Moon River Moly Ltd. Announces Preliminary Economic Assessment of Potential Restart of 25% Owned Endako Molybdenum MineNovember 21, 2025 7:00 AM EST | Source: Moon River Moly Ltd.HIGHLIGHTS: Pre-tax net present value ("NPV") of $1.1 billion, internal rate of return ("IRR") of 46%, an after-tax NPV of $790 million and an IRR of 40% at an 8% discount rate and assuming a long-term molybdenum ("Mo") price of US$49.73 per kg (US$22.50 per pound ("lb"));10-year mine life based on 75,000 tonnes of mi ...

Core Insights - Erdene Resource Development Corp. achieved a significant milestone with the first gold pour at the Bayan Khundii Gold Mine on September 14, 2025, and expects to reach nameplate production capacity by the end of 2025 [3][10] - The company is actively exploring opportunities to expand resources at Bayan Khundii and has planned 9,300 meters of drilling in the coming months [3][10] - An updated independent mineral resource estimate for the Zuun Mod Molybdenum-Copper project was announced, confirming it as one of Asia's largest undeveloped projects [3][10] - The company entered an option agreement to acquire up to 80% interest in the Tereg Uul Copper-Gold prospect, located near the Oyu Tolgoi deposit [3][10] Q3 2025 Highlights - First gold production at Bayan Khundii occurred on September 14, with expectations to achieve full production capacity by year-end 2025 [10] - During the quarter, the company sold 342 ounces of gold at an average price of US$3,805 per ounce and 96 ounces of silver at US$44 per ounce [10] - The Bayan Khundii mine is designed to process 650,000 tonnes of ore annually, producing approximately 85,000 ounces of gold [10] - The company mined 2.1 million tonnes of material, including 133 thousand tonnes of ore with an average grade of 2.30 g/t Au and 1.27 g/t Ag as of September 30 [10] - Community development initiatives have been implemented, with about 35% of site personnel being local residents [10] Financial Performance - The company recorded a net loss of CAD 2,748,830 for Q3 2025, compared to a net loss of CAD 1,687,580 in Q3 2024 [10][11] - Exploration and evaluation expenses increased to CAD 579,333, primarily due to costs associated with the Tereg Uul property and new project evaluations [10] - Corporate and administrative expenses rose to CAD 864,892, attributed to increased stock-based compensation and higher professional fees related to share consolidation [10] Resource Estimates - The updated mineral resource estimate for Zuun Mod showed a 22% increase in Measured and Indicated molybdenum resources to 333 million pounds and a 90% increase in Inferred molybdenum resources to 300 million pounds [10] - Copper resources also saw a 16% increase in Measured and Indicated resources to 384 million pounds and a 75% increase in Inferred resources to 350 million pounds [10]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with gold and copper production reaching almost 82,000 ounces and 13.4 million pounds respectively [4] - The cash balance increased to over $560 million, allowing the company to fund the Thompson Creek Restart project while returning $32 million to shareholders through buybacks and dividends [4][19] - Adjusted net earnings for Q3 were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - Consolidated all-in sustaining costs on a byproduct basis were $1,652 per ounce in Q3, with expectations to remain near the low end of guidance for 2025 [16] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3 2025, with all-in sustaining costs at $1,461 per ounce, a 14% increase from the previous quarter [12] - Öksüt achieved production of 49,000 ounces in Q3, exceeding expectations due to higher grades, with all-in sustaining costs at $1,473 per ounce, a 16% decrease compared to the last quarter [13][14] - The Molybdenum business unit sold approximately 3.1 million pounds at an average price of $24.42 per pound, but incurred a cash flow deficit due to spending on the Thompson Creek Restart [16][18] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound, reflecting the impact of existing streaming arrangements [16] - The company noted increased confidence in the U.S. steelmaking sector, which is beneficial for its molybdenum products [31] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, with significant investments planned for Mount Milligan and other projects, including a $186 million non-sustaining capital expenditure plan [7][8] - The Mount Milligan Pre-Feasibility Study (PFS) extended the mine life to 2045, with an average annual production forecast of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042 [7][9] - The company is advancing sustainability initiatives, including a renewable diesel pilot project aimed at reducing greenhouse gas emissions [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for both Mount Milligan and Öksüt, with expectations for strong production in Q1 2026 [28] - The company is monitoring the favorable environment for U.S.-based mining and potential strategic deals related to molybdenum [31][32] - Management emphasized the importance of optimizing operations and enhancing shareholder value through disciplined capital allocation [20][21] Other Important Information - The company has initiated a life-of-mine optimization study at Öksüt to evaluate the asset's full potential, including residual leaching and expanding the pit [14][15] - The company has returned over $95 million to shareholders through dividends and share buybacks year-to-date [18][19] Q&A Session Summary Question: What drove the lower recovery at Mount Milligan in Q3? - Management explained that the recovery was impacted by a higher ratio of pyrite to chalcopyrite than previously modeled, which affected the recovery rates [23][24] Question: Will Öksüt see strong grades in Q1 2026? - Management confirmed confidence in achieving production guidance and expects strong production in Q1 2026 due to positive reconciliation [28] Question: Is there potential for a strategic deal with the U.S. Government regarding molybdenum? - Management acknowledged the favorable environment for U.S. mining and indicated they are monitoring potential strategic opportunities, although no current deals are in place [31][32] Question: Will the life-of-mine optimization study at Öksüt require additional permitting? - Management stated that while modifications for residual leaching would be necessary, the study primarily focuses on managing accumulated inventories without significant new permitting requirements [38] Question: What is the plan for improving recoveries at Mount Milligan? - Management outlined that the PFS aims to create a mine plan that optimizes feed blending to improve recovery rates, with expectations to start seeing improvements in Q1 of the following year [40][41]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with a cash balance exceeding $560 million, allowing for funding of the Thompson Creek Restart project and returning $32 million to shareholders through buybacks and dividends [4][19] - Adjusted net earnings for Q3 were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - Consolidated all-in sustaining costs on a byproduct basis were $1,652 per ounce in Q3, with expectations to remain near the low end of guidance ranges for both Mount Milligan and Öksüt in 2025 [17][19] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3, with all-in sustaining costs increasing to $1,461 per ounce, 14% higher than the previous quarter [12][13] - Öksüt produced 49,000 ounces of gold in Q3, with all-in sustaining costs at $1,473 per ounce, 16% lower than the previous quarter, reaffirming production guidance for 2025 [13][14] - The Molybdenum Business Unit sold approximately 3.1 million pounds of molybdenum at an average price of $24.42 per pound [17] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound in Q3, reflecting the impact of existing streaming arrangements [16] - The company holds a strong financial position with total liquidity exceeding $960 million, including $85 million in equity investments [19] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, advancing projects like the Mount Milligan Pre-Feasibility Study and the Goldfield Project, which are expected to enhance long-term production capabilities [5][20] - Key investments include $114 million for a second tailings storage facility and $36 million for upgrades to increase process plant throughput [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for the remainder of 2025 and highlighted the potential for strong production in Q1 2026 due to higher grades at Öksüt [28] - The company is monitoring the favorable environment for U.S.-based mining and the potential for strategic deals related to molybdenum, a critical mineral [31][32] Other Important Information - The Mount Milligan PFS extended the mine life to 2045, with significant increases in proven and probable reserves to 4.4 million ounces of gold and 1.7 billion pounds of copper [7][9] - Sustainability initiatives include a renewable diesel pilot project aimed at reducing greenhouse gas emissions and community support programs for First Nations [10][11] Q&A Session Summary Question: Concerns about gold recovery at Mount Milligan - Management acknowledged lower recovery rates due to a higher ratio of pyrite to chalcopyrite than modeled, impacting Q3 performance, but expects to meet guidance by adjusting material processing [23][24] Question: Future production expectations at Öksüt - Management is confident in strong production going into 2026, supported by a life-of-mine optimization study to exploit accumulated inventories in heap leaching [28][29] Question: Potential for strategic deals with the U.S. government regarding molybdenum - Management noted the favorable environment for U.S. mining and is monitoring potential strategic opportunities, although no immediate funding needs exist [31][32] Question: Impact of optimization study on permitting for Öksüt - Management indicated that while modifications for residual leaching would be necessary, the study primarily focuses on managing accumulated inventories without requiring extensive new permitting [38] Question: Recovery improvements in later mine life - Management expects to enhance recovery rates through better solution management and potential modifications to permitting, with low capital requirements for significant returns [47][48]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated nearly $100 million in free cash flow, with gold and copper production reaching almost 82,000 ounces and 13.4 million pounds respectively [4][16] - Adjusted net earnings for the quarter were $66 million, or $0.33 per share, benefiting from strong production and elevated metal prices [16] - The cash balance increased to over $560 million, with total liquidity exceeding $960 million [4][19] Business Line Data and Key Metrics Changes - Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in Q3 2025, with all-in sustaining costs on a byproduct basis at $1,461 per ounce, a 14% increase from the previous quarter [12][16] - Öksüt produced 49,000 ounces of gold in Q3, with all-in sustaining costs at $1,473 per ounce, which is 16% lower compared to the last quarter [13][16] - The Molybdenum business unit sold approximately 3.1 million pounds at an average realized price of $24.42 per pound [16] Market Data and Key Metrics Changes - The average realized price for gold was $3,178 per ounce and for copper was $3.73 per pound [16] - The company expects consolidated all-in sustaining costs to be near the low end of the guidance range for both Mount Milligan and Öksüt in 2025 [16] Company Strategy and Development Direction - The company is advancing a self-funded growth strategy, with significant investments in projects like Mount Milligan and Goldfield [5][20] - A Pre-Feasibility Study (PFS) for Mount Milligan extended the mine life to 2045, with an average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042 [6][9] - The company is also focusing on sustainability initiatives, including a renewable diesel pilot project at Mount Milligan [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for Öksüt and anticipates strong production in Q1 2026 [26][27] - The company is monitoring the favorable environment for U.S.-based assets, particularly for molybdenum, which is seen as a critical mineral [29][31] - Management emphasized the importance of optimizing the mine plan to improve recovery rates and throughput at Mount Milligan [45] Other Important Information - The company returned $32 million to shareholders through share buybacks and dividends in Q3 [4][18] - A life-of-mine optimization study at Öksüt is expected to evaluate the asset's full potential, including residual leaching and expanding the pit [13][14] Q&A Session Summary Question: Concerns about gold recovery at Mount Milligan - Management acknowledged lower recovery rates due to a higher ratio of pyrite to chalcopyrite and plans to adjust mining strategies to improve recovery [24][25] Question: Future production expectations at Öksüt - Management is confident in achieving production guidance and anticipates strong production in Q1 2026, supported by ongoing studies on accumulated inventories [26][27] Question: Potential for strategic deals with the U.S. Government regarding molybdenum - Management noted the favorable environment for U.S. minerals and mining, particularly for molybdenum, and is monitoring potential government deals [29][31] Question: Impact of life-of-mine optimization study on permitting - Management indicated that while modifications may be needed for residual leaching, the study primarily focuses on managing accumulated inventories [39][40] Question: Recovery improvements in later mine life - Management expects to increase grades and recoveries through better solution management and potential minor modifications to permitting [52][53]

Core Viewpoint - Centerra Gold Inc. reported strong operational and financial results for the second quarter of 2025, driven by high commodity prices, with significant cash flow and strategic advancements in project development [2][3]. Operational Highlights - Consolidated gold production in Q2 2025 was 63,311 ounces, with 35,058 ounces from Mount Milligan and 28,253 ounces from Öksüt [6][21]. - Copper production for the quarter was 12.4 million pounds [6]. - The company updated its 2025 gold production guidance for Mount Milligan to 145,000 to 165,000 ounces, down from 165,000 to 185,000 ounces due to lower grade zones encountered during mining [21][22]. Financial Highlights - Cash flow from operations before working capital and taxes was $98 million, an increase of 22% from the previous quarter [3][8]. - Net earnings for Q2 2025 were $68.6 million, or $0.33 per share, representing an 82% increase compared to the same quarter last year [8][10]. - The average realized gold price was $2,793 per ounce, a 33% increase year-over-year [10]. Strategic Growth Initiatives - The Goldfield project is advancing with an after-tax NPV5% of $245 million and an IRR of 30%, with first production expected by the end of 2028 [3][8]. - Centerra has approved up to $75 million for share repurchases in 2025, reflecting confidence in long-term business value [3][8]. - The company is progressing with a Pre-Feasibility Study for Mount Milligan, aiming to extend its mine life beyond 2036 [25]. Cost Management - Consolidated gold production costs in Q2 2025 were $1,308 per ounce, with all-in sustaining costs (AISC) on a by-product basis at $1,652 per ounce [6][10]. - The company revised its 2025 gold production costs guidance for Mount Milligan to between $1,350 and $1,450 per ounce, up from previous estimates [22]. Capital Expenditures - Total capital expenditures in Q2 2025 were $53.9 million, with sustaining capital expenditures at $25.8 million [6][10]. - Non-sustaining capital expenditures were $28.1 million, primarily related to the restart of operations at Thompson Creek [6][10].

Core Viewpoint - Centerra Gold Inc. reported its first quarter 2025 operating and financial results, highlighting positive free cash flow, unchanged production guidance, and ongoing project advancements, particularly at the Kemess project [2][3]. Operations - Consolidated gold production for Q1 2025 was 59,379 ounces, with 35,880 ounces from Mount Milligan and 23,499 ounces from Öksüt [6][11]. - Copper production in the quarter was 11.6 million pounds [6]. - Mount Milligan produced 35,880 ounces of gold and 11.6 million pounds of copper, lower than planned due to lower gold grades [23]. - Öksüt produced 23,499 ounces of gold, also lower than planned due to lower grades and unfavorable weather conditions [27]. Financial - First quarter 2025 revenue was $299.5 million, a decrease of 2% from $305.8 million in Q1 2024 [9]. - Net earnings for Q1 2025 were $30.5 million, or $0.15 per share, down 54% from $66.4 million in Q1 2024 [11]. - Cash provided by operating activities was $58.6 million, with free cash flow of $10.0 million [11]. - The company maintained a strong cash position of $608 million, ensuring financial flexibility for ongoing projects [3][10]. Growth Initiatives - The company is advancing a Preliminary Economic Assessment on the Kemess project, expected to be completed by the end of 2025 [3]. - The updated mineral resource at Kemess includes 2.7 million ounces of indicated gold resources and 971 million pounds of indicated copper resources [8]. - Exploration guidance for Kemess has been doubled to between $10 million and $12 million for 2025, focusing on infill drilling and high-grade mineralization [3][8]. Capital Expenditures - Total capital expenditures in Q1 2025 were $46.9 million, with $68.1 million in additions to property, plant, and equipment [11]. - Non-sustaining capital expenditures were $25.8 million, primarily related to the restart of Thompson Creek [11][33]. Guidance - The company maintains its 2025 production guidance of 270,000 to 310,000 ounces of gold and 50 to 60 million pounds of copper [15][16]. - Gold production costs for Q1 2025 were $1,271 per ounce, with all-in sustaining costs of $1,491 per ounce [11][16].