Core Insights - The U.S. and China are working towards resolving their trade differences, particularly concerning tariffs and critical minerals [1] Group 1: Trade Relations - Both superpowers appear to have reached an agreement that could enhance the trade of critical minerals [1]

Core Insights - Amaroq has confirmed high-grade mineralization of zinc, lead, silver, and newly identified critical minerals (germanium, gallium, cadmium) at the Black Angel mine, fulfilling all conditions for its acquisition [2][6][10] - The West Greenland Hub, which includes the Black Angel mine and Kangerluarsuk exploration licenses, is positioned as a significant development area for Amaroq, enhancing its mineral portfolio and operational capabilities in Greenland [9][10][15] Summary by Sections Highlights - Re-assayed bulk samples from the Black Angel mine show an average of 24.6% zinc, 28.1% lead, and 295 g/t silver, with commercial levels of germanium (44 ppm), gallium (21 ppm), and cadmium (1,328 ppm) identified [6][12] - The results suggest potential commercial concentrate grades of 102 ppm Ge, 48.5 ppm Ga, and 3,040 ppm Cd in future zinc concentrates [6][12] Next Steps - Site reviews at Black Angel have been completed to define upgrade requirements and plan geophysical surveys for the 2026 field season, targeting growth of the current mineral resource of 3.2 million tonnes at 8.8% Zn and 3.0% Pb [6][10] - Initial work will focus on the Deep Ice body, where historical drilling confirmed high grades [6][10] West Greenland Hub - The West Greenland Hub will be 100% owned by Amaroq, separate from the Gardaq joint venture, and will serve as a logistical base for the company's operations [9][10][15] - The Hub is expected to become a new center of mining activity in Greenland, supporting the growing mining and exploration sector [9][10] Black Angel Mine - The Black Angel mine has a historical production of approximately 11.2 million tonnes of ore with high grades of zinc, lead, and silver, making it Greenland's most productive base metal mine of its time [11] - Current estimates indicate significant remaining mineralization, with a focus on leveraging existing infrastructure for a near-term restart of operations [11][12] Kangerluarsuk Project - The Kangerluarsuk project, located 12 km north of Black Angel, presents a promising exploration opportunity with historical high grades of zinc and silver [14] - Amaroq plans to initiate drilling at Kangerluarsuk in 2026 to confirm subsurface mineralization continuity [14]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss attributable to common stockholders of $70.1 million or $0.58 per diluted share, which included $54 million of acquisition termination costs [24] - Adjusted EBITDA was just under $100 million, with operating cash flow of $122 million [24][22] - Cash position at September 30 was $603 million, with total liquidity exceeding $950 million [22] Business Line Data and Key Metrics Changes - Seaborne thermal segment recorded $41 million of adjusted EBITDA with 17% margins, exceeding expectations with an increase of 500,000 tons quarter over quarter [24] - Seaborne metallurgical segment reported adjusted EBITDA of $28 million, with revenue per ton rising 6% quarter over quarter [25] - U.S. thermal mines generated $59 million of adjusted EBITDA, driven by improved domestic demand [26] Market Data and Key Metrics Changes - The average benchmark price for seaborne thermal coal increased by 8% in the third quarter [14] - U.S. coal generation increased by 11% year to date, driven by favorable market fundamentals [15] - Seaborne metallurgical coal benchmark price averaged $184 per metric tonne, unchanged from Q2 [12] Company Strategy and Development Direction - The company is focused on safe, productive, and environmentally sound operations, with an emphasis on maximizing shareholder returns [34] - The Centurion mine is expected to significantly boost the company's metallurgical coal portfolio, with production expected to expand sevenfold in 2026 [3][4] - The company is assessing its potential to meet growing U.S. needs for rare earth elements and critical minerals [35] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing demand for coal due to the growth of data centers and manufacturing in the U.S. [6][7] - The company anticipates that coal's role in power generation will remain significant, especially during peak demand periods [7][8] - Management expressed confidence in the ability to generate free cash flow and deliver outsized returns to shareholders [22] Other Important Information - The company is in the early stages of assessing its potential for producing rare earth elements and critical minerals, with preliminary data expected by year-end [35][76] - The company has a robust balance sheet, providing flexibility to navigate market volatility [31] Q&A Session Summary Question: What is the maximum level of output Peabody could produce in the PRB? - Management indicated that expansion would depend on customer commitments and price signals, with latent capacity being absorbed quickly [39][49] Question: How is the company thinking about M&A opportunities in the metallurgical segment? - The focus remains on getting the Centurion mine operational and maximizing output before considering further M&A [54][56] Question: What details can be expected regarding rare earth elements by year-end? - Management stated that a preliminary analysis of indicative element types and concentrations will be provided at year-end [74][75] Question: What impact do recent U.S.-China agreements on rare earths have on domestic projects? - Management noted a strong desire for domestic supply of rare earth elements, but specifics on government support were not provided [81] Question: Will the arbitration process with Anglo American affect future M&A? - Management expressed confidence in the arbitration process and stated it would not hinder strategic decisions regarding M&A [82]

President Trump is in Japan this morning. It's the second stop on his nearly week-long trip to Asia. Today, the president will meet with the Japanese prime minister, who's the first woman to hold that office.The two leaders are expected to discuss defense spending and trade, the latter of which tops the agenda for each stop on Trump's Asia tour. So far, the president completed the first leg of his trip in Malaysia, landing in Koala Lampur to a red carpet welcome and a dance party that you see there before a ...

The EU is weighing whether to invoke its anti-coercion instrument in response to Chinese curbs on critical mineral exports. How would that work? https://t.co/PoeDtlyNHg ...

Core Insights - The merger of equals between Teck Resources and Anglo American aims to create a global leader in critical minerals and a top five copper producer, unlocking substantial value for shareholders through synergies and operational integration [2][6][11] Financial Performance - Teck reported Q3 2025 revenue of CAD$3,385 million, up from CAD$2,858 million in Q3 2024, representing an increase of 18.4% [5] - Gross profit for Q3 2025 was CAD$660 million, compared to CAD$478 million in Q3 2024, marking a 38% increase [5] - Adjusted EBITDA for Q3 2025 was CAD$1,171 million, up from CAD$986 million in the same period last year, reflecting a 19% increase [7][39] - Profit from continuing operations before taxes was CAD$289 million in Q3 2025, a significant recovery from a loss of CAD$759 million in Q3 2024 [5][34] Merger Details - The merger is expected to generate annual pre-tax synergies of approximately US$800 million, with 80% of these synergies anticipated to be realized by the end of the second year post-merger [6][11] - The combined entity, Anglo Teck, is projected to achieve an annual average underlying EBITDA uplift of US$1.4 billion from the integration of Collahuasi and Quebrada Blanca assets [6][11] Production and Operational Updates - Copper production at Quebrada Blanca (QB) for Q3 2025 was 39,600 tonnes, down 12,900 tonnes from the previous year due to tailings management facility (TMF) development constraints [12][17] - Zinc segment gross profit before depreciation and amortization was CAD$454 million in Q3 2025, compared to CAD$358 million in Q3 2024, driven by strong sales volumes [5][41] - The company expects annual 2025 copper production for QB to be between 170,000 to 190,000 tonnes [17] Guidance and Outlook - Teck's 2025 production guidance includes copper production of 415,000 to 465,000 tonnes and zinc production of 525,000 to 575,000 tonnes [20] - The company anticipates net cash unit costs for copper to be between US$2.05 and US$2.30 per pound for 2025 [20]

Core Insights - Antimony, classified as a critical mineral by the US, Canada, and EU, is gaining significant attention for its essential applications in defense technologies, energy storage, and electronics [4][5][20] - Locksley Resources Ltd. has achieved a historic milestone by producing the first 100% American-made antimony ingot in decades, sourced from its Mojave Desert mine and refined domestically, supporting US efforts to counter Chinese dominance in the supply chain [4][7][12] - The US government is actively promoting domestic production of critical minerals, with recent contracts and funding initiatives highlighting the strategic importance of antimony for national security [6][25][28] Company Highlights - Locksley Resources Ltd. produced the first 100% American-made antimony ingot, validating a fully independent US mine-to-metal supply chain [7][12][20] - The company is advancing pilot-scale operations and high-grade concentrate testing, achieving a concentrate grade of 68.1% antimony, significantly exceeding marketable sales requirements [15][31] - Locksley is collaborating with strategic partners and advisors to support permitting and funding initiatives, aiming to establish a sustainable commercial supply chain for antimony [8][14][29] Industry Context - The United States Antimony Corporation secured a $245 million contract from the Defense Logistics Agency, resulting in a 100% stock gain, underscoring the growing importance of antimony in national defense [6][25] - Nova Minerals received $43.4 million in funding from the US Department of War for antimony trisulfide production, further emphasizing the critical role of antimony in defense applications [25][28] - The recent engagement between the US and Australian governments highlights the strategic importance of antimony and the shared objective of establishing secure production capabilities [19][20]

At least we'll get something. Fed blackout period, no economic data. We'll turn our attention now to Washington where President Trump is set to host the Australian Prime Minister this hour.Access to rare earths expected to be a key issue. Aean Jabber in Washington with the latest. Morning Aean. >> Yeah, good morning Sarah.We are waiting the arrival of the Australian Prime Minister Anthony Albani here at the White House. The honor guard, as you can see behind me, uh is lined up and ready to welcome him here. ...

At least we'll get something. Fed blackout period, no economic data. We'll turn our attention now to Washington where President Trump is set to host the Australian Prime Minister this hour.Access to rare earths expected to be a key issue. Aean Jabber in Washington with the latest. Morning Aean. >> Yeah, good morning Sarah.We are waiting the arrival of the Australian Prime Minister Anthony Albani here at the White House. The honor guard, as you can see behind me, uh is lined up and ready to welcome him here. ...

Core Viewpoint - Critical Metals Corp has entered into a securities purchase agreement to raise $50 million through a private investment in public equity (PIPE) transaction, aimed at funding the development of its significant rare earth deposit, Tanbreez, in Greenland [1][2]. Financial Details - The company will issue approximately 1.47 million ordinary shares and pre-funded warrants to purchase about 1.56 million shares for a total purchase price of $50 million [2]. - The proceeds from this offering are intended to strengthen the company's balance sheet and support development efforts at Tanbreez, which is one of the largest rare earth deposits globally [2]. Strategic Importance - The Tanbreez deposit is expected to help meet the increasing demand for heavy rare earths in the West, positioning the company as a reliable supplier of critical minerals [2]. - Critical Metals Corp is also focused on other strategic assets, including the Wolfsberg Lithium Project in Austria, which is the first fully permitted lithium mine in Europe and is expected to be a major producer for the European market [7]. Company Overview - Critical Metals Corp is a leading mining development company specializing in critical metals and minerals essential for electrification and next-generation technologies [6]. - The company aims to become a sustainable supplier of critical minerals necessary for defense applications and the clean energy transition [8].