Core Viewpoint - EMX Royalty Corporation highlights significant advancements at the Diablillos silver-gold royalty property in Argentina, including an updated mineral resource estimate (MRE) that shows substantial increases in silver and gold resources, alongside ongoing project enhancements and a favorable economic environment for development [1][5]. Mineral Resource Estimate (MRE) Summary - The updated Diablillos MRE reports total open pit constrained, oxide mineral resources of 199 million ounces of contained silver (+34%) and 1.72 million ounces of contained gold (+27%) in the measured and indicated categories [1][5]. - The MRE includes tank leach resources and contributions from a maiden heap leach MRE, with total oxide measured and indicated resources reported as 104 million tonnes averaging 59 g/t silver and 0.51 g/t gold [2][6]. - Significant increases in measured and indicated resources were observed across all five resource deposits, with the JAC deposit showing the largest tonnage and contained metal increases [3]. Project Development and Economics - AbraSilver is advancing project economics through ongoing drilling and engineering optimization, with expectations to receive Environmental Impact Assessment (EIA) approval in the latter half of 2025 and to deliver a definitive feasibility study (DFS) in Q1 2026 [1][5]. - The project is eligible for Argentina's Incentive Regime for Large Investments (RIGI), which offers lower tax rates and other benefits, requiring an investment decision by Q2 2027 to fully qualify [5]. Exploration and Future Potential - A Phase V 20,000 meter drill program is ongoing, scheduled for completion by early 2026, which includes exploration drilling at multiple targets [4]. - The updated Preliminary Feasibility Study (PFS) from December 2024 outlines a 14-year mine life with annual production of 7.6 million ounces of silver and 72,000 ounces of gold, yielding a net present value (NPV) of $747 million and an internal rate of return (IRR) of 28% [8].

Core Viewpoint - The surge in precious metal prices is leading to increased profits for mining companies, resulting in higher dividends for investors Group 1: Pan American Silver (PAAS) - Pan American Silver has increased its quarterly dividend by 20% due to strong silver gains, with a current dividend yield of 1.51% and an annual dividend of $0.48 [1][3] - In Q2 2025, the company produced 5.1 million ounces of silver and approximately 178,000 ounces of gold, achieving record basic earnings per share (EPS) of 52 cents and free cash flow of $33 million [2][3] - The total return for Pan American Silver shares in Q2 2025 was over 58%, with silver prices rising by 32% and gold prices by 27% [2] Group 2: AngloGold Ashanti (AU) - AngloGold Ashanti has announced a 16% increase in its interim dividend to $0.80 per share, supported by a 149% increase in free cash flow [5][7] - The company produced 804,000 ounces of gold in Q2 2025, a 21% increase from the previous year, with the average gold price rising by 41% to $3,287 [6][7] - The current dividend yield for AngloGold Ashanti is approximately 2.2%, with a payout ratio of 50% of free cash flow [8] Group 3: Triple Flag Precious Metals (TFPM) - Triple Flag Precious Metals has increased its annual dividend by 5% to $0.23, with a current dividend yield of 0.85% [9][10] - The company reported a record operating cash flow of 38 cents per share, a 50% increase, and achieved 57,000 gold equivalent ounces (GEOs) in the first half of the year [10][11] - The total return for Triple Flag Precious Metals in 2025 was 75% [11]

Core Viewpoint - MAG Silver Corp. has obtained all necessary approvals for the Arrangement with Pan American Silver Corp., except for the Mexican competition approval, and shareholders must elect their preferred consideration by August 27, 2025 [1][7]. Group 1: Arrangement Details - The Arrangement involves MAG shareholders receiving either $20.54 in cash or a combination of $0.0001 in cash and 0.755 of a Pan American Share for each MAG Share held [1]. - The total consideration for all MAG shareholders will consist of $500 million in cash and the remaining consideration in Pan American Shares, subject to proration [4]. - If shareholders do not make a proper election, they will automatically receive the Share Consideration, also subject to proration [4]. Group 2: Election Process - Registered holders of MAG Shares must submit a completed Letter of Transmittal and Election Form to Computershare Investor Services Inc. by the Election Deadline [2]. - Non-registered holders should follow their intermediary's instructions for making an election and verify their election status before the Election Deadline [3]. Group 3: Company Overview - MAG Silver Corp. is a Canadian mining and exploration company focused on high-grade precious metals projects, with a significant joint venture in the Juanicipio Mine [8]. - The company is also engaged in exploration programs at the Deer Trail Project in Utah and the Larder Project in Canada [8].

Group 1: Inflation and Economic Indicators - The Producer Price Index (PPI) in the U.S. increased by 0.9% in July from the previous month and 3.3% year-over-year, marking the largest monthly increase in three years [3][5] - Services were the primary driver of the PPI increase, rising by 1.1% in July, indicating that companies may be passing higher import costs to consumers [5][24] - The PPI report has influenced expectations regarding Federal Reserve rate cuts, with traders still anticipating a reduction in September, but the likelihood of a significant half-point cut has decreased [6][24] Group 2: Gold Market Dynamics - Gold prices have remained resilient, trading near historic highs, with spot prices consolidating in the mid-$3,300s after reaching an all-time high of $3,500 per ounce in April [7][8] - Factors contributing to gold's steady performance include inflation concerns, a weaker U.S. dollar, central bank demand, and expectations of lower interest rates [8][27] - Gold-backed exchange-traded funds (ETFs) saw inflows of $3.2 billion in July, bringing total assets under management to $386 billion, indicating strong investor interest [10] Group 3: Royalty and Streaming Companies - Royalty and streaming companies have reported record quarterly results, with Franco-Nevada achieving revenue of $369.4 million, up 42% year-over-year, and Wheaton Precious Metals generating $503 million in revenue [16][17] - These companies provide upfront financing to miners in exchange for a portion of future production, offering lower risk exposure and strong cash flow [13][14] - The model of royalty and streaming companies is seen as a balanced approach between owning bullion and traditional mining equities, capturing upside in rising gold prices while providing downside protection [15][20] Group 4: Traditional Miners and Market Outlook - Traditional gold miners are regaining favor, with UBS analysts upgrading their outlook on the sector due to improved capital management and rebuilding investor trust [21] - If gold prices remain stable, there is potential for increased stock buybacks and merger and acquisition activity among miners [22] - The ongoing inflationary environment and tariff impacts are expected to shift costs to consumers, reinforcing gold's role as a hedge against inflation [24][25]

Core Viewpoint - Fortuna Mining Corp. has reported promising exploration drilling results from the Kingfisher and Sunbird deposits at the Séguéla Mine in Côte d'Ivoire, indicating significant mineralization and potential for resource expansion [1][2]. Kingfisher Deposit Highlights - A successful infill drill program at Kingfisher confirmed broad mineralization, with notable intersections including 4.5 g/t Au over an estimated true width of 37.4 meters from 79 meters in drill hole SGRD2363 [2][3]. - Additional drilling has intersected mineralization 300 meters below surface and 250 meters along strike, indicating potential for further resource expansion [2]. - Highlights from recent drilling include: - 9.4 g/t Au over 17.0 meters from 105 meters in SGRD2313, including 58.1 g/t Au over 0.9 meters [3]. - 5.6 g/t Au over 22.1 meters from 83 meters in SGRD2349, including 63.1 g/t Au over 0.9 meters [3]. - 4.4 g/t Au over 20.4 meters from 28 meters in SGRD2366, including 48.9 g/t Au over 0.9 meters [3]. - A total of 78 drill holes, totaling 13,262 meters, have been completed at Kingfisher, with ongoing drilling planned through 2025 [3]. Sunbird Deposit Highlights - Drilling at the Sunbird deposit has returned excellent results, enhancing geological confidence and expanding the mineralized envelope [2]. - Significant results include: - 8.5 g/t Au over 7.0 meters from 566 meters in drill hole SGRD2431 [8]. - 11.2 g/t Au over 5.6 meters from 479 meters in SGRD2409 [9]. - 5.6 g/t Au over 4.9 meters from 98 meters in SGRD2422 [10]. - A total of 41 drill holes, totaling 17,532 meters, have been completed at Sunbird, with drilling scheduled to continue until the end of 2025 [8][9]. Geological Insights - The Kingfisher mineralization exhibits a moderate northerly plunge, which is atypical for the region, suggesting localized geological movements [4]. - The mineralization at Sunbird extends more than 1.1 kilometers down plunge, with ongoing exploration to determine the extent of mineralization [9]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company with operations in multiple countries, focusing on sustainable practices and stakeholder relationships [20].

Core Viewpoint - Fortuna Mining Corp. has reported promising exploration drilling results from the Kingfisher and Sunbird deposits at the Séguéla Mine in Côte d'Ivoire, indicating significant mineralization and potential for resource expansion [1][2]. Kingfisher Deposit Highlights - A successful infill drill program at Kingfisher confirmed broad mineralization, with notable intersections including 4.5 g/t Au over an estimated true width of 37.4 meters from 79 meters in drill hole SGRD2363 [2][3]. - Additional highlights include: - 9.4 g/t Au over an estimated true width of 17.0 meters from 105 meters in drill hole SGRD2313, including 58.1 g/t Au over 0.9 meters [3]. - 5.6 g/t Au over an estimated true width of 22.1 meters from 83 meters in drill hole SGRD2349, including 63.1 g/t Au over 0.9 meters [3]. - A total of 78 drill holes, totaling 13,262 meters, have been completed at Kingfisher, with ongoing drilling planned through 2025 [3]. Sunbird Deposit Highlights - Drilling at the Sunbird deposit has also returned excellent results, including 8.5 g/t Au over an estimated true width of 7.0 meters from 566 meters in drill hole SGRD2431 [2][8]. - Additional highlights include: - 10.4 g/t Au over an estimated true width of 4.9 meters from 483 meters in drill hole SGRD2427 [8]. - 11.2 g/t Au over an estimated true width of 5.6 meters from 479 meters in drill hole SGRD2409 [9]. - A total of 41 drill holes, totaling 17,532 meters, have been completed at Sunbird, with drilling scheduled to continue until the end of 2025 [8][9]. Geological Insights - The Kingfisher mineralization exhibits a moderate northerly plunge, which is atypical for the region, suggesting localized geological movements [4]. - Mineralization remains open at depth and along strike for both deposits, indicating further exploration potential [2][10]. Quality Control and Methodology - All drilling was conducted under the supervision of Fortuna personnel, adhering to standardized procedures and methodologies [11][12]. - Reverse Circulation (RC) and Diamond Drilling (DD) methods were employed, with rigorous quality assurance and control measures in place [13][14][15]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company with a focus on sustainable operations and stakeholder relationships, operating three mines and holding exploration projects in multiple countries [18].

Core Insights - Starcore International Mines Ltd. reported production results for the first fiscal quarter ended July 2025 at its San Martin Mine in Queretaro, Mexico, highlighting a focus on optimizing the CIL process for carbonaceous ore [1][2] Production Results - The company produced 166 equivalent gold ounces from milling 5,370 tons of stockpiled ore with a gold grade of 1.91 g/t and a silver grade of 17.5 g/t, achieving recoveries of 75% for gold and 65% for silver [2] - For the quarter, the San Martin Mine milled 54,247 tonnes, producing 2,130 gold equivalent ounces, which is a 9% decrease from the previous quarter [4] - The gold grade for the quarter was 1.47 g/t, down 6% from the previous quarter, while the silver grade was 12.88 g/t, an 18% decrease [4] Recovery Rates - Gold recovery for the quarter was 77.42%, a decline of 5% from the previous quarter, and silver recovery was 54.78%, down 3% [4] - The company identified issues with lower recoveries from oxide ore due to preg-robbing effects caused by clays in the ore, which absorb gold and silver during processing [3] Operational Developments - The new CIL plant is seen as a viable alternative for processing ore that cannot be treated by cyanidation, particularly for ore from the San Jose Mine [4] - The San Jose Mine area has considerable reserves being developed to feed the oxide plant, although recoveries from this area are lower than those from the San Martin ore [3] Company Overview - Starcore International Mines focuses on precious metals production, primarily in Mexico, and is involved in exploration and development projects across North America and Côte d'Ivoire [5]

Core Viewpoint - East Africa Metals Inc. has entered into a binding Memorandum of Understanding with Ubora Minerals Company Limited to acquire and develop the Magambazi and Handeni mining project in Tanzania, following previous issues with PMM Mining Company Limited [1][2][3]. Group 1: MOU and Transaction Details - The MOU includes a cash payment of US$1.0 million upon signing a definitive agreement, replacing a previous amount owed by PMM [8]. - The transaction is classified as a "related party transaction" due to Ubora's affiliation with Anchises Capital, which holds approximately 18.66% of East Africa Metals' shares [1][5]. - The MOU is subject to approval by the Tanzanian Mining Commission and other relevant authorities, as well as the TSX Venture Exchange [4]. Group 2: Background and Previous Issues - In October 2020, East Africa Metals signed agreements with PMM to develop the Magambazi project, but operations were suspended in December 2022 due to PMM's non-compliance [2]. - The Tanzanian government intervened in August 2024 to mediate a resolution regarding PMM's non-compliance, leading to the current MOU [3]. Group 3: Company Overview - East Africa Metals holds a 30% Net Profits Interest in the Mato Bula and Da Tambuk mines and a 70% project interest in the Harvest polymetallic VMS Exploration Project in Ethiopia [6]. - The company has invested US$66.8 million in African exploration since 2005, identifying 2.8 million ounces of gold and gold-equivalent resources at an average discovery cost of US$24 per ounce [7].

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Core Viewpoint - Skeena Resources Limited reports interim financial results for the quarter ended June 30, 2025, highlighting its focus on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [1][2]. Company Overview - Skeena is a leading precious metals developer focused on the Eskay Creek Gold-Silver Project located in British Columbia's Golden Triangle [2]. - The company emphasizes sustainable mining practices and aims to maximize the potential of its mineral resources while fostering positive relationships with Indigenous communities [2]. Financial Reporting - The interim financial statements and management's discussion and analysis (MD&A) for the quarter ended June 30, 2025, are available on Skeena's website and regulatory filings [1].