Sibanye Stillwater (SBSW) H1 2025 Earnings Call August 28, 2025 08:00 AM ET Company ParticipantsNeal Froneman - CEO & Executive DirectorRichard Stewart - CEO Designate & Executive DirectorKleantha Pillay - EVP - Sales & MarketingRichard Cox - Chief Regional Officer - SA regionCharles Carter - Chief Regional Officer of AmericasGrant Stuart - Head - Recycling & Global OperationsRobert van Niekerk - Chief Technical & Innovation OfficerMika Seitovirta - Chief Regional Officer - EuropeCharl Keyter - CFO & Execut ...

Financial Data and Key Metrics Changes - Group adjusted EBITDA increased by 120% compared to the same period in 2024, reaching ZAR 10 billion, and even excluding the 45X credits, it was still 51% higher [5][6] - Net debt to adjusted EBITDA ratio improved to 0.89 times, significantly below the market's earlier projections [6] - The total fair value of 45X credits is projected to increase to ZAR 12.6 billion by 2034, representing 32% of the acquisition value of the Stillwater operations [7] Business Line Data and Key Metrics Changes - South African PGM operations produced 840,400 ounces, a 4% decrease year-on-year, with underground operations consistent at 750,000 ounces [59] - South African gold operations saw a 36% increase in average gold price received, reaching slightly more than ZAR 1.8 million per kilogram, while adjusted EBITDA increased by 118% to ZAR 4.8 billion [65][66] - U.S. PGM operations produced 141,000 ounces at an all-in sustaining cost of $1,207 per ounce, reflecting a 41% decrease in costs compared to pre-restructuring [74] Market Data and Key Metrics Changes - Gold prices increased by 26% in the first half of the year, with average trading volumes reaching $329 billion per day, the highest for any half-year period on record [48] - PGM prices have rallied due to tight supply, with platinum prices outperforming driven by lower mine supplies [49] - Lithium market remains oversupplied, with average prices just over $9,000 per ton, affecting profitability for a third of lithium supply [56] Company Strategy and Development Direction - The company is focused on commodity diversification, particularly in gold and lithium, to stabilize earnings during volatile market cycles [25] - A multipolarity strategy is being implemented to enhance local supply of critical minerals, including a petition for a palladium trade remedy [8][26] - The company is investing in brownfield projects with low capital intensity to improve competitiveness and efficiency [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's increasing earnings trend and decreasing leverage, indicating a positive outlook for future performance [9] - The company acknowledges the challenges posed by geopolitical tensions and tariff impacts on market demand, particularly in the U.S. [46] - Future growth is anticipated in the PGM and lithium markets, despite current pressures, with a focus on sustainable practices and stakeholder engagement [30][57] Other Important Information - The company has launched a petition against unwrought palladium imports from Russia, addressing unfair trade practices [78] - The acquisition of Metalex is expected to enhance the company's recycling footprint and contribute to earnings [43] - The company is assessing the Burnstone project for potential future development [29] Q&A Session Summary Question: What is the outlook for dividend payments? - The company has decided not to pay dividends at the interim stage but will review this at year-end, with confidence in returning to dividend-paying territory if commodity prices remain stable [41] Question: How is the company addressing safety concerns? - The company reported three fatalities during the reporting period but noted improvements in safety frequency rates and a commitment to eliminating fatal incidents [21][22] Question: What are the expectations for the lithium market? - The lithium market is currently oversupplied, but the company remains bullish on long-term demand driven by electrification, forecasting a healthy CAGR for battery electric vehicle production [57]

Enhancing financial resilience through safe production Operating and financial results for the six months ended 30 June 2025 (H1 2025) Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward-looking statements. Forward-looking statements may be identif ...

All amounts expressed in U.S. dollars unless otherwise indicated. VANCOUVER, British Columbia, Aug. 28, 2025 (GLOBE NEWSWIRE) -- MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG”, or the “Company”) announces today that the preliminary results of the elections made by MAG shareholders of record regarding the form of consideration they wish to receive in connection with the previously announced plan of arrangement (the “Arrangement”) whereby Pan American Silver Corp. (“Pan American”) will acquire all of the ...

Group 1 - The Corporation, Newlox Gold Ventures Corp., is currently unable to file its audited financial statements for the fiscal year ended March 31, 2025, by the deadline of July 29, 2025, due to a management change and difficulties in obtaining necessary documents from Costa Rica for the audit [1][3] - A management cease trade order (MCTO) was issued by the British Columbia Securities Commission on July 30, 2025, prohibiting the Chief Executive Officer and Chief Financial Officer from trading in the Corporation's securities until the required filings are completed [2] - The Corporation has committed to providing bi-weekly default status reports in accordance with National Policy 12-203 while it remains in default of the filing requirements [5] Group 2 - Newlox Gold Ventures Corp. is focused on the recovery of gold and silver from artisanal and small-scale mining operations across Latin America, utilizing technology to recover precious metals and contribute to local economic development [6]

Core Insights - Nord Precious Metals Mining Inc. has identified high-grade silver, gold, and critical metals mineralization across an extensive vein network at the Castle East location on the Castle Silver Mine property, following a comprehensive review by Ronacher McKenzie Geoscience [1][2] Exploration and Technical Update - The company has established a high-grade mineralized zone within 2 kilometers of the last operating high-grade silver mine in the Cobalt area, identifying 29 veins through advanced modeling techniques [2][6] - The review included over 75,000 meters of drill data, which has significantly enhanced the understanding of the potential scale of the Castle East property [2][6] Future Plans - The company plans to commence drilling in the fall to further define and increase confidence in the structural modeling, aiming for an updated Resource Estimate [3] Key Highlights - Twenty-nine veins have been identified, with 21 modeled in Area A and 8 in Area B, confirming a localized stockwork system [6] - The model validates previously reported exceptional grades, positioning Castle East among the highest-grade silver discoveries globally [6][7] Company Overview - Nord Precious Metals operates the only permitted high-grade milling facility in the historic Cobalt Camp of Ontario, with a flagship property encompassing 63 square kilometers [7] - The Castle East discovery has delineated 7.56 million ounces of silver in Inferred resources, averaging 8,582 g/t Ag from two sections of the Robinson Zone [7] Strategic Positioning - The company's integrated processing strategy supports the recovery of high-grade silver and critical minerals, including cobalt and nickel, leveraging established infrastructure [8] - Nord maintains a strategic portfolio of battery metals properties, including a 35% ownership in Coniagas Battery Metals Inc. and the St. Denis-Sangster lithium project [9]

Group 1 - Starcore International Mines Ltd. has approved a non-brokered private placement for gross proceeds of up to $5,000,000, consisting of up to 20,000,000 units priced at $0.25 per unit [1] - Each unit includes one common share and one-half of a transferable common share purchase warrant, with the whole warrant exercisable for two years at a price of $0.35 per share, contingent on the share price reaching $0.50 for 10 consecutive trading days [1] - The proceeds will primarily be used for bulk sampling and the development of the Tortilla Project [2] Group 2 - The private placement is subject to acceptance by the Toronto Stock Exchange and required regulatory approvals, with a hold period of four months plus one day after the closing date for the issued securities [3] - The company may pay finders' fees to certain finders for their efforts related to the financing, and certain insiders may participate in this financing [2] Group 3 - Starcore International Mines is focused on precious metals production, particularly in Mexico, and has expanded its operations internationally, including a project in Côte d'Ivoire [4] - The company emphasizes Corporate Social Responsibility and aims to make value-driven decisions to enhance long-term shareholder value [4]

Core Viewpoint - Pan American Silver Corp. has received all necessary regulatory approvals for the acquisition of MAG Silver Corp., with the transaction expected to be completed around September 4, 2025 [1][2][7]. Company Overview - Pan American Silver Corp. is a leading producer of silver and gold in the Americas, operating mines in multiple countries including Canada, Mexico, Peru, Brazil, Bolivia, Chile, and Argentina. The company has a strong reputation for sustainability and financial management [3]. - MAG Silver Corp. is a growth-oriented Canadian mining and exploration company focused on high-grade precious metals projects, including a significant joint venture in the Juanicipio Mine in Mexico [4]. Transaction Details - The acquisition involves a total consideration of $500 million in cash and additional shares of Pan American for MAG shareholders, with an election deadline for shareholders set for August 27, 2025 [2][6]. - Shareholders can choose to receive either $20.54 in cash for each MAG Share or a combination of cash and Pan American shares [6].

Capitan Silver Executes Definitive Agreement to Acquire Strategic Land Package in Durango, Mexico August 22, 2025 7:00 AM EDT | Source: Capitan Silver Corp. Vancouver, British Columbia--(Newsfile Corp. - August 22, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or the "Company") is pleased to announce that it has executed a definitive agreement to acquire a strategic property package at its Cruz de Plata project, previously announced Letter of Intent (LOI) on June 9, 2025. The newly acquired property ...

Core Viewpoint - Sailfish Royalty Corp. reported its operating and financial results for Q2 2025, showing a decline in revenues and net income compared to the same period in 2024, while gross profit increased significantly [1][2]. Financial Performance - Revenues for Q2 2025 were $713,178, down from $1,026,242 in Q2 2024, representing a decrease of approximately 30.5% [3][5]. - Gross profit increased to $687,330 in Q2 2025 from $565,681 in Q2 2024, marking an increase of about 21.5% [3][5]. - Net income for Q2 2025 was $185,318, a significant drop from $1,141,470 in Q2 2024, indicating a decrease of approximately 83.7% [3][5]. - Basic and diluted loss per share remained at $0.00 for Q2 2025, unchanged from Q2 2024 [3][5]. Revenue Breakdown - Royalty revenue for Q2 2025 was $626,603, compared to $167,844 in Q2 2024, showing a substantial increase [5]. - Gold ounces earned from stream interests were 8 for Q2 2025, down from 365 in Q2 2024 [5]. - Silver ounces earned from stream interests were 1,672 for Q2 2025, whereas there were none in Q2 2024 [5]. Dividend and Share Repurchase - The company paid a dividend of $0.0125 per common share subsequent to Q2 2025, resulting in a total payment of $309,959 and the issuance of 360,419 common shares under the dividend reinvestment plan [4][5]. - A total of 529,300 common shares were repurchased for cancellation in the first half of 2025, compared to 983,400 in the same period of 2024 [5]. Research Engagement - Sailfish has engaged Atrium Research Corporation to provide sponsored research services for twelve months, starting September 10, 2025, for a fee of $24,000 [6][10]. Company Overview - Sailfish Royalty Corp. operates in the precious metals royalty and streaming sector, with key assets including a gold stream on the San Albino gold mine in Nicaragua, a gold mine project in Nevada, and a silver project in Mexico [8][9].