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EVP & COO Dominique Girard clarified the timeline, stating that the commissioning of the mid-shaft loading station is scheduled for mid-2027, which is when ore will first be hoisted. President and CEO Ammar Al-Joundi reiterated that the investment portfolio's primary purpose is strategic due diligence, not trading. However, he acknowledged the significant increase in its value and stated the company is 'not ignorant of market conditions' regarding potential divestments.

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Executive Guy Gosselin estimated Hope Bay's cost structure would be similar to the Meliadine mine, around $230-$250 per ton. He clarified that the high-grade intercept suggests the presence of additional ore shoots between the main zones, which could add up to 1 million ounces, rather than a single connected zone.

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Guy Gosselin, SVP of Exploration, stated that a significant portion of Marban's resources could be converted to reserves soon. On human resources, CEO Ammar Al-Joundi and SVP Dominique Girard discussed their strategy of attracting top talent and developing it internally through student programs. Regarding exploration costs, Mr. Gosselin broke down the spending to show a discovery and conversion cost of approximately $25/oz for each stage, while Mr. Al-Joundi clarified that a large part of the budget is for infrastructure that will be used in future operations.

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Dominique Girard (executive) explained that the ground support at LaRonde performed as designed during a recent 4.1 Richter event, which was anticipated by their models. Executive Vice President Carol-Ann Plummer-Theriault detailed the company's comprehensive safety philosophy, which emphasizes proactive risk management, leadership visibility, and learning from all incidents. An executive also noted that ground support designs have evolved to handle the stresses of deep mining.

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President & CEO Kathleen Quirk clarified that the caution around the Baghdad expansion was related to execution risk in an inflationary environment, not engineering challenges. She explained they have been de-risking the project by advancing autonomous haulage and tailings infrastructure. For Lone Star, she outlined a long-term vision for a large-scale leach and concentrate producer, with studies underway to define the optimal flow sheet, likely including a concentrator for the high-grade Dos Pobres deposit.

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President & CEO Kathleen Quirk clarified that caution on the Baghdad expansion stemmed from the inflationary environment and labor market, not engineering issues, and that they have been de-risking the project. For Lone Star, she explained the current study is defining the next phase, which includes a concentrator for the Dos Pobres deposit and determining the optimal mix of leach versus concentrating for the larger sulfide resource.

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CEO Mark Millett provided a high-level summary of the alloy series (3000 for can/industrial, 6000 for automotive) and explained that the qualification process is similar to steel. It involves detailed process audits for automotive customers and in-use performance testing for can sheet, where cleanliness is a critical factor.

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CEO Mark Millett stated that the project's economics largely remain intact and are essentially a 'wash' despite tariff complexities, which he views as temporary. Regarding competition, Millett asserted that Steel Dynamics will have no close competitors, citing the new mill's state-of-the-art technology, scale, efficiency, and the company's performance-driven culture as key differentiators, reminiscent of their disruptive entry into the steel industry 30 years ago.

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CEO Mark Millett explained the key difference is technology risk. Sinton uses pioneering continuous-process technology, where one issue halts the entire line. The aluminum mill uses proven, state-of-the-art batch technology with built-in redundancy, allowing for a more rapid and less risky start-up. COO Barry Schneider added that Sinton's product quality is excellent and recent operational gains are significant.

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CEO Mark Millett indicated that another large greenfield steel project is unlikely. Instead, he pointed to smaller, strategic value-add opportunities in steel. He stated that after the current aluminum mill is operational, the strong growth in the aluminum market presents future opportunities, potentially including downstream value-add products that leverage the company's existing expertise.

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President, CEO & Director William Oplinger responded that while there are no guarantees, Spanish authorities have approved 65 actions to improve grid resiliency. He confirmed the restart will be a gradual ramp-up, with a few pots energized weekly to reach full production by mid-2026.

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CEO William Oplinger directed him to use the company's provided sensitivities for modeling and explained the Ma'aden stake was acquired to simplify Alcoa's structure and crystallize value, with a decision on selling shares to be made after the lockup period. CFO Molly Beerman advised waiting for guidance on San Ciprian and noted the Ma'aden offtake cessation would impact shipments, not production.

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CEO Geoff Gilmore explained that the TWB market is highly technical with few players, primarily ArcelorMittal, and is growing due to automotive lightweighting trends. He clarified that the early retirements were a strategic decision related to integrating recent acquisitions, aligning with the company's 'people-first' philosophy to thoughtfully identify talent rather than making impulsive cuts. Gilmore noted that as the business scales with new technologies like the recently licensed ablation process, the company will hire as needed.

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CEO Geoff Gilmore stated he did not have the exact figure for U.S.-made vehicle production but noted the company views the market from a holistic North American perspective. CFO Tim Adams clarified that the 6% growth figure refers specifically to the transformer market, not overall electricity demand. He explained this growth is driven by a combination of new power needs, the replacement of an aging grid infrastructure, and grid hardening initiatives.

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CFO Tim Adams explained that TWB's results improved because the business successfully raised prices to recover higher costs, leveraging the differentiated, high-value nature of its products. CEO Geoff Gilmore addressed the competitive question by stating they do not see Cliffs' entry as a disruption, given the significant 18-24 month market backlog and strong long-term growth prospects. He emphasized Worthington's strategy is to partner with expert transformer manufacturers, not compete with them.

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President and CEO Paul Brink stated that while Franco-Nevada is a happy shareholder in Discovery Silver, its core strategy is royalties and streams, not actively trading blocks of shares. He explained equity stakes are strategic tools to facilitate royalty/stream deals. CFO Sandip Rana reiterated the company's commitment to a sustainable and progressive dividend but emphasized that the primary use of capital remains acquiring long-life assets, so an unusually large dividend increase should not be expected.

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President & CEO Paul Brink detailed that their valuation process focuses more on accurately assessing a mine's production potential than on spot commodity prices. He emphasized their long-term view on prices and noted their low-debt position provides a competitive advantage, allowing them to deploy capital at a consistent rate regardless of interest rate fluctuations.

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CEO Jesse Gary responded that Century has not observed falling demand, particularly in the U.S., and continues to forecast a market deficit for 2025, which would lead to further inventory declines, not replenishment. Regarding the alumina market, he stated that historically, the market has been disciplined in curtailing capacity in response to low prices and expects that trend of refinery closures would continue if necessary to maintain balance.

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President and CEO Jesse Gary responded that the company has seen no evidence of shadow inventory stockpiling and believes that global aluminum demand will continue to outpace supply growth. He affirmed the view that China is respecting its 45 million tonne production cap, citing the recent elimination of the VAT rebate on exports as a signal of their intent to keep more product for domestic use.

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Jesse Gary, President and CEO, responded that the company's LME-linked contracts are long-term and all extend through at least 2026. Regarding Jamalco, Gary stated that the company is implementing CapEx programs with the goal of making the asset's cost structure globally competitive and positioning it as a second-quartile producer, which would be in line with the cost ranges of its peers.

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Robert Krcmarov, President & CEO, outlined the immediate next steps, including awaiting a decision on the plan of operations from the U.S. Forest Service, which could be approved in Q3 2025 and would authorize exploration activities. Matt Blattman, VP, Technical Services, added that previous conceptual work targeted a production rate of 12,500 tons per day, though he and Krcmarov stressed that this is highly preliminary and years of work remain before any mining pathway is established.

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CEO Robert Krcmarov provided an update on the Montana projects' permitting process, which could see approval by Q3 2025, and acknowledged the Casa Berardi infrastructure idea was interesting but speculative. CFO Russell Lawlar explained that the Keno Hill ramp-up has been more challenging and costly than anticipated, with unexpected infrastructure needs contributing to the higher required throughput.

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Raul Jacob (executive) attributed the company's cost control to its corporate DNA of being 'extremely cautious' about costs, continuous investment in maintaining facilities, strong vendor relationships, and a focus on production growth. He highlighted the new Buenavista zinc concentrator as a major contributor to value with its 'extremely low' cash cost.

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Executive Raul Jacob attributed their cost control to a company culture of prudence, continuous investment in asset maintenance, strong vendor relationships, and production discipline. He specifically highlighted the new, low-cost Buenavista zinc concentrator as a significant contributor to value and cost efficiency.

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Executive Raul Jacob agreed with the prudent sentiment, affirming the company's conservative approach to cash management and its policy of not taking on debt to pay dividends. He noted that while debt might be considered if future EBITDA is expected to rise from new projects, the current high-interest-rate environment reinforces a prudent stance, which influenced the decision for this quarter's stock dividend.

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Executive Karla Lewis acknowledged the challenging macroeconomic backdrop but emphasized that Reliance's strategy is to focus on its own business by serving customers and gaining market share, which makes the company's strong performance even more notable. On outsourcing, she stated that any increase in U.S. manufacturing is a positive for Reliance and noted that the company's toll processing business for the automotive sector remains strong, indicating continued reliance on their services by mill partners.

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Jackie Przybylowski, VP of Capital Markets, clarified that guidance reflects conservatism on the ramp-up of assets like Cote, Vares, and Borborema, rather than declines at specific properties. She also identified Canadian Malartic as another major asset with partial royalty coverage. CEO David Garofalo addressed capital allocation by stating that while deleveraging is the current priority, the company's growing free cash flow will create the luxury to consider shareholder returns like buybacks or dividends in the future.

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Executive Stefan Spears clarified that Rio Tinto's investment is through its subsidiary Nuton, which holds just over 17% equity in the private entity McEwen Copper. He stated that a shareholder's rights agreement is in place and that it is 'not possible for Rio to squeeze us out' at this stage. He added that while they would consider further investment from Rio in the same form, any asset-level transaction would be considered very carefully.

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CFO Peter Hardie confirmed the debt repayment target was calculated using a gold price just under $2,500 per ounce. Executive Gregory Smith responded that while deleveraging is the current priority, the Board has begun discussing future capital allocation, including the potential for share buybacks and implementing a normal course dividend, which could happen 'sooner than later' if strong gold prices persist.

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CFO and COO Joe Hayek clarified that wholly-owned Building Products are roughly 50-50 residential/commercial with a repair/remodel bias, while JVs have almost no residential exposure. He defended the acquisition strategy by noting their products can benefit from consumer 'trade-down' activities. CEO Andy Rose addressed the share buyback, explaining that after the separation, the company's valuation is more appropriate, and the current focus is on growth through M&A, with buybacks being used opportunistically and to offset dilution.

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Jason Attew, President and CEO, stated that after a full portfolio review and an upgrade to the technical team, the focus is on new, accretive opportunities rather than deploying significant new capital into most legacy assets. He emphasized that a new Board-level investment committee adds a layer of governance. Attew clarified that compensation is not tied to deal origination but to long-term, per-share metrics like cash flow and NAV growth, ensuring team alignment with shareholder interests.

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Jason Attew, President and CEO, responded that the company has upgraded its technical team and established a Board-level investment committee for additional governance and oversight on capital deployment. He emphasized that the focus is on new, accretive opportunities rather than funding legacy assets requiring more capital. Attew also clarified that executive compensation is not tied to deal origination but to long-term, per-share metrics like cash flow and NAV growth, aligning the team's incentives with shareholder interests.

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