Core Viewpoint - TRX Gold Corporation is advancing the expansion and upgrade of the processing plant at the Buckreef Gold Project, aiming to increase throughput and gold production over the next 18-24 months [1][4]. Processing Plant Expansion - The company plans to expand the processing plant to include a 3,000+ tonne per day (TPD) circuit for sulphide ore and a 1,000 TPD circuit for oxide and transition material, with a total capital cost of approximately US$30 million [3][4]. - The new processing facility is expected to produce average annual gold production exceeding the previously estimated 62,000 ounces as outlined in the Preliminary Economic Assessment (PEA) [3][4]. Project Timeline and Financials - The expansion is scheduled to be rolled out over the next 18-24 months, with operational improvements anticipated to enhance financial performance [4]. - The project remains on budget, with upgrades financed through internally generated cash flow [4]. Technical Details of Upgrades - The upgrades include the installation of new equipment such as a jaw crusher, flotation and fine grind unit, and additional CIL tanks, aimed at improving recovery rates and throughput [7]. - The project consists of two main tracks: overall plant upgrades scheduled for completion in fiscal 2026 and the completion of the processing circuits by fiscal 2027 [7][8]. Production Capacity and Resource Estimates - The Buckreef Gold Project has a Measured and Indicated Mineral Resource of 10.8 million tonnes at 2.57 grams per tonne gold, containing 893,000 ounces of gold, and an Inferred Mineral Resource of 9.1 million tonnes at 2.47 grams per tonne gold for 726,000 ounces [14]. - The PEA outlines a pre-tax NPV of US$1.2 billion at an average life of mine gold price of US$3,000 per ounce [14].

Bastion Minerals has signed an agreement with its director Raymond Muskett and Kevin Woodthorpe, an unrelated party of the company, to acquire 100% of the issued capital of Muskwood, the owner of the Ninnis gold project (E39/2110) in Northern Goldfields, Western Australia (WA). The acquisition aligns with Bastion’s strategy to target early-stage Australian gold projects and further expand its portfolio within a tier 1 mining jurisdiction. The Ninnis gold project is an early-stage exploration site spannin ...

Core Insights - Lucindo Lima, at 72 years old, reflects on the untold wealth he did not achieve from Brazil's Serra Pelada mine, a site known for its gold rush in the 1980s [1] Group 1 - The Serra Pelada mine gained fame during a significant gold rush in the 1980s, attracting many hopeful miners [1] - Lima's narrative highlights the personal stories and experiences of those involved in the mining industry during this period [1]

Core Insights - LAURION Mineral Exploration Inc. announced positive results from its 7,700-metre Summer 2025 drill exploration program at the Ishkõday Project, confirming the continuity of gold-bearing structures and advancing the understanding of the mineralized system [1][5][7] Drill Program Details - The drill holes LME25-061 and LME25-062, totaling 954 metres, were designed to evaluate the mineralized system at the historic Brenbar Mine area [2] - The 2025 drill program targeted complex folded gold-bearing vein structures, confirming high-grade quartz-vein hosted gold within sheared volcanic rocks [5][7] Assay Results - Significant assay results from LME25-061 include: - 2.25 m @ 0.88 g/t Au, including 1.70 m @ 1.10 g/t Au [6][8] - Significant assay results from LME25-062 include: - 1.05 m @ 2.684 g/t Au, including 0.50 m @ 5.18 g/t Au [6][8] Sampling and QA/QC Protocols - All drill core samples were transported to the ALS facility in Thunder Bay for preparation and analysis, employing industry-standard QA/QC protocols [9][10][11] Company Overview - LAURION is a mid-stage junior mineral exploration and development company focused on the Ishkõday Project, which is 100% owned and covers an area of 57 km² [13][14] - The company aims to maximize shareholder value through its mineral exploration activities and is positioned as a potential acquisition target [15]

Core Viewpoint - West Red Lake Gold Mines Ltd. reports positive drill results from its Madsen Mine, indicating strong potential for sustainable gold production in the Red Lake Gold District of Ontario, Canada [1][2]. Group 1: Drill Results and Resource Estimates - The Madsen Mine's Austin Zone has an Indicated mineral resource of 914,200 ounces grading 6.9 grams per tonne gold, with an additional Inferred resource of 104,900 ounces grading 6.5 g/t gold [2]. - Recent drilling at the 12-4860 drill station revealed high-grade intercepts, including 11.2 meters at 26.16 g/t gold and 2 meters at 131.70 g/t gold [5][9]. - The overall mineral resources at the Madsen Mine are estimated at 1.65 million ounces grading 7.4 g/t gold, with an Inferred resource of 0.37 million ounces grading 6.3 g/t gold [31]. Group 2: Exploration Strategy and Future Plans - The company is aggressively pursuing exploration to access deeper parts of the Madsen Mine, focusing on the Austin Zone and its potential for additional high-grade gold lenses [2][3]. - Plans are being finalized for development projects to facilitate access to more distal portions of the resource for conversion drilling and future mine planning [2]. - The current underground drilling program aims to define near-term mining inventory and grow the existing mineral resource, with a focus on higher-grade portions of the Austin, South Austin, North Austin, and McVeigh Zones [18]. Group 3: Geological Context - The mineralized domains at the Madsen Mine, including the Austin structures, are hosted within broad alteration and deformation corridors, indicating a complex geological history conducive to gold mineralization [13][14]. - The North Austin Zone displays 'mine-style' alteration and mineralization, remaining open at depth and along strike to the northeast, suggesting further exploration potential [15].

Core Insights - Golden Cariboo Resources Ltd. has launched its autumn surface drilling campaign at the Quesnelle Gold Quartz Mine Property, aiming to extend the gold-bearing zones' strike length from approximately 600 meters to 2 kilometers [1][4]. Group 1: Company Developments - The company has welcomed two new Professional Geoscientists, Cheryl Reid and Catherine Banfield, to enhance its technical team, both bringing 20 years of experience in mineral exploration [2][3]. - The Quesnelle Gold Quartz Mine property is strategically located near Osisko Development and has historical significance with over 101 placer gold creeks recorded along a 90-kilometer trend [4][5]. Group 2: Geological Context - The Quesnelle Quartz gold-silver deposit, discovered in 1865, covers an area of about 150m x 150m and shows geological similarities to the Spanish Mountain gold deposit, which is known for its significant size [5]. - The geological setting of the Quesnelle Gold Quartz Mine property is situated along a favorable corridor adjacent to the Spanish and Eureka thrust faults, covering an area of 94,899 hectares [4].

Core Viewpoint - Gold stocks continue to decline, with significant drops in major companies, reflecting a broader trend in the gold market as spot gold prices fall below $3980 per ounce, marking a decline of over 9% from the peak on October 20 [1] Company Performance - Lingbao Gold (03330) decreased by 4.27%, trading at HKD 15.9 [1] - Jihai Resources (02489) fell by 3.55%, trading at HKD 1.36 [1] - China Silver Group (00815) dropped by 3.23%, trading at HKD 0.6 [1] - China Gold International (02099) declined by 2.65%, trading at HKD 125 [1] Market Analysis - On November 4, spot gold prices fell by 0.53%, indicating a significant market correction [1] - The decline in gold prices is attributed to high implied volatility and profit-taking after substantial gains, alongside a weakening trend in capital inflow [1] - The market has over-priced geopolitical instability, with recent easing in tensions between the US and China, as well as the Russia-Ukraine conflict [1] Future Outlook - Short-term gold prices are expected to remain relatively high with significant volatility, while geopolitical risks are diminishing [1] - Without unexpected positive stimuli, London gold is anticipated to consolidate and fluctuate until the end of the year, with potential for new highs in the first quarter of the following year [1] - Future increases in gold prices may require two conditions: a reduction in implied volatility to levels seen in August-September and new macroeconomic driving factors [1]

Performance Overview - The Massif Capital Real Assets Strategy achieved a return of 36.1% net of fees in Q3 2025, with year-to-date returns reaching 41.5% net of fees [2] - The strategy has been operational for 27 quarters, marking its best quarter to date and resulting in an annualized net-of-fees return of 14.6% since inception [2] Alpha and Risk Assessment - The company focuses on generating uncorrelated, risk-adjusted returns, referred to as Alpha, which is challenging to measure due to the complexities of risk [4][5] - Jensen's Alpha is utilized to evaluate performance, indicating whether returns exceed expectations based on market risk exposure [5][6] - The benchmark used for performance evaluation is the MSCI ACWI Ex US, which covers a broad range of global equity opportunities outside the US [8][9] Comparative Performance - The Massif Capital Real Assets Strategy outperformed various comparable funds and major indices, with a year-to-date alpha of 14.9% compared to peers [10][12] - The strategy's YTD return of 41.5% significantly exceeds the S&P 500 Index (13.7%) and NASDAQ Index (17.3%), showcasing strong performance in risk-adjusted terms with a Sortino Ratio of 1.5 [13] Individual Stock Performance - In the gold sector, core positions in G-Mining Ventures and Equinox Gold returned a portfolio-level return of 17.1% as of Q3 2025 [14] - G-Mining Ventures outperformed the sector with a return of 183%, while Equinox Gold lagged behind the market despite a long-term positive outlook [17][19] - The copper sector saw significant gains, with positions in NGEX and Midnight Sun delivering returns of 392% and 268% from cost basis, respectively [21] Critical Metals and Infrastructure - The portfolio includes critical metals such as lithium and uranium, with lithium positions performing well, while uranium investments face challenges due to geopolitical factors [24][49] - The company is exploring opportunities in infrastructure and industrials, aiming to capitalize on increasing electricity costs and innovative technologies [51][52] Market Outlook - The company anticipates that oil and natural gas investments may lead in Q4 2025, driven by potential supply constraints in Europe and favorable dividend yields from current positions [33][35] - Concerns regarding LNG supply availability and winter weather patterns could impact natural gas prices, with a focus on the interplay between European demand and Asian supply [40][42][45]

Core Points - Barton Gold Holdings Limited has completed geotechnical drilling for the TSF1 in support of a Definitive Feasibility Study for 'Stage 1' production at the Challenger Gold Project in South Australia [1] - The drilling program included 5 sonic drill holes for material recovery, 24 holes for Cone Penetration Testing, and 3 holes each for vein shear testing and bulk density testing [1]

Core Insights - Franco-Nevada reported record quarterly results driven by higher gold prices, strong operations, new acquisitions, and the sale of Cobre Panama copper concentrate stockpiles [1] - The company is now debt-free after utilizing its corporate revolver for the Arthur Gold royalty acquisition [1] - The CEO expressed confidence in the company's growth potential due to a robust portfolio of producing, development, and exploration stage royalties on primary gold assets [1] Financial Highlights – Q3 2025 - Revenue reached $487.7 million, a 77% increase from Q3 2024 [5] - Total GEOs sold were 138,772, up 26% from the previous year [5] - Precious metals accounted for 85% of revenue, with gold contributing 72% [7] Financial Highlights – YTD 2025 - Year-to-date revenue was $1,225.5 million, a 55% increase compared to YTD 2024 [5] - Total GEOs sold year-to-date were 377,450, a 10% increase from the previous year [5] - Adjusted EBITDA for the year-to-date was $1,114.9 million, reflecting a 65% increase [5] GEOs Sold and Revenue by Commodity - Precious metals saw significant increases in GEOs sold: Gold at 101,068 GEOs ($351.6 million), Silver at 15,407 GEOs ($55.4 million), and PGM at 2,634 GEOs ($9.5 million) for Q3 2025 [4] - Diversified assets generated $67.1 million in revenue, a slight increase from $61.2 million in Q3 2024 [28] Guidance - The company has updated its 2025 guidance for Precious Metal GEO sales to a range of 420,000 - 440,000, up from the initial guidance of 385,000 - 425,000 [11] - Total GEO sales guidance has been narrowed to 495,000 - 525,000 [11] Cobre Panama Updates - Cobre Panama is currently in a Preservation and Safe Management phase, with production halted [13] - The shipment of copper concentrate has been completed, and the power plant is expected to restart in Q4 2025 [13] Management and Sustainability Updates - A senior vice president has left the company, and the CEO acknowledged his contributions [15] - The company continues to receive high sustainability ratings and has expanded its diversity scholarship program [15] Portfolio Additions - Franco-Nevada acquired a 1.0% NSR on the Arthur Gold Project for $250 million and an additional NSR on the Gold Quarry mine for $10.5 million [16][17] - The company expects to receive a minimum of 1,650 gold ounces annually from the Gold Quarry mine [17]