Heliostar Metals Q3 2025: Record 9,165 GEOs produced, 7,709 sold. Operating income $14.2M, net income $1.3M. Cash costs $1,500/GEO, AISC $1,825/GEO. Cash $34.6M, no debt. On track for 31-41k GEOs 2025 guidance with strong pipeline growth at Ana Paula.

Alamos Gold declared a quarterly dividend of US$0.025 per share, payable December 18, 2025 (record date December 4). In November, it repurchased 928,729 shares for $28.8M. YTD 2025, $81M returned to shareholders via dividends and buybacks. A 1% discount DRIP is available.

Vizsla Silver priced a US$250M (upsized to US$300M at closing) 5.00% convertible senior notes offering due 2031. Conversion rate: 171.3062 shares per US$1,000 (~US$5.84/share, 25% premium). Net proceeds fund Panuco project development, exploration, acquisitions, and general purposes; includes capped calls to reduce dilution.

Torex Gold (TSX:TXG) renewed its NCIB, approved by TSX to repurchase up to 8,133,430 common shares (10% of public float) from Nov 21, 2025 to Nov 20, 2026. Purchases will be made on open market; all acquired shares cancelled. Program aims to return capital to shareholders.

Vizsla Silver Corp. (TSX: VZLA | NYSE: VZLA) announced a proposed US$250M (upsizable to US$300M) offering of convertible senior unsecured notes due 2031. Net proceeds will fund exploration and development at the Panuco silver project, potential acquisitions, and general corporate purposes. A portion will finance cash-settled capped calls to reduce potential dilution upon conversion. Terms including interest rate and conversion rate to be set at pricing.

Torex Gold Resources (TSX:TXG) has received TSX approval to renew its normal course issuer bid (NCIB), allowing the repurchase and cancellation of up to 8,133,430 common shares (approximately 10% of the public float) from November 21, 2025 to November 20, 2026. Purchases will be made on the open market through the TSX or alternative systems, funded from working capital.