Core Insights - XXIX Metal Corp. is expanding its 2025 drill program at the Opemiska Project due to stronger-than-expected results from the Cooke Zone and increased confidence in the Saddle Zone [1][5] Cooke Zone: Outperforming Early Expectations - Drilling at the Cooke Zone has confirmed a more extensive mineralized horizon than previously modeled, leading to a doubling of the drill budget and meter count [2][7] - The focus will be on the near-surface crown pillar of the former Cooke Gold Mine and step-outs along a newly identified horizon, representing a significant opportunity for resource addition [2][7] Saddle Zone: Advancing Toward Resource Definition - The Saddle Zone has shown strong copper-gold intercepts in past campaigns, but drill density has not been sufficient for resource inclusion [3] - The expanded drilling program aims to connect and upgrade known high-grade areas, similar to the Cooke Zone, and offers substantial upside potential [3][7] Driving Growth Beyond the October PEA - The expanded drill program is intended to build on the recently announced Preliminary Economic Assessment (PEA), which demonstrated strong economics and rapid payback [4] - Resource additions from both Cooke and Saddle, along with other near-pit targets, could enhance project scale and improve the upcoming Pre-Feasibility Study [4] Operational Updates - The total drill program has been increased to 10,000 meters, split between the Cooke and Saddle Zones [7] - A second drill rig was mobilized at the end of November to accelerate progress across priority targets [12]

K2 Gold Strengthens Si2 Model - New Studies Define High-Priority TargetsDecember 08, 2025 6:00 AM EST | Source: K2 Gold CorporationVancouver, British Columbia--(Newsfile Corp. - December 8, 2025) - K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) (FSE: 23K) ("K2" or the "Company") today announced the results of comprehensive geological studies that further reinforce the Company's Si2 Project as a compelling analogue to other significant low-sulphidation epithermal gold deposits, including AngloG ...

Core Viewpoint - McEwen Inc. is focusing on advancing three key areas at its Gold Bar Mine Complex in Nevada—Lookout Mountain, Windfall, and Unity Ridge—to increase resources, extend mine life, and potentially boost annual gold production. The integration of these areas is expected to transform the Gold Bar Mine Complex into a long-life asset [1][2]. Group 1: Lookout Mountain - The drilling program at Lookout Mountain aimed to convert Inferred Resources into Measured and Indicated categories and to obtain samples for metallurgical testing [3]. - The 2025 drilling program at Lookout Mountain has been completed, with plans to publish an updated resource estimate alongside year-end financials and to advance engineering work for production [4]. - Lookout Mountain's resource estimate includes 423,000 ounces of gold in the Measured and Indicated categories from 23,423,000 tonnes grading 0.56 grams per tonne [5]. Group 2: Windfall - A resource estimate for Windfall is scheduled for next year, with recent results indicating excellent continuity of near-surface oxide gold mineralization along a 1.6-kilometer section of the Windfall fault zone [8]. - New near-surface oxide results from Windfall show significant gold grades, including 4.6 grams per tonne over 26.7 meters in drillhole WF055 [9]. - The exploration program for Windfall will continue in 2026, focusing on higher-grade areas and advancing towards production [10]. Group 3: Unity Ridge - At Unity Ridge, the company is evaluating the potential to merge three existing open pits into one larger mining area to increase gold resources and extend mine life [11]. - Recent drill results from Unity Ridge have intersected oxide gold mineralization, with notable results including 3.6 grams per tonne over 48.8 meters in drillhole GB660 [12]. - The focus for Unity Ridge in 2026 will be on confirming gold grades and widths from historical drilling and estimating the amount of oxide gold mineralization that could be leached [14].

Core Points - Core Nickel Corp. has appointed Carmelo Marrelli as the new Chief Financial Officer, effective immediately, following the resignation of Harry Chan [1][3] - The company is in the process of completing a reverse takeover with Arizona Copper and Gold Ltd., which will result in the company being renamed "Arizona Eagle Mining Corp." [3][4] - Upon completion of the transaction, the company will own 100% of ACG's Eagle Project, which includes the historic McCabe Gold Mine, estimated to contain 878,000 ounces of gold and 5 million ounces of silver [4][5] Company Background - Core Nickel is a junior nickel exploration company that controls five projects in the Thompson Nickel Belt in Northern Manitoba, Canada, focusing on discovering economic magmatic nickel-sulphide deposits [7]

Core Viewpoint - FireFox Gold Corp. has reported promising results from its diamond drilling program at the Mustajärvi Gold Project, indicating the potential for high-grade gold zones to be extended further west from previous drilling [1] Group 1: Drilling Results - The company has completed an additional four drill holes in its 2025/26 diamond drilling program [1] - Drill hole 25MJ005 is highlighted as one of the best holes drilled on the property, showcasing significant extensions of both shallow and deeper high-grade gold zones [1]

Core Insights - Benz Mining Corp has confirmed significant high-grade gold extensions at Zone 126 and the discovery of a new Lens 5 at the Glenburgh Gold Project in Western Australia, with the deepest intercept recorded at over 150 grams per meter [1][3][10]. Group 1: Zone 126 Developments - Ongoing drilling at Zone 126 has revealed a major down-dip extension, with hole 25GLR117 returning 15 meters at 12.7 grams per ton (g/t) gold from 850 meters, marking a 200-meter step-out from previous drilling [5][10]. - Lens 4 has shown significant growth, with a new intercept of 20 meters at 5 g/t gold from 676 meters, extending the lens further to the west [5][11]. - All lenses from 1 to 5 remain open at depth, indicating substantial potential for further high-grade gold additions [7][14]. Group 2: New Discoveries and Future Targets - The new Lens 5 discovery has been confirmed with an intercept of 2 meters at 16.8 g/t gold from 528 meters, suggesting thicker and higher-grade mineralization may be found down-dip [5][13]. - The NE3 and Hurricane targets have been identified as the next high-grade discovery corridors, with NE3 interpreted as an opposing fold limb to Zone 126 and Hurricane presenting a 1 km long gold-in-soil anomaly [8][16]. - Both targets have shown potential for discoveries comparable in size and scale to the Zone 126 trend, with historical drilling intersecting high-grade mineralization near the surface [9][17]. Group 3: Geological Insights and Project Potential - The Glenburgh Gold Project is emerging as a new frontier gold district with multi-million-ounce potential, featuring a mineralized corridor of 18-20 kilometers [36][37]. - The combination of thick, bulk-style gold mineralization and multiple high-grade underground lenses positions Glenburgh as a unique opportunity in the Australian gold sector [37][41]. - The project is supported by advanced geological techniques and a deep understanding of the geological framework, which is expected to enhance exploration success [42][34].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Gold Mining - **Outlook**: Positive outlook maintained into 2026 with a robust macro logic supporting gold exposure [2][3][4] Core Insights and Arguments - **Gold Market Dynamics**: - Gold is viewed as a 'consensus long' into 2026, with structural shifts in demand from both private and official sectors [2] - Despite a crowded momentum trade, traditional measures indicate no extreme crowding in the gold market [2] - The macro environment is expected to favor gold, with anticipated conditions opposite to those that typically lead to bear markets [2] - **Gold Equities Performance**: - Gold equities (GDX Index) have significantly outperformed gold in 2025, with GDX up over 140% YTD, outperforming gold by approximately 80% [3] - Valuations for gold equities have re-rated from cyclical lows, but current valuations are not as compelling as at the start of 2025 [3][4] - The potential for further upside in gold prices is projected, with targets around $4,675/oz for 2026 [3] - **Valuation Metrics**: - GDX has re-rated but remains below 2019 PE levels, with a significant de-rating observed in previous years [4] - Current valuations show a ~40% discount on PE and a 10% discount on EV/EBITDA, indicating that while gold equities are no longer unloved, they are not overly stretched [4] - **Earnings and Price Target Adjustments**: - Earnings have been upgraded due to higher gold price forecasts, with target price changes ranging from 2% to 21% for various companies [5] - Top picks include Barrick (B), Newmont (NEM), Endeavour (EDV), SSR Mining (SSR), and Franco-Nevada (FNV) [5] Additional Important Insights - **Operational Performance**: - Gold miners are showing improved operational performance and reliability, with record free cash flow (FCF) being reported [3][4] - The sector is mostly net cash, and cash returns are accelerating, which supports a favorable risk-reward profile for gold equities in 2026 [4] - **Market Sentiment and Rotation**: - There has been a rotation into cheaper, more operationally leveraged stocks, with some reliable performers underperforming recently [27] - If gold prices remain elevated, this rotation is expected to continue into 2026 [27] - **Valuation Methodologies**: - The implied gold price using EV/EBITDA methodologies is estimated at around $4,075/oz, while NPV methodologies suggest a lower average of ~$3,645/oz [48][50] - Companies like Newmont and Barrick are discounting lower gold prices compared to others like Fresnillo and Wheaton Precious Metals, which are discounting higher prices [50] - **Future Projections**: - UBS forecasts gold prices to reach $4,675/oz in 2026, with silver and copper also projected to rise [44] - The report emphasizes the importance of operational improvements and strategic management changes in unlocking value for gold mining companies [12][56] This summary encapsulates the key points discussed in the conference call, highlighting the positive outlook for the gold mining industry, the performance of gold equities, and the adjustments in earnings and price targets based on evolving market conditions.

Core Insights - Oaktree Capital Management's latest 13F filing reveals a focus on deep-value cyclicals, energy companies with strong free cash flow, and special-situation equities with asymmetric payoff potential [1][2] Group 1: Top Holdings - TORM PLC (TRMD) is Oaktree's largest holding with 40,581,120 shares valued at $834.6 million, indicating strong conviction in the tanker cycle and a favorable supply/demand imbalance in the product tanker market [3] - Expand Energy Corp (CHK) holds 5,062,363 shares worth $537.8 million, reflecting Oaktree's long-term confidence in energy, particularly natural gas, despite minimal activity this quarter [4] - Garrett Motion (GTX) has 31,894,816 shares valued at $434.4 million, representing a classic special situation investment as the company continues to reduce leverage and grow cash flow post-restructuring [5] - AngloGold Ashanti (AU) consists of 4,185,261 shares worth $294.3 million, fitting Oaktree's strategy with improving margins and optionality in an inflationary environment [6] - Viper Energy (VNOM) has 6,285,062 shares valued at $240.2 million, showcasing a strong thematic bet on energy with predictable royalty cash flows [7] Group 2: Investment Strategy - Oaktree's portfolio heavily emphasizes deep-value cyclicals, particularly in tankers, energy producers, and commodity-linked businesses, all characterized by significant cash flow yield and depressed valuations [8] - The firm maintains a consistent philosophy of embracing dislocation, favoring investments in situations where pessimism is already priced in, such as restructuring plays and underfollowed foreign cyclicals [9] - Energy remains the highest-conviction theme for Oaktree, with multiple top holdings indicating an underestimation of cash generation durability across the sector [10] - Position changes reflect a blend of patience and opportunism, with Oaktree trimming stocks that rallied while increasing positions in VNOM and selected common stocks, aligning with a strategy of controlled aggression [11]

Company Overview - Spanish Mountain Gold Ltd. is an exploration stage resource company focused on the acquisition, exploration, and development of mineral properties in Canada, specifically holding a 100% interest in the Spanish Mountain gold project, which includes approximately 50 contiguous mineral claims and 13 placer claims covering around 10,414 hectares in the Cariboo region of central British Columbia [3]. Financial Performance - The company has a market capitalization of C$117.73 million, a price-to-earnings (PE) ratio of -24.00, and a beta of 1.28, indicating higher volatility compared to the market [2][3]. - Spanish Mountain Gold has a debt-to-equity ratio of 0.26, a quick ratio of 3.03, and a current ratio of 5.99, suggesting a strong liquidity position [2][3]. Stock Performance - The stock's 50-day simple moving average is C$0.16, and its 200-day simple moving average is also C$0.16, indicating stability in its recent trading performance [2]. - During mid-day trading on a recent Friday, the stock was down 14.8%, trading as low as C$0.23, with approximately 1,669,179 shares changing hands, which is an increase of 229% from the average daily volume of 507,406 shares [5].

Core Insights - Spanish Mountain Gold has been upgraded to a "strong-buy" rating by Atrium Research, indicating positive analyst sentiment towards the stock [1] - The stock has experienced a trading increase of 4.3% recently, reflecting a positive market response [1] Company Overview - Spanish Mountain Gold Ltd. is an exploration stage resource company focused on acquiring, exploring, and developing mineral properties in Canada [3] - The company holds a 100% interest in the Spanish Mountain gold project, which includes approximately 50 contiguous mineral claims and 13 placer claims, covering around 10,414 hectares in British Columbia [3] Financial Metrics - The company has a market capitalization of C$117.73 million and a P/E ratio of -24.00, indicating it is currently not profitable [2] - The stock has a beta of 1.28, suggesting higher volatility compared to the market [2] - Financial ratios include a quick ratio of 3.03, a current ratio of 5.99, and a debt-to-equity ratio of 0.26, indicating strong liquidity and low leverage [2] - The stock's 50-day and 200-day moving averages are both C$0.16, suggesting stability in its recent trading performance [2] Recent Trading Activity - Spanish Mountain Gold shares dropped 14.8% during mid-day trading, with the stock trading as low as C$0.23 [5] - Approximately 1,669,179 shares were traded, representing a 229% increase from the average daily volume of 507,406 shares [5]