Core Viewpoint - Pasinex Resources Limited has secured 100% ownership of Horzum Arama ve Madencilik AŞ, enabling full control over the high-grade Pinargözü zinc mine in Türkiye, with plans to expand production and explore deeper mineralization [1][2][4]. Group 1: Ownership and Corporate Structure - Türkiye's General Directorate of Mining and Petroleum Affairs (MAPEG) has approved the transfer of shares in Horzum AS to Pasinex Arama, completing the ownership transition [1][2]. - Final corporate registration procedures for the ownership transfer are expected to be completed by December 31, 2025 [2]. Group 2: Development and Exploration Plans - A comprehensive development plan has been finalized to expand production capacity and access deeper high-grade mineralization at the Pinargözü mine [3]. - The upcoming program will focus on two primary exploration opportunities, targeting geological potential and continuity of high-grade zinc mineralization [3][8]. Group 3: Management Insights - The Executive Chairman of Pasinex emphasized that the MAPEG approval is a transformative milestone, allowing the company to unlock the mine's deeper potential [4]. - A new 1,000-metre adit will be developed to access identified high-grade sulphide zones and prospective marble-altered zones, enhancing discovery potential [4][7]. Group 4: Workforce and Infrastructure Development - Recruitment of additional technical staff and underground personnel has commenced to support increased mining activities [7]. - The 1,000-metre development project is set to begin in early January 2026, including a 700-metre decline to access lower levels and additional infrastructure for ventilation and drilling [7]. Group 5: Mineralization and Resource Expansion - Drilling has intersected high-grade zinc sulphide mineralization, including 1.5 metres of material with 43% zinc at the 425-metre level, indicating significant potential for resource expansion [8]. - Numerous secondary high-grade zinc veins have been identified, with plans for a dedicated drilling campaign to evaluate their continuity and expand the resource inventory [8]. Group 6: Company Overview - Pasinex Resources Limited is a zinc-focused mining company based in Toronto, Canada, with 100% ownership of Horzum AS, which operates the Pinargözü high-grade zinc mine [11]. - The company also holds a 100% interest in the Sarıkaya Group IV lead-zinc operating license and a 51% interest in the Gunman Project in Nevada, indicating further growth potential [12].

Core Viewpoint - IMPACT Silver Corp. reported significant financial improvements in Q3 2025, driven by higher silver prices and operational efficiencies, positioning the company for future growth [1][3]. Financial Performance - Revenue for Q3 2025 reached $10.7 million, a 24% increase from $8.6 million in Q3 2024 [1]. - Year-to-date mine operating income improved to $5.6 million from a loss of $0.8 million in 2024 [1]. - The net loss in Q3 2025 was reduced to $0.6 million compared to a net loss of $3.1 million in Q3 2024 [1]. Production and Operations - The Zacualpan mill processed 35,437 tonnes of mill feed in Q3 2025, up from 32,901 tonnes in Q3 2024 [4]. - Silver production from the Guadalupe complex increased by 5% to 150,394 ounces in Q3 2025, compared to 142,945 ounces in Q3 2024 [5]. - Revenue from the Zacualpan project was $8.7 million in Q3 2025, up from $6.1 million in Q3 2024, with an 8% increase in production year-over-year [7]. Cost and Efficiency - Revenue per tonne sold increased by 40% to $253.33 in Q3 2025 from $180.90 in Q3 2024, while direct costs per tonne rose by 23% to $180.69 [6]. - The company spent $1.3 million on exploration in Q3 2025, totaling $3.2 million year-to-date [7]. Future Outlook - The company is optimistic about capitalizing on record precious metal prices and ongoing investments in exploration as it heads into 2026 [10]. - Management aims to improve grades and production levels while maintaining cost discipline [10].

Core Insights - Pasinex Resources Limited reported financial results for the three and nine months ended September 30, 2025, showing a net income of $42,989 for the quarter but a net loss of $1,128,423 for the nine-month period, primarily due to an equity loss compared to an equity gain in the previous year [2][8] - The company has made significant progress in acquiring full ownership of key assets, including the Horzum zinc mine and the Sarıkaya project, which are expected to enhance its operational capacity and profitability [3][4][8] Financial Performance - For the three months ended September 30, 2025, the share of net equity loss from joint ventures was $(77,708), compared to a gain of $112,432 in 2024 [2] - The consolidated net income (loss) for the nine months ended September 30, 2025, was $(1,128,423), a significant increase in loss from $(256,655) in 2024, attributed to higher general and administrative costs and interest expenses [2] - Total assets increased to $4,053,376 as of September 30, 2025, from $3,557,225 in 2024, while total liabilities decreased to $3,869,640 from $4,900,852 [2] Recent Developments - On September 11, 2025, Pasinex signed a Share Transfer and Settlement Agreement with Kurmel Holding to acquire 100% ownership of Horzum A.Ş., which includes the Pinargözü zinc mine [3][4] - The company also completed a private placement of common shares, raising gross proceeds of C$2,331,540, increasing the total shares outstanding to 204,813,876 [7] - The company announced a change in its financial year-end from December 31 to March 31 to align better with industry peers [6] Strategic Outlook - Pasinex is focused on developing high-grade zinc deposits in Türkiye and Nevada, with zinc grades ranging from 25% to 50%, which are economically equivalent to copper grades of approximately 9% to 15% [10][11] - The company aims to achieve cash flow positivity within the next two years, supported by a detailed development and exploration plan for its mines [8] - The Sarıkaya license is highlighted as a significant opportunity for direct shipping ore and potential major zinc discoveries [12]

Core Viewpoint - Pasinex Resources Limited has received approval from Türkiye's General Directorate of Mining and Petroleum Affairs for the transfer of shares in Aydın Teknik Madencilik, resulting in 100% ownership of the Sarikaya zinc project, which is set to advance into exploration and development phases [1][2][3] Project Overview - The Sarikaya project is a high-grade, carbonate-hosted zinc deposit located in Kayseri Province, Türkiye, featuring mineralization typical of the Central Anatolian zinc belt, with grades between 30% and 50% zinc [3] - The project benefits from excellent infrastructure, including paved road access and proximity to established mining services, and is strategically located near Pasinex's producing Pinargözü mine [3] Near-Term Development Plan - The company plans to implement initial exploration and mine development activities at Sarikaya through March 31, 2026, focusing on organization building and technical work while adhering to safety and environmental standards [2][5] - Key initiatives include detailed mapping, underground development, and the start of exploration drilling, with the goal of initiating operations during 2026 [5][6] Management Commentary - The Executive Chairman of Pasinex highlighted the MAPEG approval as a significant milestone, emphasizing the company's commitment to advancing the Sarikaya project and preparing for underground drilling in early 2026 [6][7] - The company aims to begin small-scale production by mid-2026 while intensifying exploration efforts to further define the deposit [7] Company Background - Pasinex Resources Limited is a zinc-focused mining company based in Toronto, Canada, with full ownership of the Pinargözü high-grade zinc mine in Türkiye and a 51% interest in the Gunman Project in Nevada [10][11] - The company is led by a seasoned management team with extensive experience in mineral exploration and mine development, focusing on high-grade ore extraction and value creation for stakeholders [12]

Core Viewpoint - Anglo American plc and Teck Resources Limited are proposing a merger of equals to create "Anglo Teck," aimed at becoming a leading global critical minerals champion and a top-five global copper producer by 2027 [1] Group 1: Merger Details - The merger will result in Anglo Teck having over 70% exposure to copper, with projected annual copper production of approximately 1.2 million tonnes and premium iron ore production of 61 million tonnes by 2024 [2] - Anglo American shareholders will own approximately 62.4% of Anglo Teck, while Teck shareholders will own about 37.6% [3] - A special dividend of US$4.5 billion, approximately US$4.19 per share, is planned for shareholders ahead of the merger completion [3] Group 2: Value Creation and Synergies - The merger is expected to generate annual pre-tax recurring synergies of approximately US$800 million by the end of the fourth year, driven by economies of scale and operational efficiencies [4] - Long-term operational synergies from integrating operations in Chile are projected to deliver US$1.4 billion in underlying EBITDA revenue synergies annually from 2030 to 2049 [4] Group 3: Corporate Structure and Leadership - Anglo Teck's global headquarters will be in Vancouver, Canada, with corporate offices in London and Johannesburg, and a majority of the senior executive team based in Canada [5] - Leadership will include Duncan Wanblad as CEO, Jonathan Price as Deputy CEO, and John Heasley as CFO [5] Group 4: Commitment to Regions - Anglo Teck has committed to compliance with empowerment and mining license requirements in South Africa, along with financial contributions to the Junior Mining Exploration Fund [6] - In Canada, the company plans to invest at least CAD$4.5 billion over five years, including up to CAD$2.4 billion for the Highland Valley Copper Mine Life Extension Project [6] Group 5: Shareholder Approval - The merger requires shareholder approval at a General Meeting scheduled for 9 December 2025, with resolutions including the allotment of new shares and a legal name change to "Anglo Teck plc" [7]

Core Insights - Nexa Resources reported a net income of US$100 million in 3Q25, a significant increase from US$13 million in 2Q25 and US$6 million in 3Q24, driven by a non-cash impairment reversal and stronger operational margins [2][3][4] Financial Performance - Adjusted EBITDA for the quarter was US$186 million, up from US$161 million in 2Q25 and US$183 million in 3Q24, primarily due to higher mining output and better metal prices [3] - Net revenues reached US$764 million, an 8% increase from US$708 million in 2Q25 and US$709 million in 3Q24, supported by higher smelting sales volume and operational improvements [4] Operational Highlights - Overall zinc production rose 14% quarter-over-quarter to 84kt, with Aripuanã achieving record production of 10.4kt, a 39% increase from 3Q24 [14] - Lead production increased 16% quarter-over-quarter to 18kt, while copper production decreased 6% quarter-over-quarter to 9kt [14] - The Cerro Pasco Integration Project is on schedule, with construction activities well underway and key equipment packages undergoing Factory Acceptance Tests [14] Capital Expenditure and Debt Management - CAPEX totaled US$90 million in 3Q25, with approximately US$12 million allocated to the Cerro Pasco Integration Project, maintaining full-year guidance at US$347 million [9] - Nexa's net debt decreased to US$1,479 million from US$1,515 million in the previous quarter, improving the Net debt/LTM Adjusted EBITDA ratio to 2.2x [9] ESG and Corporate Initiatives - Nexa advanced its commitment to sustainable mining through initiatives in safety, decarbonization, and community engagement, including health campaigns and educational support [12][15] - The company achieved full compliance with LME Responsible Sourcing standards and showcased its ESG strategy at various industry forums [21]

Core Viewpoint - Titan Mining Corporation has received pre-clearance from NYSE American for its planned U.S. stock exchange listing, aiming to enhance its position in the critical minerals sector, particularly in natural flake graphite production [1][2][3] Company Strategy - The initiative aligns with Titan's strategy to rebuild secure North American supply chains for critical materials, focusing on natural flake graphite, which is essential for the energy-transition and defense sectors [2] - The listing on NYSE American is expected to broaden Titan's investor base in the U.S., emphasizing the importance of domestic production capacity [3] Share Consolidation - Titan's Board has approved a consolidation of shares at a ratio of one new Common Share for every 1.5 existing Common Shares, effective to align with U.S. market listing standards [3] - Post-consolidation, the number of issued and outstanding Common Shares will reduce from 137,234,657 to 91,489,771 [7] - The new CUSIP and ISIN numbers for the Common Shares will be 88831L202 and CA88831L2021, respectively [6] Trading Information - Following the consolidation, Titan's Common Shares are expected to begin trading on the NYSE American under the symbol "TII" by the third week of November 2025, pending final approval [4][5] - Trading on the OTCQB under the symbol "TIMCF" will continue until the NYSE American trading commences [4] Company Background - Titan Mining Corporation is a producer of zinc concentrate at its Empire State Mine in New York and is emerging as a natural flake graphite producer, aiming to be the first end-to-end producer of this material in the USA in 70 years [9] - The company is committed to enhancing the security of the domestic supply chain for critical minerals [9]

Financial Highlights - Ivanhoe Mines reported a Q3 2025 profit of $31 million and adjusted EBITDA of $87 million, with $76 million attributable to Kamoa-Kakula [1][9] - Kamoa-Kakula sold 61,528 tonnes of copper at an average realized price of $4.42/lb, compared to 101,714 tonnes at $4.34/lb in Q2 2025 [9] - Kamoa-Kakula recognized revenue of $566 million and an operating profit of $69 million for the quarter, with an EBITDA margin of 35% [9] - The cost of sales per pound of payable copper sold was $3.23/lb, up from $2.85/lb in Q2 2025, while cash cost (C1) averaged $2.62/lb, compared to $1.89/lb in Q2 2025 [9][11] - Capital expenditure guidance for Kamoa-Kakula was lowered to $1,320 million to $1,500 million for 2025, while 2026 guidance was raised to $800 million to $1,300 million [9] Operational Highlights - The Stage Two dewatering of the Kakula Mine is approximately 35% complete and expected to finish in early December 2025, which will improve head grades in Q4 2025 [1][37] - Kamoa-Kakula's annualized copper production is targeted to exceed 550,000 tonnes as higher-grade mining areas are reopened [1][42] - Kipushi produced a record 57,200 tonnes of zinc in Q3 2025, with annualized production rates reaching up to 315,000 tonnes [1][11] - The first feed of ore into the Platreef Phase 1 concentrator occurred recently, with first concentrate expected in the coming weeks [1][12] Project Development - The engineering contractor for the Phase 2 expansion of the Platreef Mine has been appointed, with earthworks set to begin in Q1 2026 [1][15] - Kamoa-Kakula's on-site direct-to-blister copper smelter, the largest in Africa, is expected to start up in November 2025 [1][12] - Construction of Kamoa-Kakula's solar facilities is progressing, with a combined capacity of 60 MW expected to be operational by Q2 2026 [1][57] - The updated life-of-mine integrated development plan is underway, targeting an increase in mining rates to 17 million tonnes per year before the Phase 4 expansion [1][41] Strategic Partnerships and Financing - Ivanhoe Mines completed a strategic private placement with Qatar Investment Authority, raising $500 million [2][9] - A further $70 million was received from Zijin following the exercise of its anti-dilution rights [11]

Core Viewpoint - Pasinex Resources Limited has successfully closed a non-brokered private placement of common shares, raising gross proceeds of C$ 2,331,540, which will be utilized for advancing the Sarikaya project and general working capital [1][3]. Offering Details - The offering involved the issuance of 31,087,200 common shares at a price of C$ 0.075 per share [7]. Use of Proceeds - Net proceeds from the offering will be allocated to: - Installment payments to the previous owner - Underground development - Drilling and mine equipment costs - Permitting costs - General working capital - Advanced exploration activities within the Sarikaya license area [3]. Management Commentary - Dr. Larry Seeley, Executive Chairman, expressed gratitude to shareholders for their support and highlighted the company's strengthened management and board. He noted the conversion of C$ 2 million of shareholder loans into common shares, indicating confidence in the company's projects. The successful financing is expected to enhance the company's balance sheet and support development and production growth [4]. Company Overview - Pasinex Resources Limited is a zinc-focused mining company based in Toronto, Canada, owning 100% of Horzum AŞ, which operates the Pinargozu high-grade zinc mine in Türkiye. The company also holds a 51% interest in the Gunman Project in Nevada and 100% of the Sarıkaya Group IV lead-zinc operating license in Türkiye [5][6]. Insider Participation - Insiders subscribed for a total of 2,000,000 common shares, generating gross proceeds of C$ 150,000, which is classified as a related party transaction [7]. Securities and Regulations - Following the offering, the total number of common shares issued and outstanding is 204,813,876. All securities issued are subject to a statutory hold period of four months in accordance with Canadian securities laws [7].

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $1.2 billion for Q3 2025, representing a 19% increase compared to the same period last year, driven by higher base metals prices and improved operational performance [12][13][9] - The balance sheet remains strong with liquidity of $9.5 billion, including $5.3 billion in cash, and an increase of approximately $500 million in cash during October due to the collection of receivables [21][22] Business Line Data and Key Metrics Changes - In the copper segment, gross profit before depreciation and amortization improved by 23% to $740 million, primarily due to higher base metals prices and lower smelter processing charges [14] - The zinc segment saw a 27% increase in gross profit before depreciation and amortization to $454 million, driven by higher zinc prices and byproduct revenues [17] Market Data and Key Metrics Changes - Red Dog zinc sales reached 273,000 tonnes, exceeding guidance, while the company expects fourth-quarter zinc sales to be between 125,000 to 140,000 tonnes [18][20] - The company anticipates annual copper production of 415,000 to 465,000 tonnes for 2025, with net cash unit costs projected between $2.05 to $2.30 per pound [16] Company Strategy and Development Direction - The merger with Anglo American is positioned as a transformative opportunity to create a global leader in critical minerals and a top five copper producer, with expected annual synergies of $800 million [4][30] - The company is focused on disciplined execution across operations and progressing the merger, while also enhancing operational practices through a comprehensive review [23][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational plans and the potential for significant value creation from the merger, emphasizing the importance of collaboration between the two companies [30][36] - The company is optimistic about the QB asset's potential, with plans to improve sand drainage and ramp up production capabilities by 2027 [26][28] Other Important Information - The company completed $144 million in share buybacks in July but will not execute further buybacks until after the merger closes [12][22] - The company has a strong commitment to safety, with a high potential incident frequency rate of 0.06, which is 50% below the previous year's rate [10] Q&A Session Summary Question: Preliminary discussions with Glencore regarding the JV - Management indicated that discussions regarding synergies between QB and Coyoacci are ongoing and that all parties are motivated to work together to capture value [35][36] Question: Updated guidance for 2025 - Management expects to remain within the guidance ranges for capital expenditures and unit costs, suggesting a midpoint approach for projections [38][39] Question: Engagement with Investment Canada on the merger - Management confirmed ongoing and productive discussions with the Canadian government, emphasizing commitments to capital spending and maintaining headquarters in Canada [66] Question: Value creation from the merger even without the JV - Management affirmed that the merger itself presents significant value creation opportunities, independent of the JV discussions [72][73] Question: Framework for valuing the JV economics - Management acknowledged that discussions regarding the economic split in the JV are forthcoming and will be part of the commercial agreements to be established [75][76]