Summary of Conference Call Company and Industry - **Company**: Alkane Resources Limited - **Merger**: Alkane is merging with Mandalay Resources, a TSX listed company, with the merger closing on August 5 [1][3] Core Points and Arguments - **Production and Financials**: - In the last twelve months, Alkane produced 161,000 ounces from three operating mines located in New South Wales, Victoria, and Sweden [2] - The combined market capitalization of the merged entity is approximately $900 million, with cash in the bank as of June 30 being AUD $218 million and net cash around AUD $150 million after transaction costs [2] - **Transaction Details**: - The merger involves a nil premium structure, with a shareholder vote scheduled for Monday [3][4] - **Mine Operations**: - Key assets include: - **Tommingly**: Existing asset since 2014, produced 70,000 ounces last year, expected to increase production this year [5] - **Costerfield**: Producing 50,000 ounces, noted as the largest Western producer of Antimony [5][12] - **Bjorkdal**: Another 50,000 ounces produced, located below the Arctic Circle [6] - **Future Production Expectations**: - The merged entity anticipates producing 40,000 ounces equivalent quarterly, with cash growth of under $25 million quarter on quarter [7] - Expected cash build exceeding $100 million in the next year [8] - **Mine Life and Stability**: - Focus on stabilizing production and extending mine lives: - Tommingly: 8-year mine life, 70,000-80,000 ounces [9] - Yorkdale: 10-year mine life, 50,000 ounces [9] - Costerfield: 4-year mine life, with efforts to extend it [9] - **Exploration and Expansion**: - Ongoing exploration drilling at Costerfield and Bjorkdal to identify high-grade opportunities [20][22] - Plans to ramp up drilling to extend mine life and secure permits for new areas [27] - **Bodekaiser Project**: - A large copper-gold porphyry project with 15 million ounces equivalent in the ground, aiming for joint venture opportunities in the future [28][29] Additional Important Content - **Market Positioning**: - Both Alkane and Mandalay are considered subscale with market caps around $400 million and $500 million respectively, leading to the merger to create a more significant entity [30] - The merged company aims to attract passive funds by moving into larger indexes like ASX 300 and GDXJ, which could enhance liquidity and market presence [32] - **Operational Costs**: - Current operational costs for Tommingly are in the range of $2,000 to $2,300 per ounce [26] - Bjorkdal operates at a low cost of 3¢ per kilowatt hour for power, making it profitable even at lower grades [20] - **Investor Communication**: - Emphasis on demonstrating the potential for continued profitability and growth to investors, encouraging them to engage with their brokers regarding future investment opportunities [32][33]

Core Viewpoint - Osisko Development Corp. announced positive results from the optimized Feasibility Study for the Cariboo Gold Project, confirming strong economics for a low-impact underground operation with favorable operating costs and capital requirements [2][3]. Project Overview - The Cariboo Gold Project is a 100%-owned, permitted gold project located in central British Columbia, Canada, designed as a traditional underground operation using mechanized bulk mining methods [2][5]. - The 2025 Feasibility Study (FS) was completed by BBA Engineering Ltd. and adheres to National Instrument 43-101 standards [2]. Economic Metrics - The base case gold price is set at $2,400/oz, with a net present value (NPV) of $943 million and an internal rate of return (IRR) of 22.1% [5][6]. - Under a spot case scenario with a gold price of $3,300/oz, the NPV increases to $2,066 million, and the IRR rises to 38.0% [5][6]. - Average annual free cash flow is projected at $158 million, with $296 million in the first five years [6][9]. Production and Costs - The project anticipates an average annual production of approximately 190,000 ounces of gold over a 10-year mine life, with first gold expected in the second half of 2027 [6][34]. - The average all-in sustaining costs (AISC) are estimated at $1,157/oz, placing the project in the lower half of the global cost curve for gold mines [6][9]. Improvements from Previous Studies - The 2025 FS incorporates significant improvements over the 2023 FS, including a streamlined processing facility and enhanced metallurgical recovery, resulting in an overall gold recovery of 92.6% [6][7][50]. - The average stope size has increased by approximately 60%, reducing the total number of stopes required [11][38]. Capital Expenditures - Initial capital costs are estimated at $881 million, with sustaining capital costs over the life of the mine projected at $525 million [6][69]. - Total cumulative capital costs, including reclamation and closure costs, are estimated at $1,307 million [69]. Permitting and Community Engagement - The project has received necessary permits, including the Environmental Assessment Certificate and Mines Act permits, solidifying its shovel-ready status [72][73]. - The company is committed to engaging with Indigenous nations and local communities to ensure mutual benefits from the project [73][76]. Future Opportunities - There are significant opportunities for further optimization and enhancement of the project's economics, which will be detailed in the forthcoming Technical Report [77][78].