Core Viewpoint - Centerra Gold Inc. reported strong operational and financial results for the second quarter of 2025, driven by high commodity prices, with significant cash flow and strategic advancements in project development [2][3]. Operational Highlights - Consolidated gold production in Q2 2025 was 63,311 ounces, with 35,058 ounces from Mount Milligan and 28,253 ounces from Öksüt [6][21]. - Copper production for the quarter was 12.4 million pounds [6]. - The company updated its 2025 gold production guidance for Mount Milligan to 145,000 to 165,000 ounces, down from 165,000 to 185,000 ounces due to lower grade zones encountered during mining [21][22]. Financial Highlights - Cash flow from operations before working capital and taxes was $98 million, an increase of 22% from the previous quarter [3][8]. - Net earnings for Q2 2025 were $68.6 million, or $0.33 per share, representing an 82% increase compared to the same quarter last year [8][10]. - The average realized gold price was $2,793 per ounce, a 33% increase year-over-year [10]. Strategic Growth Initiatives - The Goldfield project is advancing with an after-tax NPV5% of $245 million and an IRR of 30%, with first production expected by the end of 2028 [3][8]. - Centerra has approved up to $75 million for share repurchases in 2025, reflecting confidence in long-term business value [3][8]. - The company is progressing with a Pre-Feasibility Study for Mount Milligan, aiming to extend its mine life beyond 2036 [25]. Cost Management - Consolidated gold production costs in Q2 2025 were $1,308 per ounce, with all-in sustaining costs (AISC) on a by-product basis at $1,652 per ounce [6][10]. - The company revised its 2025 gold production costs guidance for Mount Milligan to between $1,350 and $1,450 per ounce, up from previous estimates [22]. Capital Expenditures - Total capital expenditures in Q2 2025 were $53.9 million, with sustaining capital expenditures at $25.8 million [6][10]. - Non-sustaining capital expenditures were $28.1 million, primarily related to the restart of operations at Thompson Creek [6][10].

Processing of fresh tailings temporarily suspendedHistoric tailings continue to be processedImpact on annual production will depend on the timing of normalization of operations VANCOUVER, British Columbia, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF) (“Amerigo” or the “Company”) provides an operational update on Minera Valle Central (“MVC”), the Company’s 100% owned operation located near Rancagua, Chile. During the evening of July 31, 2025, a seismic event triggered a r ...

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] - 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 had a strong quarter, with expectations for continued performance in the second half of the year [8] - Mantos Blancos production was flat year-over-year, with expectations for silver grades to improve in the second half [8][9] 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 [11] - Ore Royalty's revenues were predominantly generated from Tier one mining jurisdictions, including Canada, the U.S., and Australia [12] Company Strategy and Development Direction - The company is focused on disciplined capital allocation to pursue high-quality accretive streams and royalties [30] - Ore Royalty aims to enhance its portfolio with producing assets while remaining selective about development stage royalties [37] - The company is optimistic about the potential of the second shaft at Odyssey, which could significantly increase gold production [25] Management's Comments on Operating Environment and Future Outlook - Management expects a stronger second half of 2025, with Canadian Malartic and Nandimi contributing to increased GEO sales [33][34] - The corporate development team is stretched to capacity, focusing on high-quality assets that will contribute to GEOs within the next five years [38] - The company is optimistic about the Cariboo project and its potential contributions to future revenue [51] Other Important Information - Ore Royalty declared and paid a quarterly dividend of $0.55 per share, marking its 43rd consecutive dividend [5] - The company has a total debt of just under $36 million and a net cash position of $14 million, with potential liquidity exceeding $900 million [16][30] 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 most of the increase to come from Canadian Malartic and Mantos Blancos, with additional contributions from Nandimi [33][34] Question: Is there a preference for producing versus development stage royalties? - The first preference is for accretive deals on producing assets, but the company is also looking at high-quality development assets that will contribute within five years [36][38] Question: What criteria are considered for the new five-year guidance? - Key criteria include confidence in asset contributions to GEOs, financing visibility, and social license [42][45] Question: How does the company view larger transactions in the $1 billion range? - The company is open to significant transactions if they meet economic returns for shareholders, with $900 million in available liquidity [47] Question: What is the current status of Elliott's holdings? - The last public disclosure indicates Elliott owns 2.2 million shares, with no further updates available [63][65]

Financial Data and Key Metrics Changes - The company achieved record high EBITDA of $106 million in Q2, with a gold price of $3,001.85, leading to a last twelve months EBITDA of $344 million at an average gold price of $2,800 [7][29] - Net revenues increased to $190 million in Q2, benefiting from higher production and gold prices, showing a positive trend over the last few quarters [29] - Net profit for the quarter was $8 million, with adjusted net income reaching $37 million [9][31] Business Line Data and Key Metrics Changes - Aranzazoo and Minos contributed approximately $36 million and $34 million to adjusted EBITDA, respectively, while Almas contributed $25 million and ApoENA contributed $16 million [34] - Borborema produced 2,500 ounces of gold in Q2, with expectations for increased production in Q3 and Q4 as it ramps up to commercial production [10][19] Market Data and Key Metrics Changes - The company noted that 20% of its revenue comes from copper production, which is converted into gold equivalent based on market prices [7][8] - The all-in sustaining cash cost for Q2 was $1,449 million, stable compared to Q1 and the same period last year when adjusted for constant prices [20][22] Company Strategy and Development Direction - The company is focused on three avenues to deliver value: building greenfield projects on time and budget, increasing exploration to boost resources and reserves, and pursuing M&A opportunities [12][60] - The company plans to close the acquisition of MSG and is progressing with the construction of Herradorada and Matupa, with both projects expected to be built over the next two years [12][101] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, with expectations for increased production from Borborema and other operations in the second half of the year [10][22] - The company is addressing social licensing in Guatemala and is optimistic about making a final investment decision by the end of the year [44][49] Other Important Information - The company has maintained a strong safety record, with over 1,000 days without lost time incidents during the construction of Borborema [16] - The company announced a dividend of $0.33 per share, resulting in a last twelve months dividend yield of 7.4% [15] Q&A Session Summary Question: Timeline for final investment decision on Matupa and Guatemala - Management expects to make a decision by the end of the year, contingent on social licensing progress in Guatemala [44][48] Question: First impressions from MSG site visits and efficiency improvements - Management noted the need for equipment upgrades and plans to improve efficiency rates, with a focus on underground development [46][50] Question: Potential for additional M&A activity - The company is open to further M&A opportunities but will prioritize current projects and ensure they are accretive [55][60] Question: Expected production levels for Borborema in Q3 and Q4 - Management anticipates reaching around 80% capacity by September, with full production expected by early next year [73][75] Question: Cash impact from gold hedges in upcoming quarters - The company has hedged approximately 80% of projected production from Borborema, with varying impacts expected each quarter [80][81] Question: Details on ongoing exploration areas - Management is consolidating information from various exploration areas and plans to release a technical report early next year [85][91] Question: Production costs and expectations for Almas - Management expects stronger performance in the second half of the year, with ongoing underground development aimed at improving production and reducing costs [92][96]

Core Insights - Giant Mining Corp. has successfully completed a site visit with Exploration Technologies Inc. to advance domestic copper production in line with the America First industrial strategy [1][2] - The Phase 2 exploration program aims to define and delineate a mineralized system to develop a NI 43-101 compliant Mineral Resource Estimate [3][4] - The company is leveraging AI-assisted geophysical modeling to optimize exploration efforts and reduce risks associated with drilling [2][5] Company Developments - The Phase 1 drill program confirmed hypogene copper mineralization and strong breccia controls, correlating with previously identified high-grade copper intercepts [6][7] - ExploreTech has been reaffirmed as the technical partner for the 2025 Phase 2 exploration, reinforcing Giant Mining's commitment to American copper independence [7] - The company has secured funding for the next phase of drilling at the Majuba Hill project, which is located in a top-ranked mining jurisdiction in Nevada [12][13] Market Context - Copper prices have surged over 40% year-to-date, reaching a peak of US $5.72 per pound, driven by strong demand and tightening global supply [4][5] - The initiative aligns with bipartisan support for revitalizing domestic supply chains in critical metals, emphasizing the importance of reshoring copper production for national security and energy transition [5][16] Project Characteristics - The Majuba Hill project spans 9,684 acres and is well-positioned with solid infrastructure, including access to roads, power, and water [12][13] - Historical production and extensive drilling indicate a potentially large mineralized body with significant expansion potential [13][17] - The company employs a robust QA/QC program to ensure the integrity of its exploration and drilling processes [14]

Summary of Firefly Metals Conference Call Company Overview - **Company**: Firefly Metals - **Key Project**: Green Bay Copper Gold project, acquired in October 2023 - **Market Position**: Regarded as a leading high-grade North American copper developer [1][3] Core Industry Insights - **Copper Demand**: Strong bullish outlook on copper due to its critical role in achieving net zero emissions and increasing demand for infrastructure and data centers [5][6] - **Supply Challenges**: Declining discoveries and lower grades in existing mines, alongside social license issues in key producing regions, contribute to a favorable supply-demand dynamic for copper [6] Financial Performance - **Market Capitalization Growth**: Increased from $70 million at the time of the Green Bay acquisition to $720 million by July 2023 [9] - **Share Price Increase**: Rose from $0.37 to $1.90 during the same period [9] - **Funding Status**: Currently has $145 million in cash and liquid investments, with no debt or offtake agreements [12] Operational Developments - **Drilling Activities**: Transitioned from no drill rigs to eight on-site, completing 100,000 meters of drilling since acquisition [9][10] - **Resource Growth**: Increased resource by approximately 20 million tons while maintaining grade, with ongoing exploration potential [10][22] - **Land Expansion**: Expanded landholding from 56 square kilometers to 346 square kilometers, enhancing exploration potential [10][33] Geology and Mining Potential - **Mineralization**: High-grade upper zone of massive sulfide with significant potential for bulk mining [14][16] - **Metallurgical Efficiency**: Achieved copper recovery rates of up to 98% and gold recovery rates of 85%, improving project economics [24][25] - **Existing Infrastructure**: Inherited substantial surface infrastructure, reducing development costs and timelines [23] Regulatory and Community Support - **Government Support**: Strong backing from the Newfoundland government, with rapid permitting processes for environmental approvals [21][26] - **Community Engagement**: Positive relationships with local communities, facilitating project advancement [26] Future Outlook - **Upcoming Studies**: Resource update planned for late 2023, with further studies expected to reveal significant potential for the project [36][37] - **Investment Decision Timeline**: Targeting a final investment decision by 2026, with increasing interest from potential partners and off-takers [38] Unique Investment Opportunity - **Market Position**: Identified as a rare investment opportunity in the copper and gold sector, particularly in tier one jurisdictions [19][20] - **Comparative Advantage**: Few projects with similar grades and scale available for investment, positioning Firefly Metals favorably in the market [18][20]

Summary of Royal Gold (RGLD) M&A Announcement Company and Industry - **Company**: Royal Gold (RGLD) - **Industry**: Mining, specifically gold and copper production Core Points and Arguments 1. **Acquisition Announcement**: Royal Gold announced the acquisition of a $1 billion life of mine gold stream from First Quantum's Kansanshi mine in Zambia [4][2][1] 2. **Strategic Rationale**: The acquisition aligns with Royal Gold's strategic investment criteria, emphasizing First Quantum's strong operational history and Zambia's supportive mining jurisdiction [4][5][2] 3. **Zambia's Mining Contribution**: In 2023, mining was the second largest contributor to Zambia's GDP, with government strategies launched in 2024 to further support the sector [5][4][2] 4. **Kansanshi Mine Overview**: The mine is a large-scale copper producer with significant gold byproduct credits, currently undergoing a major expansion to increase production [5][4][2] 5. **Gold Stream Details**: The agreement includes a tiered gold stream rate starting at 75 ounces of gold per million pounds of copper produced, with adjustments based on cumulative deliveries [6][7][2] 6. **Expected Deliveries**: Royal Gold anticipates receiving approximately 12,500 ounces of gold in the first year, with average annual deliveries projected at 35,000 to 40,000 ounces over the next decade [7][6][2] 7. **Support for Local Programs**: Royal Gold committed to supporting First Quantum's local social programs throughout the mine's life [7][6][2] 8. **Acceleration Options**: First Quantum has options to accelerate gold deliveries, potentially reducing stream rates by up to 30% based on financial performance metrics [8][9][2] 9. **Cash Payment Structure**: The cash payment per ounce will be 20% of the spot price, increasing to 35% if certain conditions are met [11][10][2] 10. **Financing Strategy**: Royal Gold extended its revolving credit facility to $1.4 billion and utilized $825 million to fund the acquisition, maintaining a net debt to EBITDA ratio of 1.2x post-acquisition [13][14][2] 11. **Debt Repayment Plans**: The company expects to repay outstanding debt within two years after closing additional acquisitions, while maintaining dividend commitments [14][15][2] 12. **Long-term Growth Strategy**: The acquisition is part of Royal Gold's strategy to grow through high-quality, long-life precious metals assets in mining-friendly jurisdictions [17][16][2] Other Important Content 1. **Market Conditions**: The acquisition timing was described as a good opportunity that arose while Royal Gold was engaged in other major transactions [15][17][2] 2. **Portfolio Impact**: The Kansanshi Goldstream acquisition is expected to enhance Royal Gold's portfolio, increasing gold weighting to approximately 80% of NAV [16][15][2] 3. **Risk Assessment**: Royal Gold conducted a thorough risk assessment of First Quantum's overall model, considering extreme scenarios to ensure financial stability [22][21][2]

(In United States dollars, except where noted otherwise) TORONTO, Aug. 05, 2025 (GLOBE NEWSWIRE) -- First Quantum Minerals Ltd. (“First Quantum” or the “Company”) (TSX: FM) is pleased to announce that, through a wholly owned subsidiary incorporated in Canada, it has entered into a gold streaming agreement (the “Agreement”) with RGLD Gold AG, a wholly owned subsidiary of Royal Gold, Inc. (“Royal Gold”). Under the terms of the Agreement, First Quantum will receive a $1.0 billion upfront cash payment in exchan ...

Disclaimer The summary information contained in this document has been provided solely for information purposes and does not purport to be comprehensive or contain all the information that may be required by recipients to evaluate Greatland Resources Limited (together, Greatland or Company). This document and the information contained in it has not been independently verified and no reliance should be placed on it or the opinions contained within it. In furnishing this document, the Company reserves the rig ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Copper and related materials in the Asia Pacific region, specifically focusing on the implications of US tariffs on copper products [1][4] Core Insights and Arguments - **US Tariffs**: The US is set to impose a 50% Section 232 tariff on semi-finished copper and copper-intensive derivative products, while copper input materials such as cathode, anode, concentrate, and scrap will not be subject to these tariffs [7][4] - **Market Reaction**: Following the announcement of tariffs, COMEX copper prices peaked over 30% higher than LME copper prices, indicating market expectations of broader tariff implications. However, with copper cathode exempt from tariffs, COMEX prices have since decreased by approximately 19%, and the premium over LME has fallen to around 6% [2][4] - **Inventory Levels**: There has been a significant increase in onshore copper inventory, with an additional 475,000 tons purchased since mid-March, suggesting that the US market is well-supplied and may see reduced import demand for copper in the near term [2][4] Implications for Chinese-listed Copper Companies - **Investment Recommendations**: Despite expected short-term pressure on companies like Zijin Mining, CMOC, MMG, and Jiangxi Copper, it is suggested that investors should consider accumulating shares of these companies on any price dips [3][4] - **Company Specifics**: - **Zijin Mining Group**: Target price adjustments based on A-share and H-share arbitrage opportunities [14][3] - **CMOC Group**: Valuation based on DCF model with a WACC of 10.7% and projected revenue growth of 2% annually [10][3] - **MMG Ltd**: Valuation reflects high visibility in long-term copper and zinc production with a cost of equity of 16.9% [8][3] Risks and Considerations - **Market Risks**: - Upside risks include stronger copper prices due to robust demand or supply disruptions in key copper-producing countries [12][17] - Downside risks involve potential economic downturns, project execution failures, and geopolitical risks affecting production [12][17] - **Regulatory Changes**: Changes in mining laws in Peru and other regions could impact supply dynamics and pricing [12][17] Additional Important Information - **Investment Banking Relationships**: Morgan Stanley has received compensation from several companies mentioned, which may influence research objectivity [5][24][25] - **Analyst Ratings**: The report includes various stock ratings for companies in the sector, indicating a mix of overweight and underweight positions based on market conditions [81][83] This summary encapsulates the critical insights and implications from the conference call regarding the copper industry and specific companies within the sector, highlighting both opportunities and risks for investors.