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.

Core Insights - Titan Mining Corporation is establishing the first domestic end-to-end natural graphite supply chain in the U.S. in over seventy years, which is significant for defense and high-tech applications [3][21] - The company reported record zinc production and is advancing the Kilbourne Graphite Project towards commercial development [3][5] Financial and Operational Performance - Zinc production reached 18.7 million payable pounds in Q4 2025 and 64.3 million payable pounds for the full year, an 8% increase from FY 2024 [5] - Revenues for Q4 2025 were $25.1 million, totaling $74.3 million for the full year, a 16% increase from $64.3 million in 2024 [5] - C1 cash costs were $0.88/lb in Q4 2025 and $0.92/lb for the full year, at the lower end of guidance [5] - AISC was $0.96/lb in Q4 2025 and $0.98/lb for the full year, also at the lower end of guidance [5] - Operating cash flow was $5.5 million in Q4 2025 and $12.6 million for the full year [5] - The cash balance at year-end was $17.5 million, a 72% increase from 2024 [5] Kilbourne Graphite Project - The Preliminary Economic Assessment confirmed robust project economics with an after-tax NPV (7%) of $513 million and a post-tax IRR of 37% [6] - The commissioning of the graphite demonstration facility began in Q4 2025, with initial shipments of graphite concentrate in Q1 2026 [6][9] - A fully funded Feasibility Study for a 40,000 mt pa facility was launched in early 2026 [6] Strategic Developments - A $15.8 million EXIM credit agreement was finalized to support ESM expansion, along with an additional $5.5 million amendment for feasibility work at Kilbourne [6] - The company identified Germanium concentrations within the existing ESM zinc processing circuit, with recovery pathways under evaluation [6] - Titan expanded its mineral tenure to over 120,000 acres and advanced exploration programs during 2025 [6] Capital Markets and Financial Position - The company listed common shares on the NYSE American, improving share liquidity, and closed a $15 million private placement [6] - Titan has the flexibility to raise up to $150 million over 25 months through a $50 million at-the-market program [6]

Core Viewpoint - Titan Mining Corporation reported record zinc production for 2025 and provided production, cost, and capital expenditure guidance for 2026, emphasizing a focus on high-quality ore bodies and sustainable value creation [1][4]. Production Highlights - The company achieved a record zinc production of 64.2 million payable pounds in 2025, an increase of 8% from 2024, and met its full-year production guidance [2][10]. - In Q4 2025, the output was 18.7 million pounds, reflecting a 28% sequential increase [10]. - The production guidance for 2026 is set between 62 to 66 million payable pounds, with a focus on development and access to higher-quality ore [10][13]. Cost and Capital Expenditure Guidance - The estimated C1 Cash Cost for 2026 is between $0.93 and $1.01 per payable pound, while the All-In Sustaining Cost (AISC) is projected to be between $1.07 and $1.17 per payable pound [13][14]. - Sustaining capital expenditures are expected to be between $8.5 million and $8.9 million, with exploration capital expenditures estimated at $3.5 million to $3.9 million [14]. Operational Review - Mining operations in Q4 2025 focused on high-grade areas, contributing to improved mill feed grades and achieving full-year production guidance [7]. - The N2D zone mining was temporarily suspended to prioritize higher-grade areas, with plans for reactivation in 2026 [8]. - New mobile equipment was introduced to enhance underground development and production capacity, contributing to stronger performance in Q4 [8]. Graphite Production Update - The company commenced graphite production at the Kilbourne facility, marking the first U.S. natural flake graphite processing plant in over 70 years [11][12]. - The current operating capacity of the facility is approximately 1,200 tonnes per year, with potential to ramp up to 2,500 tonnes per year [12].

Core Insights - Ivanhoe Mines is in advanced discussions with Gécamines and Mercuria to supply the U.S. with critical minerals from the Kipushi Mine, which is known for its ultra-high-grade zinc-copper-lead-germanium-gallium production [1][5] - Project Vault, a $12 billion initiative, aims to build a strategic reserve of critical minerals in the U.S., combining $1.67 billion in private capital with a $10 billion loan from the Export-Import Bank [2][3] Group 1: Project Vault and Its Implications - Project Vault was officially launched on February 2, 2026, in the Oval Office, with key figures from the mining and manufacturing sectors in attendance, including Robert Friedland and Mary Barra [3][4] - The initiative is designed to enhance supply chain security for critical minerals, which are essential for various industries [2] Group 2: Kipushi Mine Production and Resources - The Kipushi Mine's 2026 production guidance is set at 240,000 to 290,000 tonnes of zinc concentrate, which also includes significant quantities of germanium and gallium [8] - The mine's 2018 Measured and Indicated Mineral Resources are estimated at 11.78 million tonnes, with a zinc grade of 35.34%, and contain approximately 9.2 billion pounds of zinc and 24.4 million ounces of germanium [9] Group 3: Strategic Importance of Minerals - Germanium and gallium are identified as strategic metals used in various high-tech applications, including electronic devices and solar power arrays [10] - The demand for these critical minerals has surged due to advancements in technology, particularly in AI and big data centers [9]

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 Viewpoint - Titan Mining Corporation has secured a US$5.5 million non-dilutive financing agreement with the U.S. Export-Import Bank to support feasibility work at its Kilbourne Graphite Project, marking a significant step in enhancing domestic graphite supply chains [1][2][3]. Financing Details - The US$5.5 million facility is part of EXIM's Make More in America Initiative and will facilitate resource drilling, metallurgical testing, and engineering programs necessary for the Kilbourne Feasibility Study, expected to be completed in 2026 [2][6]. - The financing is guaranteed by Titan and its subsidiaries, showcasing the company's commitment to advancing its U.S. critical minerals strategy [3][6]. - The facility has a final maturity date of September 30, 2032, with an interest-only period for the first 24 months, followed by a 5-year repayment period at a competitive fixed interest rate of approximately 4.77% per annum [6]. Strategic Importance - The funding is seen as a reinforcement of federal support for U.S. defense, energy, and national security priorities, emphasizing the strategic importance of the Kilbourne project [3][4]. - Titan aims to become the first end-to-end producer of natural flake graphite in the U.S. in 70 years, enhancing the security of the domestic supply chain for critical minerals [4].

Core Viewpoint - Titan Mining Corporation has secured a US$15 million investment to enhance its balance sheet and expedite the development of its Kilbourne Graphite Project in New York State [1][2]. Investment Details - The investment will be executed through a private placement of 6,666,666 special warrants at a price of US$2.25/C$3.10 per warrant [3]. - Each special warrant grants the holder the right to receive one common share and one common share purchase warrant upon meeting certain conditions [3]. Project Advancement - The new funding, along with US$5.5 million support from the U.S. EXIM Bank, positions Titan to fast-track the completion of the Kilbourne Graphite Feasibility Study in 2026 and move towards construction [2]. Warrant Terms - The warrants will be exercisable for up to three years in two tranches, with 50% exercisable at a 35% premium and the remaining at a 65% premium to the issue price [4]. - The company may call the warrants if its common shares trade above 150% of the applicable exercise price for 15 trading days within any 30-day period [5]. Company Overview - Titan Mining Corporation is a zinc concentrate producer operating the Empire State Mine in New York and is emerging as a natural flake graphite producer [7]. - The company aims to be the first end-to-end producer of natural flake graphite in the USA in 70 years, focusing on enhancing the domestic supply chain of critical minerals [7].

Core Viewpoint - Titan Mining Corporation has achieved a significant milestone by getting its common shares approved for listing on the NYSE American, which reflects the company's momentum and its role in strengthening America's critical minerals supply chain [1][2]. Company Overview - Titan Mining Corporation is a zinc concentrate producer located in upstate New York and is also emerging as a natural flake graphite producer, which is essential in the rare earths and critical minerals ecosystem [1][4]. - The company operates the Empire State Mine, which is 100% owned and produces zinc concentrate, while also targeting to be the first end-to-end producer of natural flake graphite in the USA in 70 years [4]. Listing Details - Trading on NYSE American is expected to commence on or about November 20, 2025, under the ticker symbol "TII," while the shares will cease to be quoted on the OTCQB Venture Market [2]. - Current shareholders do not need to take any action, but those holding shares through OTCQB brokers should monitor their accounts for updates to the new ticker symbol [3]. Strategic Importance - The listing on NYSE American is expected to broaden Titan's access to global capital markets and enhance its visibility as it develops its graphite project [2]. - Graphite is classified as an essential critical mineral by the U.S. Department of Energy and the Department of War, with the U.S. currently importing 100% of its natural graphite, 42% of which comes from China [2]. Future Growth Potential - Titan's federally supported U.S. graphite platform is anticipated to deliver transformative, long-term growth, positioning the company uniquely in the market [2][5].

Core Insights - Amaroq has confirmed high-grade mineralization of zinc, lead, silver, and newly identified critical minerals (germanium, gallium, cadmium) at the Black Angel mine, fulfilling all conditions for its acquisition [2][6][10] - The West Greenland Hub, which includes the Black Angel mine and Kangerluarsuk exploration licenses, is positioned as a significant development area for Amaroq, enhancing its mineral portfolio and operational capabilities in Greenland [9][10][15] Summary by Sections Highlights - Re-assayed bulk samples from the Black Angel mine show an average of 24.6% zinc, 28.1% lead, and 295 g/t silver, with commercial levels of germanium (44 ppm), gallium (21 ppm), and cadmium (1,328 ppm) identified [6][12] - The results suggest potential commercial concentrate grades of 102 ppm Ge, 48.5 ppm Ga, and 3,040 ppm Cd in future zinc concentrates [6][12] Next Steps - Site reviews at Black Angel have been completed to define upgrade requirements and plan geophysical surveys for the 2026 field season, targeting growth of the current mineral resource of 3.2 million tonnes at 8.8% Zn and 3.0% Pb [6][10] - Initial work will focus on the Deep Ice body, where historical drilling confirmed high grades [6][10] West Greenland Hub - The West Greenland Hub will be 100% owned by Amaroq, separate from the Gardaq joint venture, and will serve as a logistical base for the company's operations [9][10][15] - The Hub is expected to become a new center of mining activity in Greenland, supporting the growing mining and exploration sector [9][10] Black Angel Mine - The Black Angel mine has a historical production of approximately 11.2 million tonnes of ore with high grades of zinc, lead, and silver, making it Greenland's most productive base metal mine of its time [11] - Current estimates indicate significant remaining mineralization, with a focus on leveraging existing infrastructure for a near-term restart of operations [11][12] Kangerluarsuk Project - The Kangerluarsuk project, located 12 km north of Black Angel, presents a promising exploration opportunity with historical high grades of zinc and silver [14] - Amaroq plans to initiate drilling at Kangerluarsuk in 2026 to confirm subsurface mineralization continuity [14]

Core Insights - Titan Mining Corporation reported strong financial and operational results for Q3 2025, marking a significant inflection point as it transitions into critical minerals production, particularly natural flake graphite [1][5]. Financial and Operating Performance - Payable zinc produced in Q3 2025 was 14.64 million pounds, a 76% increase from Q3 2024, with year-to-date production totaling 45.52 million pounds [6][7]. - Revenues reached $16.8 million, up 102% compared to Q3 2024 [7]. - C1 cash costs decreased by 23% year-over-year to $1.01 per pound, while all-in sustaining costs (AISC) fell by 16% to $1.13 per pound [7][8]. - Operating cash flow for Q3 was $5.0 million, with a total of $7.1 million year-to-date [7]. Strategic and Corporate Developments - The company secured a Letter of Interest from the US EXIM Bank for up to $120 million to support the construction of a commercial graphite facility, aligning with U.S. supply-chain priorities [5][7]. - The commissioning of the graphite demonstration facility is underway, expected to be completed in Q4 2025, marking the first end-to-end natural graphite production in the U.S. in over 70 years [5][10]. - Titan identified significant concentrations of germanium at the Empire State Mine, with initial plant-feed showing promising grades [7]. Exploration and Operations - A total of 12,803 feet of exploration drilling was completed, with ongoing drilling planned for Q4 2025 [11]. - Mining operations continued in key zones, with a new 40-ton underground haul truck delivered to enhance production capabilities [9].