Core Viewpoint - Sandstorm Gold Ltd. has received updated voting recommendations from Institutional Shareholder Services Inc. (ISS) to support all management proposals regarding amendments to the company's share-based compensation program, which will be voted on at the upcoming Annual General and Special Meeting of Shareholders on May 30, 2025 [1]. Group 1 - ISS now recommends shareholders vote FOR all management proposals, including those it previously advised against [1]. - Glass, Lewis & Co. LLC has also recommended that shareholders vote FOR the management proposals related to the share-based compensation program [1]. - The proposals are detailed in the Company's Management Information Circular dated April 9, 2025 [1]. Group 2 - Sandstorm Gold is a precious metals-focused royalty company that provides upfront financing to mining companies and receives a percentage of production from mines for their operational life [3]. - The company holds a portfolio of approximately 230 royalties, with 40 of the underlying mines currently in production [3]. - Sandstorm aims to grow and diversify its low-cost production profile through the acquisition of additional gold royalties [3].

Core Insights - Metalla Royalty & Streaming Ltd. reported its operating and financial results for Q1 2025, highlighting progress in its royalty portfolio and various asset updates [1][2]. Company Highlights - The company recognized revenue from royalty and stream interests of $1.7 million, with a net loss of $0.7 million and Adjusted EBITDA of $0.9 million for the three months ended March 31, 2025 [5]. - Metalla accrued a total of 628 attributable Gold Equivalent Ounces (GEOs) during the quarter, with an average realized price of $2,855 per GEO and an average cash cost of $11 per GEO [5][54][55]. Asset Updates - **Tocantinzinho**: G Mining Ventures reported Q1 2025 gold production of 36 Koz, with production guidance reaffirmed at 175 to 200 Koz for the year [3][4]. - **Wharf**: Coeur Mining reported Q1 production of 20.5 Koz gold, with full-year guidance maintained at 90-100 Koz [7][8]. - **Aranzazu**: Aura Minerals confirmed a 10-year mine life and projected average annual production of 28.1 million pounds of copper, 25.2 Koz of gold, and 652 Koz of silver [10][11]. - **La Guitarra**: Sierra Madre commenced underground mining at the Coloso mine, which has higher grades than the initial mining front [13][15]. - **Endeavor**: Polymetals reported that redevelopment activities are on schedule, with first ore processing expected in May 2025 [19][20]. - **Côté-Gosselin**: IAMGOLD completed 12,000 meters of drilling at the Gosselin deposit, with plans for further drilling in 2025 [21][22]. Financial Performance - The company generated an operating cash margin of $2,844 per attributable GEO from various royalty interests [5]. - Adjusted working capital as of March 31, 2025, was reported at $11.768 million, reflecting a strong liquidity position [59]. Future Outlook - Metalla's diversified portfolio and ongoing exploration and development activities across its assets position the company for potential growth in the upcoming commodities cycle [50].

Company Overview - Integra Resources is a U.S. precious metals mining company with a producing mine, Florida Canyon, located in Nevada, and two development projects, DeLamar in Idaho and the Nevada North project [1] Investment Strategy - The company focuses on turnarounds in natural resource industries, typically maintaining a holding period of 2-3 years, emphasizing value for downside protection while still allowing for significant upside potential [2] - The portfolio has achieved a compounded annual growth rate of 27% over the last 6 years [2]

Core Viewpoint - Wheaton Precious Metals (WPM) stock is considered appealing yet unpredictable due to its high valuation, making it a challenging investment choice at the current price of approximately $76 [1][11]. Valuation Comparison - WPM stock has a price-to-sales (P/S) ratio of 30.5, significantly higher than the S&P 500's 2.8 [3] - The price-to-free cash flow (P/FCF) ratio for WPM is 39.1 compared to 17.6 for the S&P 500 [3] - WPM's price-to-earnings (P/E) ratio stands at 56.0, while the S&P 500's is 24.5 [3] Revenue Growth - WPM's revenues have grown at an average rate of 2.0% over the last three years, compared to 6.2% for the S&P 500 [4] - Revenues increased by 29.7% from $1.0 billion to $1.3 billion in the last 12 months, contrasting with a 5.3% growth for the S&P 500 [4] - Quarterly revenues rose by 38.1% to $381 million from $313 million a year prior, while the S&P 500 saw a 4.9% improvement [4] Profitability Metrics - WPM's operating income over the last four quarters reached $669 million, reflecting an operating margin of 55.0%, compared to 13.1% for the S&P 500 [5] - The operating cash flow (OCF) during this period was $950 million, indicating an OCF margin of 78.1%, compared to 15.7% for the S&P 500 [5] - WPM's net income was $609 million, suggesting a net income margin of 50.1%, while the S&P 500's margin is 11.3% [5] Financial Stability - WPM's debt stood at $5.7 million at the end of the most recent quarter, with a market capitalization of $36 billion, resulting in a debt-to-equity ratio of 0.0% compared to 21.5% for the S&P 500 [8] - Cash and cash equivalents account for $818 million of the total assets of $7.4 billion, leading to a cash-to-assets ratio of 9.4%, compared to 15.0% for the S&P 500 [8] Downturn Resilience - WPM stock has shown more resilience than the S&P 500 during recent downturns, with a notable decline of 43.8% during the inflation shock of 2022, compared to a 25.4% drop for the S&P 500 [10] - The stock fully rebounded to its pre-crisis peak by April 2023 and reached a high of $85.77 in May 2025 [10] - During the COVID pandemic, WPM stock fell 28.7%, recovering fully by April 2020, while the S&P 500 experienced a 33.9% decline [10] Overall Performance Assessment - WPM's performance across various parameters is rated as follows: Growth - Very Strong, Profitability - Extremely Strong, Financial Stability - Very Strong, Downturn Resilience - Strong, Overall - Very Strong [13]

Endeavour Silver Corporation (EXK) reported break-even earnings per share in the first quarter of 2025. The bottom line, however, missed the Zacks Consensus Estimate of earnings of three cents per share. Including one-time items, EXK reported a loss of 13 cents per share in the first quarter of 2025 compared with a loss of one cent in the first quarter of 2024. Endeavour Silver’s Q1 Revenues Flat Y/YThe company’s revenues were flat year over year at $64 million as gains from higher prices for silver and gol ...

Core Insights - Avino Silver & Gold Mines Ltd. (ASM) reported a significant increase in earnings per share, reaching 7 cents for Q1 2025, a 250% rise from 2 cents in Q1 2024, driven by higher metal prices [1] - The company's revenues surged by 52% year over year to $19 million, exceeding the Zacks Consensus Estimate of $18 million [2] - Avino Silver achieved a record mine-operating profit of $10.6 million, a 352% increase from $2.3 million in the previous year [3] Financial Performance - The earnings per share surpassed the Zacks Consensus Estimate of 3 cents, with one-time items included, resulting in earnings of 4 cents compared to break-even in the same quarter last year [1] - EBITDA for the quarter was reported at $9.7 million, a 466% increase from $1.7 million in the year-ago quarter [3] - Cash costs decreased by 15% to $12.62 per silver equivalent payable ounce, while consolidated all-in sustaining costs were slightly lower at $20.08 compared to $20.23 in Q1 2024 [2] Production Metrics - Avino Silver produced 678,458 silver equivalent ounces, an 8% increase year over year, including 265,681 ounces of silver, 2,225 ounces of gold, and 1,604,343 pounds of copper [4] - Silver production rose by 6%, gold output increased by 25%, and copper production grew by 19% [4] Stock Performance - The company's stock price has increased by 170% over the past year, contrasting with a 9.1% decline in the industry [5] Peer Comparisons - Hecla Mining Company reported adjusted earnings per share of 4 cents, a 37.4% revenue increase year over year to $261 million [9] - Pan American Silver Corp. posted adjusted earnings per share of 42 cents, with revenues rising 28.6% year over year to $773 million [10] - Fortuna Mining Corp. reported adjusted earnings per share of 20 cents, with revenues increasing by 28.9% year over year to $290 million [11]

Avino Silver & Gold Mines Ltd (ASM) Q1 2025 Earnings Call May 14, 2025 11:00 AM ET Speaker0 and welcome to the Avino Silver and Gold Mines First Quarter twenty twenty five Financial Results Conference Call and Webcast. As a reminder, all participants are in a listen only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. I would now like to turn the conference over to Jennifer North, Head of Investor Relations. Ma'am, please go ahead. Speaker1 T ...

Core Insights - Asia Broadband Inc. (AABB) has successfully completed a week of shareholder tours at its new gold and silver ore processing facility in Etzatlan, Mexico, showcasing its operations and engaging with shareholders [3][4][7] Company Operations - The new processing plant is designed to maximize processing throughput and metals extraction while minimizing production costs through advanced mining equipment automation [5] - The facility includes an on-site lab and testing program that enhances operational efficiency and revenue generation [5] Production Capacity and Financial Projections - The first production line, utilizing a mineral flotation process, aims for an initial target of 350 tons per day, increasing to 500 tons per day after three months, with an average production cost of $56.75 USD per ton [6] - Estimated net revenue for the first three months of operations is projected at $2,170,610 USD, with a total of $11,473,227 USD expected in the first year [6] - A second production line using a cyanidation process is expected to begin operations in September 2025, with initial production targets of 200 tons per day, increasing to 500 tons per day, and projected net revenues of $2,554,367 USD in the first four months and $15,326,203 USD in the first year [6] Shareholder Engagement - The company plans to host additional tours to accommodate shareholders who expressed interest but could not attend the initial events [4] - AABB gifted commemorative silver coins made from on-site processed silver to the largest shareholders attending the tours, promoting transparency and encouraging large shareholders to disclose their positions [3][4] Company Overview - Asia Broadband Inc. focuses on precious metals production and physical gold holdings, leveraging its geographic expertise and industry contacts to expand its operations in Mexico [8] - The company also has a digital assets segment, including a gold-backed cryptocurrency and NFT collections, aiming to establish a stable and trusted standard of exchange [8]

Core Viewpoint - Discovery Silver Corp. has reported a significant transformation following the acquisition of the Porcupine Complex, establishing itself as a new Canadian gold producer with substantial growth potential in a prolific gold mining region [2][29]. Financial Performance - For Q1 2025, Discovery reported a net loss of CAD 9.26 million compared to a net loss of CAD 0.68 million in Q1 2024, with a basic and diluted loss per share of CAD 0.02 [18][20]. - The total comprehensive loss for the quarter was CAD 8.40 million, contrasting with a total comprehensive income of CAD 1.12 million in the same period last year [20]. - As of March 31, 2025, the company had cash and cash equivalents of CAD 15.12 million, down from CAD 29.31 million at the end of 2024 [20]. Acquisition and Operations - The acquisition of the Porcupine Complex was completed on April 15, 2025, significantly enhancing Discovery's operational footprint in Canada [2][22]. - The Porcupine Operations cover approximately 1,400 km in Timmins, Ontario, and have produced nearly 70 million ounces of gold since 1910 [6][29]. - Annual production at Porcupine is projected to average over 285,000 ounces of gold for the next 10 years, with total production extending to 2046 [8]. Market Reaction - Following the acquisition announcement, Discovery's share price tripled in Q1 2025, achieving a 250% increase year-to-date as of May 12, 2025 [3]. Production and Sales - The company achieved its first gold pour on April 24, 2025, selling 2,800 ounces of gold for gross proceeds of approximately CAD 13 million [4]. - The company has resumed gold production and sales after completing a scheduled mill shutdown for equipment upgrades [4]. Capital Structure - Discovery's pro forma cash position is approximately CAD 250 million, bolstered by US$475 million from recent royalty and equity financings, net of US$200 million paid for the Porcupine acquisition [5][21]. - The closing of the acquisition resulted in the issuance of 119,716,667 common shares to Newmont and 275,000,000 common shares through a public offering [21]. Future Outlook - Key priorities for 2025 include optimizing production at the Porcupine Operations, ramping up production at Pamour, and advancing exploration opportunities [22][26]. - The company plans to file a pre-feasibility study for the Porcupine Operations by December 31, 2025, which will include performance guidance for 2026 [23].

Core Insights - Franco-Nevada Corporation (FNV) reported record adjusted earnings of $1.07 per share, exceeding the Zacks Consensus Estimate of $1.00, with a year-over-year increase of 51% [1] - The company achieved record revenues of $368 million in the reported quarter, reflecting a 43.5% year-over-year growth, driven by higher GEOs sold and record gold prices [2] - Adjusted EBITDA rose 49% year over year to $322 million, with an adjusted EBITDA margin of 87.4%, up from 84.2% in the previous quarter [4] Financial Performance - FNV sold 100,623 GEOs from Precious Metal assets in the reported quarter, an 8% increase from the prior-year quarter, influenced by lower deliveries from Cobre Panama and Antamina, offset by higher contributions from other mines [3] - At the end of Q1 2025, Franco-Nevada had $1.13 billion in cash, down from $1.45 billion at the end of 2024, with an operating cash flow of $289 million, up from $179 million year-over-year [5] - The company remains debt-free and has available capital of $2.1 billion for portfolio expansion and dividends [5] Market Performance - Franco-Nevada's stock has increased by 27.9% over the past year, compared to the industry's growth of 45.7% [6] - The company currently holds a Zacks Rank 2 (Buy) [9] Peer Comparisons - Royal Gold, Inc. (RGLD) reported an adjusted EPS of $1.51, a 66% year-over-year increase, with revenues of $193 million, up 30% year over year [10] - B2Gold Corp (BTG) reported adjusted EPS of 9 cents, a 50% year-over-year improvement, with revenues of $532 million compared to $461 million in the prior year [11] - Kinross Gold Corporation (KGC) posted adjusted earnings of 30 cents per share, up from 10 cents in the prior year, with revenues rising 38.4% year over year to $1.49 billion [11]