Financing Details - Nord Precious Metals Mining Inc. has closed the 2nd and final tranche of a non-brokered private placement financing, issuing 400,000 units at a price of $0.12 per unit for gross proceeds of $48,000, bringing total proceeds from both tranches to $228,400 [1][2] - Each unit consists of one common share and one share purchase warrant, with each warrant allowing the purchase of an additional common share at an exercise price of $0.155 for five years [2] - The company has revised the terms of its Flow-through (FT) financing, now issuing 8,333,400 FT units at a price of $0.12 per FT unit for gross proceeds of $1,000,008 [3][4] Finder's Fees - Finder's fees of $3,360 cash and 28,000 non-transferable finder warrants were paid for the final unit tranche, with warrants exercisable at $0.155 for five years [3][5] - For the final FT unit tranche, finder’s fees amounted to $70,000.56 cash and 550,060 non-transferable finder warrants, with warrants exercisable at $0.18 for two years [5] Use of Proceeds - Proceeds from the unit private placement will be allocated for exploration on the Castle East Project in Gowganda, Ontario, as well as for general working capital and administrative costs [6] - Proceeds from the FT unit private placement will also be directed towards exploration on the Castle East Project [6] Company Overview - Nord Precious Metals Mining Inc. operates the only permitted high-grade milling facility in the historic Cobalt Camp of Ontario, integrating high-grade silver discovery with strategic metals recovery operations [7] - The company's flagship Castle property encompasses 63 square kilometers of exploration ground and has delineated 7.56 million ounces of silver in inferred resources grading an average of 8,582 g/t Ag (250.2 oz/ton) [8] - The company employs an integrated processing strategy that supports the recovery of multiple metals, including cobalt and nickel, leveraging its proprietary Re-2Ox hydrometallurgical process [9] Strategic Positioning - Nord maintains a strategic portfolio of battery metals properties in Northern Quebec, including a 35% ownership in Coniagas Battery Metals Inc. and the St. Denis-Sangster lithium project, which spans 260 square kilometers near Cochrane, Ontario [10]

Financial Data and Key Metrics Changes - Wheaton Precious Metals achieved record revenue of $5.03 billion, a 68% increase compared to the previous year, driven by a 32% increase in commodity prices and a 28% increase in sales volumes [16][17] - Net earnings increased by 139% year-over-year to $286 million, while adjusted net earnings rose by 91% [17] - Operating cash flow reached $450 million, a 77% increase from last year [17] Business Line Data and Key Metrics Changes - Production for the quarter was 159,000 gold equivalent ounces (GEOs), a 9% increase from the prior year, primarily due to stronger production at Salobo and the commencement of production at Blackwater [10][12] - Salobo produced 69,400 ounces of attributable gold, a 10% year-over-year increase [10] - Antamina produced 1.3 million ounces of attributable silver, marking a 31% increase compared to last year [11] Market Data and Key Metrics Changes - 65% of revenue came from gold, 33% from silver, with the remainder from palladium and cobalt [17] - The company noted that silver prices have recently outpaced gold, reaching their highest level in over a decade, which positions Wheaton well to benefit from current pricing momentum [17] Company Strategy and Development Direction - Wheaton is focused on disciplined capital deployment, targeting accretive opportunities that generate long-term value [7] - The company aims for a 40% production growth by 2029, which supports its strategy of pursuing high-quality streaming opportunities [7] - Wheaton was recognized among the top 10 companies on Corporate Knight's annual 50 best corporate citizens in Canada, reflecting its commitment to sustainability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 production guidance of 600,000 to 670,000 GEOs, with strong performances expected from key assets [6][12] - The leadership changes were highlighted as pivotal for driving the company's strategy forward during a transformative growth phase [5] - Management emphasized the importance of maintaining a robust balance sheet to pursue growth opportunities while supporting shareholder returns [20] Other Important Information - The company has over $1 billion in cash and a $2 billion undrawn revolving credit facility, providing strong liquidity [7][18] - Wheaton launched its second annual Future of Mining Challenge, focusing on sustainable water management technologies [8] Q&A Session Summary Question: How aggressive is Wheaton's stance on deals given the organic growth? - Management stated that they focus on accretive transactions and are currently evaluating 12 to 15 opportunities, with a mix of development and operating stage opportunities [22][23][24] Question: What should be expected regarding global minimum tax payments? - The global minimum tax will be applicable starting in 2024, with the first payment expected in 2026 [25][26][27] Question: How does Wheaton handle potential tariffs on gold deliveries? - Management confirmed that they are insulated from tariffs as they take delivery of credits in London and are not subject to U.S. tariffs [34][35] Question: Are the terms of opportunities becoming more restrictive? - Management noted that while the market is becoming more competitive, they are still comfortable with the opportunities available [44][46] Question: What is the expected impact of the potential acceleration of phase two at Blackwater? - The acceleration is not currently included in long-term guidance, but it could represent a significant increase in production if realized [78][82] Question: What is the outlook for silver production? - Management indicated that silver production is expected to remain stable, with potential increases in Q4 due to improved performance at Antamina [55][56]

Financial Performance - Wheaton Precious Metals achieved record quarterly revenue of $503 million[7] - Net earnings reached $292 million[7], a 139% increase compared to Q2 2024's $122 million[27] - Adjusted net earnings were $286 million[7], a 91% increase from $150 million in Q2 2024[27] - Operating cash flow amounted to $415 million[7], a 77% increase compared to $234 million in Q2 2024[27] - The company declared a quarterly dividend of $0165 per common share, a 65% increase relative to Q3 2024[9] Production and Operations - Salobo's attributable gold production increased by approximately 10% relative to Q2 2024, producing over 69400 ounces of gold[14] - Antamina's attributable silver production increased by 31% compared to Q2 2024, delivering 13 million ounces of silver[14] - The company anticipates achieving its 2025 production guidance of 600000 to 670000 gold equivalent ounces[17] Sustainability and Corporate Development - Wheaton Precious Metals was recognized among the top 10 companies on Corporate Knights' annual Best 50 Corporate Citizens in Canada[11] - The company published its 2024 Sustainability and Climate Change reports[11]

Core Points - Paramount Gold Nevada Corp. announced the release of the draft Environmental Impact Statement (DEIS) for its Grassy Mountain gold project in Oregon, marking a significant milestone in the permitting process [1][4] - The DEIS assesses potential environmental impacts and outlines mitigation measures, initiating a 30-day public comment period [2][3] - The final Environmental Impact Statement (EIS) and the Federal Record of Decision (ROD) are expected to be published in December 2025, completing the federal permitting process [3] Company Overview - Paramount Gold Nevada Corp. is a U.S.-based precious metals exploration and development company focused on creating shareholder value through the exploration and development of mineral properties [5] - The company holds a 100% interest in three projects: Grassy Mountain, Sleeper, and Bald Peak, with Grassy Mountain covering approximately 8,200 acres [6] - The Sleeper Gold Project is located in Northern Nevada and includes the former producing Sleeper mine, while the Bald Peak Project is drill-ready and consists of approximately 2,260 acres [7]

Core Viewpoint - Sandstorm Gold Ltd. reported record financial results for Q2 2025, driven by strong commodity prices, and announced a definitive agreement for Royal Gold, Inc. to acquire Sandstorm in an all-share transaction valued at approximately $3.5 billion [1][2][3]. Financial Highlights - Record revenue of $51.4 million for Q2 2025, up from $41.4 million in Q2 2024 [4][12]. - Attributable production of 15,098 gold equivalent ounces, down from 17,414 ounces in the comparable period in 2024 [4][12]. - Cash flows from operating activities of $37.7 million, compared to $32.6 million in Q2 2024 [4][14]. - Record cash operating margins of $2,981 per attributable gold equivalent ounce, compared to $2,043 in Q2 2024 [4][14]. - Net income of $16.9 million, up from $10.5 million in Q2 2024 [4][14]. Transaction Details - Royal Gold will acquire all Sandstorm common shares at an implied value of approximately $3.5 billion, with Sandstorm shareholders receiving 0.0625 of a Royal Gold share for each Sandstorm share held [2][3]. - Post-transaction, existing Royal Gold and Sandstorm shareholders will own approximately 77% and 23% of the combined company, respectively [2][3]. Portfolio and Growth Potential - The combined portfolios are expected to create a highly diversified precious metals streaming and royalty company, with no single asset accounting for more than 12% of NAV [3][5]. - The gold-dominated portfolio is projected to have a revenue mix of approximately 87% precious metals in 2025, with 75% of total revenues from gold [3][5]. - Significant production growth is anticipated from gold-focused assets such as MARA, Hod Maden, Great Bear, Platreef, and Warintza [3][5]. Operational Insights - Approximately 82% of the gold equivalent production in Q2 2025 was from precious metals, with 11% from copper and 7% from other commodities [12][15]. - The Greenstone gold mine in Ontario is ramping up capacity, with full-year production estimates of 220,000–260,000 ounces in 2025 [16]. - The Chapada copper mine's production was impacted by lower-grade stockpiles, with forecasts of 40,000–45,000 tonnes of copper production in 2025 [18]. Future Outlook - Attributable gold equivalent ounces are forecasted to be between 65,000 and 80,000 ounces in 2025, with long-term production expected to reach approximately 150,000 ounces by 2030 [11][12]. - The company continues to focus on deleveraging, having made $25 million in net debt repayments during Q2 2025 [7].

Financial Performance - Pan American Silver achieved record revenue of $811.9 million in Q2 2025, driven by strong operational execution and favorable metal prices [3][5] - Net earnings reached $189.6 million, or $0.52 per share, while adjusted earnings were $155.4 million, or $0.43 per share [3][11] - The company generated record operating cash flow of $293.4 million and free cash flow of $233 million, increasing cash balance to an all-time high of $1.1 billion [3][12] Shareholder Returns - The company increased its dividend by 20% from $0.10 to $0.12 per common share, returning approximately $103.5 million to shareholders through dividends and share repurchases in the first half of 2025 [3][14] - Nearly 500,000 shares were repurchased at an average price of $24.22 per share, totaling $11.1 million [3][14] Acquisition Plans - The acquisition of MagSilver is on track, with shareholders approving the deal, pending Mexican antitrust clearance and a cash consideration of $500 million [3][5][19] - The acquisition is expected to enhance silver output and reduce costs, contributing positively to the company's production and free cash flow generation [5][12] Production and Costs - Silver production was 5.1 million ounces, in line with guidance, with all-in sustaining costs for the silver segment at $19.69 per ounce [8][15] - Gold production was 178,700 ounces, slightly below guidance, with all-in sustaining costs for the gold segment at $16.11 per ounce [8][16] - The company maintains its overall production and cost guidance for 2025, with expectations for higher output in the second half of the year [5][19] Capital Expenditure and Projects - Capital expenditure for Q2 2025 was $73.7 million, focusing on sustaining and project capital at La Colorada, the Skarn project, Timmins, and Jacobina [8][13] - Ongoing discussions for partnerships related to the La Colorada Skarn project are progressing, with updates expected before mid-September [8][9] Regulatory and Community Engagement - The ILO 169 consultation process in Guatemala is ongoing, with no completion date set, but working sessions between the government and Schenker Parliament are continuing [8][18] - The company is actively involved in addressing geotechnical issues and grade reconciliation challenges at various operations, particularly at Timmins [9][40]

Group 1 - Pinnacle Silver and Gold Corp. has successfully closed a non-brokered private placement, raising gross proceeds of $1,686,608, with the offering being oversubscribed and consisting of 28,110,134 units priced at $0.06 each [1] - Each unit comprises one common share and one-half share purchase warrant, with each whole warrant convertible into an additional share at an exercise price of $0.10 for 24 months [1] - The net proceeds will be utilized to advance the high-grade El Potrero gold-silver project in Durango, Mexico, and for general working capital [2] Group 2 - Insiders subscribed for a total of 3,108,333 units for $186,500, which is classified as a "related party transaction" under Multilateral Instrument 61-101 [4] - The company is relying on exemptions from formal valuation and minority approval requirements, as the fair market value of the transaction does not exceed 25% of the company's market capitalization [4] Group 3 - Pinnacle is focused on district-scale exploration for precious metals in the Americas, with significant projects including the high-grade Potrero gold-silver project and the Argosy Gold Mine in Ontario [6] - The company aims to build long-term, sustainable value for shareholders through its seasoned management team and quality projects [6]

Financial Data and Key Metrics Changes - The company reported record earnings of $132 million or $2.1 per share for Q2 2025, with adjusted earnings of $119 million or $1.81 per share after accounting for discrete tax items [5][20] - Revenue reached a record $210 million, up 20% year-over-year, driven by a 40% increase in gold prices [11][17] - Adjusted EBITDA margin increased to 84% due to strong gold prices and stable cash G&A [6][20] - Operating cash flow also set a record at $153 million, significantly up from $114 million in the prior year [21] Business Line Data and Key Metrics Changes - Royalty revenue increased by about 50% year-over-year to $77 million, with strong contributions from Penasquito and Mancho [11] - Stream segment revenue was $133 million, up 8% from the previous year, driven by increased sales from Mount Milligan and Pueblo Viejo [11][12] - The company achieved full offset of the Pueblo Viejo advanced stream deposit during the quarter [6][14] Market Data and Key Metrics Changes - Gold accounted for approximately 78% of total revenue, followed by silver at 11% and copper at 7% [17] - Metal prices were a primary driver for revenue increase, with gold up 40% and silver up 17% year-over-year [17] Company Strategy and Development Direction - The company is positioning itself as a premier growth company through acquisitions of Sandstorm Gold and Horizon Copper, which will enhance scale, growth, and diversification [7][27] - The strategic focus remains on growth in precious metals, maintaining a strong balance sheet, and increasing dividends [8][27] - Recent acquisitions include a gold stream on the Kansanshi mine in Zambia, which is expected to deliver approximately 12,500 ounces of gold this year [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the Sandstorm and Horizon transactions by the fourth quarter, having received necessary approvals under Canadian competition laws [27][28] - The company remains comfortable with its 2025 guidance range despite underperformance in some key assets, attributing this to a rigorous risk-adjusted budgeting process [41] Other Important Information - The company remains debt-free and has total liquidity of over $1.25 billion, including a $1 billion revolving credit facility [22] - Recent business development successes have led to an increase in the revolving credit facility's accordion feature from $250 million to $400 million [22][23] Q&A Session Summary Question: Can you discuss the deleveraging goal post-transactions? - Management indicated that they plan to use excess cash flow to pay down the revolver over time, with a goal to potentially return it to zero [30][32] Question: What assets are offsetting the underperformance in key assets? - Management explained that they do not disclose guidance based on individual operations but conduct a rigorous budgeting process to maintain their guidance range [36][41] Question: Are you maxed out on African exposure with the Kansanshi acquisition? - Management stated they are comfortable with their current African investments and would consider additional opportunities if the country conditions are favorable [44][45] Question: Is there any consideration for a share buyback due to underperformance? - Management emphasized that the focus will be on debt repayment before considering any buyback options [46][47] Question: What is the timing for the Sandstorm transaction circular filing? - Management could not provide a detailed timetable but confirmed that they expect to file the preliminary proxy with the SEC shortly [49][50]

Financial Data and Key Metrics Changes - Top line revenue reached a record $811.9 million, reflecting solid operating performance and favorable price environment [3] - Net earnings were a record $189.6 million or $0.52 per share, driven by record mine operating earnings of $273.3 million [3] - Adjusted earnings were $155.4 million or $0.43 per share [3] - Cash flow from operations before non-cash working capital changes was a record $287.9 million [4] - Free cash flow was a record $233 million, increasing cash balance to a record high of $1.1 billion at the end of Q2 [4] Business Line Data and Key Metrics Changes - Silver production totaled 5.1 million ounces in Q2, within guidance range, with all-in sustaining costs of $19.69 per ounce [7] - Gold production was 178,700 ounces, slightly below guidance, with all-in sustaining costs of $16.11 per ounce [9] - La Colorada mine led silver segment performance, achieving throughput of 2,130 tonnes per day, exceeding the target of 2,000 tonnes per day [8] Market Data and Key Metrics Changes - The silver market is in its fifth consecutive year of structural deficit, expected to persist, supporting silver prices [12] - Global photovoltaic installations and electronic applications are driving industrial demand growth for silver [12] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, sustaining and growing the business, and returning capital to shareholders [4] - Proposed acquisition of MagSilver is expected to enhance silver production and free cash flow generation while reducing consolidated silver segment costs [4][5] - Investment of $73.7 million in sustaining and project capital in Q2, with ongoing discussions for partnerships in the La Colorada Skarn project [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting production targets and maintaining strong cost control [13] - The company anticipates a supportive environment for gold and silver prices, with expectations of continued robust free cash flow [12][13] Other Important Information - A 20% dividend increase was announced, raising it from $0.10 to $0.12 per common share [6] - Total available liquidity at the end of Q2 was approximately $1.9 billion, allowing for flexibility in pursuing growth opportunities [7] Q&A Session Summary Question: Have the issues at Cerro Moro, El Penon, Timmins, and Florida been resolved going into Q3? - Management indicated that issues are being addressed aggressively, with some lingering into Q3, leading to a heavier gold production guidance for Q4 [17][20] Question: Should more non-core asset sales be expected in the second half? - Management confirmed they are working on smaller non-core asset sales, expecting a few to close by the end of the year [22][23] Question: What are the expectations for gold grades at Jacobina in the second half? - Management stated they are moving towards mining at reserve grades, with access to some higher grades expected [28][29] Question: Can you provide more details on the Escobal consultation process? - Management clarified that the consultation is led by the government, with Pan American participating as needed [30][31] Question: What is the timing for the Skarn project update? - Management indicated that updates will come in several months, with ongoing discussions about monetization and partnerships [36][40][45] Question: How will the MagSilver transaction be accounted for? - Management indicated it will likely be accounted for as an equity pickup, similar to previous transactions [63][64]

Financial Data and Key Metrics Changes - Free cash flow reached $146 million, enabling the repayment of the remaining balance on a revolving credit facility and funding initial share repurchases, resulting in a higher cash balance at quarter end [3][17] - Adjusted EBITDA is updated to over $800 million for the full year, with free cash flow expected to exceed $400 million [3][17] - Consolidated gold and silver production increased by 2527% respectively compared to the last quarter, totaling 108,000 ounces of gold and 4.7 million ounces of silver [5][6] - Total adjusted cash per ounce for gold and silver decreased by 56% respectively compared to the last quarter [5] Business Line Data and Key Metrics Changes - At Los Chispas, silver production reached nearly 1.5 million ounces and gold production added 16,000 ounces, both exceeding annual guidance levels [6] - Palmarejo generated $42 million of free cash flow, driven by gold and silver production increases of 186% respectively compared to the first quarter [6] - Rochester saw silver and gold production increase by 137% respectively compared to the prior quarter and by 5079% compared to last year's second quarter [7] - Kensington achieved a 17% quarter-over-quarter production increase, generating $20 million of free cash flow [8] - Wharf's quarterly gold production increased by 18% to over 24,000 ounces, leading to free cash flow of $38 million [9] Market Data and Key Metrics Changes - The company reaffirmed its overall production and cost guidance for 2025, anticipating a stronger second half of production growth and higher margins [4] - The adjusted EBITDA margin reached 51%, more than double the margin from the same time last year [16] Company Strategy and Development Direction - The company is focused on brownfield exploration potential around existing sites, with a significant increase in land positions around each asset [28] - The exploration program at Los Chispas is delivering promising results, with a focus on extending and infilling known veins [10][11] - The company aims to maintain a six-year mine life at Los Chispas while exploring opportunities for production growth [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a net cash position by year-end, supported by strong cash flow and a solid balance sheet [3][17] - The company anticipates generating second half free cash flow of between $250 million to $300 million based on updated pricing forecasts [18] - Management highlighted the importance of maintaining operational flexibility and efficiency across all sites [58] Other Important Information - The company fully repaid the $110 million balance on its revolving credit facility, a quarter ahead of schedule [17] - Cash and cash equivalents increased by 44% versus Q1 to $112 million [17] - The company is implementing a $75 million share buyback program as part of its return of capital strategy [17] Q&A Session Summary Question: Is there an opportunity to accelerate Silvertip into a development project? - Management indicated a five-year timeframe for Silvertip but noted potential to shorten it due to supportive measures for critical minerals projects in Canada [26][27] Question: What are the biggest items to drive production growth? - Management emphasized brownfield exploration potential across existing sites, with significant opportunities at Wharf, Palmarejo, Kensington, and Las Chispas [28][29] Question: Clarification on free cash flow and tax implications? - Management confirmed that Mexico will continue to pay quarterly taxes, while the U.S. will maintain a zero tax rate due to net operating losses [35][38] Question: Insights on the share buyback program and Las Chispas exploration? - Management described the buyback program as having both discretionary and non-discretionary components, with plans to increase repurchase activity post-second quarter results [47][48] - Exploration at Las Chispas is focused on high-grade blocks, with positive results expected to support mine life and production growth [50][55]