Group 1 - Precious metals, particularly gold and silver, are expected to rise due to increasing global tensions and geopolitical conflicts, particularly related to the Ukraine situation [4][8][19] - Countries are accumulating gold as a strategic asset for potential military conflicts, indicating a shift in geopolitical dynamics [6][9][12] - The demand for gold is driven by large-scale purchases from governments, which cannot be easily manipulated by market forces, leading to a sustained increase in prices [11][12][20] Group 2 - The production ratios of precious metals indicate potential price movements, with silver being produced at a significantly higher rate than gold, suggesting a possible future price adjustment [23][24][25] - The conversation around interest rates and central bank policies is crucial, as lower interest rates could lead to increased liquidity and inflation, further impacting precious metal prices [28][34][36] - The current economic environment is characterized by volatility and unpredictability, which could create both opportunities and risks for investors in precious metals [42][44][45]

Core Viewpoint - Fortuna Mining Corp. will participate in the Mining Forum Americas, a significant event for precious commodity equities and their investors, taking place from September 14 to 17, 2025 [1][2]. Company Overview - Fortuna Mining Corp. is a Canadian precious metals mining company operating three mines and holding exploration projects in Argentina, Côte d'Ivoire, Mexico, Peru, and the Diamba Sud Gold Project in Senegal [3]. - The company emphasizes sustainability in its operations, focusing on efficient production, environmental stewardship, and social responsibility while producing gold and silver [3]. Event Details - Jorge A. Ganoza, the President and CEO of Fortuna, will present at the Mining Forum Americas on September 15 at 11:00 a.m. Mountain Daylight Time [2]. - The Mining Forum Americas is recognized as the world's oldest and largest gathering of precious commodity equities, showcasing a significant portion of publicly traded gold and silver companies [2].

Technical Analysis - Coeur Mining (CDE) has reached an important support level and surpassed resistance at the 20-day moving average, indicating a short-term bullish trend [1] - The 20-day simple moving average is a popular tool among traders, providing insights into short-term price trends and trend reversals [1][2] Earnings Estimates - Positive earnings estimate revisions for CDE strengthen the bullish case, with no lowered estimates in the past two months and three raised estimates for the current fiscal year [3] - The consensus earnings estimate for CDE has also increased, suggesting potential for further gains [3] Stock Performance - CDE shares have increased by 42.5% over the past four weeks, indicating strong upward momentum [4] - The company currently holds a Zacks Rank 3 (Hold), suggesting the potential for continued stock price appreciation [4]

Financial Data and Key Metrics Changes - Group adjusted EBITDA increased by 120% compared to the same period in 2024, reaching ZAR 10 billion, and even excluding the 45X credits, it was still 51% higher [6][7] - Net debt to adjusted EBITDA improved to 0.89 times, significantly below the market's earlier projections [7] - The total fair value of the 45X credits is projected to increase to ZAR 12.6 billion by 2034, representing 32% of the acquisition value of the Stillwater operations [8] Business Line Data and Key Metrics Changes - South African PGM operations produced 840,400 ounces, a 4% decrease year-on-year, with underground operations consistent at 750,000 ounces [60] - South African gold operations saw a 36% increase in average gold price received, reaching slightly more than ZAR 1.8 million per kilogram, while adjusted EBITDA increased by 118% to ZAR 4.8 billion [66] - Montana PGM operations produced 141,000 ounces at an all-in sustaining cost of $1,207 per ounce, reflecting a 41% decrease in costs compared to pre-restructuring [75] Market Data and Key Metrics Changes - Gold prices increased by 26% in the first half of the year, with average trading volumes reaching $329 billion per day, the highest for any half-year period on record [49] - PGM prices have rallied due to tight supply, with platinum prices outperforming due to lower mine supplies [50] - Lithium market remains oversupplied, with average prices around $9,000 per ton, but recent price movements have seen a rise to over $11,000 per ton due to Chinese government actions [57][58] Company Strategy and Development Direction - The company is focused on commodity diversification, particularly in gold and lithium, to stabilize earnings during volatile market cycles [26] - A multipolarity strategy is being implemented to enhance local supply of critical minerals, with significant investments in lithium projects in Europe [26][29] - Sustainability remains a core aspect of the company's strategy, with recent acquisitions aimed at expanding recycling capabilities [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to thrive in a turbulent industry, highlighting a strong earnings trend and decreasing leverage [25][11] - The outlook for the second half of the year is positive, with expectations of improved results driven by higher commodity prices [74] - Management acknowledged challenges in certain operations but emphasized ongoing assessments to optimize production and maintain safety [71][72] Other Important Information - The company reported three fatalities during the reporting period, emphasizing safety as the top priority and ongoing efforts to improve safety metrics [5][23] - A strategic project status was granted for both the Calibre and Galicam projects under the EU Critical Raw Materials Act, providing access to grants and tax credits [29] Q&A Session Summary Question: What is the outlook for dividend payments? - The company has decided not to pay dividends at the interim stage but will review this at year-end, with confidence in returning to dividend-paying territory if commodity prices remain stable [42][43] Question: How is the company addressing the challenges in the gold operations? - Management is actively reviewing the Cliff operations to optimize long-term sustainability and has revised production guidance for managed operations [72][74] Question: What are the expectations for the lithium market? - The company remains bullish on the long-term demand for lithium, forecasting a healthy CAGR for battery electric vehicle production over the next decade [58]

Financial Data and Key Metrics Changes - Group adjusted EBITDA increased by 120% compared to the same period in 2024, reaching ZAR 10 billion, and even excluding the 45X credits, it was still 51% higher [5][6] - Net debt to adjusted EBITDA ratio improved to 0.89 times, significantly below the market's earlier projections [6] - The total fair value of 45X credits is projected to increase to ZAR 12.6 billion by 2034, representing 32% of the acquisition value of the Stillwater operations [7] Business Line Data and Key Metrics Changes - South African PGM operations produced 840,400 ounces, a 4% decrease year-on-year, with underground operations consistent at 750,000 ounces [59] - South African gold operations saw a 36% increase in average gold price received, reaching slightly more than ZAR 1.8 million per kilogram, while adjusted EBITDA increased by 118% to ZAR 4.8 billion [65][66] - U.S. PGM operations produced 141,000 ounces at an all-in sustaining cost of $1,207 per ounce, reflecting a 41% decrease in costs compared to pre-restructuring [74] Market Data and Key Metrics Changes - Gold prices increased by 26% in the first half of the year, with average trading volumes reaching $329 billion per day, the highest for any half-year period on record [48] - PGM prices have rallied due to tight supply, with platinum prices outperforming driven by lower mine supplies [49] - Lithium market remains oversupplied, with average prices just over $9,000 per ton, affecting profitability for a third of lithium supply [56] Company Strategy and Development Direction - The company is focused on commodity diversification, particularly in gold and lithium, to stabilize earnings during volatile market cycles [25] - A multipolarity strategy is being implemented to enhance local supply of critical minerals, including a petition for a palladium trade remedy [8][26] - The company is investing in brownfield projects with low capital intensity to improve competitiveness and efficiency [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's increasing earnings trend and decreasing leverage, indicating a positive outlook for future performance [9] - The company acknowledges the challenges posed by geopolitical tensions and tariff impacts on market demand, particularly in the U.S. [46] - Future growth is anticipated in the PGM and lithium markets, despite current pressures, with a focus on sustainable practices and stakeholder engagement [30][57] Other Important Information - The company has launched a petition against unwrought palladium imports from Russia, addressing unfair trade practices [78] - The acquisition of Metalex is expected to enhance the company's recycling footprint and contribute to earnings [43] - The company is assessing the Burnstone project for potential future development [29] Q&A Session Summary Question: What is the outlook for dividend payments? - The company has decided not to pay dividends at the interim stage but will review this at year-end, with confidence in returning to dividend-paying territory if commodity prices remain stable [41] Question: How is the company addressing safety concerns? - The company reported three fatalities during the reporting period but noted improvements in safety frequency rates and a commitment to eliminating fatal incidents [21][22] Question: What are the expectations for the lithium market? - The lithium market is currently oversupplied, but the company remains bullish on long-term demand driven by electrification, forecasting a healthy CAGR for battery electric vehicle production [57]

Enhancing financial resilience through safe production Operating and financial results for the six months ended 30 June 2025 (H1 2025) Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward-looking statements. Forward-looking statements may be identif ...

Core Points - MAG Silver Corp. has announced preliminary results of shareholder elections regarding the form of consideration for the acquisition by Pan American Silver Corp. [1][2] - The Arrangement is expected to close around September 4, 2025, following the satisfaction of customary closing conditions [2][4] - Shareholders had the option to elect between Cash Consideration and Share Consideration, with proration provisions in place [3][4] Election Results - Approximately 1.71% of MAG shareholders elected to receive Cash Consideration, while 30.55% opted for Share Consideration [12] - The remaining 67.74% of shareholders did not make a valid election and will be deemed to have elected for Share Consideration [12] Arrangement Details - The total consideration includes $500 million in cash and the remainder in Pan American Shares, with the possibility of shareholders receiving both forms of consideration [4][11] - Following the completion of the Arrangement, MAG Shares are expected to be delisted from the Toronto Stock Exchange and NYSE American LLC [7] Company Overview - MAG Silver Corp. is a Canadian mining and exploration company focused on high-grade precious metals projects in the Americas [8] - The company holds a 44% interest in the Juanicipio Mine, which is operated by Fresnillo plc [8]

Group 1 - The Corporation, Newlox Gold Ventures Corp., is currently unable to file its audited financial statements for the fiscal year ended March 31, 2025, by the deadline of July 29, 2025, due to a management change and difficulties in obtaining necessary documents from Costa Rica for the audit [1][3] - A management cease trade order (MCTO) was issued by the British Columbia Securities Commission on July 30, 2025, prohibiting the Chief Executive Officer and Chief Financial Officer from trading in the Corporation's securities until the required filings are completed [2] - The Corporation has committed to providing bi-weekly default status reports in accordance with National Policy 12-203 while it remains in default of the filing requirements [5] Group 2 - Newlox Gold Ventures Corp. is focused on the recovery of gold and silver from artisanal and small-scale mining operations across Latin America, utilizing technology to recover precious metals and contribute to local economic development [6]

Core Insights - Nord Precious Metals Mining Inc. has identified high-grade silver, gold, and critical metals mineralization across an extensive vein network at the Castle East location on the Castle Silver Mine property, following a comprehensive review by Ronacher McKenzie Geoscience [1][2] Exploration and Technical Update - The company has established a high-grade mineralized zone within 2 kilometers of the last operating high-grade silver mine in the Cobalt area, identifying 29 veins through advanced modeling techniques [2][6] - The review included over 75,000 meters of drill data, which has significantly enhanced the understanding of the potential scale of the Castle East property [2][6] Future Plans - The company plans to commence drilling in the fall to further define and increase confidence in the structural modeling, aiming for an updated Resource Estimate [3] Key Highlights - Twenty-nine veins have been identified, with 21 modeled in Area A and 8 in Area B, confirming a localized stockwork system [6] - The model validates previously reported exceptional grades, positioning Castle East among the highest-grade silver discoveries globally [6][7] Company Overview - Nord Precious Metals operates the only permitted high-grade milling facility in the historic Cobalt Camp of Ontario, with a flagship property encompassing 63 square kilometers [7] - The Castle East discovery has delineated 7.56 million ounces of silver in Inferred resources, averaging 8,582 g/t Ag from two sections of the Robinson Zone [7] Strategic Positioning - The company's integrated processing strategy supports the recovery of high-grade silver and critical minerals, including cobalt and nickel, leveraging established infrastructure [8] - Nord maintains a strategic portfolio of battery metals properties, including a 35% ownership in Coniagas Battery Metals Inc. and the St. Denis-Sangster lithium project [9]

Group 1 - Starcore International Mines Ltd. has approved a non-brokered private placement for gross proceeds of up to $5,000,000, consisting of up to 20,000,000 units priced at $0.25 per unit [1] - Each unit includes one common share and one-half of a transferable common share purchase warrant, with the whole warrant exercisable for two years at a price of $0.35 per share, contingent on the share price reaching $0.50 for 10 consecutive trading days [1] - The proceeds will primarily be used for bulk sampling and the development of the Tortilla Project [2] Group 2 - The private placement is subject to acceptance by the Toronto Stock Exchange and required regulatory approvals, with a hold period of four months plus one day after the closing date for the issued securities [3] - The company may pay finders' fees to certain finders for their efforts related to the financing, and certain insiders may participate in this financing [2] Group 3 - Starcore International Mines is focused on precious metals production, particularly in Mexico, and has expanded its operations internationally, including a project in Côte d'Ivoire [4] - The company emphasizes Corporate Social Responsibility and aims to make value-driven decisions to enhance long-term shareholder value [4]