Core Viewpoint - Activist investor Elliott Management has acquired a significant stake in Barrick Mining, prompting the company to evaluate the potential for splitting its operations [1] Company Summary - Elliott Management is pressuring Barrick Mining, a producer of gold and copper, to consider a strategic separation of its business segments [1]

Core Viewpoint - Newmont Corporation (NEM) is positioned as a strong investment opportunity due to its strong margins, low-debt capital structure, and robust momentum in the current market environment [2][3]. Financial Performance - Q3 2025 gold prices averaged $3,539 per ounce, contributing to strong margins and improved cost guidance [3]. - Newmont has a nearly zero net debt of $12 million, following the retirement of $2 billion in Q3 and $3.5 billion from asset sales, indicating a low-debt structure [3]. - The company achieved a record $4.5 billion in free cash flow year-to-date, driven by production from the new Ahafo North mine [3]. - Despite a decrease in Q3 gold production from planned activities, the stock price increased by over 123% year-on-year [3]. Revenue and Profitability - Newmont reported a revenue growth of 26.6% for the last twelve months (LTM) and an average growth of 23.9% over the past three years [10]. - The operating cash flow margin stands at approximately 32.6%, with an operating margin averaging 23.9% over the last three years [10]. Market Position and Momentum - Newmont is currently ranked in the top 10 percentile of stocks for "trend strength," indicating strong momentum [10]. - The stock is trading 8.7% below its 52-week peak, suggesting potential for further growth [10]. Investment Strategy - The focus on stocks with strong margins and low-debt capital structures is emphasized as a prudent investment strategy [5]. - The Trefis High Quality Portfolio, which includes Newmont, has a history of outperforming benchmarks with better returns and lower risk [9].

Core Viewpoint - Troilus Gold Corp. has successfully closed a bought deal public offering, raising a total of $172.5 million through the issuance of 133,722,000 common shares at a price of $1.29 per share [1][2]. Group 1: Offering Details - The offering was led by a syndicate of underwriters including Desjardins Capital Markets, Cormark Securities Inc., and Haywood Securities Inc., among others [2]. - The net proceeds from the offering will be allocated to ongoing pre-development activities at the Troilus Copper-Gold project, debt repayment, and general corporate purposes [2]. Group 2: Regulatory and Documentation - The offering was conducted via a prospectus supplement to the base shelf prospectus dated April 30, 2025, with the supplement filed on November 7, 2025 [3]. - The shares were offered in the United States under an exemption from registration requirements, and in other jurisdictions as agreed upon by the company and underwriters [3]. Group 3: Company Overview - Troilus Gold Corp. is a Canadian development-stage mining company focused on advancing the Troilus Mine, located in Quebec, Canada, covering a land position of 435 km² [6]. - A feasibility study completed in May 2024 supports a large-scale open-pit mining operation projected to last 22 years with a capacity of 50,000 tons per day [6].

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong candidates can be challenging due to inherent volatility and risks [1] Group 1: Company Overview - Aura Minerals (AUGO) is highlighted as a promising growth stock, supported by a favorable Growth Score and a top Zacks Rank [2] - The company operates in the gold and copper production sector, which is currently experiencing significant growth potential [3] Group 2: Earnings Growth - Aura Minerals has a historical EPS growth rate of 51.8%, with projected EPS growth of 120.4% this year, significantly surpassing the industry average of 38.8% [5] Group 3: Asset Utilization - The company's asset utilization ratio (sales-to-total-assets ratio) stands at 0.68, indicating that it generates $0.68 in sales for every dollar in assets, compared to the industry average of 0.26, showcasing superior efficiency [6] Group 4: Sales Growth - Aura Minerals is expected to achieve a sales growth of 43.7% this year, far exceeding the industry average of 4.8%, indicating strong market demand and operational effectiveness [7] Group 5: Earnings Estimate Revisions - The current-year earnings estimates for Aura Minerals have been revised upward, with the Zacks Consensus Estimate increasing by 2.5% over the past month, reflecting positive market sentiment [9] Group 6: Investment Potential - Aura Minerals has earned a Growth Score of A and holds a Zacks Rank 1, suggesting it is a potential outperformer and a solid choice for growth investors [11]

Core Points - Barrick Mining Corporation has approved an increase to its existing share repurchase program by $500 million, following the successful repurchase of $1.0 billion of shares as of September 30, 2025 [1][2] - The original repurchase program authorized in February 2025 allowed for the repurchase of up to $1.0 billion of common shares over 12 months, which has now been fully utilized [2] - The Board will evaluate the size and scope of any potential repurchase program for 2026 in its meeting scheduled for February 2026 [2] Share Repurchase Program - The repurchase can be executed through various methods in the U.S. markets, including open market purchases, in compliance with U.S. Securities and Exchange Commission regulations [3] - The company believes its shares may trade below their underlying value at times, influencing the decision to repurchase shares [4] - The actual number of shares repurchased and the timing will depend on several factors, including financial performance and cash flow availability [4][5] Company Overview - Barrick Mining Corporation is a leading global mining company with a significant portfolio of gold and copper assets, operating in 18 countries across five continents [6] - The company is recognized as the largest gold producer in the United States and aims to create long-term value through responsible mining practices and strong partnerships [6]

Core Viewpoint - Barrick Mining Corporation has announced a 25% increase in its quarterly base dividend to $0.125 per share, along with a performance dividend of $0.175 per share for Q3 2025, reflecting strong financial performance and shareholder returns [1][4]. Dividend Announcement - The Q3 2025 dividend of $0.175 per share will be paid on December 15, 2025, to shareholders of record as of November 28, 2025 [2]. Share Buyback Program - Barrick repurchased approximately 18.60 million shares during Q3 2025, totaling about 39.79 million shares repurchased this year, which is approximately 2.3% of its issued shares, for a total cash outlay of $1.0 billion, including $589 million spent in Q3 [3]. Performance Dividend Policy - The updated Performance Dividend Policy includes different levels based on net cash thresholds, with the following structure: - Level I: Net cash less than $0 - $0.125 per share - Level II: Net cash greater than $0 and less than $0.5 billion - $0.175 per share - Level III: Net cash greater than $0.5 billion and less than $1 billion - $0.225 per share - Level IV: Net cash greater than $1 billion - $0.275 per share [4]. Company Overview - Barrick Mining Corporation is a leading global mining, exploration, and development company with a significant portfolio of gold and copper assets, operating in 18 countries across five continents, and is the largest gold producer in the United States [5].

Core Insights - Endeavour Silver reported a quarterly loss of $0.01 per share, missing the Zacks Consensus Estimate of $0.05, representing an earnings surprise of -120.00% [1] - The company posted revenues of $111.4 million for the quarter ended September 2025, which was 10.71% below the Zacks Consensus Estimate, compared to $53.44 million in the same quarter last year [2] - The stock has increased approximately 100% since the beginning of the year, outperforming the S&P 500's gain of 14.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.09 on revenues of $142.87 million, while for the current fiscal year, it is -$0.06 on revenues of $430.09 million [7] - The estimate revisions trend for Endeavour Silver was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Mining - Silver industry is currently ranked in the top 2% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% of ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Viewpoint - Troilus Gold Corp. has announced a bought deal offering of 116,280,000 common shares at a price of $1.29 per share, aiming to raise approximately $150 million to fund pre-development activities, debt repayment, and general corporate purposes [1][2] Project Financing - The net proceeds from the offering will be allocated to ongoing pre-development activities at the Troilus Copper-Gold project, debt repayment, and working capital [2] - The company has secured letters of interest totaling US$1.3 billion from global Export Credit Agencies and established a US$700 million debt financing led by a syndicate of international lenders [6] Permitting - The Environmental and Social Impact Assessment was filed in June 2025, marking the end of over five years of environmental studies and consultations with local and Indigenous communities [3] Engineering - Basic engineering is over 85% complete, with plans to transition to detailed execution in preparation for a construction decision in 2026 [4] - The company is exploring potential streaming options and additional vendor-backed financing packages, with final due diligence for previously announced debt financing ongoing [4] Offering Details - The offering is expected to close on or about November 14, 2025, subject to customary closing conditions and necessary approvals [8] - The offering will be completed via a prospectus supplement to the short form base shelf prospectus dated April 30, 2025, which will be filed with regulatory authorities [5]

Financial Data and Key Metrics Changes - The third quarter revenue was $463 million, higher than the prior year quarter due to increased gold and copper prices and sales volumes [16] - Cash generated from operations before working capital adjustments was $296 million, or $0.37 per share, higher than the prior year period primarily due to higher revenues [16] - The company recorded net earnings of approximately $142 million, or $0.18 per share during the third quarter, primarily due to increased revenues [16][17] - The all-in sustaining costs reduced from the second quarter by $425 to $966 per ounce, with an average realized gold price of $3,458 per ounce, resulting in a margin of $2,492 per ounce [5][16] Business Line Data and Key Metrics Changes - New Afton produced approximately 115,200 ounces of gold and 12 million pounds of copper in the quarter, with B3 cave contributing approximately 4,300 tons per day [5][9] - Rainy River achieved record quarterly production of over 100,000 ounces of gold, a 63% increase over the second quarter, with all-in sustaining costs at $1,043 per ounce sold, a 39% decrease compared to the second quarter [4][12][13] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, contributing to the overall revenue increase [5][16] - The company generated record quarterly free cash flow of $205 million, with Rainy River contributing $183 million in free cash flow [5][16] Company Strategy and Development Direction - The company aims to ramp up production at New Afton and Rainy River, with a focus on increasing underground development and production rates [6][14] - Exploration initiatives are being advanced, particularly at New Afton’s K Zone, with a budget increase to $22 million for approximately 63,000 meters of drilling [18][19] - The company is focused on maintaining a strong balance sheet while investing in exploration and organic opportunities, with plans for potential capital returns to shareholders [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued significant growth in gold and copper production over the next two years, projecting substantial free cash flow generation [22][24] - The company remains committed to health and safety, with a focus on reducing total reportable incident frequency rates [24] - Management highlighted the importance of local hiring and infrastructure improvements to enhance workforce retention [42] Other Important Information - The company repaid a total of $260 million in debt during the quarter, including $150 million drawn on the credit facility [6][17] - New Afton’s C Zone cave construction is approximately 79% complete, with plans to ramp up processing rates to 16,000 tons per day by early 2026 [6][12] Q&A Session Summary Question: Can you provide a breakout of tonnage from the C and B zones? - The B3 cave contributed 4,300 tons per day, with the C Zone contributing the remainder [26][27] Question: What are your plans for capital allocation with the free cash flow? - The company plans to maintain a strong balance sheet, invest in exploration, and evaluate capital returns to shareholders [30][31] Question: What is the current turnover rate and what are your targets for improvement? - The company is focusing on attracting local talent and improving infrastructure to retain workers, addressing the shortage of skilled miners in Ontario [42] Question: What should we expect for Rainy River's performance for the balance of the year? - The company expects continued positive performance in Rainy River, with no significant changes in trajectory [49] Question: How should we think about grades coming into 2026 at New Afton? - Grades at the start of a cave will be lower, but are expected to improve as the cave grows [56]

Core Insights - Tinka Resources has initiated its first drilling program at the Silvia gold-copper project in central Peru, acquired from BHP in 2021, aiming to discover high-grade gold and copper deposits [1][2] - The drilling will focus on Area A, where high-grade gold-copper skarn mineralization has been identified, with four diamond holes planned to reach depths of up to 400 meters [1][3] Company Developments - The drilling rig will operate continuously until late December, with the site prepared on time and within budget, showcasing effective collaboration with local stakeholders [2] - Initial results from the drilling program are expected to be reported by the end of 2025, with further findings anticipated in early 2026 [6] Geological Context - The Silvia project is located in a region known for its gold, copper, and base metal deposits, with the geological setting influenced by a 'dilational pull-apart' scenario between two regional faults [4] - The mineralization at Silvia is associated with monzonite porphyry stocks and dikes intruding a thick limestone unit, with skarn formation occurring within both the intrusions and limestone [5] Exploration Potential - Recent third-party sampling has confirmed high-grade mineralization, with notable samples showing 28.5 grams per tonne (g/t) gold and 1.2% copper over a 0.6-meter stretch [3] - Besides Area A, there are two additional areas (B and C) with high prospectivity for gold and copper, which will be evaluated in later stages of the exploration program [3]