PresentationPlease be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Carl Calandra, Vice President, General Counsel and Corporate Secretary. Please go ahead.Good day, and thank you for standing by. Welcome to the Cerrado Gold Management discussion regarding the purported opinion of the EIA for Lagoa Salgada Conference Call.Carl CalandraVP, General Counsel & Corporate Secretary Thank you, operator. Good morning, and welcome to the Cerrad ...

Core Viewpoint - Franco-Nevada Corporation has entered into a $100 million gold stream financing transaction with Orezone Gold Corporation to support the acquisition of Hecla Mining Company's Casa Berardi Gold Mine and other Quebec assets, indicating a strategic expansion in its Canadian portfolio [1][2] Transaction Highlights - The transaction involves a $100 million gold stream financing to support Orezone's acquisition of Casa Berardi Gold Mine and other assets [1] - The effective date of the stream is January 1, 2026, with the first full quarter's fixed delivery due by April 15, 2026, or closing [4] Financial Aspects - Franco-Nevada plans to finance the transaction using cash on hand, with $0.9 billion in cash and cash equivalents and $1.9 billion in available capital as of September 30, 2025 [6] Operational Insights - Casa Berardi Mine has produced over 3.2 million ounces of gold and continues to generate significant production and cash flow [5] - The mine hosts proven and probable (P&P) mineral reserves of 1.3 million ounces and additional mineral resources of 0.9 million ounces measured and indicated (M&I) [5] - Orezone's management team, led by CEO Patrick Downey, has a strong track record in the resource industry, enhancing confidence in the operational success of the acquisition [5] Future Potential - The stream covers a large resource base with significant exploration potential, including the Heva-Hosco Gold Project, which has M&I mineral resources of 1.2 million ounces [5] - Orezone has identified opportunities to increase production and extend the mine life through ongoing underground operations and the development of new pits [5] Delivery Terms - Franco-Nevada will receive fixed deliveries of 1,625 ounces of gold per quarter for the first five years, followed by variable deliveries based on production from the Casa Berardi Mine and Heva-Hosco [5][12]

Core Viewpoint - Orezone Gold Corporation has entered into a definitive agreement to acquire Hecla Quebec Inc., which includes the Casa Berardi gold mine and exploration properties in Quebec, for a total consideration of $593 million, comprising upfront, deferred, and contingent payments [1][2][6]. Transaction Overview - The acquisition involves 100% ownership of the Casa Berardi gold mine and a portfolio of exploration properties located in Quebec [1]. - The total consideration for the acquisition is structured as follows: $352 million in upfront and deferred payments, and up to $241 million in contingent payments based on gold prices and future production [2][16]. Financial Structure - The upfront and deferred consideration includes $160 million in cash and $112 million in Orezone common shares, along with $80 million in deferred cash payments [2][16]. - The contingent consideration consists of $10 million linked to gold prices and $231 million based on permitting and future gold production from the Casa Berardi mine [2][16]. Strategic Importance - This transaction is seen as a significant milestone for Orezone, enhancing its portfolio with a cash-flow-generating asset and diversifying its operations in a Tier 1 mining jurisdiction [3][6]. - The combination of Casa Berardi and Orezone's existing Bomboré mine is expected to create a multi-asset platform with strong production and free cash flow, positioning the company for growth [3][6]. Casa Berardi Mine Details - Casa Berardi has a long-standing operating history, having produced over 3.2 million ounces of gold since 1988, with proven and probable reserves of 1.3 million ounces [10]. - The mine is expected to produce between 83,000 to 91,000 ounces of gold in 2026, with significant exploration potential across a 37 km mineralized corridor [10][6]. Community and Stakeholder Engagement - Orezone is committed to maintaining strong relationships with local communities and stakeholders, including the Abitibiwinni First Nation, and aims to honor existing commitments and agreements [4][15]. Future Growth Potential - The acquisition is expected to enhance Orezone's resilience and growth potential by delivering immediate scale and increased gold production, thereby strengthening its leverage to gold prices [6][10]. - The exploration portfolio includes the Heva-Hosco project, which has an established resource of 1.2 million ounces indicated and 0.6 million ounces inferred, located near other large-scale gold mines [10][6].

Core Viewpoint - Hecla Mining Company has agreed to sell its subsidiary that owns the Casa Berardi operation in Quebec to Orezone Gold Corporation for up to $593 million, marking a strategic shift to focus on silver assets and strengthen its financial position [1] Group 1: Transaction Details - The total consideration for the sale is up to $593 million [1] - The transaction is part of Hecla's strategic transformation [1] - The expected closing of the transaction is anticipated soon [1] Group 2: Strategic Implications - The sale allows Hecla to concentrate on its premier silver assets [1] - Strengthening the Company's financial position is a key objective of this transaction [1]

Core Viewpoint - Gold is increasingly viewed as a critical asset in investment portfolios, serving as a hedge against geopolitical tensions and economic uncertainty, and is being favored over US Treasuries as a safe-haven asset [1][3]. Investment Trends - There is a noticeable shift of private wealth away from USD-denominated assets and traditional safe havens in Europe due to regulatory and political uncertainties, prompting new investment ideas and payment ecosystems [2]. - Demand for gold from the jewelry sector is expected to remain muted in 2026, but investment and central bank purchases are anticipated to grow due to geopolitical and economic uncertainties [5]. Gold Mining Sector - Gold mining equities have seen a significant increase of over 150% in the past 12 months, presenting a leveraged opportunity for investors as these companies benefit from stable all-in sustaining costs (AISC) [7]. - The operating leverage in gold mining can lead to profit margin expansion when gold prices rise, enhancing financial health and enabling miners to pay down debt or increase dividends [8]. Market Dynamics - A lag effect is often observed between gold prices and gold miners' performance due to capital expenditure delays and fluctuating production costs [9]. - The industry is exploring lower grade mining deposits and gold recycling, which may become viable with higher prices, indicating a combined exposure to gold mining stocks and physical gold as an attractive allocation strategy [10]. ESG Considerations - The VettaFi Gold Miners Screened Index tracks the performance of major gold mining companies while incorporating ESG screens to align with sustainable practices [12]. - The industry is making progress in adhering to ESG norms and governance principles, with emerging nations improving licensing processes for mining operations [13]. Central Bank Activity - Central bank purchasing of gold is expected to remain strong, with a significant portion of known global gold reserves already extracted, highlighting the stability of gold production [15].

Core Insights - Dolly Varden Silver has completed 32 drill holes at the Wolf Vein, with significant silver price increases contributing to heightened interest in the company [1][6] - Silver is currently trading at US$110 per ounce, while gold has reached a record price of US$5,050 per ounce, indicating strong demand for precious metals [1][2] Company Developments - The 2025 drill program included infill and vertical extension drilling, with new mineralization discovered that is similar to the Torbrit Deposit [2][3] - Directional drilling technology has been employed to optimize drilling efficiency, allowing for multiple uses of the same mother hole [7][8] - Significant silver intercepts include 467 g/t over 15.32 meters and 518 g/t over 0.52 meters, indicating high-grade mineralization [8][9] Merger and Strategic Rationale - Dolly Varden announced a proposed merger with Contango, which holds a 30% interest in the Manh Choh Gold Project, enhancing the combined company's asset portfolio [10][14] - The merger aims to create a North American-focused multi-stage silver and gold company, with a combined market capitalization of approximately US$812 million (C$1.1 billion) [16][17] - The transaction is supported by significant shareholders, representing approximately 22% of the outstanding shares of both companies [17] Future Outlook - The merger is expected to extend Contango's five-year plan into a 20-year development and exploration strategy, leveraging Dolly Varden's high-grade mineral inventory [18][19] - The collaboration is anticipated to enhance exploration and development opportunities across Alaska and Northwest British Columbia [19][20]

Key Points Scotiabank just raised its price target on Newmont stock by 33%. Newmont costs less than 20x earnings, and is growing earnings at nearly 60%. 10 stocks we like better than Newmont › Newmont Corporation (NYSE: NEM) stock jumped 2.6% through 11:35 a.m. ET Monday after investment bank Scotiabank raised its price target on the mining stock a whopping 33%, to $152 per share, with an outperform rating (i.e., buy). Image source: Getty Images. Why Scotiabank loves Newmont stock Gold prices sur ...

Vancouver, British Columbia--(Newsfile Corp. - January 26, 2026) - West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (FSE: LRA0) ("West Point Gold" or the "Company") is pleased to announce that it has increased the size of its previously announced "commercially reasonable efforts" private placement from aggregate gross proceeds of up to C$20,000,090 to up to C$25,000,030 including up to 22,727,300 common shares (the "Shares") at an issue price of C$1.10 per Share (the "Offering"), with SCP Resource Finance ...

分组1 - U.S. stocks experienced an upward trend, with the Dow Jones increasing by over 100 points on Monday [1] - Sarepta Therapeutics Inc's shares rose by 9.8% to $23.20 following the release of positive three-year results from the EMBARK Phase 3 study of Elevidys in patients with Duchenne muscular dystrophy [2] - Lands' End Inc's shares surged by 38.8% to $19.51 after announcing a joint venture with WHP Global to enhance the value of its intellectual property [3] 分组2 - Alpha Technology Group Ltd saw a gain of 26.8% to $23.61, while Rich Sparkle Holdings Ltd increased by 22% to $64.66 [3] - Precious metals stocks rose as investors sought safe-haven assets amid geopolitical tensions, with TRX Gold Corp gaining 18% to $1.34 and Northern Dynasty Minerals Ltd rising 18% to $2.54 [3] - USA Rare Earth Inc's shares climbed 14.3% to $28.31 after announcing a non-binding letter of intent with the U.S. government for $1.6 billion in funding to boost the domestic rare earth value chain [3]

Summary of Cerrado Gold Conference Call Company Overview - **Company**: Cerrado Gold - **Project**: Lagoa Salgada, a high-grade polymetallic VMS deposit in Portugal - **Key Personnel**: Mark Brennan (Chairman and CEO), Jason Brooks (CFO), João Barros (President of Cerrado Europe), and others involved in the call Core Industry Insights - **Mining Industry in Portugal**: Lagoa Salgada is recognized as a project of national interest, aligned with the European Union's Critical Raw Materials Act, aimed at securing European supply of critical metals [17][18] - **Economic Impact**: The project is expected to contribute 23% to the local economy, providing high-paying jobs and supporting the community [6][16] Key Points from the Call 1. **Environmental Impact Assessment (EIA)**: - Initial EIA submitted on December 21, 2023, included comprehensive studies and was accepted by the Portuguese Environmental Agency (APA) [7] - The project received a unanimous favorable opinion from the technical evaluation committee, a first in Portuguese mining history [9] - APA later issued an unfavorable opinion based on concerns regarding a deeper aquifer, which was not previously identified [10][11] 2. **Regulatory Challenges**: - The company believes the unfavorable opinion is legally invalid as new technical issues cannot be introduced at this stage [11][12] - Cerrado is pursuing legal avenues to challenge the APA's decision and is engaging with local authorities for resolution [14][15] 3. **Community and Government Support**: - Strong backing from local communities and government officials, including the Secretary of State for Energy, who previously encouraged investment in the project [5][6] - The project has received support from EDM (Portuguese state-owned mining company) and AICEP (Portuguese Trade and Investment Agency) [14][27] 4. **Operational Updates**: - At Minera Don Nicolás, the company aims to produce 50,000-60,000 ounces of gold in 2026, with plans for significant exploration [19][30] - The Mont Sorcier Iron Project is progressing, with a full feasibility study expected in Q2 2026 [20] 5. **Market Position**: - Cerrado Gold is trading at a significant discount compared to peers in the gold sector, despite producing more gold and having similar life-of-mine profiles [19][21] - The company is financially strong with a robust balance sheet and is not solely reliant on the Lagoa Salgada project [18][40] Additional Important Insights - **Legal and Technical Solutions**: The company has proposed effective technical solutions to mitigate concerns raised by the APA, which can be addressed in the next phase of the project [11][36] - **Future Outlook**: The company remains optimistic about resolving the permitting issues and emphasizes the importance of Lagoa Salgada for both the company and the local community [34][40] - **Shareholder Value**: Anticipation of positive near-term developments that could enhance shareholder value, including the recommencement of a normal course issuer bid [22][40] This summary encapsulates the critical aspects of the conference call, highlighting the challenges and opportunities faced by Cerrado Gold in relation to the Lagoa Salgada project and its broader operational strategy.