Q4 2025 Results Presentation February 20, 2026 Cautionary Information This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "for ...

BHP Group Limited (NYSE:BHP) shares are up during Friday’s premarket session as the company is exploring pathways to unlock additional copper supply in the U.S. This positive movement comes as BHP has signed a non-binding letter of intent with Faraday Copper Corp. to potentially restart the San Manuel copper mine in Arizona, which could enhance the U.S. copper supply chain.The latest development follows BHP’s move to secure a $4.3-billion silver streaming deal with Wheaton Precious Metals Corp., marking the ...

Core Viewpoint - The Sprott Gold Miners ETF (SGDM) and iShares Gold Trust (IAU) provide different strategies and risk profiles for investors seeking exposure to gold, with SGDM focusing on gold mining companies and IAU tracking the spot price of gold directly [1]. Cost & Size - SGDM has an expense ratio of 0.50%, while IAU is more affordable at 0.25% [2][3]. - As of February 7, 2026, SGDM has a one-year return of 137.07%, significantly higher than IAU's 72.60% [2]. - SGDM has assets under management (AUM) of $718.12 million, compared to IAU's $78 billion [2]. Performance & Risk Comparison - SGDM has a maximum drawdown of -45.05% over five years, while IAU's data is not available [4]. - The growth of a $1,000 investment over five years is $2,735 for SGDM and $2,690 for IAU, indicating similar long-term performance [4]. Portfolio Composition - IAU is designed to track the spot price of gold, providing direct exposure to physical bullion and serving as a low-cost vehicle for gold price exposure [5]. - SGDM has a concentrated portfolio of 43 gold mining companies, with top holdings including Agnico Eagle Mines Ltd., Newmont Corp., and Wheaton Precious Metals Corp. [6]. Investor Considerations - Investing in precious metals ETFs like SGDM and IAU involves heightened volatility compared to stock-based ETFs, especially during economic and geopolitical turbulence [7]. - Gold prices can fluctuate sharply, benefiting investors as international entities increase their gold reserves amid a weakening U.S. dollar [8]. - While SGDM has outperformed IAU in the short term, both ETFs show nearly identical price returns over a five-year span, making SGDM potentially more suitable for investors uncomfortable with an ETF that only holds gold [9].

Core Viewpoint - Hudbay Minerals Inc. has successfully closed a strategic investment with Mitsubishi Corporation, acquiring a 30% joint venture interest in Copper World LLC, which owns the Copper World project in Arizona, marking a significant growth milestone for the company [1][2]. Group 1: Joint Venture Details - Mitsubishi Corporation has contributed approximately $420 million in cash to Copper World LLC and will provide an additional $180 million within 18 months to complete its initial investment [1][3]. - The joint venture will allow Mitsubishi to fund its pro-rata 30% share of future equity capital contributions required for the construction of Copper World [1][3]. Group 2: Project Impact and Financials - The partnership is expected to increase Hudbay's consolidated copper production by over 50%, enhancing the project's internal rate of return (IRR) to approximately 90% based on pre-feasibility study estimates [2][3]. - The $420 million from Mitsubishi will be allocated to fund the remaining definitive feasibility study (DFS) costs, pre-sanction costs, and initial project development costs for Copper World [3]. Group 3: Strategic Partnership and Future Plans - Mitsubishi is recognized as a premier strategic partner with a strong global mining presence, validating the long-term value of the Copper World project [3]. - The closing of the joint venture aligns with Hudbay's financial strategy, having achieved over $600 million in cash and cash equivalents and reduced its net debt to adjusted EBITDA ratio to 0.5x as of September 30, 2025 [3]. Group 4: Project Development Status - Feasibility activities for Copper World are progressing, with the DFS expected to be completed by mid-2026, and a project sanction decision anticipated in 2026 [3].

Group 1 - The performance of gold and silver has significantly outpaced major stock indices and cryptocurrencies, with gold up over 70% YTD and silver gaining over 150% YTD, indicating strong momentum in precious metals [2][5] - Canadian precious metals miners are positioned to benefit from potential currency tailwinds if the USD strengthens against the CAD, as they typically perform well when gold prices rise and the CAD/USD exchange rate falls [4][7] - The current geopolitical uncertainty has contributed to the outperformance of precious metals, highlighting their appeal as a safe-haven investment compared to traditional equities and cryptocurrencies [3][6] Group 2 - Canada's GDP has contracted by 0.3% in October, which may lead the Bank of Canada to cut interest rates more aggressively than previously anticipated, contrasting with the U.S. economy's growth of 4.3% in Q3 [8] - If the Bank of Canada implements rate cuts while the Federal Reserve remains cautious, this could reverse the CAD/USD exchange rate, providing a favorable environment for Canadian miners in 2026 [8] - The operational challenges faced by mining companies and the taxation issues related to physical gold and silver investments are important considerations for investors in the precious metals sector [6]

Core Viewpoint - Carcetti Capital Corp. has entered into a definitive agreement to acquire a 100% interest in the Hemlo Gold Mine from Barrick Mining Corporation for $875 million in cash and 34.6 million common shares, with additional contingent cash payments of up to $165 million based on gold price thresholds [1][8][18]. Transaction Highlights - The total consideration for the acquisition includes $875 million in cash and 34.6 million shares, plus up to $165 million in contingent payments [1][8][18]. - The transaction is fully funded with at least $1.0 billion in gross proceeds from a gold stream, an underwritten term loan, and a bought deal private placement [8][23]. - The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions [21][40]. Leadership Team - Jason Kosec will serve as President & CEO, bringing experience from Millennial Precious Metals Corp. and Integra Resources Corp. [5][10]. - Jonathan Awde will be the Executive Chairman, previously co-founder and CEO of Dakota Gold Corp. [4]. - Other key appointments include Robert Quartermain, Audra Walsh, and Glenn Kumoi, all with extensive mining industry experience [6][7][10]. Hemlo Overview - The Hemlo gold mining complex has produced approximately 25 million ounces of gold since its initial production in 1985 [13]. - The mine is located in Ontario, Canada, and has a long life with average annual gold production of 154,000 ounces at an all-in sustaining cost of under $1,550 per ounce over a 14-year mine life [9][19]. Financing Structure - The financing package includes a $400 million gold stream with Wheaton Precious Metals, a $200 million term loan, and a $25 million revolving credit facility [23][25]. - The bought deal private placement is expected to raise approximately $415 million [29]. Economic Analysis - The after-tax net present value (NPV) of the Hemlo project is estimated at $1.1 billion based on consensus gold prices and a 5% discount rate [19][52]. - The average annual gold production is projected to be 154,000 ounces over a 14-year mine life, with significant mineral reserves and resources identified [19][47]. Community Engagement - The company is committed to working with local First Nations and the Hemlo community to ensure shared benefits and sustainable economic opportunities [22][28].

Core Points - Hudbay Minerals Inc. has entered into a joint venture with Mitsubishi Corporation, where Mitsubishi will acquire a 30% interest in Copper World LLC for an initial cash contribution of $600 million [1][5][9] - The partnership is aimed at advancing the Copper World project in Arizona, which is expected to produce 85,000 tonnes of copper annually for 20 years, creating significant economic value and job opportunities [4][8][16] Group 1: Joint Venture Details - Mitsubishi's investment consists of $420 million at closing and an additional $180 million within 18 months, with the transaction subject to customary closing conditions [1][5][11] - The joint venture will be structured as a new limited liability corporation, Copper World LLC, allowing Hudbay to retain its existing U.S. federal net operating losses of approximately $275 million and Arizona state losses of $210 million [9][11] - The transaction is expected to close in late 2025 or early 2026, pending regulatory approvals [11] Group 2: Strategic Importance - The partnership with Mitsubishi is seen as a significant milestone for Hudbay, enhancing its copper growth portfolio and validating the long-term value of the Copper World project [2][4][10] - Mitsubishi's involvement is strategically important for its growth strategy in the copper sector, leveraging Hudbay's operational expertise [2][6] Group 3: Economic Impact - The Copper World project is projected to contribute approximately $1.5 billion to the U.S. critical minerals supply chain and create over 1,000 jobs during construction, with 400 direct jobs and up to 3,000 indirect jobs once operational [4][8][6] - The project is expected to generate over $850 million in U.S. taxes over its initial 20-year mine life, supporting national security and energy independence [8][6] Group 4: Financial Flexibility - The joint venture significantly reduces Hudbay's estimated share of remaining capital contributions to approximately $200 million, deferring its first capital contribution until 2028 at the earliest [4][35] - The levered project internal rate of return (IRR) for Hudbay is expected to increase to approximately 90% based on pre-feasibility study estimates [4][35] Group 5: Project Development - The Copper World project is fully permitted and located on private land, with a mine life of 20 years and potential for future expansion [7][19] - A definitive feasibility study (DFS) is underway, with completion expected by mid-2026, and Hudbay plans to advance detailed engineering and other de-risking activities [7][35]

Core Viewpoint - Hudbay Minerals Inc. reported strong financial results for the second quarter of 2025, driven by significant free cash flow generation, industry-leading cost margins, and diversified exposure to copper and gold, while reaffirming production guidance and improving cost guidance for the year [2][5][10]. Financial Performance - Revenue for the second quarter of 2025 was $536.4 million, with adjusted EBITDA of $245.2 million, reflecting strong operating cost margins and significant exposure to copper and gold [5][18]. - Net earnings attributable to owners were $117.7 million, or $0.30 per share, representing a 17% increase from the first quarter of 2025 [12][18]. - Cash and cash equivalents increased by $62.9 million to $625.5 million, with total liquidity reaching $1,050.2 million as of June 30, 2025 [15][18]. Production and Cost Guidance - Consolidated copper production for the second quarter was 29,956 tonnes, and gold production was 56,271 ounces, with full-year production guidance reaffirmed at 117,000 to 149,000 tonnes of copper and 247,500 to 308,000 ounces of gold [5][9]. - Consolidated cash cost per pound of copper produced was $(0.02), while sustaining cash cost was $1.65, reflecting strong cost control and increased exposure to gold by-product credits [14][19]. - Full-year 2025 consolidated cash cost guidance improved to $0.65 to $0.85 per pound from $0.80 to $1.00 per pound [5][10]. Strategic Developments - The announcement of a $600 million joint venture with Mitsubishi Corporation for a 30% minority interest in the Copper World project is expected to enhance financial flexibility and reduce capital contributions [6][10]. - The joint venture is projected to increase levered project IRR to approximately 90% based on pre-feasibility study estimates, validating the long-term value of the Copper World asset [10][11]. - Hudbay is advancing its Copper World project towards a sanction decision in 2026, with a definitive feasibility study expected by mid-2026 [10][11]. Operational Highlights - Peru operations produced 21,710 tonnes of copper and 7,366 ounces of gold in the second quarter, maintaining production in line with expectations despite a planned mill maintenance shutdown [21][24]. - Manitoba operations produced 43,235 ounces of gold, with production impacted by temporary shutdowns due to wildfire evacuation orders [30][37]. - British Columbia operations produced 6,634 tonnes of copper, with ongoing optimization initiatives expected to enhance production in the second half of 2025 [51][52].

Core Insights - HudBay Minerals (HBM) and Wheaton Precious Metals Corp. (WPM) are both strong contenders in the Mining - Miscellaneous sector, with a focus on identifying which stock offers better value for investors [1][3] Valuation Metrics - HBM has a forward P/E ratio of 14.90, while WPM has a significantly higher forward P/E of 41.00 [5] - HBM's PEG ratio stands at 0.29, indicating a more favorable valuation relative to its expected earnings growth, compared to WPM's PEG ratio of 2.66 [5] - HBM's P/B ratio is 1.49, which is much lower than WPM's P/B ratio of 5.51, suggesting that HBM is undervalued compared to its book value [6] Investment Outlook - Both HBM and WPM have a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook due to favorable analyst estimate revisions [3] - Despite both companies having solid earnings prospects, HBM is identified as the superior value option based on its valuation metrics, with a Value grade of A compared to WPM's Value grade of F [6]

Core Points - Wheaton Precious Metals Corp. held its 2025 Annual and Special Meeting of Shareholders where nominees for the Board of Directors were elected [1][3] - The company announced the passing of long-serving director Peter Gillin, who will be remembered for his contributions [2] - Shareholders approved a non-binding advisory resolution on executive compensation with 94.94% votes in favor [3] Board of Directors Election Results - George L. Brack received 320,198,848 votes (97.83% for) with 7,090,095 votes withheld (2.17% withheld) [3] - Jaimie Donovan received 323,374,043 votes (98.80% for) with 3,914,900 votes withheld (1.20% withheld) [3] - Chantal Gosselin received 312,988,404 votes (95.63% for) with 14,300,539 votes withheld (4.37% withheld) [3] - Jeane Hull received 322,832,980 votes (98.64% for) with 4,455,963 votes withheld (1.36% withheld) [3] - Glenn Ives received 326,462,793 votes (99.75% for) with 826,150 votes withheld (0.25% withheld) [3] - Charles A. Jeannes received 321,612,216 votes (98.27% for) with 5,676,727 votes withheld (1.73% withheld) [3] - Marilyn Schonberner received 324,225,349 votes (99.06% for) with 3,063,594 votes withheld (0.94% withheld) [3] - Randy V.J. Smallwood received 326,818,313 votes (99.86% for) with 470,630 votes withheld (0.14% withheld) [3] - Srinivasan Venkatakrishnan received 324,453,056 votes (99.13% for) with 2,835,887 votes withheld (0.87% withheld) [3]