4Q25 Earnings Release February 24th, 2026 DISCLAIMER This document may contain forward-looking statements. These statements are based on estimates, information or methods that may be incorrect or inaccurate and that may not occur. These estimates are also subject to risks, uncertainties, and assumptions that include, among other factors, general economic, political, and commercial conditions in Brazil and in the markets where we operate, as well as existing and future government regulations. Potential inves ...

Vale Base Metals (VBM) is set to establish a consortium with three companies to inject up to $200m (C$273.86m) into the Thompson Mine Complex in Manitoba, Canada. This initiative aims to safeguard the future of nickel mining and ensure job stability in the region. The new entity, Exiro Nickel Company, will comprise Exiro Minerals, Orion Resource Partners, the Canada Growth Fund (CGF) and VBM. Exiro, Orion and CGF will hold 81.1% of Exiro Nickel Company, with VBM retaining an 18.9% stake. VBM has also ...

Core Viewpoint - Betolar has partnered with GTK and EcoGraf to explore the use of mine tailings from the Epanko graphite project in Tanzania for metal recovery and low-carbon cement production, promoting a circular economy in mining and construction industries [1][2][4]. Group 1: Partnership and Objectives - The partnership is based on a memorandum of understanding (MoU) to evaluate the feasibility of using graphite project tailings in circular economy material solutions [2]. - EcoGraf is advancing the TanzGraphite initiative to supply feedstock for battery anode material processing and high-quality graphite for industrial applications [2]. Group 2: Tailings and Technology - The Epanko project is expected to generate approximately 900,000 tonnes per annum (tpa) of tailings over the first decade [3]. - The collaboration will investigate the effectiveness of Betolar's metal extraction technology, which has shown recovery rates of up to 99% for critical metals [3][4]. Group 3: Sustainability and Circular Economy - The process aims to produce low-carbon cement, providing a sustainable alternative to traditional construction materials and contributing to emission reductions [4][5]. - This initiative supports the transition towards a circular economy by converting mine tailings into valuable resources, aligning with EU and Finland's resource efficiency goals [5]. Group 4: Industry Impact - The partnership highlights the growing interest in sustainable mining practices globally, particularly in Africa, as companies seek to transform waste into new value [6].

Core Viewpoint - Northstar Gold Corp. has received approval for up to $4.0 million in co-investment funding from DIGITAL to support its Cam Copper Surgical Mining for Critical Minerals Project, which aims to utilize innovative mining technology for sustainable mineral extraction [1][2]. Funding and Financials - The project is expected to receive approximately $1.8 million net of fees, representing about 30% of the total project-approved expenditures of approximately $11.0 million [2]. - Northstar anticipates receiving its first reimbursement of eligible project expenditures of around $300,000 by mid-April 2026 [2]. Project Details - The project will apply Novamera's Surgical Mining technology at Northstar's 100%-owned Cam Copper Project in Ontario, focusing on low-impact, precision mining to reduce waste and surface disturbance [3]. - The project aims to generate direct-shipping copper mill feed while minimizing capital intensity and permitting timelines compared to conventional mining methods [3]. Strategic Importance - The co-investment is seen as a significant milestone for Northstar as it advances the Cam Copper Surgical Mining pilot towards permitting and potential deployment [4]. - The project will proceed in phases, focusing on advanced subsurface imaging, real-time orebody modeling, metallurgical validation, and regulatory engagement under Ontario's critical minerals framework [4]. Company Overview - Northstar Gold Corp. is focused on advancing exploration and development of its 100%-owned Miller Copper-Gold Property, which includes the Cam Copper VMS exploration project [6]. - The company has reported exploration target studies indicating potential resources of 75,000 to 140,000 tonnes of copper at grades between 9% and 18% [6].

Core Insights - Rio Tinto and BHP plan to jointly mine up to 200 million tonnes of iron ore from their Yandicoogina and Yandi sites in Western Australia through non-binding memorandums of understanding [1][2] - The collaboration aims to leverage existing infrastructure to enhance production with minimal capital investment, thereby extending the life of operations and supporting local communities [2][3] Mining Operations - The initiative includes joint efforts at Rio Tinto's Wunbye deposit and the use of BHP's Yandi Lower Channel Deposit ore at Rio Tinto's wet plants [1] - A final investment decision regarding the commencement of ore extraction is expected early next decade, contingent upon regulatory approvals and consultations with traditional owners [3] Strategic Development - The mining companies have outlined a strategy that begins with a conceptual study, followed by an order of magnitude study to assess the potential of the collaboration [2] - BHP's WA iron ore asset president emphasized the importance of productivity and resource optimization in unlocking new opportunities [3] Location and Production - Yandi is located 178 km north-west of Newman and is part of a joint venture involving BHP (85%) and Mitsui and ITOCHU (15%), with significant production achievements since its inception [4] - Yandicoogina, situated around 95 km north-west of Newman, is known for producing Hamersley Iron Yandi fines for steelmaking in East Asia and southern China, and is recognized for its use of autonomous haul trucks [5] Technological Innovation - BHP and Rio Tinto have also introduced Australia's first battery-electric haul trucks at the Jimblebar mine, marking a trial for sustainable mining technology aimed at reducing greenhouse gas emissions [6]

Core Insights - BitFuFu Inc. has been recognized as one of the TOP 100 Next Generation Companies of 2025 by the World Future Awards, highlighting its role in shaping the future through innovation and excellence [2][3] - The award acknowledges BitFuFu's contributions to technological and economic progress in the Bitcoin mining sector, alongside other notable companies like Waymo and Revolut [3] Company Recognition - The World Future Awards praised BitFuFu for its dedication to innovation and excellence, emphasizing its high standards in creativity and influence within the industry [3][4] - The selection process for the award involved a comprehensive evaluation of market data, company disclosures, and expert recommendations, ensuring that only companies demonstrating exceptional innovation and impact were recognized [4] Company Performance - As of October 31, 2025, BitFuFu managed a total hashrate of 30.5 EH/s, operated 555 MW of global power capacity, and held 1,953 BTC in treasury [6] - The company has a registered user base of 648,221 cloud mining users, reinforcing its position as the largest and most trusted cloud mining platform globally [6] Technological Innovations - BitFuFu is recognized for its pioneering contributions to Bitcoin mining, including making cloud mining accessible to both retail users and institutions [6] - The company utilizes advanced proprietary technology, such as the patented Aladdin system, which manages millions of miners with over 95% uptime and precision hash routing [6] Future Commitments - The company aims to continue scaling its global digital infrastructure and advancing next-generation mining technologies, focusing on sustainable energy deployment and financial innovations [7][10] - BitFuFu is committed to promoting sustainable mining practices by deploying miners across hydro-powered, flared-gas, and natural-gas sites [10]

Core Insights - Hudbay Minerals Inc. will host a conference call on November 12, 2025, to discuss its third quarter 2025 results [1][2] - The company is focused on copper mining and has a strong portfolio of operations and growth projects [3][4] Company Overview - Hudbay is a copper-focused critical minerals mining company with operations in Canada, Peru, and the United States [3] - The company's operating portfolio includes the Constancia mine in Peru, Snow Lake operations in Manitoba, and Copper Mountain mine in British Columbia [4] - Hudbay produces copper as its primary metal, along with significant gold production and by-products such as zinc, silver, and molybdenum [4] Growth Pipeline - Hudbay's growth pipeline features several projects, including the Copper World project in Arizona, Mason project in Nevada, and Llaguen project in Peru [4] - The company also has expansion and exploration opportunities near its existing operations [4] Mission and Values - Hudbay's purpose statement emphasizes its commitment to people, communities, and the planet, aiming to provide essential metals sustainably [5] - The company's mission focuses on creating sustainable value and strong returns through community relations, exploration, mine development, and efficient operations [5]

Core Insights - McEwen Copper Inc. announced positive results from the independent Feasibility Study (FS) for its Los Azules copper project, confirming it as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability [1][2][3] Economic Metrics - The FS indicates an after-tax Net Present Value (NPV) of $2.9 billion and an Internal Rate of Return (IRR) of 19.8% with a payback period of 3.9 years [9][74] - Initial capital costs are estimated at $3.17 billion, with average annual copper production projected at 148,200 tonnes (327 million lbs) over a 21-year mine life [9][72] - C1 cash cost is $1.71 per pound, and All-In Sustaining Costs (AISC) are $2.11 per pound [9][74] Mineral Resources and Reserves - The project has a measured and indicated mineral resource of 5.4 billion lbs of copper and an inferred resource of 20 billion lbs [9][47] - Proven and probable mineral reserves are estimated at 10.2 billion lbs of copper [9][51] Environmental and Sustainability Aspects - The project is designed to have a 72% lower mine-to-metal carbon intensity compared to the industry average and aims for carbon neutrality by 2038 [15][24] - It will utilize 100% renewable power and has a water consumption rate 74% lower than conventional milling [15][48] Strategic Partnerships and Financing - A strategic collaboration agreement with the International Finance Corporation (IFC) aims to align with ESG standards and support potential financing of over $1.1 billion for equipment and infrastructure [16][9] - The project has been accepted into Argentina's Large Investment Incentive Regime (RIGI), providing tax and legal stability for 30 years [15][48] Development Timeline - Construction is targeted to begin in 2026, with the first copper expected by 2030 [15][9] - Exploration of four nearby porphyry targets is set to commence in Q4 2025, which could extend the mine life [9][37]

Core Viewpoint - Hudbay Minerals Inc. has resumed operations at the Constancia mine in Peru after a temporary shutdown due to local protests and illegal blockades, with the mill now operating at full production levels [1][2]. Group 1: Operational Updates - Operations were suspended on September 22 as a precaution for personnel safety, allowing authorities to address the protests [2]. - During the downtime, preventative maintenance was performed on the mill and mining equipment, and workforce levels are expected to return to normal soon [2]. - The company anticipates meeting its 2025 production and cost guidance despite the disruptions [2]. Group 2: Impact of Protests - Regional protests in early Q3 affected transportation of supplies and concentrate, leading to a deferred shipment of 20,000 dry metric tonnes of copper concentrate from late September to early October [4]. - The company has managed to replenish supplies and normalize concentrate inventory levels despite the challenges posed by social unrest and ocean swells impacting port shipments [4]. Group 3: Community Relations - Since the start of operations at Constancia in 2014, the company has focused on maintaining strong relationships with local stakeholders to ensure sustainable operations [3]. - Hudbay is committed to being a responsible operator and contributing to the prosperity of local and regional communities [3][9]. Group 4: Company Overview - Hudbay is a copper-focused mining company with operations in Canada, Peru, and the United States, and has a pipeline of copper growth projects [7][8]. - The company's portfolio includes the Constancia mine, Snow Lake operations, and Copper Mountain mine, with copper as the primary metal produced [8].

Core Points - McEwen Copper Inc. has received approval for the Los Azules project to participate in Argentina's Large Investment Incentive Regime (RIGI), which aims to promote strategic initiatives for the country's productive development [1][6] - The project involves an investment of US $2.672 billion, covering exploration, construction, and operational stages of the copper mining development in Calingasta, San Juan Province [2][3] - Los Azules is set to be the first project in Argentina to produce high-purity copper cathodes, emphasizing a sustainable approach that minimizes environmental impact and operates on renewable energy [3][12] Economic Impact - The Los Azules project is projected to generate over US $30 billion in export revenues, significantly contributing to Argentina's foreign currency inflow and local economic development [4][6] - The project is expected to create substantial employment opportunities and increase tax revenues at both provincial and national levels [4][5] Strategic Importance - The approval under RIGI enhances operational predictability and establishes a clear framework for engagement with the state and future partners, reinforcing McEwen Copper's commitment to responsible and sustainable mining [5][6] - The RIGI framework provides legal, fiscal, and customs stability for 30 years, including tax incentives and streamlined customs procedures, which are crucial for attracting international investment [7][9] Project Development Timeline - The Environmental Impact Declaration (EIA) was approved in December 2024, with the feasibility study expected to be completed by the end of October 2025, positioning the project to begin construction [7] - McEwen Copper plans to continue exploration around Los Azules to potentially extend the resource size and life, reinforcing its leadership in sustainable mining [7][12]