Summary of Boliden Telephone Conference Company Overview - **Company**: Boliden - **Industry**: Mining, specifically focusing on zinc and silver production Key Points and Arguments Seismic Activity and Operational Impact - Seismic activity that previously caused operational issues has returned to normal levels, allowing for inspections to commence [2][3] - Restoration of safety infrastructure, including rescue chambers, has enabled larger crews to work underground for repairs [3] - Majority of underground infrastructure, such as crushers and hoist systems, is either undamaged or only moderately damaged [3] - The upper part of the Lappberget ore body, which accounts for approximately 70% of plant production, has suffered significant damage, complicating short-term mining operations [4][5] Production and Financial Outlook - Potential loss of ore from the upper Lappberget could be between 10 million to 13 million tons out of total reserves of 104 million tons, representing a loss of over 10% of reserves [5][6] - The company anticipates a loss of SEK 400 million in Q1 due to reduced production capacity [8] - Production is expected to restart at approximately 30% of normal capacity, primarily from Kvarnberget, Dammsjön, and lower parts of Lappberget [7] Future Mining Plans and Challenges - The company is exploring options to salvage production from the upper Lappberget while ramping up production from unaffected ore bodies [7] - Expansion plans for Garpenberg may be affected, but the strategic importance of these investments has increased due to the current situation [19] - The timeline for returning to pre-incident production levels remains uncertain, with a focus on careful planning and coordination of mining operations [30] Insurance and Financial Risk - The company has limited insurance coverage for underground operations, with a maximum payout of SEK 1 billion, likely to be less due to the nature of the damages [22] - The financial impact for the year is expected to be significant, with production estimates halved compared to initial expectations [51] Technical Considerations and Safety - The seismic event was attributed to a long-term build-up of stress in the rock mass, which is expected to continue affecting mining operations [24][75] - The company is reviewing its mining methods and backfilling processes to mitigate future risks [68][70] Ore Quality and Future Production - The grade differential between Lappberget and other ore bodies like Huvudmalmen is not significant, but Huvudmalmen is expected to be a key area for future production [87][94] - The company is considering early access to Huvudmalmen to offset losses from Lappberget [97] Additional Important Information - The company has declared force majeure on all deliveries due to the incident, impacting its concentrate supply chain [35][66] - There is a need for detailed planning to ensure safe mining practices moving forward, especially in light of the recent seismic events [76][78] This summary encapsulates the critical aspects of Boliden's current operational status, financial outlook, and strategic considerations following the seismic incident affecting the Lappberget ore body.

For personal use only This presentation has been prepared by AIC Mines Limited (ABN 11060156452) ("the Company" or "AIC Mines") to provide summary information about AIC Mines and its activities at the date of this presentation. The information contained in this presentation does not purport to be complete, and it should be read in conjunction with AIC Mines' other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au or www.aic ...

Core Viewpoint - Tudor Gold is advancing the Goldstorm Deposit at its Treaty Creek Project in British Columbia by commissioning a preliminary economic assessment (PEA) to evaluate the feasibility of an underground mining operation focused on higher-grade gold deposits [1][4]. Group 1: Preliminary Economic Assessment (PEA) - The PEA will be prepared by Fuse Advisors and will assess the viability of mining operations concentrating on higher-grade gold deposits as per the 2026 mineral resource estimate (MRE) [1]. - The mine plan developed by Fuse Advisors envisions production of up to 10,000 tonnes per day (tpd) and aims to define between 50 million and 100 million tonnes (mt) of mineralised material with a gold grade exceeding 2.5 grams per tonne (g/t) [2]. Group 2: Metallurgical Study - A metallurgical study commenced in late 2025, focusing on producing a sulphide gold concentrate and evaluating the potential for generating both copper and sulphide gold concentrates through a sequential flotation process [3]. - Preliminary results indicate that a sequential copper–pyrite flotation circuit could yield marketable copper and sulphide gold concentrates, targeting grades of 15–25 g/t gold and 26–28% copper [3]. Group 3: Recovery Rates and Project Timeline - Expected overall recoveries from the metallurgical tests range from 80% to 90% for gold, 75–85% for silver, and 75–85% for copper [4]. - Initial outcomes from the metallurgical tests are anticipated by the end of the current quarter, with the completion of the PEA scheduled for the third quarter [4]. Group 4: Project Development Strategy - The company believes that Treaty Creek can be developed as a mid-size underground operation, initially focusing on higher-grade mineralisation and potentially scaling up based on metals prices and capital cost recovery [5]. - This staged development approach aims to de-risk the project by reducing upfront costs, development risks, environmental impact, and accelerating cash flow [5].

Core Viewpoint - Tudor Gold Corp. has engaged Fuse Advisors Inc. to conduct a preliminary economic assessment (PEA) for the Goldstorm Deposit at the Treaty Creek Project, focusing on the potential for underground mining operations targeting higher-grade gold mineralization [1][2]. PEA Terms of Reference - The PEA will explore an underground mining operation with a production capacity of up to 10,000 tonnes per day, aiming to define mineralized material of approximately 50 million to 100 million tonnes with a grade exceeding 2.5 grams per tonne gold [2]. - The assessment will incorporate final metallurgical recoveries from an ongoing metallurgical program to develop a project flowsheet and economic analysis [2]. Metallurgical Program - The metallurgical program, initiated in late 2025, is focused on producing a sulphide gold concentrate and evaluating the potential for a copper concentrate through a sequential flotation process [3]. - Preliminary testwork suggests that a sequential copper-pyrite flotation circuit could yield marketable concentrates with target grades of 15 to 25 g/t gold and 26 to 28% copper, with overall recoveries estimated at 80% to 90% for gold, 75% to 85% for silver, and 75% to 85% for copper [4]. Mineral Resource Estimate - The 2026 Mineral Resource estimate (MRE) for the Goldstorm Deposit was based on 359 diamond drill holes totaling 191,466 meters, confirming the presence of higher-grade gold, silver, and copper mineralization [7]. - The MRE reports an indicated resource of 912.3 million tonnes at a gold grade of 0.85 g/t, and an inferred resource of 86.1 million tonnes at a gold grade of 1.43 g/t [8]. Proposed Timing - Initial results from the metallurgical program are expected by the end of the current quarter, with the PEA targeted for completion in the third quarter of this year [6]. Company Overview - Tudor Gold Corp. is focused on precious and base metals exploration and development in British Columbia's Golden Triangle, with the Treaty Creek Project covering 17,913 hectares and an 80% interest held by the company [15].

Core Viewpoint - Ero Copper Corp. announced the results of the Preliminary Economic Assessment (PEA) for the Furnas Copper-Gold Project, highlighting its potential as a large-scale, long-life operation with strong economic fundamentals and a robust production profile [2][4]. Project Overview - The Furnas Project is located in the Carajás Mineral Province, Brazil, and is being developed in partnership with Vale Base Metals (VBM) under an earn-in agreement, allowing Ero to earn a 60% interest upon completion of specified work programs [2][42]. - The PEA indicates a 24-year initial mine life with significant production capabilities, including an average annual output of approximately 108,000 tonnes of copper equivalent over the first 15 years [6][21]. Economic Highlights - The after-tax net present value (NPV) at an 8% discount rate is estimated at $2.0 billion, with an internal rate of return (IRR) of 27.0% based on long-term prices of $4.60 per pound for copper, $3,300 per ounce for gold, and $40.00 per ounce for silver [6][10]. - At higher commodity prices of $6.10 per pound for copper and $5,550 per ounce for gold, the after-tax NPV increases to $4.7 billion, and the IRR rises to approximately 44.0% [6][10]. Production and Cost Metrics - Life-of-mine (LOM) C1 cash costs are projected to be approximately $0.30 per pound of copper produced, benefiting from significant by-product credits from gold and silver [6][10]. - Initial capital expenditures are estimated at $1.3 billion, with a low capital intensity of approximately $16,000 per copper equivalent tonne [6][10]. Exploration and Development Strategy - The company plans to continue exploration drilling to upgrade inferred resources and extend mineralization, with a focus on high-grade zones [15][16]. - Ongoing engineering, environmental, and permitting work is being advanced to support future studies and project execution [18][20]. Infrastructure and Location Advantages - The Furnas Project is strategically located near existing infrastructure, including roads, a cement plant, and a railroad loadout facility, which is expected to facilitate project execution and reduce initial capital requirements [38][39]. Joint Venture and Earn-In Agreement - The earn-in agreement with VBM allows Ero to earn a 60% interest in the project by completing various exploration and engineering milestones over five years [42][44].

Core Insights - Koryx Copper Inc. has announced positive assay results from 13 drill holes totaling 4,960 meters as part of its ongoing exploration and project development strategy for the Haib Copper Project in Namibia, indicating robust copper mineralization and confirming the project's potential [2][4][5] Project Overview - The Haib Copper Project is a large-scale open-pit sulphide Cu/Mo/Au porphyry project expected to produce an average of 88,000 tonnes per annum (tpa) of copper in concentrate over a 24-year mine life [3] - The Preliminary Economic Assessment (PEA) conducted in September 2025 confirmed the project's technical and economic feasibility, highlighting a low-cost development strategy [3] Drill Results - The latest drill results show significant copper equivalent (CuEq) intercepts, with notable results including: - HM112: 602 meters at 0.32% CuEq, including 272 meters at 0.44% CuEq [5] - HM121: 495 meters at 0.31% CuEq, including 284 meters at 0.42% CuEq [5] - HM117: 184 meters at 0.51% CuEq, with high-grade intervals [5] - The results from the in-fill and step-out holes exceeded expectations in both intersection widths and copper grades, strengthening the resource base [10][4] Ongoing Development - The company is actively drilling with 12 rigs on site and plans to mobilize additional rigs to accelerate the drill program, aiming to convert the entire Mineral Resource Estimate (MRE) to Indicated status by mid-2026 [5][32] - An updated MRE is expected to be published shortly, reflecting improvements from ongoing geological modeling and metallurgical test work [5][32] Future Plans - The drill program is designed to achieve a comprehensive conversion of all mineral resources from Inferred to Indicated category, qualifying for the Preliminary Feasibility Study (PFS) update in the second half of 2026 [32] - The company aims to complete a total of 55,000 meters of drilling by the end of July 2026 to allow for updated resource modeling in Q3 2026 [32]

Core Insights - Largo Inc. reported annual production of 9,150 tonnes (20.17 million lbs) of vanadium pentoxide equivalent from its Maracás Menchen Mine in 2025, with sales of 8,686 tonnes, achieving production guidance despite challenges from lower ore grades and new US tariffs [4][5][7] Production and Sales Performance - Q4 2025 V2O5 equivalent production was 2,961 tonnes, a 66.8% increase from Q4 2024, while annual production was slightly lower than 2024's 9,264 tonnes [7][20] - Total ore mined in Q4 2025 was 665,953 tonnes, with an effective ore grade of 0.53% V2O5, higher than the previous year [6][20] - Global recovery rates improved to 80.1% in 2025 from 76.4% in 2024, maintaining 77.9% in Q4 2025 [7][20] Market and Pricing Trends - The average benchmark price per lb of V2O5 in Europe rose to $5.85 in Q4 2025, a 9.55% increase from Q4 2024, while ferrovanadium prices in the US and Europe saw declines of 8.54% and 8.62% respectively [7][20] - Vanadium spot demand remained soft in Q4 2025, primarily due to weaker demand in the Chinese and European steel industries, although the US steel market remained stable [7][20] Future Guidance and Strategic Initiatives - The company expects higher V2O5-equivalent production in Q1 2026 compared to Q1 2025, driven by increased ore availability [9][10] - Largo is focusing on productivity improvements, including mining efficiency and operational enhancements, to stabilize and enhance throughput in 2026 and beyond [10][20] - The company has suspended ilmenite production guidance for 2026 to evaluate the potential for copper and PGM production using existing infrastructure [5][7]

Core Viewpoint - Taseko Mines Ltd. (NYSEAmerican:TGB) has shown significant stock performance, increasing by 14.53% to close at $8.83, driven by investor interest in mining stocks and anticipation of upcoming earnings results for Q4 and full-year 2025 [1][4]. Group 1: Financial Performance and Outlook - Taseko Mines is expected to announce its financial and operational highlights between the third and fourth weeks of the current month [2]. - The company has an optimistic outlook for Q4, targeting increases in copper head grades and recoveries [3]. - For the full year 2025, Taseko Mines aims to report copper production between 100 million and 105 million pounds, with improvements in molybdenum production anticipated [3]. Group 2: Market Position and Strategic Agreements - Taseko Mines has secured offtake agreements covering nearly all of Gibraltar's copper concentrate production for 2025 and 2026 [4]. - The company's stock performance has been positively influenced by the US government's Project Vault program, which aims to stockpile critical mineral resources, including copper [4].

Production Guidance - The company provided split-year guidance indicating that the first half will include approximately 17,500 ounces of gold equivalent from existing oxide material stockpiles, requiring no additional mining [1] - Initial production guidance for the year was set at 34,000–36,000 ounces of gold equivalent, which was later raised to 36,000–38,000 ounces, ultimately exceeding expectations with a total of 39,000 ounces produced [3][5] Cost Management - The company achieved an 18% reduction in C1 costs, which encompass the operating costs to run the mine and produce an ounce of gold, positioning the operation in the first quartile of the gold cost curve at $1,244 per ounce [2] - Although all other operating costs decreased, the All-In Sustaining Costs (AISC) saw a slight increase due to rising royalties linked to higher gold and silver prices [2] Transition to Copper Production - The company is transitioning from gold and silver production to predominantly copper production, with a total production guidance of 20,000–22,000 tons of copper equivalent for the current year [4][5] - The second half of the year is expected to include a ramp-up period of approximately three months until commercial production is achieved, contributing an estimated 15,000–17,000 tons of copper equivalent [7] Project Development - The sulfide expansion project is reported to be 63% complete, on schedule, and on budget, with key equipment already on site [9] - The construction of the tailings storage facility is progressing well, with significant portions of required materials already stockpiled [10] Financial Position - The company has a financing position involving a $200 million bond, with net debt currently at $56 million and expected to be fully drawn by mid-year [13] - Ongoing cash flows from oxide production are supporting liquidity, alongside additional liquidity backstops [13] Revenue Mix Expectations - In a standard year, the company anticipates approximately 50% of revenue from copper, 25% from zinc, and 25% from gold and silver, with the current transition year expected to have a higher contribution from gold and silver due to first-half oxide production [15] Environmental and Regulatory Considerations - The company is expecting permitting for the Enriched Ore Project by year-end, which relates to processing waste stored on site [16] - Discussions are ongoing with several parties to utilize the heap leach facility for processing third-party ore after completing the processing of remaining oxide material [16] Strategic Objectives - The key objective for the year is to deliver the sulfide project on time and on budget, with potential bond refinancing opportunities anticipated in January 2027 [17] - The company is also evaluating M&A opportunities to consolidate the copper industry [18]

Core Insights - The updated Preliminary Feasibility Study (PFS) for the Johnny Lee Deposit highlights significant high-grade underground copper potential, with a Probable Mineral Reserve of 9.5 million tonnes at 2.9% copper, equating to 270,000 tonnes of copper, supporting an 8-year mine life at the Black Butte Copper Project in Montana, USA [1][5][6] Project Overview - The Black Butte Copper Project encompasses 8,078 hectares, including 7,684 hectares of fee simple lands and 1,040 unpatented mining claims, located in south-central Montana, 27 km north of White Sulphur Springs [8] - The Johnny Lee Deposit is the cornerstone of the project, discovered in 1985, consisting of two mineralization zones: the upper copper zone (JL UCZ) and the lower copper zone (JL LCZ) [9][10] Economic Analysis - The construction capital cost is estimated at US$474 million, with average annual post-tax cash flows projected at US$78 million for the first five years [4][5] - The project is expected to generate US$2.3 billion in gross revenue and US$1.0 billion in pre-tax net cash flow, based on a copper price of US$4.70 per pound [5] - The pre-tax NPV at an 8% discount rate is estimated at US$143 million with an IRR of 13.6%, while the post-tax NPV is US$99 million with an IRR of 11.3% [18] Mineral Resource Estimates - The updated Measured and Indicated Mineral Resource for the Johnny Lee Deposit is 18.9 million tonnes at 2.4% copper, containing 462,000 tonnes of copper, with an Inferred Mineral Resource of 3.4 million tonnes at 1.9% copper, containing 64,000 tonnes of copper [5][52] - For the Lowry Deposit, located approximately 3 km southeast of the Johnny Lee Deposit, the updated Measured and Indicated Resource is 6.6 million tonnes at 2.4% copper, containing 154,000 tonnes of copper, and an Inferred Mineral Resource of 2.8 million tonnes at 2.1% copper, containing 58,000 tonnes of copper [7][36] Mining and Processing - The mining method for the Johnny Lee Deposit will utilize a drift and fill approach, with a processing plant designed to produce approximately 35,000 tonnes of contained copper annually during the initial four years of operation [12][53] - The project anticipates an average annual production of approximately 29,000 tonnes of copper metal over the 8-year mine life, with a direct operating cash cost (C1) of US$2.56 per pound [5][18] Environmental and Legal Considerations - The project has undergone rigorous environmental assessments, with a positive record of decision from the Montana Department of Environmental Quality (MT DEQ) allowing for development and underground mining [10][11] - The Montana Supreme Court recently ruled in favor of the company, reinstating the Mine Operating Permit, which allows the project to proceed without further legal challenges [11][75][77] Future Outlook - The company aims to advance the project towards the completion of a feasibility study, emphasizing a commitment to responsible mining practices that will provide long-term economic benefits to the local community and shareholders [6][8]