Second Quarter 2025 Results August 7, 2025 Cautionary Statements Important Additional Information and Where to Find It: In connection with the proposed transactions, Royal Gold, Sandstorm and Horizon intend to file materials with the SEC and on SEDAR+, as applicable. Royal Gold plans to file proxy materials with the SEC in connection with the solicitation of proxies for Royal Gold's special meeting of shareholders (the "Royal Gold Special Meeting"). Prior to the Royal Gold Special Meeting, Royal Gold will f ...

Core Viewpoint - Barrick Mining Corporation has released additional site-level disclosures for its tailings storage facilities (TSFs) to enhance transparency and align with the Global Industry Standard on Tailings Management (GISTM) [1][2] Group 1: Tailings Storage Facilities Disclosures - The new disclosures are part of Barrick's commitment to transparency regarding its tailings facilities, following previous disclosures made in August 2023 [1][2] - Barrick is a member of the International Council on Mining and Metals (ICMM) and has actively contributed to the development of the GISTM, which aligns with its own tailings management standards [3] Group 2: Safe Closure Initiatives - The company is prioritizing the safe closure of inactive tailings storage facilities, with 13 facilities currently in Safe Closure and five more targeted for the next year [4] - Achieving Safe Closure involves thorough assessment and mitigation of long-term risks to human health and the environment, as well as engagement with stakeholders and conservation of biodiversity and cultural values [4] Group 3: Company Overview - Barrick Mining Corporation is a leading global mining, exploration, and development company with a significant portfolio of gold and copper assets, including six Tier One gold mines [5] - The company operates in 18 countries across five continents and is the largest gold producer in the United States, focusing on responsible mining and long-term value creation for stakeholders [5]

Core Viewpoint - Newmont Corporation (NEM) is experiencing solid improvements in earnings estimates, which may lead to continued short-term price momentum for the stock [1][2]. Earnings Estimate Revisions - There is a rising trend in estimate revisions due to growing analyst optimism regarding Newmont's earnings prospects, which is expected to positively impact its stock price [2]. - The Zacks Rank system indicates a strong correlation between earnings estimate revisions and near-term stock price movements [2]. - Current-quarter earnings are estimated at $1.18 per share, reflecting a +45.7% change from the previous year [6]. - The consensus estimate for the current quarter has increased by 23.09% over the last 30 days, with two estimates moving higher and one lower [6]. - For the full year, earnings are expected to be $5.10 per share, representing a +46.6% change from the prior year [7]. - Over the past month, five estimates for the current year have been revised upward, with no negative revisions [7]. Zacks Rank and Performance - Newmont has achieved a Zacks Rank 1 (Strong Buy) due to favorable estimate revisions, which is a reliable tool for investors to make informed decisions [8]. - Historically, Zacks 1 Ranked stocks have generated an average annual return of +25% since 2008 [3]. - Stocks with Zacks Rank 1 and 2 significantly outperform the S&P 500 [8]. Stock Performance - Newmont shares have increased by 8.7% over the past four weeks, indicating investor confidence in its earnings growth prospects [9].

Company Overview - Waratah Minerals has 234 million shares on issue with ASX code WTM[5] - The share price as of August 1, 2025, was A$0.30, resulting in a market capitalization of $70 million[5] - The company held $7.5 million in cash at bank as of June 30, 2025[5] - Board and Management hold 11.2% of shares (fully diluted)[5] Spur Project Highlights - The Spur Project is located in the Cadia-Spur district, surrounded by major mining companies, indicating strategic mineral district[12, 14] - The project has a district-scale land position with 100% ownership[15] - Exploration has identified a large epithermal-porphyry corridor with two high-value exploration targets: epithermal gold and porphyry gold-copper[16] - Drilling results include 11m @ 10.82 g/t Au from 154m (SPRC002), 89m @ 1.73 g/t Au, 0.08% Cu from 115m (SPRC007), and 196m @ 0.54% CuEq, 0.35% Cu, 0.23 Au g/t from 1m (BZD001)[18] - Stepout drilling at the Spur Gold Corridor – Consols Zone, returned 208.7m @ 1.17 g/t Au from 514m, including 89m @ 1.96 g/t Au from 614m and 38m @ 3.61 g/t Au from 665m[47] - Porphyry copper-gold mineralization was intersected at Breccia West, with results including 84m @ 0.62% CuEq, 0.40% Cu, 0.26g/t Au from 29m (BZD001)[55] Macquarie Arc and Analogues - The Macquarie Arc hosts world-class gold-copper mines, with A$1.6 billion in mining M&A and A$300 million in JVs since 2023[11] - The Spur Project shares exploration criteria similarities with Cadia Valley (Newmont) and Cowal (Evolution Mining)[60, 63]

Core Insights - Barrick Mining Corporation held its Annual Sustainability Update, emphasizing its commitment to sustainability performance and stakeholder engagement [1][6] - The company published its 2024 Sustainability Report and a new Summary Sustainability Report to provide accessible information on its sustainability efforts [3][4] Sustainability Strategy - Barrick's sustainability strategy focuses on creating long-term value through partnerships, comprehensive reporting against UN Sustainable Development Goals (SDGs), and a commitment to workplace safety and greenhouse gas emissions management [2][5] - The company aims to demonstrate that responsible mining can drive development and benefit host communities [3] Key Achievements - Over the past six years, Barrick has evolved its power profile towards renewable energy, distributed over $70 billion to stakeholders, and formed local partnerships for infrastructure development, including schools and health clinics [5] - The Summary Sustainability Report highlights measurable impacts and the company's sustainability performance since the merger that formed today's Barrick [4][5] Reporting and Transparency - The Annual Sustainability Update and the Summary Sustainability Report reinforce Barrick's commitment to transparent reporting and stakeholder engagement [6] - The new Summary Report is designed to provide a digestible account of operations across various regions, including Africa, the Americas, Papua New Guinea, and Peru [4]

Core Viewpoint - Barrick Mining is seen as an attractive investment opportunity due to a significant improvement in its earnings outlook, with analysts raising their earnings estimates for the company [1][2]. Earnings Estimate Revisions - The upward trend in earnings estimate revisions reflects growing optimism among analysts regarding Barrick Mining's earnings prospects, which is expected to positively impact its stock price [2]. - The current-quarter earnings estimate is projected at $0.47 per share, indicating a year-over-year increase of +46.9% [6]. - For the full year, the earnings estimate is expected to be $1.96 per share, representing a +55.6% change from the previous year [7]. - Over the past month, the consensus estimate for the current year has increased by 5.13%, with four estimates moving higher and no negative revisions [7][8]. Zacks Rank and Performance - Barrick Mining currently holds a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts in revising earnings estimates upward [9]. - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks generating an average annual return of +25% since 2008 [3]. - The stock has appreciated by 6.3% over the past four weeks, suggesting investor confidence in its earnings growth prospects [10].

Core Viewpoint - U.S. GoldMining Inc. commends the State of Alaska's submission of a permit application for the West Susitna Access Project, which will enhance infrastructure connectivity for the Whistler Gold-Copper Project and support economic growth in the region [1][3]. Infrastructure Development - The West Susitna Access Project (WSAP) is a proposed 78.5-mile access road that will connect the Whistler Project to existing transportation infrastructure in the greater Anchorage area [2][5]. - The WSAP will provide year-round public access to remote State and private lands, facilitating resource development opportunities, including the Whistler Project [2][5]. Economic Impact - Alaska Governor Mike Dunleavy highlighted the project's potential to improve access for local residents and create job opportunities in mining, processing, and manufacturing [3]. - The project aligns with the State's policy to invest in critical infrastructure to stimulate economic growth, which was a factor in U.S. GoldMining's decision to launch its initial public offering in 2023 [3]. Resource Development - The Whistler Project consists of several gold-copper porphyry deposits, with a mineral resource estimate of 294 million tons at 0.68 g/t AuEq for 6.48 million ounces AuEq indicated, and 198 million tons at 0.65 g/t AuEq for 4.16 million ounces AuEq inferred [8]. - The project is positioned to contribute to the U.S. clean energy transition, with copper being recognized as a critical mineral [3]. Strategic Positioning - U.S. GoldMining is well-positioned to benefit from strong federal and state government support, as well as high prices for copper, gold, and silver [3]. - The company is committed to advancing its proposed initial economic assessment and upcoming exploration program, while collaborating with government and stakeholders to support the WSAP [3].

Core Viewpoint - Barrick Mining has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, influenced by institutional investors who adjust their valuations based on these estimates [3]. Business Improvement Indicators - Rising earnings estimates and the Zacks rating upgrade suggest an improvement in Barrick Mining's underlying business, which could lead to higher stock prices as investors respond positively [4]. Importance of Earnings Estimate Revisions - Empirical research indicates that tracking earnings estimate revisions can be beneficial for investment decisions, with the Zacks Rank system effectively utilizing this data [5]. Zacks Rank System Performance - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [6]. Specifics on Barrick Mining's Earnings Estimates - Barrick Mining is projected to earn $1.96 per share for the fiscal year ending December 2025, with no year-over-year change expected [7]. - Over the past three months, the Zacks Consensus Estimate for Barrick Mining has increased by 18.2%, indicating positive sentiment among analysts [7]. Zacks Rating System Characteristics - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings across over 4,000 stocks, with only the top 5% receiving a "Strong Buy" rating [8]. - The upgrade of Barrick Mining to a Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [9].

Core Viewpoint - Adyton Resources Corp. has announced an upsized private placement offering due to strong investor demand, aiming to raise up to $14 million through the sale of 35 million units at $0.40 each, alongside a non-brokered private placement to raise an additional $6 million [1][2]. Group 1: Offering Details - The Offering will consist of up to 35,000,000 units at a price of $0.40 per unit, resulting in gross proceeds of up to $14,000,000 [1]. - Each unit will include one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one share at $0.60 for 24 months [1]. - A concurrent non-brokered private placement aims to raise up to $6,000,000 by issuing up to 15,000,000 units on the same terms as the Offering [2]. Group 2: Regulatory and Closing Information - The Offering is subject to applicable exemptions from prospectus requirements and is expected to close around August 13, 2025, pending regulatory approvals [3]. - Securities issued will be subject to a statutory hold period of four months plus one day from the closing date [3]. Group 3: Company Overview - Adyton Resources Corp. focuses on developing gold and copper resources in Papua New Guinea, with a portfolio of mineral exploration projects [4]. - The company has indicated resources of 173,000 ounces of gold and inferred resources of 2,000,000 ounces of gold across its projects [5]. - The Feni Island Project has an inferred mineral resource of 60.4 million tonnes at an average grade of 0.75 g/t Au, equating to 1,460,000 ounces of contained gold [6].

Company Overview - Waratah Minerals (ASX:WTM) has 234 million shares on issue[6] - The share price was A$0.29 as of July 17, 2025, resulting in a market capitalization of A$67.7 million[6] - The company had A$9 million in cash at bank as of May 27, 2025[6] - Board and Management hold 11.2% of the fully diluted shares[6] - Top 20 shareholders own 50.7% of the company[6] Spur Project Highlights - The Spur Gold-Copper Project is located in the Cadia-Spur district, surrounded by major mining companies[12, 14] - The project has a district-scale land position and untapped geological potential[12, 15] - The company has a clear exploration strategy targeting wallrock-hosted epithermal-porphyry settings[20] - Drilling results include 11m @ 10.82 g/t Au from 154m (SPRC002), 89m @ 1.73 g/t Au, 0.08% Cu from 115m (SPRC007), and 196m @ 0.54% CuEq, 0.35% Cu, 0.23 Au g/t from 1m (BZD001)[18] - Extensive shallow epithermal gold has been identified at surface[28] - Porphyry Cu-Au mineralization has been intersected at Breccia West, including 84m @ 0.62% CuEq, 0.40% Cu, 0.26g/t Au from 29m (BZD001)[42, 46] Investment Highlights - The company is exploring for world-class gold-copper deposits[3] - The company has an experienced team with a track record of discovery[3, 7] - The company is strategically positioned in a major gold-copper district[3] - The company has achieved discovery 'Proof of Concept' with epithermal-porphyry gold-copper mineralization[3]