenges due to atypical rainfall in Pasco and extreme precipitation in Aripuanã, impacting production stability [3][8] - Treated ore volume in the mining segment decreased by 10% year-over-year and 9% quarter-over-quarter, reflecting operational difficulties across multiple sites [7] - Zinc production in 1Q25 totaled 67kt, down 23% from 1Q24, primarily due to lower output across all units except Atacocha [10] Capital Expenditure and Strategy - CAPEX in 1Q25 totaled US$50 million, focused on sustaining investments, with full-year guidance remaining unchanged at US$347 million [5] - Nexa executed a US$500 million bond issuance in early April 2025 as part of a liability management strategy to extend debt maturity and optimize capital structure [6] - The company is advancing the Cerro Pasco Integration Project, aimed at improving operational efficiency and extending the life of the mining complex, with construction expected to begin in 2Q25 [15] Production and Sales - Zinc metal and oxide production totaled 133kt in 1Q25, representing a 4% decrease year-over-year and 12% compared to 4Q24 [12] - Zinc metal and oxide sales reached 130kt in the quarter, down 6% from 1Q24 and 14% from 4Q24, primarily due to lower production volumes [13] - Copper production in 1Q25 totaled 8kt, up 2% year-over-year, while lead production decreased by 31% year-over-year [11] ESG and Corporate Highlights - Nexa introduced its first fleet of hybrid loaders for underground mining in Peru, supporting its decarbonization strategy [16] - The company published its 2024 Annual Sustainability Report, highlighting environmental, social, and financial achievements [19] - Moody's affirmed Nexa's 'Ba2' rating and revised the outlook from 'negative' to 'stable', while S&P reaffirmed its 'BBB-' investment grade rating with a stable outlook [19]