Core Viewpoint - Central Iron Ore Limited (CIO) has announced a drilling update for the British King Project, highlighting the completion of a second phase of reverse circulation (RC) drilling and upcoming mineral resource estimates [1][2]. Drilling Update - The second phase of RC drilling at the British King Project was completed in Q2 2025, covering tenements M37/30 and M37/631, targeting both lateral and vertical extensions of the British King lode [2]. - A total of 10,262 meters were drilled across seventy-seven drillholes, with 4,694 meters drilled over thirty holes on tenement M37/30 [2]. Assay Results and Future Plans - Assay results for the majority of the drilling program have been received, and quality assurance and quality control checks are nearing completion [3]. - Interpretation of the assay data is currently underway, and a decision regarding the need for additional infill drilling will be made subsequently [3]. - An updated Mineral Resource Estimate (MRE), following the 2024 revision, is scheduled for release in Q3 2025 [3]. Qualified Person - Mr. Andrew Bewsher, a director of BM Geological Services Pty Ltd, has compiled the information related to the RC drilling program and is recognized as a Qualified Person under NI 43-101 [5].

Summary of Fenix Resources Conference Call - July 24, 2025 Company Overview - **Company**: Fenix Resources (4ER) - **Industry**: Mining, specifically iron ore extraction and logistics in Western Australia Key Points and Arguments 1. **Operational Success**: Fenix Resources has had a successful year, producing 760,000 tonnes in June, with a cash cost of $59.50 Australian FOB Geraldton, demonstrating a strong operational performance compared to industry peers [4][18] 2. **Production Capacity**: The company is on track to increase production to 4,500,000 tonnes per annum, with the first shipment from the Bibben W 11 mine expected in August [17][25] 3. **Financial Performance**: Fenix has generated $1 billion in revenue, paid back $65 million in dividends, and invested around $200 million into the business since its inception [8][18] 4. **Logistics and Infrastructure**: The company operates a state-of-the-art logistics and haulage business, with significant infrastructure at the Port of Geraldton, capable of exporting over 10 million tonnes of bulk commodities annually [7][20] 5. **Market Position**: Despite strong operational metrics, the company's market cap remains at $200 million, indicating potential undervaluation given its cash flow generation capabilities [18][26] 6. **Future Growth**: Fenix is focused on expanding ore reserves and unlocking value from previously defined resources, with a right to mine 10 million tonnes from the Sinosteel Midwest Corporation [29][31] Additional Important Content 1. **Community Engagement**: The company has created 300 jobs in the Midwest and is actively addressing local housing issues by building 50 dwellings in Geraldton [23][24] 2. **Strategic Partnerships**: Fenix has a collaborative agreement with Sinosteel, which may facilitate the expansion of mining operations based on demonstrated economic viability [30][31] 3. **Market Dynamics**: The iron ore market is experiencing price increases, with prices between $95 and $98 per tonne during the June quarter, which bodes well for future cash flows [17][18] 4. **Operational Efficiency**: The company has a unique logistics model that integrates mining and port services, enhancing operational efficiency and cost management [18][22] This summary encapsulates the key insights from the Fenix Resources conference call, highlighting the company's operational achievements, financial performance, and strategic direction within the mining industry.

Financial Data and Key Metrics Changes - The company faced challenges in June due to weaker iron ore prices, resulting in a cash outflow of AUD 15 million for the quarter [4][10] - The average realized price of Coolin Island fines decreased by 29% to USD 68 per dry metric tonne [9] - Total cash flow generated for the full fiscal year was AUD 29 million, with revenue of AUD 359 million and cash operating costs of AUD 264 million [11] Business Line Data and Key Metrics Changes - Total material movement was 2.2 million tonnes, with ore mining increasing by 22% to 680,000 tonnes [7] - June ore processing increased by 14% to 811,000 tonnes, with total annual processing at 2.6 million tonnes [7] - Eight shipments were completed in the quarter, totaling 632,000 wet metric tonnes at an average grade of 63.9% [8] Market Data and Key Metrics Changes - The benchmark 62% FE iron ore index averaged USD 98 per dry metric tonne, down from USD 104 [9] - The high-grade 65 index averaged USD 108 in the quarter, with a recent increase to USD 118 per dry metric tonne [9] - The Australian dollar strengthened, averaging USD 0.641 compared to USD 0.627 in the previous quarter [10] Company Strategy and Development Direction - The company is focused on maximizing cash flow from Kulin over the next 12 to 18 months and advancing the AUD 50 million acquisition of a half interest in the Central Tanami gold project [5][12] - The acquisition is seen as a critical step to reposition the company as a diversified long-life minerals producer [5] - The company aims to enter the gold sector and build a profitable gold business, with a target for a development decision within 12 to 18 months [12][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the operational challenges due to weather and pricing but expressed optimism for fiscal 2026, targeting sales of 3 million to 3.2 million tonnes [4][8] - The company anticipates a stronger performance through fiscal 2026, with a focus on safely maximizing production and cash flow generation [17] - Management highlighted the potential for resource growth through further drilling in the Central Tanami project [14] Other Important Information - The company has paused its share buyback program during negotiations and is reassessing it ahead of the full-year results [16] - The company has made strategic investments in other mining companies, including a 9.8% stake in Fenix Resources and a 5.4% stake in AIC Mines [16] Q&A Session Summary - No questions were asked during the Q&A session, and the company encouraged participants to reach out for any inquiries regarding the announcements [19][20]

Core Insights - Globex Mining Enterprises Inc. highlights an update from Cerrado Gold Inc. regarding the Mont Sorcier Iron/vanadium project in Quebec [1] Project Development - The Mont Sorcier project is undergoing detailed metallurgical test work and flow sheet design, with an infill drill program initiated to update resources to Proven and Probable categories for ongoing feasibility [2] - The Bankable Feasibility Study aims to provide detailed insights into the project's potential, building on the 2022 NI 43-101 Preliminary Economic Assessment which indicated a project NPV of US$1.6 billion based on iron concentrates with 65% iron content [3] - Improved metallurgical results suggest the potential to produce a high purity DRI grade iron ore concentrate exceeding 67% iron, which could enhance project value and support the Green Steel transition [3] Financial Interests - Globex holds a 1% Gross Metal Royalty on iron production from the Mont Sorcier property, indicating a financial interest in the project's success [4] Company Information - The company has 56,095,636 shares issued and outstanding, reflecting its market presence [6]

Investment Rating - The report maintains a cautious outlook on the overall market, with a specific focus on iron ore, indicating potential upside if property support is provided in China [6]. Core Insights - China's GDP growth for the June quarter was reported at +5.2% year-on-year, slightly above the consensus of +5.1%, driven by front-loading of exports and earlier government bond issuance [1]. - Industrial production growth accelerated to 6.8% year-on-year, surpassing the consensus of 5.6%, while retail sales growth slowed to 4.8%, below the expected 5.3% [3]. - The property sector shows signs of weakness, with starts and sales down 20% and 15% year-on-year, respectively, leading to concerns about sentiment risk if significant stimulus is not implemented [2]. - Iron ore prices are expected to stabilize within the US$90-100 per ton range, supported by potential property policy support, despite an increase in supply [2]. - The electric vehicle (EV) sector remains robust, with EV output growing by 21% year-on-year, indicating strong demand in the automotive sector [5]. Summary by Sections Mining Strategy - The report highlights mixed economic indicators for China, with a focus on the property sector's impact on overall market sentiment [1]. Iron Ore - Following a decline in property signals, the China Urban Work Conference indicated a shift in urban development focus, which may affect iron ore demand [2]. - Iron ore prices could benefit from any incremental property support, despite a projected increase in supply [2]. Base Metals - Industrial production growth is strong, but retail sales are weaker than expected, suggesting that stimulus measures may need to be reevaluated [3]. Coal - The coal sector faces persistent oversupply, with production increasing by 3% year-on-year, leading to bearish fundamentals in the near term [4]. Battery Raw Materials - The EV market continues to show strength, with significant year-on-year growth in output, supported by favorable trade conditions [5]. UBS View - The report suggests a cautious approach to investments, with a focus on iron ore as a potential area for upside if property support is realized [6].

Transaction Overview - Mount Gibson Iron (MGX) is acquiring a 50% interest in the Central Tanami Project JV (CTPJV) from Northern Star Resources Ltd (NST)[10] - The acquisition cost is $50 million, plus adjustments[10] - The transaction is conditional and expected to be completed by March 31, 2026[26] Central Tanami Gold Project (CTPJV) - The CTPJV has a significant Mineral Resource of 1.6 million ounces of gold (100% basis)[10] - The project area covers approximately 5,700 square kilometers[10] - The Groundrush gold deposit within the CTPJV produced over 600,000 ounces of gold between 2001 and 2005 at 4 g/t Au[24,36] - The CTPJV includes a non-operating 1.2 Mtpa Carbon-in-Leach processing plant[24] Mount Gibson Iron (MGX) - MGX has substantial cash and investment reserves of $460 million as of March 31, 2025[16] - MGX has shipped over 40 million tonnes of iron ore since 2007 from Koolan Island[16] - MGX's Koolan Island mine is in its final 12-18 months of mine life[16] Valuation and Comparables - The acquisition multiple is $61/oz based on JORC 2012 Mineral Resource or $38/oz including historical (JORC 2004) estimates[29] - The average comparable transaction multiple is $174/oz[29]

Core Viewpoint - The analysis expresses skepticism towards Vale (VALE) due to its heavy reliance on iron ore, which may pose risks to its financial stability and growth potential [1]. Group 1: Company Analysis - Vale's excessive dependence on iron ore is highlighted as a significant concern, suggesting that this reliance could limit diversification and expose the company to market volatility [1]. - The analyst identifies a need for Vale to explore growth opportunities beyond iron ore to enhance its investment appeal [1]. Group 2: Investment Perspective - The analysis is framed from a value investing standpoint, focusing on identifying undervalued stocks with potential for growth, indicating that Vale may not currently fit this criterion [1].

Core Points - Black Iron Inc. held its annual and special meeting of shareholders on June 13, 2025, where nominees listed in the management information circular dated May 6, 2025, were elected as directors of the Company [1] - A total of 34,637,832 common shares were voted at the Meeting, representing approximately 11.3% of the issued and outstanding common shares of the Company [3] Election Results - Matthew Simpson received 22,279,344 votes for (99.823%) and 39,569 votes withheld (0.177%) [2] - Bruce Humphrey received 22,186,338 votes for (99.406%) and 132,575 votes withheld (0.594%) [2] - John Detmold received 22,156,338 votes for (99.272%) and 162,575 votes withheld (0.728%) [2] - Pierre Pettigrew received 22,280,344 votes for (99.827%) and 38,569 votes withheld (0.173%) [2] - David Porter received 21,903,338 votes for (98.138%) and 415,575 votes withheld (1.862%) [2] - Zenon Potoczny received 22,279,344 votes for (99.823%) and 39,569 votes withheld (0.177%) [2] Company Overview - Black Iron is an iron ore exploration and development company focused on its 100% owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine [4] - The project is surrounded by five other operating mines, including Metinvest's YuGOK and ArcelorMittal's iron ore complex [4]

Investment Rating - The report indicates a bearish outlook for the iron ore market, with price forecasts suggesting a decline to $92/t by December 2025 and $87/t by December 2026, reflecting a decrease of 3% and 8% from the current front-month prices [3][4]. Core Insights - The report highlights a consensus among industry players regarding a bearish iron ore price outlook, driven by factors such as slowing global economic growth, reduced steel demand in China and beyond, and increased supply from projects like Mineral Resources' Onslow and the Simandou Project [4][5]. - The forecast for Q4 2026 suggests a price of $80/t, which is at the lower end of expectations, influenced by rising iron ore port stocks in China, a projected 2% year-over-year decline in domestic steel demand in 2025, and an anticipated appreciation of the CNY/USD exchange rate [5][8]. - The report notes that prices need to remain around $80/t for an extended period to eliminate less price-responsive supply from the market, particularly as global seaborne demand is expected to decline significantly [8]. Summary by Sections Price Outlook - The report anticipates iron ore prices to range between $95-100/t for Q2-Q3 2025, followed by a decline to $90/t in Q4 due to various economic factors [4]. - The bearish sentiment is reinforced by expectations of further price declines in 2026, with most forecasts clustering in the $80-90/t range [5]. Supply and Demand Dynamics - A significant decline in China’s domestic iron ore production is expected, with projections of an 8% decrease in 2025 and a further 16% decrease in 2026, attributed to lower demand despite initiatives to boost production [14]. - The report emphasizes that while there is a structural decline in China’s steel output, no strict government-mandated production cuts are anticipated in the near term due to improved steelmaking margins [9]. Export Factors - The strength of China’s steel exports is identified as a critical factor influencing steel production, with expectations of a decline in direct steel exports due to anti-dumping duties and base effects [10][11]. - Despite a projected decline in net exports, the report suggests that China may still manage to sustain higher export levels by shifting focus to long and semi-finished steel products [11].

Highlights FL-001: 69.5% Fe at 81% recovery from 59.7% 6mm fraction sample (1500,2500,7500 Guass) FL-002: 66.9% Fe at 73% recovery from 59.7% 6mm fraction sample (1500, 2500,7500 Guass) FL-003: 68.7% Fe at 78% recovery from 64.9% 2mm fraction sample (1500,2500,7500 Guass) FL-004: 61.8% Fe at 76% recovery from 57.5% 12mm fraction sample (2500,7500 Guass) FL-005: 60.2% Fe at 78% recovery from 46.2% 6mm faction sample (1500,2500,7500 Guass) FL-006: 59.3% Fe at 67% recovery from 47.8% 2mm fraction sample (1500, ...