Core Viewpoint - Gold X2 Mining Inc. is advancing its proposed acquisition of Kesselrun Resources Ltd., which includes the high-grade Huronian Gold Project, enhancing its strategic position in the Shebandowan Greenstone Belt [1][6]. Company Overview - Gold X2 Mining Inc. is focused on acquiring and advancing primary gold assets in tier-one jurisdictions, with a significant investment of over $75 million in its flagship Moss Gold Project [11]. - Kesselrun Resources is a mineral exploration company based in Thunder Bay, Ontario, with a focus on property acquisitions and discoveries [9]. Transaction Details - The acquisition of Kesselrun will transfer ownership of the Huronian Gold Project and Bluffpoint Gold Project to Gold X2 upon completion [2][8]. - Kesselrun has obtained an interim court order to hold a special meeting for shareholder approval of the transaction [7]. - Completion of the transaction is subject to shareholder approval, final court approval, and TSX Venture acceptance [8]. Huronian Gold Project - The Huronian Gold Project consists of 293 contiguous mineral claims covering approximately 4,777 hectares and is located adjacent to Gold X2's Moss Gold Project [3][10]. - Kesselrun has secured an early exploration permit for the Huronian Gold Project, effective for three years [4]. Technical Report - A technical report titled "Technical Report, Geological Introduction to Gold X2 Mining Inc.'s Huronian Gold Project" has been filed, detailing the project's geological potential [2][5]. - The report was prepared by independent qualified persons and is available on SEDAR+ [5].

Core Points - Lion One Metals Limited has successfully closed an upsized non-brokered sidecar private placement, raising gross proceeds of $8,310,245.44, in addition to a previously completed LIFE Offering that raised $25,000,000, totaling $33,632,005.12 [1][2][3] Financing Details - The Sidecar Private Placement involved the issuance of 25,969,517 units at a price of $0.32 per unit, which included one common share and one warrant per unit [2] - The total number of Offered Units issued under both the Sidecar Private Placement and the LIFE Offering is 105,100,016 [2] - Each warrant allows the holder to acquire one common share at an exercise price of $0.42 for three years [2] Use of Proceeds - The net proceeds from the offerings will be used for the development of the Tuvatu Gold Project, repayment of a loan facility, and working capital [3] Management Commentary - The CEO expressed satisfaction with the demand for the offerings, indicating strong confidence in the company and plans to accelerate mine development and production at Tuvatu [3] Finder's Fees - The company paid finder's fees totaling $635,904 in cash and issued 1,987,200 finders warrants, representing an 8% commission on the gross proceeds [4] Regulatory Information - The listing of the common shares is subject to final acceptance by the TSX Venture Exchange, with certain securities under a statutory hold period [5] Company Overview - Lion One Metals is an emerging Canadian gold producer with operations at the Tuvatu Alkaline Gold Project in Fiji, which includes a high-grade gold deposit and extensive exploration licenses [8]

Core Insights - Newmont Corporation reported a revenue of $5.52 billion for the quarter ended September 2025, marking a 20% increase year-over-year and exceeding the Zacks Consensus Estimate of $4.97 billion by 11.06% [1] - The company's earnings per share (EPS) reached $1.71, significantly up from $0.81 in the same quarter last year, and surpassed the consensus EPS estimate of $1.29 by 32.56% [1] Financial Performance - Newmont's stock has returned +4.2% over the past month, outperforming the Zacks S&P 500 composite's +0.2% change, and currently holds a Zacks Rank 1 (Strong Buy) [3] - Attributable gold production from Yanacocha was 152.00 Koz, exceeding the average estimate of 139.82 Koz [4] - Consolidated silver production was 7,000.00 Koz, slightly below the average estimate of 7,007.63 Koz [4] Geographic Revenue Breakdown - Nevada Gold Mines generated $893 million, surpassing the estimated $794.34 million, reflecting a year-over-year increase of 46.2% [4] - Peñasquito's revenue was $918 million, significantly higher than the estimated $633.57 million, representing a 93.3% year-over-year change [4] - Yanacocha's revenue reached $530 million, compared to the estimated $350.6 million, indicating a substantial increase of 140.9% year-over-year [4] - Cerro Negro reported $207 million in revenue, exceeding the estimated $176.03 million, with a year-over-year change of 38% [4] - Ahafo's revenue was $516 million, below the estimated $595.47 million, showing a decline of 6.4% year-over-year [4]

Market Performance - Market indexes showed solid performance, with the Dow increasing by 144 points (+0.31%), S&P 500 up by 39 points (+0.58%), Nasdaq rising by 201 points (+0.89%), and Russell 2000 gaining 29 points (+1.22%) [1] Existing Home Sales - September Existing Home Sales were reported at 4.06 million seasonally adjusted annualized units, matching expectations and marking the highest level in seven months, although still below the February high of 4.1 million [2] - Sales of single-family homes increased by 1.7% month-over-month, with inventories rising by 1.3% and supply at 4.6 months. The West region led growth at +5.5%, followed by the Northeast at +2.1% and South at +1.6%, while the Midwest saw a decline of -2.1% [3] Q3 Earnings Reports - Intel (INTC) reported a Q3 loss of $0.23 per share, missing expectations of a $0.01 loss, but improved from a loss of $0.46 per share a year ago. Revenues were $13.7 billion, exceeding the anticipated $13.1 billion, with Q4 guidance in line with estimates. Shares rose by 5.5% in late trading [4] - Ford (F) exceeded expectations with Q3 earnings of $0.45 per share, above the projected $0.38, although lower than the $0.49 from the previous year. Revenues reached a record $50.5 billion, surpassing the $42.7 billion consensus [5] - Newmont Mining (NEM) reported earnings of $1.71 per share, exceeding the $1.29 expected, with gold production of 1.4 million ounces. The company anticipates higher expenses in the next quarter, leading to a 2.3% decline in shares during late trading [6] - Deckers Outdoor (DECK) reported earnings of $1.82 per share, above the $1.58 consensus, with revenues of $1.43 billion exceeding the $1.41 million estimate. However, disappointing guidance led to a 10% drop in shares [7] Upcoming Economic Data - The Consumer Price Index (CPI) data for September is set to be released, with expectations for inflation to rise above 3% for the first time since May 2024, potentially influencing future interest rate decisions by the Federal Reserve [10][11]

Core Viewpoint - Scorpio Gold Corporation has filed an independent technical report detailing its maiden mineral resource estimate at the Manhattan District in Nevada, which includes both current and historical mineral estimates [1][2][4]. Group 1: Technical Report Details - The technical report is titled "Mineral Resource Estimate and NI 43-101 Technical Report, Manhattan Property, Nye County, Nevada" with an effective date of June 4, 2025 [2]. - The report was prepared by a team of qualified professionals from various geological consulting firms [2]. - A copy of the technical report is available on Scorpio Gold's website and SEDAR+ profile [3]. Group 2: Maiden Mineral Resource Estimate (MRE) Highlights - The maiden mineral resource estimate includes 18,343,000 tonnes grading 1.26 g/t gold, totaling 740,000 ounces of contained gold in the inferred category [4][7]. - The historical mineral resource estimate covers several satellite deposits, comprising 1,652,325 tonnes grading 5.89 g/t gold, totaling 303,949 ounces of contained gold [4]. - The Manhattan District has historically produced approximately 700,000 ounces of gold from high-grade operations dating back to the late 1890s [4]. Group 3: Project Overview - The Manhattan District is located in the Walker Lane Trend of Nevada, approximately 20 kilometers south of the Round Mountain Gold Mine, which has produced over 15 million ounces of gold [4]. - Scorpio Gold holds a 100% interest in the Manhattan District, which spans approximately 4,780 hectares and includes the advanced exploration-stage Goldwedge Mine [9]. - The project presents significant resource potential with over 140,000 meters of historical drilling and valuable permitting and water rights [9].

Financial Data and Key Metrics Changes - Newmont generated $3.3 billion in adjusted EBITDA and adjusted net income of $1.71 per share for the third quarter, a 20% increase from the second quarter and more than double last year's result [14] - The company achieved record third-quarter cash flow of $1.6 billion, contributing to an all-time annual record of $4.5 billion with one quarter remaining [8][15] - The balance sheet was strengthened, ending the quarter in a near-zero debt position after retiring $2 billion of debt [9][10] Business Line Data and Key Metrics Changes - Production was largely in line with the second quarter, driven by higher grades and improved productivity at Subika Underground, while Peñasquito delivered a lower proportion of gold [11][12] - The company completed mining at the Subika Open Pit and shifted activities to lower grades from the Awonsu Open Pit [11] - At Ahafo, the construction of the engineered wall of the Phase 14A layback was completed, preparing for future higher grades [12] Market Data and Key Metrics Changes - Newmont received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of its asset divestment program [8] - Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, reflecting the improved credit profile and financial management [10] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, funding cash-generative capital projects, and returning capital to shareholders [15][22] - Newmont is committed to a disciplined capital allocation strategy, prioritizing investments in its own assets and share buybacks [49] - The restructuring includes a decentralized organizational structure to enhance accountability and decision-making at operating sites [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance and highlighted the importance of operational performance, safety, cost, and productivity [16][21] - The company anticipates a reduction in absolute cost guidance for G&A, exploration, and advanced projects by approximately 15% [17] - Future production is expected to be within the same guidance range for 2026, but towards the lower end due to planned mine sequencing [19][71] Other Important Information - The company declared commercial production at its new mine a half mile north, which is expected to add profitable gold production over an initial 13 years [10][24] - Newmont has returned $823 million to shareholders since the last earnings call through dividends and share repurchases [10][22] Q&A Session Summary Question: Capital allocation and balance sheet management - Management remains committed to a well-defined capital allocation framework and will review returns to shareholders quarterly [30] Question: Project pipeline updates - The proposal for Red Chris remains on track for mid-next year, and all longer-dated projects will need to earn their rights for capital allocation [32] Question: Team structure and appointments - The executive leadership team is strong, with key appointments being made, including a focus on filling the CFO position [36] Question: Ramp-up of new mine - The ramp-up of the new mine is on schedule, with commercial production expected to be declared soon [38] Question: Reserve pricing and growth expectations - The reserve and resource review is ongoing, with outcomes expected in February next year [42] Question: Cost inflation and operational efficiencies - Normal increases in labor and consumables are expected, but cost-saving initiatives are helping to offset higher royalties and taxes [72] Question: Capital allocation for growth assets - The focus remains on internal investments and share buybacks, with any acquisitions being value accretive [49] Question: Exploration and advanced projects budget - The reduction in exploration and advanced projects budget is due to rationalization and strategic capital allocation decisions [92]

Financial Data and Key Metrics Changes - Newmont generated $3.3 billion in adjusted EBITDA and adjusted net income of $1.71 per share for the third quarter, a 20% increase from the second quarter and more than double last year's result [14] - The company achieved record third-quarter cash flow of $1.6 billion, contributing to an all-time annual record of $4.5 billion with one quarter remaining [8][15] - The balance sheet was strengthened, ending the quarter in a near-zero debt position after retiring $2 billion of debt [9][10] Business Line Data and Key Metrics Changes - Production was largely in line with the second quarter, driven by higher grades and improved productivity at Subika Underground, while Peñasquito delivered a lower proportion of gold [11][12] - The company completed mining at the Subika Open Pit and shifted activities to lower grades from the Awonsu Open Pit [11] - At Ahafo, the construction of the engineered wall of the Phase 14A layback was completed, preparing for future higher grades [12] Market Data and Key Metrics Changes - Newmont received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of its asset divestment program [8] - Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, reflecting the improved credit profile and financial management [10] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, funding cash-generative capital projects, and returning capital to shareholders [15][22] - Newmont is committed to a disciplined capital allocation strategy, prioritizing investments in its own assets and share buybacks [49] - The restructuring includes a decentralized organizational structure to enhance accountability and decision-making at operating sites [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance and highlighted the importance of operational performance, safety, cost, and productivity [16][21] - The company anticipates a reduction in absolute cost guidance for G&A, exploration, and advanced projects by approximately 15% [17] - Future production is expected to be within the same guidance range for 2026, but towards the lower end due to planned mine sequencing [20][71] Other Important Information - The company declared commercial production at its new mine a half mile north, which is expected to add profitable gold production over an initial 13 years [10][24] - Newmont has returned $823 million to shareholders since the last earnings call through dividends and share repurchases [10][22] Q&A Session Summary Question: Capital allocation and balance sheet management - Management remains committed to a well-defined capital allocation framework and will review returns to shareholders quarterly [30] Question: Project pipeline updates - The proposal for Red Chris remains on track for mid-next year, and all longer-dated projects will need to earn their rights for capital allocation [32] Question: Autonomy and restructuring impact - The restructuring has led to a strong leadership team with key appointments being made, focusing on operations and projects [36] Question: Production guidance for 2026 - Production for managed operations is expected to be on the lower end of the guidance range, around 4.2 million ounces [71] Question: Cost inflation and underlying cost pressures - Normal increases in labor and consumables are expected, but cost-saving initiatives are helping to offset higher royalties and taxes [72]

Financial Data and Key Metrics Changes - Newmont generated record third-quarter cash flow of $1.6 billion, leading to an all-time annual record of $4.5 billion with one quarter remaining [6][12] - Adjusted EBITDA for the third quarter was $3.3 billion, with adjusted net income of $1.71 per share, a 20% increase from the second quarter and more than double last year's result [11][12] - The company ended the quarter with $5.6 billion in cash and reduced gross debt to $5.4 billion, achieving a near-zero net debt position [20][21] Business Line Data and Key Metrics Changes - Production was largely in line with the second quarter, driven by higher grades and improved productivity at Subika Underground [9][10] - Peñasquito delivered a lower proportion of gold but steady lead, silver, and zinc production, consistent with planned sequences [9] - The new mine a half mile north is expected to add profitable gold production over an initial 13 years of mine life [8][10] Market Data and Key Metrics Changes - Newmont received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of its asset divestment program [6][12] - Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, reflecting improved credit profile and financial management [8] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet, funding cash-generative capital projects, and returning capital to shareholders [12][20] - Newmont is committed to a disciplined capital allocation strategy, prioritizing investments in its own assets and share buybacks [43][44] - The restructuring into two business units aims to enhance accountability and streamline operations [7][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance and highlighted strong execution across all managed operations [13][14] - The company anticipates higher ounces from Nevada Gold Mines in the fourth quarter and is focused on cost discipline and productivity improvements [14][19] - Management acknowledged potential challenges from increased profit sharing, royalties, and production taxes due to higher gold prices but expects to offset these impacts through ongoing optimization [15][19] Other Important Information - The company has successfully completed its asset divestment program, generating over $3.5 billion in after-tax cash proceeds in 2025 [23] - Newmont's focus remains on maximizing capacity and responsible capital management, particularly regarding tailings capacity at Cadia [16][17] Q&A Session Summary Question: Capital allocation and balance sheet management - Management remains committed to a well-defined capital allocation framework and will review returns to shareholders quarterly [28] - If gold prices remain high, the company may accelerate cash returns rather than build cash reserves [29] Question: Project pipeline updates - The proposal for Red Chris is on track for mid-next year, with no delays from the recent incident [30] Question: Team structure and key appointments - The company has a vacancy for CFO and has restructured into two business units, each led by strong Managing Directors [32] Question: Production expectations for Yanacocha - Production is expected to taper slightly in the fourth quarter as mining concludes at Ketchum Mine Pit [48] Question: Cost inflation and guidance for 2026 - Management indicated that cost inflation will be part of the budgeting process, with normal increases expected for labor and consumables [61] Question: Exploration and advanced projects budget - The reduction in exploration budget is due to a deliberate review of asset potential and strategic capital allocation decisions [76][79]

Financial Data and Key Metrics Changes - Newmont generated record third quarter cash flow of $1,600 million, enabling an all-time annual record of $4,500 million with one quarter still remaining [9][13] - Adjusted EBITDA for the third quarter was $3,300 million, and adjusted net income was $1.71 per share, a 20% increase from the second quarter and more than double last year's result [13] - The company ended the quarter with $5,600 million in cash and reduced gross debt to $5,400 million, achieving a near zero net debt position [21][22] Business Line Data and Key Metrics Changes - Production was largely in line with the second quarter, driven by higher grades at Brucejack, improved productivity at Cerro Negro, and success from patented injection leaching technology at Yanacocha [11] - Penasquito delivered a lower proportion of gold but steady lead, silver, and zinc production, consistent with planned sequences [11] - Ahafo North mine declared commercial production, expanding the existing footprint in Ghana and adding profitable gold production over an initial thirteen years [10][24] Market Data and Key Metrics Changes - The company received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of its asset divestment program [9][14] - Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, reflecting improved credit profile and prudent financial management [10] Company Strategy and Development Direction - Newmont is focused on maintaining a strong balance sheet, funding cash-generative capital projects, and returning capital to shareholders [15][22] - The company has streamlined its organizational structure into two business units, enhancing decision-making authority at operating sites [9][10] - Future capital allocation will prioritize internal investments and share buybacks, with a disciplined approach to any potential acquisitions [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year production guidance and highlighted strong execution across all managed operations [15] - The company anticipates a reduction in absolute cost guidance for 2025 by approximately 15% due to cost-saving initiatives [16] - Management acknowledged the potential impact of elevated gold prices on profit sharing, royalties, and production taxes, but expects to offset these through ongoing optimization [20] Other Important Information - Newmont has returned $823 million to shareholders since the last earnings call through dividends and share repurchases [10][22] - The company has repaid $3.9 billion of debt over the last two years and returned over $5.7 billion to shareholders [24] Q&A Session Summary Question: Capital allocation and balance sheet strategy going into 2026 - Management remains committed to a defined capital allocation framework and will review returns to shareholders quarterly [29][30] Question: Updates on project pipeline and potential delays - Red Chris remains on track for a proposal to the Board by mid-next year, with ongoing investigations from a previous incident incorporated into feasibility studies [32] Question: Key appointments and team structure post-restructuring - The executive leadership team is capable, with a focus on operations and projects, and a key appointment for CFO is being prioritized [36][38] Question: Ahafo North ramp-up and commercial production - The ramp-up is on schedule, with commercial production declared after running for thirty days at over 65% of design capacity [39] Question: Reserve pricing and growth expectations - Management is in the middle of budgeting and resource review, with outcomes expected in February next year [44] Question: Cost inflation and underlying cost pressures - Normal increases in labor and consumables are expected, but cost-saving initiatives are helping to offset some inflationary pressures [81] Question: Exploration and advanced projects capital allocation - The reduction in exploration spending is a result of a deliberate review of asset potential and targeting dollars towards high-value areas [103]

Core Viewpoint - Newmont reported better-than-expected Q3 adjusted earnings and revenues, but lower production levels hindered the company's ability to capitalize on record-high gold prices [3]. Financial Performance - Q3 profit doubled to $1.83 billion, or $1.67 per share, compared to $922 million, or $0.80 per share, in the same quarter last year [4]. - Adjusted earnings exceeded expectations, indicating strong financial performance despite production challenges [3].