Core Insights - The company reported strong net earnings for the third quarter of 2025, driven by royalty revenue from the Borborema Gold Project and significant investment gains across its mining portfolio [1][2] - The acquisition of Maritime Resources by New Found Gold is seen as a validation of the company's long-term investment strategy, highlighting its ability to identify valuable assets [1][2] - The company ended the quarter with a robust cash position, no debt at the parent level, and a growing royalty revenue stream, positioning it for future growth [1][2] Financial Performance - In Q3 2025, the mining investment segment recognized royalty revenue of $0.7 million from the Borborema Gold Project, with Aura Minerals achieving commercial production on September 22, 2025 [2][4] - The reported net income from all portfolio investments for Q3 2025 was $84.0 million, a significant increase from $10.1 million in 2024, driven by fair value gains on investments in Saturn Metals and Ausgold [2][4] - For the first nine months of 2025, net income from portfolio investments was $129.6 million, up from $68.0 million in 2024, with key contributions from Saturn Metals and Ausgold [2][5] Equity and Shareholder Value - The company reported net earnings attributable to owners of $90.6 million for Q3 2025, compared to $7.3 million in 2024, resulting in earnings per share of $0.92 [9] - As of September 30, 2025, the carrying value of mining investments was $272.9 million, significantly higher than $144.4 million in 2024 [11] - The total number of shares issued and outstanding increased to 89,981,562 as of September 30, 2025, reflecting growth in shareholder equity [11] Segment Performance - The mining services segment reported a pre-tax loss of $0.1 million in Q3 2025, an improvement from a loss of $0.8 million in 2024 [8] - The corporate and others segment reported net earnings before taxes of $0.4 million in Q3 2025, compared to a loss of $2.0 million in 2024, driven by fair value increases in non-mining portfolio investments [6][7]

Financial Data and Key Metrics Changes - The company reported record operating income of $25 million for Q3 2025, with all-in sustaining costs (AISC) maintained below the target of $16.25 at $15.97 per ounce [4][5] - Cash position increased significantly from $20 million at the end of 2024 to $107 million as of December 30, 2025, primarily due to an $87 million distribution from the Peak Gold joint venture [8] Business Line Data and Key Metrics Changes - Q3 production exceeded plans by approximately 2,000 ounces, contributing to the record operating income [4] - The company processed 287,000 tonnes at a recovery rate of 92.5% in Q3, with a grade of 0.214 ounces per tonne [23] Market Data and Key Metrics Changes - The company noted stable diesel prices and low oil prices as factors contributing to lower AISC, which is significant given the transportation costs involved in ore movement [5][6] Company Strategy and Development Direction - The company aims to focus on organic growth through projects like Lucky Shot and Johnson Track, while also considering M&A opportunities within Alaska, BC, and Yukon [46][48] - The strategy includes continuing to explore and develop existing resources while maintaining a solid five-year plan for growth [49][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current operational strategy and the potential for future growth, emphasizing the importance of maintaining a strong cash position and minimizing debt [46][48] - The management highlighted the significance of the successful blending of low-grade oxide ore with Fort Knox ore, achieving a 94% recovery rate, which could lead to processing additional previously uneconomic materials [18][20] Other Important Information - The company is currently mobilizing a drill rig for a 15,000-meter underground infill program at Lucky Shot, with production estimates of 30,000 to 40,000 ounces annually [29][30] - The permitting process for the Johnson Track project is ongoing, with expectations to receive necessary permits by Q1 of the following year [40][41] Q&A Session Summary Question: What is the strategic thinking behind capital allocation? - The company aims to pay off hedges and debt quickly while maintaining production ahead of schedule, which has saved approximately $2.4 million this quarter [9][10] Question: Can you provide insight into adjusted net income? - Adjusted net income was introduced to clarify the impact of unrealized derivative hedge losses, which amounted to a $30 million impact on the P&L due to fluctuations in gold prices [12][13] Question: What is the expected timeline for the old hedges to be fulfilled? - The objective is to deliver into hedges by September 2026, with the last ones maturing in mid-2027 [52][54] Question: How large is the net operating loss carry forward? - The company anticipates not paying taxes this year or next, as it plans to offset costs from Lucky Shot against profits from Montchaux [56][57] Question: What are the upcoming plans for the Johnson Track project? - The company is focused on obtaining permits for the underground exploration drift and plans to mobilize equipment for road construction next summer [40][41]

Illegal Mining Activities and Risks - Illegal mining involves gold theft, estimated at billions [1] - Illegal miners face significant risks, including potential death [2] - Minors are involved in illegal mining activities [2] - Food scarcity is a major issue for illegal miners, with some resorting to eating insects [2] - The architecture of some illegal mining shafts extends a kilometer deep into the earth [2] Socio-Economic Factors - Illegal mining provides a livelihood for some families [1] - Some individuals turn to illegal mining due to lack of educational opportunities [2] - The loss of a parent can lead individuals to engage in illegal mining [2] Government and Law Enforcement - The South African government is losing billions due to illegal mining [2] - There are calls for the government to shut down illegal mines across the country [2] - Law enforcement is needed to address illegal mining activities [2] - Some police officers should be stationed full-time at the mining sites where illegal mining started [2] Challenges and Conditions - Illegal miners face physically demanding conditions [2] - Miners pray for survival during their work [2] - The journey from the bottom of the mine to the top is difficult and dangerous [2]

NYSE-A:CTGO CORPORATE PRESENTATION Investors are cautioned that while the S-K 1300 definitions are "substantially similar" to the NI 43-101 definitions, there are differences between the two. Accordingly, there is no assurance any mineral reserve or mineral resource estimates that Peak Gold may report as "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had CORE prepared the mineral reserve or mineral r ...

Stocks initially extended yesterday's sell-off but have shown a significant recovery attempt over the course of the trading day on Friday. The major averages have climbed well off their worst levels of the day, with the Nasdaq and the S&P 500 reaching positive territory.Currently, the major averages are turning in a mixed performance. The Nasdaq is up 66.30 points or 0.3 percent at 22,936.66 and the S&P 500 is up 0.97 points or less than a tenth of a percent at 6,738.46, although the narrower Dow remains d ...

Core Insights - Namib Minerals has entered into a strategic partnership with Bitumen World Mining for the retreatment of sands at How Mine in Zimbabwe, which contains an inferred resource of 213 Koz of gold [3][4] - BW Mining has mobilized equipment and begun preparatory work for the initial testing phase of the sands, with expectations to leverage firm gold prices for efficient extraction [4][5] - The project aims to enhance overall EBITDA and deliver stronger returns to shareholders, contingent upon successful testing and market conditions [5][6] Group 1 - The partnership with BW Mining is a strategic move to capitalize on existing resources and improve operational efficiency [3][4] - How Mine's surface sands resource is significant, with 213 Koz of gold identified in the inferred resource category [3] - The initial phase of testing has commenced, with BW Mining's operational capacity expected to facilitate effective gold extraction [4][5] Group 2 - The project is designed to increase EBITDA and provide additional value from current resources, aligning with the company's long-term value strategy [5][6] - The partnership complements ongoing capital projects aimed at higher-return opportunities within the company's portfolio [6]

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Core Viewpoint - Norsemont Mining Inc. has initiated its Phase 3 exploration drill program at the Choquelimpie project in northern Chile, focusing on high-grade gold zones at depth beneath the current resource [1][3]. Group 1: Phase 3 Drill Program - The Phase 3 drill program will involve up to 5,000 meters of diamond drilling using two drill rigs, with drilling expected to continue through late December [1][8]. - The program aims to evaluate down-dip extensions of high-grade gold mineralization within hydrothermal breccia zones, consisting of up to 20 holes averaging 250 meters in length [3][8]. Group 2: Management Insights - CEO Marc Levy expressed excitement about the Phase 3 drilling, highlighting the potential for discovering higher-grade gold zones at depth and the importance of this program in defining the scale and continuity of mineralization [3][9]. - The drilling will target several zones, including Choque, Vizcacha, and Suri, with expectations for steady progress and consistent updates over the coming months [3][9]. Group 3: Historical Context and Infrastructure - Historical production at Choquelimpie from 1988 to 1996 focused on near-surface oxidized mineralization, leaving deeper sulphide resources largely unexplored [5]. - The project has over 1,710 drill holes and significant existing infrastructure, including roads, power, water, camp, and a 3,000-tonne-per-day mill, indicating strong exploration upside [9]. Group 4: Operational Details - Norsemont's Chilean subsidiary, SCM Vilacollo, has contracted DV Drilling Ltd. to conduct the drilling program, which will operate on a 24-hour schedule [4][8].

Core Insights - ArcelorMittal S.A. reported a third-quarter 2025 net income of $377 million, or 50 cents per share, an increase from $287 million, or 37 cents per share, in the same quarter last year [1] - Adjusted earnings were 62 cents per share, surpassing the Zacks Consensus Estimate of 58 cents [1] - Total sales increased approximately 3% year over year to $15,657 million, exceeding the consensus estimate of $14,711 million [1] Financial Performance - Total steel shipments rose 1.5% year over year to 13.6 million metric tons, beating the consensus estimate of 13.57 million metric tons [2] - Cash and cash equivalents at the end of the quarter were $5,733 million, up from $5,443 million in the prior quarter, with net debt around $9.1 billion [6] Segment Performance - **North America**: Sales increased 20% year over year to $3,111 million, with crude steel production up 0.6% to 1,662 million metric tons and steel shipments rising 8.6% to 2,615 million metric tons, exceeding the consensus estimate of 2,555 million metric tons [2] - **Brazil**: Sales decreased 13% year over year to $2,807 million, with crude steel production down 6% to 3,595 million metric tons and shipments falling 6.8% to 3,530 million metric tons, missing the consensus estimate of 3,646 million metric tons [3] - **Europe**: Sales rose 0.6% year over year to $7,186 million, with crude steel production declining nearly 7.8% to 7,251 million metric tons, while shipments increased around 3% to 7,001 million metric tons, surpassing the consensus mark of 6,871 million metric tons [4] - **Mining**: Sales increased 24.3% year over year to $732 million, with iron ore production totaling 8.5 million metric tons, up 28.8% from the previous year [5] Future Outlook - The European Commission's new steel-sector trade tool and the Carbon Border Adjustment Mechanism (CBAM) are expected to enhance fair competition and support industry capacity utilization [7] - The company remains optimistic about its medium- and long-term outlook, anticipating benefits from rising steel demand linked to energy transition, infrastructure development, and defense needs [8] - Recent M&A activities and high-return organic growth projects are expected to boost future EBITDA by $2.1 billion, including $0.7 billion in 2025 and $0.8 billion in 2026 [10] Market Performance - ArcelorMittal's shares have gained 57.9% over the past year, contrasting with a 14.3% decline in the industry [11]

Artificial intelligence stocks have come under heavy selling pressure. But the same can't be said for gold stocks, which continue to show impressive relative strength in the stock market. It looked like gold stocks were ready to consolidate when IBD's gold group fell below its 50-day moving average in late October. But it didn't take long for the group to… BREAKING: Stock Market Ends Wild Week Narrowly Mixed Related news CrowdStrike Leads Five Stocks To Watch Near Buy Points Get market updates, educational ...