President Donald Trump and Malaysia’s Prime Minister Anwar Ibrahim signed a trade agreement and critical minerals pact Sunday, as the US leader looked to boost trade across Southeast Asia and respond to China’s tightening of access to rare earths: https://t.co/ztAvvRL3Xf https://t.co/EBTEw2jP6j ...

President Trump and Malaysia’s Prime Minister Anwar Ibrahim signed a trade agreement and critical minerals pact Sunday, as the US leader looked to boost trade across Southeast Asia and respond to China’s tightening of access to rare earths https://t.co/aYiN6dC6s1 ...

Financial Data and Key Metrics Changes - GrafTech International reported a 9% year-over-year increase in sales volume, reaching nearly 29,000 metric tons in Q3 2025, with a cumulative sales volume growth of over 20% since the end of 2023 [4][5] - The company generated positive adjusted EBITDA of $13 million for the quarter and $25 million in net cash from operating activities, with an ending liquidity position of $384 million as of September [6][24][26] - A net loss of $28 million, or $1.10 per share, was reported for the third quarter, an improvement from a net loss of $36 million, or $1.40 per share, in the prior year [23][24] Business Line Data and Key Metrics Changes - Sales volume in the U.S. grew by 53% year-over-year in Q3, contributing to a year-to-date growth of 39% in this region [5][15] - The average selling price for the third quarter was approximately $4,200 per metric ton, reflecting a 7% decline compared to the prior year [16][17] Market Data and Key Metrics Changes - Global steel production outside of China was approximately 206 million tons in Q3 2025, up nearly 2% year-over-year, with a global utilization rate of approximately 66% [7][8] - The U.S. steel production grew by 2% year-to-date compared to 2024, while EU steel output decreased by 4% year-to-date [8][9] Company Strategy and Development Direction - The company is focusing on increasing sales volume and market share, improving average pricing by shifting geographic sales mix to higher price regions, and reducing costs [29][30] - GrafTech is committed to serving customers with excellence and maintaining long-term partnerships built on performance and reliability [11][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about potential catalysts for a rebound in the steel market, driven by infrastructure and defense spending [42][43] - The company remains bullish on the structural tailwinds supporting the shift towards electric arc furnace steelmaking, with significant new capacity planned in the U.S. [30][31] Other Important Information - The company achieved a 10% year-over-year reduction in cash cost per metric ton for Q3 and anticipates a cumulative reduction of over 30% since the end of 2023 [6][20][21] - GrafTech is actively assessing potential tariff outcomes and their influence on the steel industry and graphite electrode market [32][36] Q&A Session Summary Question: Expectations on deferred revenue benefits - Management indicated that the recent deferred revenue benefit is one-time in nature and there are no further deferred amounts on the balance sheet [39] Question: Current demand and pricing environment - Management acknowledged the oversupplied market but noted positive momentum in steel demand and production, which could support pricing improvements [41][43] Question: Supply into the battery-related materials market - Management highlighted the importance of trade cases and the need for non-Chinese supply chains to unlock the battery materials market [46][47] Question: Impact of tariffs on imports from India - Management expressed confidence that tariffs would support market share gains and negotiations for 2026 commitments [54][56] Question: Engagement in public-private partnerships - Management emphasized the importance of a healthy electrode industry to support the domestic steel supply chain and expressed confidence in GrafTech's role in this space [59][60] Question: U.S. pricing trends - Management noted that U.S. pricing has remained flat to slightly up compared to the prior quarter, with annual contracts limiting price movement [64]

Core Insights - Defense Metals Corp. has appointed Ali Mahdavi as Senior Vice President of Corporate Development to enhance investor relations and corporate opportunities [2][4] - The company is advancing its Wicheeda critical minerals project, which is positioned favorably amid increasing global focus on critical minerals and rare earth elements [2][5] - A total of 2,675,000 incentive stock options have been granted to employees and directors, allowing them to purchase shares at C$0.30 each for five years [3] Company Developments - Ali Mahdavi brings over 30 years of experience in the capital markets, particularly in the rare earth industry, and has previously held senior roles in other companies [2] - The Wicheeda project is located on an 11,800-hectare site in British Columbia and has completed a Preliminary Feasibility Study demonstrating robust economics [5][6] - The project is strategically accessible via major transportation routes, including proximity to hydro power and gas pipelines, enhancing its logistical advantages [6] Management and Strategy - The company emphasizes the importance of recognizing and incentivizing its management team to support the development of the Wicheeda project [4] - The addition of high-caliber staff in finance, sustainability, governance, and corporate development is part of the company's strategy to strengthen its operations [4]

Investment & Funding - The US government has invested in a new fund for critical minerals [1] - Orion and Abu Dhabi's ADQ are also investing alongside the US government [1]

Core Insights - First Atlantic Nickel Corp. has announced significant results from its Pipestone XL Nickel Alloy Project, particularly from drill hole AN-25-08, which has doubled the confirmed strike length of the RPM Zone to 800 meters and confirmed the continuity of awaruite nickel mineralization [1][4][13]. Group 1: Drill Results and Geological Insights - Drill hole AN-25-08 achieved an average of 1.35% nickel over 480 meters with a mass pull of 8.79%, resulting in a magnetically recoverable nickel grade of 0.12% [1][4][12]. - The RPM Zone now spans a 4-kilometer continuous target area, with 800 meters confirmed through Phase 2X drilling, indicating significant expansion potential [2][5][13]. - Drill hole AN-25-07, despite sub-optimal orientation, returned 0.97% nickel over 486 meters, providing valuable geological information about the westward-dipping system [6][21][22]. Group 2: Structural Understanding and Future Drilling - The refined understanding of the westward-dipping ultramafic body will optimize future drilling orientations, particularly emphasizing the need for eastward drilling to effectively test the mineralized structure [7][9][10]. - The systematic DTR surface sampling program has outlined multiple priority expansion opportunities within the 4-kilometer target area, including a 2-kilometer northern extension and a 1-kilometer southern extension [8][10][13]. Group 3: Metallurgical Testing and Critical Minerals - DTR testing has shown that chromium and cobalt are magnetically recovered alongside nickel, with chromium values ranging from 1.27% to 2.3% across drill holes, enhancing the project's strategic value [10][29][31]. - The ongoing metallurgical development program aims to optimize the recovery of these critical minerals, contributing to North American supply-chain security [10][31][41]. Group 4: Project Overview and Strategic Importance - The Pipestone XL Nickel Alloy Project is located within a 30-kilometer-long ultramafic ophiolite trend, characterized by disseminated awaruite mineralization, with only 20% of the target area currently drill-tested [37][38][41]. - The project aligns with North American critical mineral objectives, positioning it as a strategic asset for the domestic battery supply chain [38][43].

Core Insights - Red Mountain Mining has reported strong results from its Armidale antimony-gold project in New South Wales, which is considered a premier antimony province in Australia [1][2] Exploration Strategy - The initial exploration strategy focuses on historical antimony-gold discoveries linked to the Peel Fault system, covering 400 square kilometers [2] - The Armidale project is similar in mineralization style to Australia's largest antimony deposit at Hillgrove [2] Market Context - Larvotto Resources, which owns the Hillgrove mine, saw its market capitalization rise from $5.6 million to over $700 million following a takeover bid by United States Antimony Corporation [3] Assay Results - Preliminary assays from Oaky Creek and East Hills show promising results, including antimony-in-soils assays of up to 333 parts per million and rock-chip values of up to 39.3% antimony [4] - Best rock-chip assays from East Hills and Horsley Station recorded 9.9% antimony and up to 0.25 grams per tonne gold, respectively [4] Future Plans - Red Mountain plans to conduct further soil and rock-chip sampling over the Oaky Creek North soil anomaly to identify prospective drill targets [5] Industry Developments - A critical minerals framework agreement between the US and Australia will allocate US$3 billion over six months to support mining and processing projects, positioning Red Mountain to capitalize on this opportunity [6] - Approximately 90% of global antimony production is controlled by China, Russia, and Tajikistan, leading to supply risks for Western nations [7] - Recent export bans from China have caused acute supply shortages and increased antimony prices to US$60,000 per tonne, prompting the US government to mobilize funding for domestic production [7]

Joining us now before the earnings call first on CNBC is Alcoa CEO William Opinger. Uh Bill, it's great to have you back on the show. Welcome.>> Thanks, Morgan. How are you. >> Uh doing great.Want to talk to you about what you saw in the quarter and how that sets you up set you up sets you up for the rest of the year. Yo, the year though, especially since it looks like aluminina and aluminum production both increased. Uh but there is some noise because of trade dynamics.>> So let me let me talk about the qu ...

Core Insights - Alcoa reported a revenue miss due to shipments in transit at the end of the quarter, but production records were achieved in several facilities, indicating solid operational performance [2] - Earnings met consensus estimates, attributed to tight cost control and execution of strategic initiatives, including a significant gallium investment announcement [3][4] - A long-term power contract was secured in Msina, New York, which is expected to support future operations [4] Production and Market Dynamics - Alcoa's production of alumina and aluminum increased, although trade dynamics introduced some noise in the results [1] - The company is not planning to shut down any refining capacity, as its cost position allows it to operate in a low-price environment despite a significant portion of the Chinese market being underwater [7][8] Gallium Investment - Alcoa announced an investment in a facility in Western Australia to extract approximately 10% of the world's gallium, which is currently dominated by China [5] - This investment strengthens relationships with the US, Japanese, and Australian governments, and production is expected to commence by the end of 2026 [6]

Core Insights - Private equity investors are increasingly participating in the global critical minerals market, with significant deals being made, including a $1 billion agreement between Appian Capital Advisory and the World Bank's International Finance Corporation (IFC) [1][2] Investment Details - The IFC will anchor the Appian–IFC Critical Minerals Fund with an initial investment of $100 million, with additional capital to be raised through its asset management division [2] - The fund will focus on equity, credit, and royalty investments in emerging markets, covering projects from construction to production stages [3] Strategic Importance - Critical minerals are essential for industrial development, job creation, and economic growth, as highlighted by IFC's managing director Makhtar Diop [3][4] - The partnership aims to attract private capital to regions in need, enhancing access to critical resources and benefiting local communities [4] Flagship Project - The fund's first investment is in Atlantic Nickel's Santa Rita mine in Brazil, which is transitioning to underground production and is one of the largest open-pit nickel sulfide operations globally [5] - The mine is expected to produce 30,000 tons of nickel equivalent annually, with a lifespan exceeding 30 years, and is crucial for electric vehicle batteries and defense technology [5] Industry Context - Appian has a strong track record, having brought 12 mining projects into production since 2016, outperforming the five largest global producers during the same period [8] - The current commodity bull market presents competition with governments for investment opportunities [8] Government Engagement - Veteran mining executive Brian Menell emphasizes the need for Western governments to accelerate efforts in securing critical mineral supply chains to compete with China [9] - Menell's firm, TechMet, has received approximately $105 million from the U.S. International Development Finance Corporation [10]