Nordic Funds & Mines 2026 Main Stage Day 2 Morning - DOLLY VARDEN SILVER CORP

Financial Performance:

• American Gold & Silver: Corporate guidance for 2025 set at 3.2–3.6 million ounces (vs. 2022 record of 5.2M oz at 700g/t); Cosla operations (Mexico) generated record 1.2M oz in 2025, acting as a primary cash flow source to fund Galena turnaround; no major debt mentioned, balance sheet institutionalized with 42% institutional ownership.
• McEwen Mining: Q1/Q2 earnings of $43M ($0.72/share); $130M debt ($110M convertible); $79M cash; market cap ~$1B; projected 2028 asset-level free cash flow of $270M (pre-G&A/debt).
• West Red Lake Gold: Q2 generated nearly $10M in positive free cash flow; All-in Sustaining Costs (AISC) dropped ~30% QoQ due to increased production volume; market cap ~C$300M.
• Regulus Resources: Market cap ~$600M; 22% owned by RootOne; Rio Tinto Newton holds 16%; no current production, pre-feasibility stage.
• Nordics Metals (United Lithium): Market cap $16M; $1M cash on hand; internally financed for next 6 months; targeting financing in 4–6 weeks.
• Golconda Gold: Q3 production up 20% QoQ in South Africa; projected cash flow positive immediately; trading at ~US$3–4M market cap; zero debt.
• First Mining Gold: Market cap ~C$1B; $80M cash on hand; $2.1B after-tax NAV for Spring-Pole project at $3,100 gold.
• Gold Royalty Corp: Revenue projection >$120M by 2030; zero debt; net positive cash position; ~$200M dry powder available; SG&A flat at $7–8M.
• Starcore International Mines: Current production 10,000 oz (gold); projected 35,000 oz in 18–24 months; 96M shares outstanding; no debt, no streams, no royalties; generating ~$800k net cash flow.
• Aya Gold & Silver: 6M oz silver production at $20 AISC; Gunder mine generating ~$200M annual cash flow; Boumadzine project projected to generate $1B/year cash flow upon production; $200M cash on hand.

Guidance and Future Outlook:

• American Gold & Silver: Targeting return to 5 million oz/year at Galena by 2028; 40-year mine life expected based on 200M oz resource; 200M oz resource includes 20% growth from 2025 update.
• McEwen Mining: Goal to double gold equivalent production from 115k to ~300k oz by 2030; Los Azules copper production targeted for 2030; IPO planned for McEwen Copper in 2027.
• West Red Lake Gold: Production growth targeting 100k oz/year by 2027 via "hub-and-spoke" model integrating Madsen, Fork, and Rowan projects.
• Gold Royalty Corp: Projecting 500% growth in underlying gold-equivalent ounces over the next five years; 70% of growth from permitted/built assets.
• First Mining Gold: Construction decision for Spring-Pole targeted for March 2028; DuParquet PEA update expected mid-next year.
• Starcore International Mines: 222k gold-equivalent ounces production target over next 5.5 years; expansion to 35k oz within 18–24 months.
• Aya Gold & Silver: Boumadzine gold project entering construction phase; full production expected in 3 years (2028); potential 20-bagger return if silver/gold prices target $1,500/$130/oz.

Business Segments and Product Lines:

• American Gold & Silver: Primary focus on Galena Complex (Idaho) transitioning to long-hole stoping (70% mechanized mining); Cosla mine (Mexico) providing cash flow; Crescent Mine acquisition adjacent to Galena (ore expected by 2027).
• McEwen Mining: Dual segment: Gold/Silver (Fox, Gold Bar, San Jose) with growth pipeline (Gray Fox, Stock, Tartan); Copper (Los Azules, Elder Creek).
• West Red Lake Gold: "Hub-and-spoke" model centered on Madsen mill feeding satellite deposits (Fork, Sterritt Olsen, Rowan, Mount Jamie).
• Gold Royalty Corp: Portfolio of 260+ royalty/stream assets; >90% gold; focus on NSR royalties and development capital; assets include Odyssey, Cote Lake, Ren, and Borboreba.
• Nordics Metals: Pivot from Lithium to Uranium; 8 uranium projects in Sweden/Finland (Ryuta, Dublon, Nordotun); two lithium projects (Bergby, Nordotun) on back burner.
• Regulus Resources: Antucori copper-gold project in Peru; 1.5B+ ton consolidated resource with neighbors (Cerro Corona, Tintaya); focus on district consolidation.
• Starcore International Mines: Three revenue streams: San Martin oxide, carbonaceous ore (newly processed), and La Tortilla silver lease.
• Aya Gold & Silver: Pure silver producer (Gunder) and gold-focused development (Boumadzine); 600M+ oz silver equivalent discovered; green energy-powered operations.

Market and Competitive Landscape:

• Silver: American Gold & Silver and Aya Gold & Silver highlighted as pure-play leveraged exposure to silver price; silver grades at Galena (600g/t) and Cosla (15x Galena grades) are world-class.
• Copper: McEwen Copper and Regulus Resources emphasize structural supply deficits; Los Azules is the 9th largest undeveloped copper deposit; Antucori consolidation opportunity.
• Gold: First Mining Gold and West Red Lake Gold focus on Canadian Tier 1 jurisdictions with advanced permitting; Gold Royalty Corp leverages low-risk North American assets.
• Jurisdictions: Aya Gold & Silver touts Morocco as the #1 global mining jurisdiction (2–3 month permitting, no free carry); West Red Lake and First Mining highlight Canadian regulatory depth despite long timelines.
• Competition: Major miners (Newmont, Barrick, Rio Tinto) acquiring development-stage assets; junior majors like American Gold & Silver and Gold Royalty positioning as consolidation targets or independent growers.

Risks and Challenges:

• Political/Social: Aya Gold & Silver addresses Mexico security risks at Cosla (no expats, local hiring, concentrate shipping vs. dore bars); Regulus discusses social acceptance in Peru.
• Permitting Delays: First Mining Gold notes 8.5+ year environmental assessment process in Canada; West Red Lake highlights labor shortages and skilled workforce gaps.
• Geological/Operational: American Gold & Silver transitioning from underhand cut and fill to long-hole stoping; Nordics Metals notes hard rock uranium processing challenges vs. alum shale.
• Capital Markets: McEwen Copper requires >$4B financing; Nordics Metals needs external financing to expand exploration; West Red Lake faces "hidden asset" valuation disconnect.
• Exploration Risk: Regulus and Nordics Metals note constraints on disclosing neighbor's data; Aya notes finding tailings dam space due to high grade.

Management Commentary and Tone:

• American Gold & Silver: Confident and turnaround-focused; team emphasizes prior successes with Klondex and Karora; "flywheel" approach to bottleneck removal.
• McEwen Mining: Aggressive growth narrative; Michael Meding emphasizes "regenerative" mine vision and strong alignment with Rob McEwen (16% ownership).
• West Red Lake Gold: Focused on execution and cost reduction; management highlights "hidden value" in satellite deposits not yet priced in.
• Gold Royalty Corp: Low-risk, high-conviction tone; emphasizes "dry powder" and lack of capital calls; focus on organic growth via existing assets.
• Aya Gold & Silver: Highly bullish and passionate; Benoit Lassalle describes Morocco as the "best jurisdiction" and company as a "20-bagger"; strong emphasis on local employment and speed.
• Golconda Gold: Conservative but optimistic; focuses on "crossing the chasm" to production; high insider ownership alignment.
• Nordics Metals: Cautious but opportunistic; "buy when no one wants them, sell when they do" philosophy; pivot to uranium seen as undervalued.

Analyst Questions and Answers:

• Security in Mexico: McEwen/Stargcore/Aya managers confirm no major cartel disruptions due to local hiring and lack of high-value dore shipments.
• Exit Strategy: American Gold & Silver clarifies M&A is not a primary strategy but a potential outcome of building a profitable business; McEwen Copper IPO planned for 2027.
• Cost Reduction: West Red Lake attributes AISC drop to fixed-cost leverage from increased production volume (70% fixed costs).
• Uranium Technology: Nordics Metals contrasts hard rock vs. alum shale; argues hard rock is essential for Europe's domestic supply independence.
• Permitting Speed: Aya Gold & Silver explains Moroccan permitting (2–3 months) is driven by job creation mandates; contrasts with 7–10 year timelines in Canada/US.
• Capital Allocation: Golconda Gold confirms intent for share buybacks/dividends if no M&A targets found; Gold Royalty Corp leans towards sustainable dividends.

Other Key Points:

• American Gold & Silver: Recognized as TSX Top 30 company for 3-year average performance; 100+ years of mine history with 120 miles of underground development.
• McEwen Copper: Los Azules utilizes heap leaching (technologically proven in Chile); 100% renewable energy power agreement with YPF; 110k tons production capacity.
• Gold Royalty Corp: >400 years collective experience on board; portfolio includes 3 of the 5 largest US/Canada gold mines.
• Regulus Resources: Strategy focuses on "brownfield" consolidation; Antucori project allows for 40–60 year mine life vs. 10–30 year lives of neighbors.
• Nordics Metals: 8 projects split 50/50 between Sweden and Finland; partnership with local drilling contractor (Kati) as shareholder.
• Aya Gold & Silver: "Green mine" status with zero carbon emissions from power; 600M oz silver equivalent discovered in 5 years; Boumadzine IRR 93–146%.