Core Insights - Royal Gold reported record GAAP net income of $132.3 million for Q2 2025, with operating cash flow reaching $152.8 million, although GAAP revenue fell short of analyst expectations at $209.6 million [1][5][9] Financial Performance - Non-GAAP EPS was $1.81, exceeding estimates of $1.69 and up 44.8% from $1.25 in Q2 2024 [2] - GAAP revenue of $209.6 million represented a 20.4% increase year-over-year from $174.1 million [2] - Adjusted EBITDA margin improved to 84%, up 3 percentage points from 81% in the previous year [2] - Free cash flow decreased to $40.1 million, down 35.7% from $62.4 million in Q2 2024 [2] - Operating cash flow increased by 34.7% year-over-year, from $113.5 million [2] Business Model and Strategy - Royal Gold operates by acquiring and managing streams and royalties from various metal mining operations, generating income without direct mining costs [3] - The company focuses on expanding its portfolio and maintaining a competitive edge through strategic acquisitions and prudent capital management [4] Market Dynamics - The financial results were significantly influenced by higher realized prices for gold at $3,280 per ounce and silver at $33.68 per ounce, despite volume challenges at certain mines [6] - Gold accounted for 78% of total revenue, highlighting the company's sensitivity to commodity price fluctuations [4] Acquisitions and Growth - Royal Gold announced acquisitions of Sandstorm Gold and Horizon Copper for approximately $3.5 billion and $196 million, respectively, which will enhance its portfolio to 393 streams and royalties [7][12] - A new $1 billion gold stream was secured on the Kansanshi mine in Zambia, financed mainly through a revolving credit facility [7] Operational Challenges - Some partner operations faced setbacks, including Mount Milligan lowering its gold production forecast and Mara Rosa pausing processing due to heavy rains [8][13] - Despite these challenges, strong contributions from assets like Peñasquito and Pueblo Viejo helped mitigate the impact [8] Financial Position - The company ended the quarter with $248.2 million in cash and access to a $1.25 billion liquidity pool, with a significant portion drawn for acquisitions [9] - The board increased the quarterly dividend by 12.5% to $0.45 per share, extending the maturity of the revolving credit facility to 2030 [10] Revenue Composition - Royalties contributed 36.5% of total revenue, with major streams from Mount Milligan, Pueblo Viejo, and Khoemacau [11] - The portfolio is expected to become broader and more diverse with the completion of the Sandstorm and Horizon acquisitions [12] Future Outlook - The company anticipates that sales at several properties will be more heavily weighted toward the second half of fiscal 2025, which may impact financial results [15] - Royal Gold expects the Sandstorm Gold and Horizon Copper transactions to close in Q4 2025, with a focus on monitoring leverage and free cash flow trends [16]

Core Viewpoint - Fortuna Mining Corp. reported strong financial and operational results for Q2 2025, highlighting a robust liquidity position and significant production achievements, while also outlining growth opportunities in upcoming projects [2][7]. Financial Highlights - The company achieved free cash flow from ongoing operations of $57.4 million in Q2 2025, a decrease from $66.7 million in Q1 2025 [18]. - Net cash from operating activities before working capital changes was $96.9 million, or $0.32 per share [7][17]. - Attributable net income from continuing operations was $42.6 million, or $0.14 per share, reflecting a QoQ increase of $0.03 [7][16]. - Adjusted EBITDA margins reached a record 55%, up from 50% in Q1 2025, driven by higher realized gold prices [7][16]. Operational Performance - The company delivered a total of 75,950 gold equivalent ounces in Q2 2025, maintaining its annual production guidance [2][7]. - Consolidated AISC (All-in Sustaining Cost) per gold equivalent ounce from continuing operations was $1,932, an increase from $1,752 in Q1 2025, primarily due to capital expenditures and mine waste stripping [15][19]. - The Séguéla Mine produced 38,186 ounces of gold at an average grade of 3.00 g/t, with a cash cost of $670 per ounce [26][29]. Growth and Business Development - The company is advancing the Diamba Sud project in Senegal, reporting an Indicated Mineral Resource of 724,000 gold ounces, with plans for a preliminary economic assessment (PEA) by Q4 2025 [6][8]. - Fortuna completed the divestment of two short-life mines, generating $83.8 million in gross proceeds, allowing for a reallocation of capital towards higher-value opportunities [9]. Capital Expenditures - Total capital expenditures for Q2 2025 included $31.4 million in sustaining capital and $15.6 million in growth capital, reflecting a 56% increase compared to the previous quarter [12][18].

Financial Performance - For the quarter ended June 2025, Pan American Silver reported revenue of $811.9 million, an increase of 18.3% year-over-year [1] - Earnings per share (EPS) for the quarter was $0.43, compared to $0.11 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $782.12 million, resulting in a surprise of +3.81% [1] - The company delivered an EPS surprise of +7.5%, with the consensus EPS estimate being $0.40 [1] Key Metrics - Pan American Silver's stock has returned +2% over the past month, outperforming the Zacks S&P 500 composite's +0.5% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3] Production Data - Gold production was 178.70 Koz, slightly below the average estimate of 183.72 Koz by seven analysts [4] - Silver production was 5,094.00 Koz, exceeding the average estimate of 5,005.73 Koz by seven analysts [4] - Specific operations showed varied production results, with La Colorada's gold production at 1.30 Koz versus an estimate of 0.65 Koz, and silver production at 1,507.00 Koz versus an estimate of 1,381.30 Koz [4] - Huaron's silver production was 844.00 Koz, below the estimate of 955.05 Koz, while San Vicente's silver production was 755.00 Koz, exceeding the estimate of 699.03 Koz [4] - Average realized prices per ounce for silver were $32.91, slightly below the estimate of $33.17, while gold prices were $3,305.00, significantly above the estimate of $3,005.63 [4]

Financial Data and Key Metrics Changes - Ore Royalty earned 19,700 GEOs in Q2 2025, a modest increase from Q1, on track to meet the full year guidance of 80,000 to 88,000 GEOs [3] - Quarterly revenues reached $60.4 million, an increase compared to the same period last year, driven by higher commodity prices [6] - Net earnings improved to $0.17 per basic common share, a significant year-over-year improvement from a loss in the previous year [6] - Cash flow per share increased to $0.27 from $0.21 in Q2 of last year, and adjusted earnings rose to $0.18 from $0.13 [6][4] - The company ended Q2 with $49.6 million in cash and achieved a net cash position for the first time in several years [4] Business Line Data and Key Metrics Changes - Over 93% of GEOs earned came from precious metals, with a modest increase in copper contribution primarily from the CSA mine [6][7] - Canadian Malartic showed strong performance with expectations for continued improvement in the second half of the year [7][34] - Mantos Blancos production was flat year-over-year, with expectations for silver grades to improve in the second half [7][34] Market Data and Key Metrics Changes - The gold-silver ratio tightened to approximately 89:1 from highs of 105:1 earlier in the year, indicating potential leverage for investors in silver [10] - Ore Royalty's revenues were predominantly generated from Tier one mining jurisdictions, including Canada, the U.S., and Australia [11] Company Strategy and Development Direction - The company aims to maintain a disciplined capital allocation strategy focused on high-quality accretive streams and royalties [30] - Ore Royalty is committed to returning capital to shareholders, having declared a quarterly dividend of $0.55 per share [5] - The corporate development team is focused on producing assets and high-quality development assets that can contribute to GEOs within the next five years [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a stronger second half of 2025, with expectations for increased GEOs from Canadian Malartic and Mantos Blancos [34] - The company is actively pursuing new transaction opportunities while maintaining a strong balance sheet with significant liquidity [30][16] Other Important Information - Ore Royalty's total debt was just under $36 million, with a net cash position of $14 million, indicating a strong financial position [16] - The company is not looking to divest its equity position in Osisko Development, currently at approximately 14.3% [52] Q&A Session Summary Question: Can you provide more color on the second half of this year and where the incremental GEO sales are coming from? - Management expects Canadian Malartic and Mantos Blancos to contribute significantly, with a 55% production split in the second half [33] Question: Can you talk about the preference for producing versus development stage royalties? - The preference is for accretive deals on producing assets, but the company is also looking at high-quality development assets that can contribute within five years [36][38] Question: What criteria do you consider for the new five-year guidance? - Key criteria include confidence in asset contributions, financing visibility, and social license [42][45] Question: How do you see Ore Royalty positioned for larger transactions? - The company is open to billion-dollar transactions if they meet economic returns, but is also working on smaller transactions [47] Question: Are you happy with the 14.3% position in Osisko Development? - Management is pleased with the 14.3% position and does not plan to divest in the near term [52] Question: What is the typical transaction size range for potential deals? - Transaction sizes range from approximately $35 million to close to $1 billion [58]

Q2 2025 Financial Highlights - Earned 19,700 gold equivalent ounces (GEOs) compared to 20,068 GEOs in Q2 2024[12] - Revenues reached $60.4 million with a quarterly cash margin of 95.8%, compared to $47.4 million and 96.6% in Q2 2024[12] - Declared a Q3 2025 quarterly dividend of $0.055 per common share[12] - Held a cash balance of $49.6 million and a net cash position of approximately $14.0 million as of June 30, 2025[12] - Acquired a 100% silver stream on Orla Mining's South Railroad project for a total consideration of $13 million[14] Production and Guidance - Precious metals focus with 94.3% of H1 2025 GEOs from precious metals[20] - 68% of Q2 2025 GEOs were from gold, 24.2% from silver, and 7.4% from copper & others[18] - Still tracking well against 2025 GEO delivery guidance of 80,000-88,000 GEOs, with a slightly stronger H2 expected compared to H1 2025[14] Key Assets and Developments - Canadian Malartic Complex production guidance is for 590,000 ounces of gold in 2025, 560,000 ounces in 2026, and 650,000 ounces in 2027[29] - Island Gold's updated Mineral Reserve in June 2025 was 11.8 million tonnes grading 10.85 g/t Au (4.1 million ounces), up 80% from the end of 2024[39] - Dalgaranga: An early buyback notice received in late July 2025, reducing the GRR rate on Dalgaranga from 1.8% to 1.44%, and reducing the GRR rate on Benz Mining Corp's Glenburgh and Mt Egerton projects from 1.35% to 1.08%[43] Future Growth and Financial Flexibility - 2029 outlook represents approximately 40% GEO growth over 2025 estimates, with no contingent capital required[48] - Available credit of $814 million, including a $200 million accordion[58]

Figure 1. Samples 229763 and 229764 in hole 25-DR-005 which ran 0.12 g/t Au and 1.13 g/t Au respectively for a length weighted composite of 0.67g/t over 1.1m from 42.5m downhole Figure 2. Sample 229771 in hole 25-DR-005 which ran 28.5g/t Au over 0.4m drilled length. Vancouver, British Columbia – TheNewswire - August 6, 2025 - Leocor Mining Inc. (the "Company" or "Leocor") (CSE: LECR, OTCQB: LECRF; Frankfurt: LGO0) (formerly Leocor Gold Inc.), a junior resource company focussed on the exploration and develop ...

Core Insights - Eloro Resources Ltd. has announced significant assay results from the first five drill holes of its definition drilling program at the Santa Barbara zone of the Iska Iska silver-tin polymetallic project in Bolivia, indicating an expansion of higher-grade tin and silver mineralization [3][4][6]. Drilling Program Details - A total of 2,871.4 meters of diamond drilling has been completed in the first five holes, with assays pending for three additional holes totaling 1,413.90 meters [3]. - The drilling program aims to define the mineral resource in the potential starter pit area, which is open laterally and downdip, suggesting further potential for resource expansion [4][6]. Significant Assay Results - Hole DSB-78 intersected a higher-grade tin zone grading 0.40% Sn over 79.50 meters, including a section of 0.89% Sn over 16.50 meters [5][8]. - Hole DSB-79 revealed higher-grade silver grading 52.73 g/t Ag over 43.50 meters, with notable intersections of tin as well [5][9]. - Hole DSB-83, located 135 meters northeast of DSB-72, intersected multiple significant silver and tin intervals, including 39.43 g/t Ag over 31.50 meters and 0.39% Sn over 49.50 meters [13][16]. Mineralization Characteristics - The mineralization is primarily hosted in intrusion breccia and is characterized by visible coarse and medium-grained cassiterite, which is likely amenable to multi-gravity separation [7][10]. - The current drilling has upgraded and expanded the mineralization, highlighting the potential for additional higher-grade resources in the defined area [6][10]. Project Background - The Iska Iska project is a major silver-tin polymetallic porphyry-epithermal complex located in the Potosi Department of Bolivia, with significant historical mineralization similar to other major deposits in the region [24][25]. - Eloro has an option to earn a 100% interest in the Iska Iska property, which is road-accessible and royalty-free [24][40].

Vancouver, British Columbia, August 6, 2025 – TheNewswire - Arizona Gold & Silver Inc.(TSXV: AZS) (OTCQB: AZASF) is very pleased to announce further positive results from the on-going core drilling program at the Philadelphia Project. Highlights include 14.5 g/t over 1.52 meters within 4.24 g/t over 22.26 meters. Results from core hole PC25-155 demonstrate continuity of impressive vein thickness and an increase in grade as drilling progresses down dip on the vein. | Core Hole PC25-155 | | --- | Mike Stark r ...

Core Viewpoint - Goldstorm Metals Corp. is initiating geophysical programs on its Crown Property in British Columbia's Golden Triangle to enhance geological understanding and prioritize drill targets for future exploration [1][3]. Company Overview - Goldstorm Metals Corp. is a precious and base metals exploration company with a significant land position in the Golden Triangle of British Columbia, covering approximately 16,469 hectares across six concessions [10][11]. - The Crown Project is strategically located directly south of Seabridge Gold's KSM gold-copper deposits and Newmont's Brucejack mine [10][11]. Geophysical Programs - The company has contracted Simcoe Geoscience Limited to conduct ground-based Magnetotelluric (MT) and Induced Polarization (IP) surveys targeting the Copernicus Zone and other geochemical anomalies along the Orion Spine [1][3]. - The geophysical surveys will focus on a 1.4-kilometer trend of the Copernicus Zone, aiming to evaluate the underlying geology and identify potential large intrusive-related targets at depth [3][5]. - The IP study will cover 3.5 kilometers of the gold-in-rock geochemical trend along the Orion Spine, with expectations to outline conductivity anomalies that may indicate larger mineralized targets [3][5]. Financial Information - The company raised gross proceeds of $2,088,903.64 through the issuance of NFT units and flow-through units, with specific details on the number of units sold and their respective prices [7]. - Cash commissions of $42,596.38 were paid, and 608,519 non-transferable finders' warrants were issued to certain finders [7].

Fortitude Gold (FTCO 0.73%) operates in the precious metals mining industry and focuses primarily on gold production. Its main asset is the Isabella Pearl mine in Nevada, where it processes ore containing gold and a small amount of silver, producing and selling dore bars. The company's revenue and profitability depend directly on output from this single mine and the global prices for gold and silver. Fortitude Gold (FTCO 0.73%), released its second quarter 2025 earnings on August 5, 2025. The company report ...