Core Viewpoint - The global precious metals market is at a critical turning point, transitioning from cyclical momentum to structural evolution, with price movements in 2026 driven more by asset correlation restructuring and tightening physical fundamentals rather than solely inflation expectations [1][3]. Central Bank Activities - Central banks' ongoing strategic buying has become a solid foundation for the gold market, with over 95% of surveyed central banks expected to increase gold reserves in the coming year to replace some dollar assets, indicating a shift from sporadic actions to a trend of continuous accumulation [1][3]. Gold Pricing Dynamics - The traditional negative correlation between gold and real yields is undergoing a transformation, as gold reached new highs despite high real yields in 2025. The sensitivity of this traditional pricing indicator has significantly decreased, necessitating a market modeling approach that considers macro hedging demand rather than just interest rates [4]. Silver Market Insights - The volatility of the gold-silver ratio reflects asynchronous pricing logic between the two metals, with silver exhibiting higher volatility due to its dual role as both a currency and an industrial metal. The silver market is experiencing its fifth consecutive year of supply shortages, driven by steady demand from the photovoltaic and electrical sectors [2][4]. Platinum Group Metals (PGMs) - The value proposition of platinum group metals is diverging from that of gold and silver, with platinum and palladium increasingly influenced by industrial production cycles and supply risks rather than being viewed as monetary assets. The market will focus on whether the high levels of 2025 can establish a solid base for consolidation in 2026 [5].

Company Overview - Sibanye Stillwater Limited is a leading precious metals mining company with diversified operations across multiple continents, leveraging a broad asset base and integrated processing capabilities to supply gold and platinum group metals (PGMs) to global markets [6] - The company operates a vertically integrated mining and metallurgical business model, generating revenue from extraction, processing, and sale of precious and base metals, and also engages in PGM recycling [10] Financial Performance - As of December 12, 2025, the company's stock price was $13.29, with a market capitalization of $9.51 billion and a trailing twelve months (TTM) revenue of $6.15 billion [4] - The company reported an adjusted EBITDA of $560 million in the third quarter, a significant increase from $184 million in the prior year, benefiting from a 35% higher average gold price [11] - Despite the positive EBITDA, the company reported a net loss of $140.48 million over the TTM [4][11] Recent Developments - FNY Investment Advisers initiated a new position in Sibanye Stillwater by acquiring 429,100 shares valued at approximately $4.82 million, making it one of the top five holdings in the fund [2][7] - The stock reached a 52-week high of $14.08 on December 12, 2025, following the appointment of a new CEO, Richard Stewart, on October 1, and ongoing restructuring efforts [8] - As of December 14, 2025, shares had increased by 221.0% over the past year, significantly outperforming the S&P 500 by 195.4 percentage points [9]

Group 1 - New Age Metals has a market capitalization of C$24.58 million and a P/E ratio of -61.67, indicating a negative earnings performance [2][3] - The company has a quick ratio of 17.88 and a current ratio of 52.48, suggesting strong liquidity [2][3] - The stock price of New Age Metals rose by 32.4% on a recent Friday, trading as high as C$0.48, with a significant increase in trading volume [5] Group 2 - Fundamental Research set a price target of C$0.95 for New Age Metals, with a "buy" rating from one investment analyst [1] - The stock currently has an average rating of "Buy" and a consensus price target of C$0.95 according to MarketBeat [1] - The company's 50-day moving average is C$0.36, while the 200-day moving average is C$0.29, indicating potential price trends [2]

Royal Gold Conference Call Summary Company Overview - **Company**: Royal Gold (NasdaqGS:RGLD) - **Industry**: Precious Metals and Mining - **Date of Conference**: December 10, 2025 Key Points Company Growth and Financials - Royal Gold is experiencing significant growth with nine assets not yet contributing revenue, expected to generate $3 million per day for investment or shareholder returns in the March quarter [2][3][4] - The company operates a high-margin business model with consistent cash flows from precious metals, emphasizing its efficiency with a low employee count relative to revenue [4][6] - Royal Gold has a long history of over 40 years in the business and has been listed on Nasdaq for the same duration [5] Business Model and Strategy - The company focuses on royalties and streams, providing exposure to mining assets without operational and capital cost risks [5][6] - Royal Gold has a high percentage of gold revenue, the highest among large-cap peers, and has paid dividends for 25 consecutive years, increasing them annually [7][8][17] - The company prefers using cash and credit facilities for acquisitions, with equity offerings being a last resort [9] Recent Transactions - Royal Gold completed the acquisition of Sandstorm Gold Royalties on October 20, 2025, using shares to fund the transaction, which is unusual for the company [9][10] - The acquisition is expected to enhance cash flow and growth potential, combining cash flow from Royal Gold with growth assets from Sandstorm [24][25] Portfolio Diversification - The company has over 80 revenue-generating assets and more than 40 in development, with a total of over 200 assets at various stages [19][20] - Royal Gold's portfolio is highly diversified across operators, jurisdictions, and asset types, which helps mitigate risks and stabilize cash flow [21][22] - The Sandstorm acquisition reduced asset concentration, improving resilience against issues at major assets like Mount Milligan [22] Asset Highlights - **Back River Project**: Expected to contribute 9,000-10,000 gold equivalent ounces annually once at full production [28] - **Platreef**: Anticipated to produce 15,000-20,000 gold equivalent ounces per year, transitioning to production in early 2026 [31] - **Robertson**: Expected to produce around 6,000 gold equivalent ounces, with production anticipated in 2027 [33] - **Hod Maden**: A high-quality development asset in Turkey, expected to produce 30,000-40,000 ounces annually, with ongoing efforts to restructure ownership [34][36] - **Mara Project**: A brownfield project expected to start production in 2031, with a potential contribution of 22,000 ounces per year [42][43] - **Cactus**: A copper royalty project with a 22-year mine life, expected to contribute around 5,000 gold equivalent ounces annually [44][45] Market Position and Valuation - Royal Gold's share price has historically outperformed gold prices and major indices, with EBITDA margins around 80% [15][16] - The company is focused on improving market understanding of its valuation, especially post-Sandstorm acquisition, and aims to enhance trading multiples through debt reduction and increased dividends [57][58] Future Outlook - The company plans to provide a more detailed asset profile during an investor day in the first quarter of 2026 [24] - Royal Gold is cautious about capital allocation in the current gold price environment, prioritizing debt repayment while seeking growth opportunities [61][64] Additional Insights - The company emphasizes disciplined capital allocation and shareholder returns, with a focus on long-term growth rather than immediate high dividends [62][65] - Royal Gold's unique position as the only U.S.-domiciled company in its sector provides it with a distinct shareholder base and investment appeal [7] This summary encapsulates the key insights and strategic directions discussed during the Royal Gold conference call, highlighting the company's growth potential, diversified portfolio, and commitment to shareholder value.

Core Viewpoint - Transition Metals Corp. has resumed drilling at the Saturday Night Project, aiming to expand its exploration efforts amid strengthening platinum group metals (PGMs) markets, with significant price increases observed since May 2025 [1][5]. Company Overview - Transition Metals Corp. is a Canadian-based multi-commodity explorer with a focus on discovering mineralization in underexplored areas, allowing for cost-effective property acquisitions [12]. Project Details - The Saturday Night Project is located approximately 30 kilometers northwest of Thunder Bay, Ontario, and consists of 63 staked mining claims with year-round road access [7]. - Previous drilling results included assays of up to 1.44 g/t Pt, 0.90 g/t Pd, and 0.21 g/t Au, indicating a promising mineralization potential [1][6]. - The current drilling program will deepen hole SN-25-03 by up to 300 meters and target additional mineralized zones, with a minimum of 1,500 meters of drilling planned before year-end [6]. Market Context - The global fundamentals for PGMs have strengthened significantly in 2025, with platinum and palladium prices increasing by over 50% since May 2025, driving investor interest in new PGM sources [5]. Technical Aspects - A ground magnetotellurics (MT) survey conducted in 2019 suggested that the Saturday Night Intrusion may extend to a depth of up to 1,000 meters, indicating potential for further exploration [1]. - The project is associated with the Midcontinental Rift (MCR), a geological feature known for hosting significant PGM deposits [8]. Financial Update - The company has confirmed participation from certain officers and directors in a Critical Flow Through Share Offering, purchasing an aggregate of 333,333 shares for approximately $25,000, which is classified as a related party transaction [9].

Core Insights - New Age Metals Inc. (NAM) is focusing on its Platinum Group Metals (PGM) division, particularly the River Valley Palladium Project in Ontario and the Genesis PGM-Cu-Ni Project in Alaska, as part of its strategy to develop critical and precious metal projects in North America [1][3][23] PGM Division Overview - The PGM division is a core part of NAM's strategy, with significant updates on its flagship projects and a positive market outlook for PGMs [1][17] - The River Valley Palladium Project is one of Canada's largest undeveloped primary PGM deposits, with a compliant Mineral Resource of approximately 2.3 million ounces in the Measured and Indicated classifications and 1.6 million ounces in the Inferred classification [3][4] River Valley Palladium Project - The River Valley Project is 100% owned by NAM and is currently in the development stage, having completed a Preliminary Economic Assessment (PEA) in 2023 [4][6] - The 2023 PEA outlines a smaller, higher-grade operation with lower capital expenditures and a smaller environmental footprint compared to the 2019 PEA [6] - Comprehensive environmental baseline studies are ongoing, involving local Indigenous communities, to support future permitting [6][10] - NAM is planning additional drilling programs to convert Inferred to Indicated Mineral Resources and expand the Mineral Resource base [8][9] Genesis PGM-Cu-Ni Project - The Genesis Project is an earlier-stage exploration project located in Alaska, with 100% ownership by NAM [11][12] - Surface exploration has identified significant PGM mineralization, with grades up to 2.4 g/t for palladium and platinum, and nickel-copper sulfide mineralization with samples up to 0.96% Ni and 0.58% Cu [12][13] - NAM is actively seeking a joint venture partner to advance the Genesis Project, allowing the company to focus on the River Valley Project while benefiting from exploration successes at Genesis [13][31] Market Outlook for PGMs - The market outlook for PGMs is positive, driven by constrained supply and evolving demand, particularly in the automotive sector and emerging technologies like hydrogen fuel cells [17][20] - Global PGM supply is concentrated, with South Africa and Russia being major suppliers, leading to supply risks and historical market deficits [17][20] - Tighter emissions regulations are maintaining high demand for PGMs in exhaust after-treatment systems, with expectations for continued growth in the hydrogen economy [20] Government Support and Investment - There is unprecedented government support for critical metals exploration and development, with significant investments announced by both Canadian and U.S. governments [21]

Production Goals - Tharisa targets production of 145,000 to 165,000 ounces of platinum group metals (PGMs) and 1.5 million to 1.65 million tonnes of chrome concentrate for FY26, an increase from 138,300 ounces of PGMs and 1.56 million tonnes of chrome concentrate in FY25 [1] Q4 2025 Performance - In Q4 2025, PGM production rose by 19.7% quarter-on-quarter to 41,300 ounces, while chrome production increased by 2.9% to 407,200 tonnes, driven by improvements in mining, milling, grade, and recovery metrics [2] CEO Commentary - Tharisa CEO Phoevos Pouroulis highlighted strong production results in Q4, reflecting operational resilience, team dedication, and effective strategic investments, alongside a commendable safety performance [3] Investment in Assets - The company committed US$547 million to enhance the underground life at the Tharisa Mine, emphasizing safety, operational efficiency, and sustainability as essential for unlocking resource potential and enhancing productivity [4] Market Outlook - Tharisa noted strong underlying fundamentals for commodities, with global demand trends and constrained supply leading to a structurally balanced market, supporting a positive outlook and long-term investments in strategic assets [5] PGM Market Performance - The PGM market, particularly platinum, performed strongly in 2025 due to continued deficits and constrained supply, while palladium faced a more delicate balance; minor metals also experienced strong price support from robust supply and demand fundamentals [6] Price Trends - The average annual PGM price increased by 18.6% to $1,615 per ounce in 2025, compared to $1,362 per ounce in 2024, with Q4 seeing a 24.1% quarter-on-quarter increase to $1,953 per ounce [7]

Core Viewpoint - Tharisa plans to invest $547 million in an underground platinum group metals mining project over the next decade, transitioning from open-pit mining to underground operations to enhance efficiency and extend the life of the mine [1][2]. Group 1: Investment and Project Details - The investment of $547 million (R9.46 billion) will be allocated to an underground platinum group metals mining project [1]. - The transition from open-pit to underground mining is expected to occur within the next ten years [1]. - The underground operations are projected to produce a minimum of 200,000 ounces of PGMs and over two million tonnes of chrome concentrate annually [4]. Group 2: Production Projections - For the financial year 2025, Tharisa anticipates production of 140,000 to 160,000 ounces of PGMs and between 1.65 million and 1.8 million tonnes of chrome concentrates [4]. - Ore delivery from the first of two shafts is expected to commence by the second quarter of 2026 [3]. Group 3: Industry Context and Future Outlook - PGMs are considered critical for the transition to a future world, despite concerns regarding their demand due to the rise of electric vehicles [2][3]. - The new mechanized underground operations aim to enhance efficiencies, lower costs, and boost output [3]. - Tharisa is also developing the Karo platinum mine in Zimbabwe, which is expected to produce 226,000 ounces per year [4].

Financial Data and Key Metrics Changes - Group adjusted EBITDA increased by 120% compared to the same period in 2024, reaching ZAR 10 billion, and even excluding the 45X credits, it was still 51% higher [6][7] - Net debt to adjusted EBITDA improved to 0.89 times, significantly below the market's earlier projections [7] - The total fair value of the 45X credits is projected to increase to ZAR 12.6 billion by 2034, representing 32% of the acquisition value of the Stillwater operations [8] Business Line Data and Key Metrics Changes - South African PGM operations produced 840,400 ounces, a 4% decrease year-on-year, with underground operations consistent at 750,000 ounces [60] - South African gold operations saw a 36% increase in average gold price received, reaching slightly more than ZAR 1.8 million per kilogram, while adjusted EBITDA increased by 118% to ZAR 4.8 billion [66] - Montana PGM operations produced 141,000 ounces at an all-in sustaining cost of $1,207 per ounce, reflecting a 41% decrease in costs compared to pre-restructuring [75] Market Data and Key Metrics Changes - Gold prices increased by 26% in the first half of the year, with average trading volumes reaching $329 billion per day, the highest for any half-year period on record [49] - PGM prices have rallied due to tight supply, with platinum prices outperforming due to lower mine supplies [50] - Lithium market remains oversupplied, with average prices around $9,000 per ton, but recent price movements have seen a rise to over $11,000 per ton due to Chinese government actions [57][58] Company Strategy and Development Direction - The company is focused on commodity diversification, particularly in gold and lithium, to stabilize earnings during volatile market cycles [26] - A multipolarity strategy is being implemented to enhance local supply of critical minerals, with significant investments in lithium projects in Europe [26][29] - Sustainability remains a core aspect of the company's strategy, with recent acquisitions aimed at expanding recycling capabilities [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to thrive in a turbulent industry, highlighting a strong earnings trend and decreasing leverage [25][11] - The outlook for the second half of the year is positive, with expectations of improved results driven by higher commodity prices [74] - Management acknowledged challenges in certain operations but emphasized ongoing assessments to optimize production and maintain safety [71][72] Other Important Information - The company reported three fatalities during the reporting period, emphasizing safety as the top priority and ongoing efforts to improve safety metrics [5][23] - A strategic project status was granted for both the Calibre and Galicam projects under the EU Critical Raw Materials Act, providing access to grants and tax credits [29] Q&A Session Summary Question: What is the outlook for dividend payments? - The company has decided not to pay dividends at the interim stage but will review this at year-end, with confidence in returning to dividend-paying territory if commodity prices remain stable [42][43] Question: How is the company addressing the challenges in the gold operations? - Management is actively reviewing the Cliff operations to optimize long-term sustainability and has revised production guidance for managed operations [72][74] Question: What are the expectations for the lithium market? - The company remains bullish on the long-term demand for lithium, forecasting a healthy CAGR for battery electric vehicle production over the next decade [58]

Enhancing financial resilience through safe production Operating and financial results for the six months ended 30 June 2025 (H1 2025) Disclaimer FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this presentation may be forward-looking statements. Forward-looking statements may be identif ...