Core Insights - Erdene Resource Development Corp. achieved a significant milestone with the first gold pour at the Bayan Khundii Gold Mine on September 14, 2025, and expects to reach nameplate production capacity by the end of 2025 [3][10] - The company is actively exploring opportunities to expand resources at Bayan Khundii and has planned 9,300 meters of drilling in the coming months [3][10] - An updated independent mineral resource estimate for the Zuun Mod Molybdenum-Copper project was announced, confirming it as one of Asia's largest undeveloped projects [3][10] - The company entered an option agreement to acquire up to 80% interest in the Tereg Uul Copper-Gold prospect, located near the Oyu Tolgoi deposit [3][10] Q3 2025 Highlights - First gold production at Bayan Khundii occurred on September 14, with expectations to achieve full production capacity by year-end 2025 [10] - During the quarter, the company sold 342 ounces of gold at an average price of US$3,805 per ounce and 96 ounces of silver at US$44 per ounce [10] - The Bayan Khundii mine is designed to process 650,000 tonnes of ore annually, producing approximately 85,000 ounces of gold [10] - The company mined 2.1 million tonnes of material, including 133 thousand tonnes of ore with an average grade of 2.30 g/t Au and 1.27 g/t Ag as of September 30 [10] - Community development initiatives have been implemented, with about 35% of site personnel being local residents [10] Financial Performance - The company recorded a net loss of CAD 2,748,830 for Q3 2025, compared to a net loss of CAD 1,687,580 in Q3 2024 [10][11] - Exploration and evaluation expenses increased to CAD 579,333, primarily due to costs associated with the Tereg Uul property and new project evaluations [10] - Corporate and administrative expenses rose to CAD 864,892, attributed to increased stock-based compensation and higher professional fees related to share consolidation [10] Resource Estimates - The updated mineral resource estimate for Zuun Mod showed a 22% increase in Measured and Indicated molybdenum resources to 333 million pounds and a 90% increase in Inferred molybdenum resources to 300 million pounds [10] - Copper resources also saw a 16% increase in Measured and Indicated resources to 384 million pounds and a 75% increase in Inferred resources to 350 million pounds [10]

Financial Data and Key Metrics Changes - In Q3 2025, the company produced 103,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $2,359 per ounce, with a full-year production target of 410,000-480,000 gold equivalent ounces, expected to finish in the lower half of that range [8][9] - The net income attributable to shareholders was $65.4 million, or $0.31 per diluted share, while adjusted net income was $68.4 million, or $0.32 per diluted share [10] - Free cash flow before changes in working capital was $72 million, indicating strong margins despite ongoing investments in growth initiatives [11] Business Line Data and Key Metrics Changes - Marigold produced 36,000 ounces of gold at an AISC of $1,840 per ounce, with expectations for a strong Q4, although slightly below initial expectations [12] - CC&V produced 30,000 ounces of gold at an AISC of $1,756 per ounce, generating nearly $115 million in asset-level free cash flow since acquisition [14] - Seabee faced challenges with production of 9,000 ounces at an AISC of $3,003 per ounce, attributed to lower-than-expected grades and a focus on underground development [15] Market Data and Key Metrics Changes - The average realized gold price was above $3,500 per ounce for the quarter, contributing to the financial performance [10] - The company ended the quarter with $409 million in cash and total liquidity exceeding $900 million, ensuring capacity to fund growth initiatives [9] Company Strategy and Development Direction - The company is focused on advancing organic development projects, including Hod Maden, Buffalo Valley, and others, with a strong emphasis on project updates and technical reports [5][18] - The company aims to showcase the potential of key assets like Cripple Creek and Hod Maden, with upcoming technical reports expected to highlight their upside potential [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a stronger Q4, primarily driven by Marigold and CC&V, while addressing challenges with ore blending at Marigold [22] - Discussions with regulatory bodies regarding the restart of Çöpler are ongoing, with increased public support for reopening noted [30] Other Important Information - The company has spent $44 million on advancing Hod Maden this year and remains on track for full-year growth capital guidance of $60-$100 million [5][18] - The technical report for Cripple Creek and Victor is expected to be published soon, providing insights into mineral reserves and potential expansions [5] Q&A Session Summary Question: Expectations for Q4 performance - Management confirmed that Q4 strength is expected to come primarily from Marigold and CC&V, with adjustments being made to handle ore blending challenges [22][23] Question: Clarification on Seabee's lower grades - Management explained that lower grades were due to an increased proportion of material from the gap hanging wall, which came in at lower grades than expected [26] Question: Update on Çöpler's regulatory discussions - Management indicated ongoing discussions with regulators, focusing on technical aspects for approval, with increased public support for reopening noted [30] Question: Guidance for Hod Maden and potential carryover into 2026 - Management reassured that spending at Hod Maden is on track, with expectations to meet the midpoint of the guidance range [36][37] Question: Strategy regarding M&A and growth opportunities - Management reiterated a consistent strategy focused on organic growth and selective M&A opportunities that fit within established criteria [46][47]

Market Overview - U.S. equities faced a significant downturn on November 4, 2025, with all three major indexes closing in the red, particularly the tech-heavy Nasdaq Composite, which led the declines [1][2] - The S&P 500 fell 1.2% to 6,771 points, while the Dow Jones Industrial Average decreased by 0.5% or approximately 238 points to 47,085, and the Nasdaq Composite dropped 2% to 23,348 [2] - The Cboe Volatility Index (VIX) surged 10% to 18.9, indicating increased investor apprehension amid concerns over valuations and a potential market correction [2] Economic Data and Events - The ongoing U.S. government shutdown is delaying key economic data releases, increasing focus on private sector data [3] - The ADP employment report is anticipated, which may provide insights into hiring trends following a dip in September [3] - The ISM Manufacturing PMI declined to 48.7 in October from 49.1 in September, marking the eighth consecutive month of contraction [4] Corporate Developments - Palantir Technologies (PLTR) saw a significant decline of 7.9% despite surpassing analysts' forecasts for sales and profit, raising concerns over high valuations [5] - Nvidia (NVDA) fell 4%, and Microsoft (MSFT) dipped 1%, reflecting growing concerns about the sustainability of the AI rally [5] - Uber Technologies (UBER) slumped 6.3% despite reporting better-than-expected financial results [5] - Yum! Brands (YUM) rose 6.1% after announcing strong quarterly results and considering selling its Pizza Hut unit [5] - Kinross Gold Corporation (KGC) reported robust third-quarter results, including record free cash flow and an increase in share buyback target and dividend [6] Earnings Announcements - Advanced Micro Devices, Inc. (AMD) is expected to report a 27.63% year-over-year increase in earnings per share [10] - Arista Networks, Inc. (ANET) is forecasted to see a 14.04% increase in earnings per share [10] - Axon Enterprise, Inc. (AXON) plunged 20% in after-hours trading following a Q3 earnings miss [10] - Digital Turbine (APPS) surged 22% in after-hours trading after reporting its FY 2026 Q2 earnings [10]

Core Insights - Wesdome Gold Mines Ltd. reported strong financial results for Q3 2025, achieving multiple operating and financial records, including a 34% free cash flow margin, driven by favorable gold prices and operational improvements [3][4][48]. Financial Highlights - Revenues for Q3 2025 reached CAD 230.3 million, a 57% increase from CAD 146.9 million in Q3 2024 [8]. - Gross profit surged by 112% year-over-year to CAD 149.0 million, with operating cash margin growing by 78% to CAD 168.4 million [7][8]. - Net income more than doubled to CAD 86.9 million, or CAD 0.58 earnings per share, compared to CAD 39.0 million in Q3 2024 [8]. - Record free cash flow of CAD 79.0 million was reported, equating to CAD 0.52 per share [8]. - As of September 30, 2025, liquidity stood at CAD 615.0 million, significantly up from CAD 273.1 million at the end of 2024 [7][8]. Operational Performance - Consolidated gold production for Q3 2025 was 50,465 ounces, a 12% increase compared to Q3 2024, marking a quarterly record for the company [7][8]. - The average realized price of gold sold in Q3 2025 was USD 3,523 per ounce, contributing to expanded margins [7][8]. - Eagle River mine produced 34,296 ounces of gold in Q3 2025, a 45% increase from 23,688 ounces in Q3 2024, driven by a 17% increase in average grade [12][16]. - Kiena mine produced 16,169 ounces in Q3 2025, a 25% decrease from 21,421 ounces in Q3 2024, primarily due to a planned reduction in grade [32][36]. Cost Metrics - Cost of sales per ounce of gold sold increased by 6% to USD 947, while all-in sustaining costs (AISC) per ounce rose by 1% to USD 1,419 [7][8]. - AISC per ounce for Eagle River decreased by 29% to USD 1,203 in Q3 2025, while Kiena's AISC increased by 71% to USD 1,899 [19][39]. Production Guidance - The company expects to meet the mid to upper range of its revised consolidated production guidance of 177,000 to 193,000 ounces for the year [50][51]. - Kiena's full-year production guidance has been adjusted to between 72,000 and 78,000 ounces due to operational challenges [50][51]. Exploration and Development - Drilling continues to expand the 6 Central Zone, confirming mineralization continuity [20][21]. - The exploration ramp development at Kiena is forecasted for breakthrough in Q1 2026, with initial stope production expected shortly thereafter [41][42].

Core Insights - Ero Copper Corp. reported record copper production of 16,664 tonnes in Q3 2025, with a blended C1 cash cost of $2.00 per pound, driven by increased output at Tucumã and stable production at Caraíba [2][3] - The company achieved a net income of $36.0 million for the quarter, translating to $0.35 per diluted share, while adjusted net income was $27.9 million, or $0.27 per diluted share [10][11] - Ero Copper is maintaining its full-year production and capital expenditure guidance, with expectations for Q4 2025 to be the strongest production quarter of the year [12][13] Production Highlights - Caraíba Operations produced 9,085 tonnes of copper in concentrate at an average C1 cash cost of $2.32 per pound, while Tucumã produced 7,579 tonnes at a lower cost of $1.62 per pound, marking a 19% quarter-on-quarter increase [2][8] - Gold production totaled 9,073 ounces, a 17% increase from the previous quarter, with C1 cash costs of $1,086 per ounce and All-in Sustaining Cost (AISC) of $2,425 per ounce [2][8] Financial Performance - Revenues for Q3 2025 reached $177.1 million, up from $163.5 million in Q2 2025, with gross profit of $57.4 million [10] - Adjusted EBITDA was reported at $77.1 million, reflecting operational efficiency despite higher operating expenses at Tucumã [10][27] - Available liquidity at quarter-end was $111.3 million, including $66.3 million in cash and cash equivalents [10] Operational Developments - The company launched a value-creation initiative at Xavantina, leading to an initial sales agreement for gold concentrates, with expected sales of 10,000 to 15,000 tonnes in Q4 2025 [2][3] - Ero Copper completed a 17,000-meter Phase 2 drill program at the Furnas Copper-Gold Project, which was finished ahead of schedule, and has commenced Phase 3 drilling [3][12] Guidance and Future Outlook - The company reaffirmed its consolidated copper production guidance for 2025, expecting production at the low end of the 67,500 to 80,000-tonne range, with improved performance anticipated in Q4 [12][13] - Cost guidance for the Tucumã Operation has been increased due to higher-than-expected maintenance and freight costs, now projected at $1.35 to $1.55 per pound [12][13]

Core Insights - Kinross Gold Corporation reported record free cash flow of approximately $700 million for Q3 2025, contributing to a net cash position of $485 million [1][5][25] - The company increased its share buyback target by 20% to $600 million and raised its quarterly dividend by 17% to $0.14 per share, aiming to return approximately $750 million to shareholders in 2025 [1][6][30] - Kinross is on track to meet its annual production guidance for 2025, with a focus on enhancing long-term value through various development and exploration projects [1][7][49] Financial Highlights - For Q3 2025, Kinross produced 503,862 gold equivalent ounces, a decrease from 564,106 ounces in Q3 2024, primarily due to lower production from Tasiast and Fort Knox [9][15] - Revenue for Q3 2025 increased by 26% to $1,802.1 million compared to $1,432.0 million in Q3 2024, driven by a higher average realized gold price of $3,460 per ounce [16][20] - Reported net earnings rose by 65% to $584.9 million, or $0.48 per share, compared to $355.3 million, or $0.29 per share, in Q3 2024 [20][21] Operating Performance - The production cost of sales per gold equivalent ounce sold was $1,150 in Q3 2025, up from $976 in Q3 2024, influenced by higher royalties due to increased gold prices [17][19] - Attributable free cash flow reached a record $686.7 million, a 66% increase from $414.6 million in Q3 2024 [20] - Operating cash flow for Q3 2025 was $1,024.1 million, compared to $733.5 million in Q3 2024 [19] Development and Exploration Projects - Kinross is advancing its growth pipeline, with significant progress in projects such as Great Bear, Round Mountain Phase X, and Bald Mountain Redbird [7][37][44] - The company plans to provide updates on the economics and resource estimates for Phase X, Redbird, and Curlew in Q1 2026 [7][43][47] - Ongoing baseline studies at Lobo-Marte are aimed at supporting the Environmental Impact Assessment for the project, which is viewed as a potential large, low-cost mine [48] Sustainability Initiatives - Kinross is committed to sustainability, with initiatives including educational infrastructure development in Mauritania and achieving top-level AA classification for tailings facilities in Brazil [8][52][53] - The company received ISO 50001 certification for energy management systems at La Coipa, reflecting its commitment to responsible mining practices [55] Balance Sheet and Liquidity - As of September 30, 2025, Kinross had cash and cash equivalents of $1,721.7 million, significantly up from $1,136.5 million at the end of Q2 2025 [25][63] - The company has total liquidity of approximately $3.4 billion, including available credit of $1.6 billion [25] Shareholder Returns - Kinross has returned approximately $515 million in capital to shareholders in 2025, including share buybacks and dividends [29][30] - The company repurchased approximately $405 million in shares to date in 2025, with plans to increase the buyback target [29] Credit Rating Update - S&P upgraded Kinross' outlook from stable to positive, affirming its investment-grade rating of BBB-, citing strong cash flow and solid operating performance as key factors [26]

Third Quarter 2025 Financial Results November 2025 Cautionary Notes Cautionary Note Regarding Forward-Looking Information and Statements This presentation includes certain non-GAAP financial measures to assist in understanding the Company's financial results. The non-GAAP financial measures are employed by us to measure our operating and economic performance and to assist in decision- making, as well as to provide key performance information to senior management. We believe that, in addition to conventional ...

Core Points - Kinross Gold Corporation has announced a 17% increase in its longstanding dividend, now amounting to $0.14 per share on an annualized basis [1] - The quarterly dividend of $0.035 per common share is set to be payable on December 10, 2025, to shareholders of record as of November 26, 2025 [2] - The dividend qualifies as an "eligible dividend" for Canadian income tax purposes, with non-resident investors subject to Canadian non-resident withholding taxes [2] Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile, and Canada [3] - The company focuses on delivering value through responsible mining, operational excellence, disciplined growth, and maintaining a strong balance sheet [3]

Core Viewpoint - The third quarter of 2025 is a significant period for IAMGOLD, showcasing operational excellence, financial discipline, and responsible growth, with a strong focus on gold production and strategic initiatives [2]. Operating and Financial Highlights - Attributable gold production for Q3 2025 was 190,000 ounces, totaling 524,000 ounces year-to-date, on track to meet full-year guidance [5][13]. - Côté Gold Mine achieved record production of 106,000 ounces in Q3, with year-to-date production of 275,000 ounces [5][35]. - Revenues for Q3 2025 reached $706.7 million from sales of 203,000 ounces at an average realized gold price of $3,492 per ounce [5][12]. - Cost of sales per ounce sold was $1,593, with cash costs at $1,588 and all-in sustaining costs (AISC) at $1,956 [5][12]. - The company expects to achieve the top end of revised annual cash cost guidance of $1,375 to $1,475 per ounce sold and AISC guidance of $1,830 to $1,930 per ounce sold [6][17]. Corporate Financial Performance - Net earnings attributable to equity holders for Q3 2025 were $139.4 million, with adjusted net earnings of $170.9 million [8][12]. - EBITDA for Q3 was $338.4 million, with adjusted EBITDA at $359.5 million, contributing to a trailing twelve-month EBITDA exceeding $1 billion [8][12]. - The company reported record mine-site free cash flow of $292.3 million for Q3 2025 [8][49]. - Liquidity available was $707.2 million, with net debt reduced to $813.2 million, down $201.7 million during the quarter [8][12]. Strategic Initiatives - A share buyback program has been approved, allowing for the purchase of up to 10% of outstanding common shares, reflecting management's confidence in the company's future [8][9]. - The company is advancing expansion plans at Côté Gold and has announced acquisitions to consolidate the Chibougamau region, creating the Nelligan Complex [2][9]. - The combined assets from the acquisitions will position IAMGOLD as one of the largest pre-production gold camps in Canada, with significant mineral resources [9]. Health and Safety - The total recordable injuries frequency rate (TRIFR) for Q3 2025 was 0.56, indicating a focus on improving safety and reducing incidents [29]. Environmental, Social, and Governance (ESG) - The company released its 2024 Sustainability Report, aligning with various ESG frameworks and standards [26].

Core Points - Kinross Gold Corporation will redeem all outstanding 4.50% Senior Notes due July 15, 2027, totaling $500 million, on December 4, 2025 [1][2] - After the redemption, Kinross will have $750 million in Senior Notes outstanding, with the next maturity date on July 15, 2033, for $500 million [2] Company Overview - Kinross Gold Corporation is a Canadian-based global senior gold mining company with operations in the United States, Brazil, Mauritania, Chile, and Canada [4] - The company focuses on delivering value through responsible mining, operational excellence, disciplined growth, and maintaining a strong balance sheet [4]