Jonathan Egilo of @AxoMetals (TSXV: AXO) joins us at the Precious Metals Summit. He said the company acquired the past-producing San Antonio gold project in Sonora from Osisko Development for all stock valued at about C$7 million at announcement, closed the deal in January, and received the environmental permit in July after a six-month process. San Antonio already has a crusher, oxide plant, camp, water rights and power. The 2021 resource stands at 1.1 million ounces of gold. Recent step-out drilling 800 metres outside the Sapuchi resource returned 47 metres of oxide from surface grading 1.4 g/t. He said engineering is wrapping up this year, construction is planned for the first half of 2027, and stacking on the heap leach pad is targeted for late 2027. Initial heap-leach production is ballparked at 40,000 to 50,000 ounces a year, with cash flow intended to fund a mill for the sulphide material.

Tara Christie of @BanyanGold joins us at the Precious Metals Summit. She said AurMac holds 8.62 million ounces and that a maiden PEA is due in the fourth quarter. That study will use the May resource, not the 70,000 metres still being drilled this year. About 46,000 metres are already complete. Hole AX-26-874 returned 13.03 g/t gold over 14.2 metres in the gap between Powerline and Airstrip. First holes at Nitra included 5.70 g/t gold and 544 g/t silver. Banyan was added to the GDXJ index on 21 September.

Rob Bruggeman of @OCG_Silver joins us at the Precious Metals Summit. He said a Santa Ana pilot plant is already in permitting, and that 2027 is the year planned to build, commission and run it so cash flow can start before a larger plant is built. He placed the PEA at the end of the first quarter of 2027 and a PFS around mid-2027. He said Colombia’s new administration wants mines in production within four years and is already advancing titles and exploration licences that had stalled.

@RonStoeferle of Incrementum joins us at the Precious Metals Summit. He said his model still tracks $8,900 gold by 2030, about 16% a year from current levels, and that he treats 2026 as a possible pause after gold’s 65% rise in 2025. He said the next source of demand is the $140 trillion fixed-income pile. Private allocations stand near 2.7%, compared with 8% in 1980. He is waiting for markets to accept that the Federal Reserve will have to cut rates.

@FlorianGrummes joins us at the Precious Metals Summit. He said near-term gold expectations should be lowered after the advance from about $1,615 to $5,600. He described the market as a sideways consolidation in which new all-time highs could still take a year. He placed gold near term between about $4,250 and $4,550. He said $5,000 in the first quarter of 2027 would remain inside that range. He described the latest rate increase as additional tightening into an energy shock, and put $150 oil over the next six months as his most likely case.

@crescatkevin . Smith of @Crescat_Capital joins us at the Precious Metals Summit. He said the recent metals pullback is an opportunity to add, and that he is not at maximum capacity in the junior book. Crescat managed about $536 million at 31 December 2025, with about 70 names in one fund and most of the value in the top 20. His $20,000 gold figure is a Crescat model on a three to seven year horizon. He said he would expect a retest of the early 2026 gold and silver highs by next September and that he still regards the junior cycle as early.

Daniel Henao of @Mineros_sa joins us at the Precious Metals Summit. He said 2026 group guidance has been raised to 220,000 to 240,000 ounces, from 213,000 to 233,000. Hemco is guided at 137,000 to 147,000 ounces and Nechí at 83,000 to 93,000 ounces. About $25 million is being spent to lift Hemco from 1,800 to 2,500 tonnes per day, which he said should add 30,000 to 40,000 ounces. First-half silver revenue was up 500% year on year. He said the company’s aim is about 500,000 ounces by 2030.

Mike Davies of @DenariusMetals joins us at the Precious Metals Summit. He said Zancudo is already shipping crushed rock to port under a Trafigura offtake. Plant installation is planned for early 2027, with commercial concentrate production at the beginning of next year. His outlook is 7,000 to 10,000 payable ounces of gold this year and 25,000 to 30,000 next year. He said current margins are 35% to 40% and that the third quarter is tracking about 50% above the second quarter.

Christopher J. Berlet of Stakeholder Gold Corporation (TSXV: SRC) said three Brazilian quarries are expected to run at about 100 cubic metres a month by year end, generating around US$3 million of profit next year, enough to fund Yukon drilling without issuing shares. The Coffee northern access route is being built for 20 kilometres through the centre of the 100% owned Ballarat claims. He said that should cut drill costs from nearly US$1,000 a metre this year to about US$250 to US$300 next year. The first Loki hole was extended to 488 metres and returned copper, nickel, cobalt, platinum and palladium in a 35 kilometre ultramafic corridor. At Skye, he described an epithermal vein system with about four kilometres of combined strike. He said 5,000 to 8,000 metres can be drilled in 2027 without new share issuance.

Kelly Malcolm of @BorealisMining joins us at the Precious Metals Summit. He said the Nevada heap-leach mine is in production after the first blast in February, and that production guidance is due within a month. The best month so far crushed about 130,000 tonnes and a second pit is now open. He said cash flow is close. The February Sandman PEA, prepared at $2,600 gold, showed an after-tax NPV of about US$203 million. At current prices he reads the same study at about US$500 million.

Michael Rowley of @Stillwater_CM joins us at the Precious Metals Summit. Stillwater West now holds 29.4 million indicated tonnes at 0.38% nickel equivalent and 805.1 million inferred tonnes at 0.34%. That inventory contains about 5.0 billion pounds of nickel, copper and cobalt and about 7.8 million ounces of platinum, palladium, gold and rhodium. He said there are no talks with Sibanye-Stillwater and no corporate link, even though the neighbouring Montana mines are on strike. Glencore is a shareholder and sits on the technical committee. He wants a standalone PEA in about a year.

Alexander Scanlon of @bartongoldBGD joins us at the Precious Metals Summit Conferences, LLC. He said Barton has consolidated the main historical assets in a central South Australian gold district and now holds about 2.25 million ounces of gold plus 3 million ounces of silver as a byproduct. About 80,000 metres of infill drilling has been completed across Challenger and Tunkillia. The Tolmer silver discovery has a 500-metre strike with grades up to 18,000 g/t silver within 50 metres of surface. Cash stood at $32 million at 30 June. A Tunkillia PFS is due in March, with a Challenger mill DFS on a similar timeline. He said the existing mill could be recommissioned in about six months once a go decision is made, while Tunkillia is modelled for rapid payback and the combined production target is about 150,000 ounces a year.