Core Viewpoint - China Gold International (02099) reported significant financial improvements for the six months ending June 30, 2025, with substantial increases in revenue, profit, and gold sales [1] Financial Performance - Sales revenue reached $580 million, a year-on-year increase of 178.36% [1] - Mining operating profit was $277 million, reflecting a year-on-year increase of 1443.71% [1] - Shareholders' profit amounted to $200 million, a turnaround from a loss of $31.67 million in the same period last year [1] - Basic earnings per share were 50.53 cents [1] Gold Pricing and Sales - The average selling price of gold rose by 35% from $2,285 per ounce in the first half of 2024 to $3,094 per ounce in the first half of 2025 [1] - Longshanhao mine's gold sales were 52,893 ounces (gold production: 45,829 ounces), compared to 39,951 ounces (gold production: 40,257 ounces) in the same period of 2024 [1]

Financial Data and Key Metrics Changes - Operating earnings increased from a loss of $3.1 million in Q2 of last year to an income of $23 million this quarter [8] - Net income improved from a loss of $18.5 million in Q2 of last year to a net income of $15.9 million this quarter [9] - Earnings per share rose from a loss of $1.9 to a profit of $1.24 per diluted share [16] Business Line Data and Key Metrics Changes - Cash costs for the quarter were $14.16, with year-to-date costs at $13.75 [4] - All-in sustaining costs were $15.48 for the quarter and $14.62 year-to-date [4] - The company processed 250,000 tons of ore at a grade of 0.23 ounces per ton in the current campaign, compared to 255,000 tons at 0.22 ounces per ton in Q2 of the previous year [21] Market Data and Key Metrics Changes - The average realized gold price was $3,274 per ounce, compared to a blended carry trade price of $2,441 [16] - The company’s hedge position is currently at just under 63,000 ounces, expected to decrease to about 43,000 ounces by year-end [30] Company Strategy and Development Direction - The company is focused on debt reduction and advancing projects like Johnson Track and Lucky Shot, with a goal to reduce debt from $23 million to around $15 million by year-end [30][31] - The strategy includes maintaining a low share count and ensuring operational efficiency to maximize margins [51][60] - The company aims to produce 30,000 to 40,000 ounces annually from Lucky Shot, with a diluted grade above 10 grams [80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational smoothness and the potential for increased gold production as the market conditions remain favorable [51][63] - The company is optimistic about the gold price outlook and is focused on prudent growth without taking excessive risks [52][89] Other Important Information - The lawsuit regarding the beluga whale issue is still ongoing, with the company involved in the legal proceedings [68] - The company is considering monetizing its Onex shares but is currently restricted by escrow agreements [78] Q&A Session Summary Question: How long will campaign three last and potential timing of the check from the JV? - Campaign three is expected to last roughly three weeks, with distributions anticipated in late September [65][66] Question: Is there still a beluga whale lawsuit issue? - Yes, the lawsuit is ongoing in federal court, and the company has joined the lawsuit [68] Question: What allowed the ASIC for the second quarter to be lower than expected? - The lower ASIC was attributed to favorable weather conditions and operational efficiencies, with expectations to remain below the target of $16.25 [70][72] Question: Are there plans to monetize the Onex shares? - Yes, the company is considering the timing for monetization but is currently restricted by escrow agreements [77][78] Question: What are the upcoming catalysts for Contango? - The focus will be on drilling underground at Lucky Shot and advancing the Johnson Track project [79]

Financial Data and Key Metrics Changes - Gold sales totaled approximately 8,400 ounces for the quarter, an increase over the prior year period, with total revenue from gold sales rising to approximately CAD28 million, driven by higher ounces sold and a higher average realized gold price of CAD3,301 per ounce [21][22] - The company concluded the quarter with a net loss position of CAD0.05 per share, primarily due to the ramp-up and development stage of operations [21] - Cash position was approximately CAD134 million at the end of the second quarter, a significant increase from the previous quarter due to net proceeds from equity offerings [22] Business Line Data and Key Metrics Changes - At Granite Creek Underground, mining volumes during the second quarter were ahead of the prior year period, with approximately 24,000 tonnes of oxide material mined at a gold grade of 11.4 grams per tonne [12] - Company-wide, the expectation is to extract between 30,000 to 40,000 ounces of gold in 2025, including 20,000 to 30,000 ounces from Granite Creek and approximately 10,000 ounces from heap leach pads [14] Market Data and Key Metrics Changes - The company has a significant resource base with 6.5 million ounces of measured and indicated gold resources and 7.5 million ounces of inferred resources, along with approximately 100 million ounces of silver [10] Company Strategy and Development Direction - The company aims to establish itself as a Nevada-focused mid-tier gold producer, with a clear three-phase build-up in average annual target production to over 600,000 ounces of gold by the early 2030s [7][8] - The first phase focuses on high-grade underground projects, with expected production increasing from less than 50,000 ounces per year to a target of 150,000 to 200,000 ounces by 2028 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving steady-state production at the first mine and advancing infill drill programs to support upcoming feasibility studies, indicating a transformative period for the company in the next twelve to eighteen months [24] - The management highlighted the importance of the Lone Tree processing facility refurbishment, which is expected to significantly increase recovery rates and payability on refractory material [19] Other Important Information - The company raised gross proceeds of CAD186 million through a bought deal offering and private placement to strengthen its balance sheet and fund development plans [22] - The company is pursuing the sale of non-core assets and potential royalty sales to enhance liquidity [23] Q&A Session Summary Question: Expectations for tons and grades at Granite Creek - Management indicated that ore tonnes have not been affected by water issues and are on track for development [28][30] Question: Timeline for dewatering and waste development - Management stated that meaningful progress is expected once dewatering wells and water treatment facilities are in place, anticipated by the end of the year [30] Question: Autoclave refurbishment CapEx - The expected CapEx for the refurbishment is in the range of CAD350 million to CAD400 million, with final numbers to be confirmed soon [54] Question: Revenue expectations for Q3 and Q4 - Management expects total production for the year to be between 30,000 to 40,000 ounces, with a potential step change in production in the latter half of the year [46][47] Question: Recapitalization and liquidity - The recapitalization plan aims to address existing liabilities and fund the autoclave refurbishment, with potential liquidity from asset sales [48][49] Question: Updates on drilling results at Granite Creek - Early results from the South Pacific zone are consistent with expectations, with preliminary results anticipated in early September [59]

Investment Rating - The report maintains a positive investment rating for the company, indicating strong growth potential in the gold mining sector [6]. Core Insights - The company is a leading global gold mining firm, formed by integrating all gold mines of Zijin Mining outside of China, and is one of the fastest-growing companies in the gold mining industry [1][9]. - As of the end of 2024, the company ranks ninth globally in gold reserves and eleventh in gold production, with a compound annual growth rate (CAGR) of 61.9% in net profit from 2022 to 2024 [1][9]. - The company operates seven controlling gold mines and one associate mine across eight countries on four continents, with a total gold resource of 1,614 tons and a reserve of 856 tons as of the end of 2024 [2][12]. Summary by Sections Company Overview - The company has a strong historical growth trajectory, starting from the acquisition of the Tajikistan Jilau/Talco gold mine in 2007, and has since expanded its operations significantly [1][9]. - The company’s financial performance shows a robust increase in both volume and price, with a CAGR of 21.4% in gold production from 2022 to 2024 [9]. Resource Project Introduction - The company’s gold mines are distributed globally, with significant operations in Tajikistan, Kyrgyzstan, Australia, Papua New Guinea, Colombia, Suriname, and Ghana [12][14]. - The average grade of the company’s gold resources is 1.4 g/t, with a total estimated gold metal content of 1,796.5 tons [16][17]. Financial Performance - The company’s total production in 2024 is projected to be 46.7 tons, with an annualized growth rate of 9.6% in gold production from 2022 to 2024 [18][19]. - The all-in sustaining cost (AISC) has increased from $1,046 per ounce in 2022 to $1,458 per ounce in 2024, but the growth in costs has been well-controlled in 2024, with only a 0.6% increase year-on-year [20][21]. Core Competitiveness - The company’s competitive edge lies in its effective incentive mechanisms, a professional management team, strong acquisition capabilities, and operational efficiency [4][9]. - The company is actively pursuing acquisitions to enhance its resource base, particularly during periods of low metal prices, and has a strong exploration capability to optimize resource acquisition costs [4][9]. Industry Outlook - The report suggests that the gold market is poised for growth, driven by anticipated interest rate cuts and increased gold purchases by central banks amid rising geopolitical risks and declining currency credit [4][9]. - The report highlights that global central banks have been significant buyers of gold, with purchases exceeding 1,000 tons for three consecutive years, indicating a bullish outlook for gold prices [4][9].

Orla Mining (ORLA) Q2 2025 Earnings Call August 12, 2025 10:00 AM ET Speaker0Good morning, ladies and gentlemen, and welcome to the Orla Mining's Conference Call for the Second Quarter twenty twenty five Results. My name is Eric, and I'll be your conference operator today. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Please be advised that this call is being recorded.I would like to turn the meeting over to Andr ...

Group 1 - The core point of the article is the announcement of the successful bid for the transportation project of ore and tailings at the New Town Gold Mine by Shandong Gold Mining Co., Ltd. [1] - The winning supplier for the project is Yantai Jinchang Automobile Service Co., Ltd. with a bid amount of 5,719,900.0 [3] - The announcement was made on August 7, 2025, and the project is located in Shandong Province [3] Group 2 - Shandong Gold Mining Co., Ltd. has made investments in 27 enterprises and participated in 4,165 bidding projects [1] - The company holds 3 trademark registrations, 53 patents, and 6 copyright registrations [1] - Additionally, the company possesses 29 administrative licenses [1]

Group 1 - Company Chifeng Jilong Gold Mining (06693.HK) will hold a board meeting on August 22, 2025, to review and approve the unaudited interim results for the six months ending June 30, 2025, and to consider the declaration of an interim dividend, if any [1] - The stock of Chifeng Jilong Gold has experienced a decline of over 5% amid a broader downturn in gold stocks, with spot gold prices falling below $3,370 [2]

灵宝黄金公告，本集团预计截至2025年6月30日止6个月取得收入约人民币74.92亿元至人民币79.2亿元， 较截至2024年6月30日止6个月的收入约人民币42.81亿元增加介于约75%至85%;以及截至2025年6月30日 止6个月取得净利润人民币介于约6.56亿元至人民币6.87亿元，较截至2024年6月30日止6个月的净利润约 人民币1.53亿元增加介于约330%至350%。 香港联交所最新资料显示，8月8日，灵宝黄金(03330)股东将股票由浦银国际证券转入申万宏源证券 （000562）香港，转仓市值5.17亿港元，占比4.15%。 ...

机构：中金公司 研究员：王政/齐丁/陈彦 公司近况 据公告，公司于2025 年6 月末完成了SND 金铜矿项目第一阶段资源勘探工作，于2025 年8 月7 日出具了 符合JORC 标准的资源估算报告，增储黄金70.7 吨、铜33.2 万吨。本次矿产资源估算工作由公司万象矿 业勘探部门完成，并由独立的国际性矿业咨询机构SRK 审查。 评论 成功完成港股上市，公司发展有望驶入快车道。据公告，2025 年3 月10 日，公司成功在港股上市，募 集资金中40%用于新矿山并购。我们认为，公司此次打通海外融资通道，可加速并购步伐，扩大资源储 备，进一步提升产量。 盈利预测与估值 我们维持公司2025/2026 年盈利预测29.92/31.86 亿元，当前股价对应2025/2026 年16x/15x P/E。维持跑 赢行业评级。维持目标价35.21 元，对应2025/2026 年22x/21x P/E，较当前股价有38%的上行空间。 风险 产品价格大幅波动，项目进展不及预期，海外地缘政治风险。 矿区内发现SND 金铜矿项目，有望增厚公司黄金权益资源量28%。资源估算量大，据公告，公司老挝 矿区探获黄金当量（铜合并折算为黄金 ...

截至2025年8月6日收盘，山东黄金(600547)报收于32.25元，上涨1.57%，换手率0.9%，成交量32.64万手，成交额10.47亿元。 董秘最新回复 投资者： 请问，山东黄金预计2025年的营收是多少？ 董秘： 尊敬的投资者您好，公司营业收入主要受黄金产量、黄金销量、黄金价格等多重因素影响。公司2025年一季度营业收入259.35亿元，同比 增长36.81%，持续巩固向上向好发展态势。感谢您的提问！ 投资者： 你好，山东黄金，公司收购大桥金矿采矿权己经两年多了，还没有开工收益，什么原因，是亚特和刚泰大冶公司纠纷问题吗，有没有计 划打算收购刚泰控股，刚泰控股三板400097，股价每股只有0.09元，只要花5000万就成为控股大股东，对比收购银泰（山金国际）花了100亿多， 是非常划算投资，为什么不推行。可以把刚泰控股收购后改名"甘肃黄金"，在甘肃西和县在创一个千亿市值的"山东黄金"，不好吗？。 董秘： 尊敬的投资者您好，公司正在积极推动甘肃地区金矿项目的开发建设，2025年4月9日发布了《关于推动甘肃地区金矿项目开发建设的公 告》，项目后续开发建设进展将根据信息披露规则要求及时进行披露。感谢您的关 ...