Deterra Royalties Limited •  +61 (0)8 6277 8880 • www.deterraroyalties.com 31/07/2025 ASX: DRR JUNE 2025

QUARTER PORTFOLIO UPDATE

Deterra Royalties Limited (ASX: DRR) (Deterra or Company) is pleased to provide a portfolio update for the quarter ended 30 June 2025.

1. HIGHLIGHTS • Portfolio revenue of $89.1m million for the June 2025 quarter, up 44% from the prior quarter: o Mining Area C (MAC) delivered one of its strongest iron ore royalty revenue quarters since Deterra’s 2020 ASX listing at $60.0 million in the June quarter, up 8% on the prior quarter with record sales volumes offset by lower realised pricing; o Record production at MAC delivered a $20 million capacity payment; and o Gold offtakes delivered a record net realised margin1 of $8.7 million up 56% on the prior quarter with record margins achieved on 75.1 thousand ounces (koz) delivered • Lithium Americas Corporation (LAC) and strategic partner General Motors Holdings LLC (GM), announced Final Investment Decision for Phase 1 of the Thacker Pass Lithium Project in Nevada, US2: o Project construction is well underway with Bechtel as EPCM contractor and first lithium carbonate equivalent (LCE) production targeted for 2027. Project execution is substantially de-risked with first permanent concrete placed in early May 2025, all long- lead equipment awarded and detailed engineering more than 60% design-complete. o Thacker Pass utilises well proven technology and equipment - no novel equipment is required and the flowsheet consists of standard equipment that has been proven for decades.

https://www.deterraroyalties.com/wp-content/uploads/2025/07/2922636.pdf

Triple Flag: A Solid Buy-The-Dip Candidate

https://seekingalpha.com/article/4812696-triple-flag-a-solid-buy-the-dip-candidate

• Triple Flag delivered record Q2'25 results, with GEO sales up 6% and strong revenue/cash flow growth despite some minor setbacks that softened its deliveries.
• Despite these setbacks, it remains on track to meet 2025 guidance, demonstrating the business' resilience from a highly diversified portfolio focused on top-ranked jurisdictions.
• Triple Flag has paused buybacks, unlike some peers unloading on buybacks at far less attractive valuations, highlighting its discipline to be opportunistic.
• In this update, we'll dig into its Q2'25 results, some recent developments, and why it continues to be one of the best ways to get exposure to precious metals.

Summary

Triple Flag had another record quarter in Q2'25, and more records are on deck in H2'25. This is related to contributions from new assets (Arcata, Tres Quebradas, Johnson Camp), higher silver prices, new records in gold prices, and the fact that it continues to have a heavy silver weighting relative to its peers in a favorable period of recent silver price outperformance.

Unfortunately, this heavy silver weighting will see a minor hit next year with the step down on its Cerro Lindo stream in Peru, but this is hardly a deal-breaker for the investment thesis, and Triple Flag's deep portfolio can easily withstand this impact, as it did the sharp drop in grades vs. peak years at Fosterville.

Meanwhile, from a big picture standpoint, Triple Flag may be getting closer to being fairly priced after an impressive two years of share price outperformance vs. gold, but assuming ~150,000 GEOs in 2030 and a 25x free cash flow multiple (greater scale, Tier-1 premium), this is a company that could be trading at ~$40.50/share ($3,100/oz gold price), ~US$45.00/share ($3,400/oz gold price), or ~US$48.80/share ($3,700/oz gold price) using different gold price scenarios and a static $36.00/oz silver price.

Importantly, these fair value estimates exclude over $1.0 billion [US$5.00/share] in net cash (year-end 2030) from ongoing cash build assuming the company does only smaller transactions and no major transactions and simply pays out regular dividends, based on a flat $3,000/oz gold price assumption.

Hence, I see considerable long-term upside for the stock, and I see TFPM as one of the sector's best buy-the-dip candidates for those looking for no-nonsense exposure to gold/silver in a sleep-well-at-night vehicle with a team that has a proven track record of creating shareholder value. In summary, I would view any sharp pullbacks in the stock as buying opportunities, and I would not be surprised to see the stock trading above US$32.00/share by the end of 2026.

Hudbay Announces $600 Million Strategic Investment from Mitsubishi Corporation for 30% Joint Venture Interest in Copper World

August 13, 2025 10:05 PM Vox Royalty Announces Q2 2025 Financial Results and Declares Quarterly Dividend

News Release

https://bpd-space.nyc3.cdn.digitaloceanspaces.com/scp/250813-scp-dsv-q2.pdf

Andean Precious Metals Reports Second Quarter 2025 Financial Results

(All amounts in U.S. dollars unless otherwise indicated)Toronto, Ontario--(Newsfile Corp. - August 12, 2025) - Andean Precious Metals Corp. (TSX: APM)...

www.newsfilecorp.com

Second Quarter 2025 Highlights:

• Consolidated revenue of $73.7 million from sales at an average realized gold price of $3,316/oz¹ and an average realized silver price of $34.36/oz¹ for Q2 2025 versus consolidated revenue of $69.8 million from sales at an average realized gold price of $2,305/oz and an average realized silver price of $27.80/oz for Q2 2024.
• Consolidated Q2 2025 production of 24,341 gold equivalent ounces.
• Gross operating income of $29.4 million for Q2 2025 versus $11.7 million for Q2 2024, mainly due to higher average realized gold and silver prices and lower operating costs at San Bartolome and Golden Queen.
• Income from operations of $24.5 million for Q2 2025 versus income from operations of $9.8 million for Q2 2024, mainly due to higher gross operating income partially offset by higher exploration and evaluation expenditures.
• Adjusted EBITDA² of $28.9 million for Q2 2025 compared to adjusted EBITDA of $17.2 million for Q2 2024.
• Net income and net income per share of $17.4 million and $0.12 (diluted basis), respectively for Q2 2025, net income and net income per share of $9.4 million and $0.06 (diluted basis) for Q2 2024.
• The Company ended Q2 2025 with $87.3 million in liquid assets as compared to $72.0 million in liquid assets at the end of Q2 2024.
• The Company strengthened its balance sheet with $320.9 million in total assets as compared to $315.1 million in total assets at the end of Q4 2024, and $139.4 million in total liabilities at the end of Q2 2025 as compared to $164.1 million at the end of Q4 2024. The improved financial position is attributed to cash-flow generation (with a portion converted to marketable securities), additions to working capital, and paydown of the Company's revolving credit facilities.
• During Q2 2025, the Company paid down its existing revolving credit facilities to $nil.
• The Company is pleased to favourably update its 2025 San Bartolome financial metrics as well as to reaffirm its 2025 Production, CAPEX, and Golden Queen Guidance.

Golden Queen Results:

• Golden Queen produced 12,213 gold equivalent ounces in Q2 2025 versus 16,986 gold equivalent ounces in Q2 2024.
• Golden Queen OCC¹ of $1,717/oz and AISC¹ of $2,245/oz for Q2 2025 versus OCC of $1,471/oz and AISC of $1,752/oz for Q2 2024.

San Bartolome Results:

• San Bartolome produced 12,128 gold equivalent ounces in Q2 2025 versus 12,795 gold equivalent ounces in Q2 2024.
• Cash Gross Operating Margin ("CGOM")¹ of $13.89 per silver equivalent ounce sold and a Gross Margin Ratio ("GMR")¹ of 45.89% for Q2 2025, versus a CGOM of $5.03 per silver equivalent ounce sold and a GMR of 20.80% for Q2 2024.

EMPRESS REPORTS 2025 SECOND QUARTER FINANCIAL RESULTS

https://empressroyalty.com/202…uarter-financial-results/

Discovery Reports 50,552 Ounces of Gold Production, $27.3 Million of Free Cash Flow¹ in Q2 2025

https://ceo.ca/@GlobeNewswire/…ounces-of-gold-production

• TRANSFORMATIONAL QUARTER
  • Acquired Porcupine Complex on April 15^th, establishes Discovery as growing Canadian gold producer
  • Finalized $575.0 million financing package, including $475.0M of royalty & equity financing, $100.0M senior debt facility
• Q2 2025 NET EARNINGS AND EPS
  • Net earnings of $5.5M ($0.01/share) versus net loss of $5.1M ($0.01/share) in Q2 2024; Adjusted net earnings¹ totaled $28.4 million or $0.04 per share
• INITIAL GOLD PRODUCTION IN Q2 2025
  • 50,552 produced from April 16 – June 30; Production included 16,112 oz from Hoyle Pond, 27,286 oz from Borden and 7,154 oz from Pamour
• OPERATING CASH COSTS IN LINE WITH EXPECTATIONS
  • Operating cash costs^1,2 of $48.8M or $1,334/oz sold
• ATTRACTIVE MARGINS DRIVE PROFITABILITY AND CASH FLOW
  • All-in sustaining costs (“AISC”)^1,2 averaged $2,123/oz sold versus average realized gold price¹ of $3,337/oz; Site-level AISC³ averaged $1,872/oz sold
• STRONG CASH FLOW FROM GOLD SALES
  • Net cash from operating activities of $67.1M; Free cash flow¹ of $27.3M
• SOLID CASH POSITION TO SUPPORT OPERATIONS AND GROWTH PLANS
  • Cash at June 30, 2025, totaled $252.5M; with working capital of $225.9 million; Additional $100.0M of liquidity at June 30, 2025, through undrawn credit facility

Altius Reports Q2 2025 Attributable Royalty Revenue of $12.7M and Adjusted Earnings⁽¹⁾ of $1.6M

https://www.businesswire.com/n…sted-Earnings1-of-%241.6M

Nice upgrade today by CFRA, from Fidelity, on $RGLD; "

"CFRA, an independent research provider, have summarized their opinion as follows:

We lift our 12-month target by $6 to $231, representing 26.0x our 2026 EPS estimate, in line with RGLD's two-year avg. forward P/E of 25.9x and a discount to streaming/royalty peers, which are trading at an avg. forward P/E of 36.3x. We lift our 2025 EPS estimate by $0.79 to $7.74 and our 2026 EPS forecast by $0.56 to $8.90. Our upgrade reflects RGLD's transformational growth trajectory following the announced acquisitions of Sandstorm Gold ($3.5B) and Horizon Copper ($196M), plus the $1B Kansanshi gold stream acquisition. These transactions position Royal Gold (RGLD) as a top-tier growth company in the streaming sector with 393 total interests and exceptional portfolio diversification. We believe RGLD's shares are undervalued given the company's top-tier margin profile, debt-free balance sheet with $1.25B in liquidity, and robust organic growth pipeline from 47 development-stage assets. The pending acquisitions create significant scale advantages while maintaining RGLD's precious metals focus (78% gold revenue mix)."

Financial Highlights – Q2 2025 compared to Q2 2024

• $369.4 million in revenue (a new record), +42%
• 112,093 GEOs¹ sold, +2%
• 101,876 Net GEOs¹ sold, +4%
• $430.3 million in operating cash flow (a new record), +121%
• $365.7 million in Adjusted EBITDA² or $1.90/share (new records), +65%
• $247.1 million in net income or $1.28/share (new records), +211%
• $238.5 million in Adjusted Net Income² or $1.24/share (new records), +65%

Financial Highlights – H1 2025 compared to H1 2024

• $737.8 million in revenue (a new record), +43%
• 238,678 GEOs sold, +2%
• 215,014 Net GEOs sold, +5%
• $719.2 million in operating cash flow (a new record), +93%
• $687.6 million in Adjusted EBITDA or $3.57/share (new records), +57%
• $456.9 million in net income or $2.37/share (new records), +104%
• $444.0 million in Adjusted Net Income or $2.31/share (new records), +58%

Strong Financial Position

• High Adjusted EBITDA and Adjusted Net Income Margins² further boosted by gain on sale of gold bullion in the quarter
• Strong financial position with $1.1 billion in available capital³ as at June 30, 2025
• Quarterly dividend of $0.38/share effective Q1 2025, an annual increase of 5.6%

Foran Reports Q2/25 Construction Progress at McIlvenna Bay

/CNW/ - Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) ("Foran" or the "Company") is pleased to provide a construction update on its 100% owned McIlvenna...

www.newswire.ca

https://foranmining.com/wp-content/uploads/2022/09/Foran-Corporate-Presentation.pdf

Beitrag

RE: Foran Mining / FOM, FMCXF (TSX, OTC)

[…]

Edel Man
Danke, bin jetzt auch an Bord. Inverted Hammer am 30.07.25.
Grüße, S.

Sorgenfrei

10. August 2025

Zitat von Edel Man

FOM stand ja ganz oben in der Watchlst, hatte sie also nochmals mehrfach beobachtet und schließlich gekauft, weil:

-- Sie ist m.E. äusserst nidrig bewertet:

-- In #44: 1,2 Mrd. MC : 1,7 Mio t Cu Eq ca 0,7 $ / kg Cu, äussert gering.

-- Aktuell: 1,08 Mr.MC : 1,7 Mio t Cu Eq ca 0,6 $ / kg CU rd 0,5 lb / kg Cu.

-- Bereits vor Jahren waren Cu Explorer mit rd 0,5 $ / lb CuEq in situ klarer Kauf..

-- Die Korrektur war heftig genug;

-- Die Konsolidierung schein abgechlossen:

-- 2,47 : 2,76 = 10% und:

-- BUY: https://www.canadabulls.com/Si…spx?lang=en&Ticker=FOM.TO

-- Heute gesehen einige Anaysten, lediglich zur Info, sh. Anhang .

Daß die Finanzieung gesichert ist, sie im TIer 1 Gebiet liegt und die Aktienstruktur erstklassig mit soliden Partnern ist wurde schon erwähnt.

Grüsse

Edel

Alles anzeigen

Edel Man

Danke, bin jetzt auch an Bord. Inverted Hammer am 30.07.25.

Grüße, S.

Royalty Companies Start Swinging For the Fences

Love that free cash flow...

rubino.substack.com

"The takeaway: Buy the juniors in this space and hold the leaders. But watch for signs of overheating and don’t be afraid to take profits as the bull market unfolds."