◆ China Gold International Resources Corp Ltd (TSX: CGG) (“CGG”, or “Company”) is a polymetallic miner with two producing assets in the Greater China Region — the CSH mine and the Jiama mine. The Company has delivered a return of 1,438% since our initiation on August 27, 2020. ◆ All-time high quarterly profit: China Gold delivered its highest-ever quarterly net profit in Q2 2025, led by strong operational performance at both the CSH and Jiama mine, coupled with favourable market conditions. Q2 2025 net profit jumped to US$116 million, versus a net loss of US$4.8 million in Q2 2024. We remain upbeat on the gold and copper pricing trends, which should support profitability for the remainder of the fiscal year. ◆ Raise our estimates: While management reiterated its 2025 guidance, we raise our production forecasts to the higher end of the guidance range. We increase our 2025 revenue and net profit estimates to US$1.0 billion and US$396.8 million, up from $978 million and $259.3 million,