This global miner extracts gold and platinum group metals, leveraging integrated operations and recycling across multiple continents.What happenedAccording to a December 15, 2025, SEC filing, FNY Investment Advisers, LLC initiated a new position in Sibanye Stillwater (SBSW +0.88%), acquiring 429,100 shares. The estimated transaction value is $4.82 million, calculated using the average closing price for the quarter. The quarter-end value of the new stake was $4.82 million, reflecting the creation of the posi ...

New Age Metals Inc. (CVE:NAM – Get Free Report)’s stock price rose 32.4% on Friday . The stock traded as high as C$0.48 and last traded at C$0.45. Approximately 2,138,384 shares were traded during trading, an increase of 1,978% from the average daily volume of 102,886 shares. The stock had previously closed at C$0.34. Get New Age Metals alerts: Wall Street Analysts Forecast GrowthSeparately, Fundamental Research set a C$0.95 price target on New Age Metals and gave the stock a “buy” rating in a research repo ...

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]

Tharisa has announced its production goals for the financial year 2026 (FY26), targeting between 145,000 and 165,000oz of platinum group metals (PGMs), along with between 1.5 million tonnes (mt) and 1.65mt of chrome concentrate. This represents an increase from 138,300oz of PGMs and 1.56mt of chrome concentrate produced in the 2025 fiscal year, which concluded on 30 September. In the final quarter of 2025 (Q4 2025), PGM production rose by 19.7% quarter-on-quarter to 41,300oz, while chrome production incr ...

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 ...