Financial Data and Key Metrics Changes - In Q4 2025, adjusted EBITDA increased by 81% to $1.5 billion, driven by significantly higher copper prices and increased byproduct revenue, resulting in an adjusted EBITDA margin of approximately 50% [5][15][16] - For the full year 2025, adjusted EBITDA improved by 48% to $4.3 billion, supported by robust cash flow from operations and a return to a net cash position [6][15][16] Business Line Data and Key Metrics Changes - Copper production in Q4 was the strongest of the year at 55,000 tons, reflecting a 16,000-ton increase from Q3 2025, with gross profit before depreciation and amortization in copper improving by 47% to $1.1 billion [4][18] - Zinc segment gross profit before depreciation and amortization was $305 million, 5% lower than the same period last year, primarily due to a decrease in Red Dog zinc sales [22] Market Data and Key Metrics Changes - Copper prices reached record highs in Q4 2025, with the highest sequential quarterly price gain since early 2021, averaging over $5 per pound [33] - The long-term outlook for copper remains strong, driven by global electrification and increased demand for clean energy solutions [33][34] Company Strategy and Development Direction - The company is focused on becoming a global leader in critical minerals, highlighted by the announced merger with Anglo American, which is expected to create a top five global copper producer [3][35] - The Highland Valley Mine Life Extension project is underway, expected to extend the mine's life to 2046, producing an average of 132,000 tons of copper per annum [7][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational performance and reaffirmed annual production guidance for 2026 to 2028, despite some expected periodic downtime due to TMF development work [10][13] - The company anticipates strong cash flow generation, particularly if current copper prices are sustained, with potential EBITDA of $6.2 billion at an average copper price of $5.50 per pound [28] Other Important Information - The company achieved 100% renewable power in Chile as of October 1, 2025, and was recognized as one of Canada's top 100 employers for the ninth consecutive year [8] - The company maintained a strong balance sheet with $9.3 billion in liquidity, including $5.2 billion in cash, and returned $1.3 billion to shareholders through buybacks and dividends [27] Q&A Session Summary Question: Update on QB TMF timing and profile - Management confirmed that progress on the QB action plan is on track, with significant improvements in sand deposition rates and completion of the fourth rock bench, with the fifth bench already started [42][44] Question: Deferred stripping CapEx normalization timeline - Management indicated that elevated deferred stripping levels are expected to continue for a few years, normalizing around 2028 [46] Question: Discussions on Collahuasi and Zafranal projects - Management confirmed ongoing discussions regarding maximizing value from Collahuasi and stated that the feasibility study for Zafranal is progressing well, with a decision on construction expected after completion [49][50]

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EBITDA increased by 81% to $1.5 billion, driven by significantly higher copper prices and increased byproduct revenue, resulting in an adjusted EBITDA margin of approximately 50% [5][14][15] - For the full year 2025, adjusted EBITDA improved by 48% to $4.3 billion, supported by robust cash flow from operations and a return to a net cash position [5][14][16] - The company returned $1.3 billion to shareholders through share buybacks and dividends in 2025 [5][27] Business Line Data and Key Metrics Changes - Copper production in Q4 2025 was the strongest of the year at 55,000 tons, reflecting a 10% increase from Q4 2024, with significant contributions from Highland Valley and Antamina [4][18] - The zinc segment reported a gross profit of $305 million in Q4, which was 5% lower than the same period last year, primarily due to decreased sales at Red Dog [21][23] Market Data and Key Metrics Changes - Copper prices reached record highs in Q4 2025, with the quarterly average exceeding $5 per pound for the first time, supported by strong financial flows and robust metal consumption [33] - The long-term outlook for copper remains strong, driven by global electrification and the need for significant investment in grid infrastructure [33][34] Company Strategy and Development Direction - The company is focused on becoming a global leader in critical minerals, highlighted by the announced merger with Anglo American, which is expected to create a top five global copper producer [3][35] - The Highland Valley Mine Life Extension project is underway, expected to extend the mine's life to 2046, producing an average of 132,000 tons of copper per annum [6][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational performance and reaffirmed production guidance for 2026 to 2028, despite some expected variability across operations [4][19] - The company anticipates strong cash flow generation, particularly if current copper prices are sustained, with potential EBITDA of $6.2 billion at an average copper price of $5.50 per pound [28] Other Important Information - Teck achieved a 50% reduction in the high potential incident frequency rate for controlled operations, marking a significant improvement in safety performance [7] - The company reached 100% renewable power in Chile, enhancing its sustainability initiatives [8] Q&A Session Summary Question: Update on QB TMF timing and profile - Management confirmed that progress is on track, with significant improvements in sand deposition rates and completion of the fourth rock bench, with the fifth bench already started [42][44] Question: Deferred stripping CapEx normalization timeline - Management indicated that elevated deferred stripping levels are expected to continue for a few years, normalizing around 2028 [45][46] Question: Discussions on Collahuasi QB and Zafranal project readiness - Management confirmed ongoing discussions regarding Collahuasi and stated that the feasibility study for Zafranal is progressing well, with a decision on construction expected after completion [50][51]

Investment Wave Overview - A significant investment wave from Japan is focusing on U.S. energy and industrial markets, with a commitment of $550 billion targeting LNG exports, power generation, and critical minerals [1] LNG Exporters - U.S. liquefied natural gas exporters are poised to benefit, particularly with a new LNG facility in Texas aimed at expanding export capacity and enhancing America's energy dominance [2] - Japan, as one of the largest LNG importers, is expected to establish long-term supply agreements with U.S. exporters, which is crucial for the investment strategy [2] Power Infrastructure - GE Vernova, specializing in power generation equipment and energy infrastructure, is well-positioned to capitalize on the increasing global demand for reliable gas-based electricity generation [3] Critical Minerals - The focus on critical minerals is intensifying, as they are vital for defense systems, energy infrastructure, and advanced manufacturing, making domestic production a national priority [4] - The influx of foreign capital into strategic U.S. industries is boosting positive sentiment across sectors such as LNG exporters, power infrastructure providers, and rare earth producers, which are seen as essential to America's economic and energy future [4]

Group 1: Core Insights - The Venture 50 list reflects global interest in mining and the onset of a commodity super cycle, highlighting the performance of mining companies on Canada's main venture exchange [1] - Factors driving interest in the commodities sector include limited availability of key metals like silver, gold, and copper, alongside the role of junior mining companies in making discoveries [2] - The 2023 TSX Venture 50 list recorded the best liquidity metrics in its 20-year history, with trading volumes doubling year-over-year to over 13.2 billion shares [3] Group 2: Company Performance - The 48 mining companies on the Venture 50 list had a total market capitalization of $19.9 billion and an average share price increase of 443%, with a focus on gold and silver [3] - Santacruz Silver Mining Ltd. ranked first, achieving a market cap growth of 1,137% and a share price increase of 1,103% [4] - Ucore Rare Metals Inc. secured second place with a 1,109% increase in market cap, benefiting from government support and the strategic importance of critical minerals [5][7] Group 3: Government and Market Dynamics - Ucore's CEO noted the importance of processing and refining rare earth elements in the market, emphasizing the competitive challenge posed by China [6] - The company has received funding from Natural Resources Canada and the U.S. Department of Defense, which has helped mitigate risks in capital markets [7] - The list also included three Canadian technology companies, indicating growth capital allocation towards defense, security, and quantum technology sectors [8]

Core Insights - NevGold Corp. announced a significant high-grade oxide gold-antimony discovery at the "Armory Fault" within the Bullet Zone of its Limousine Butte Project in Nevada, marking a transformational development in understanding the structural controls of mineralization [1][4] - The ongoing exploration program aims to advance both near-term antimony production from historical gold leach pads and the definition of an initial gold-antimony Mineral Resource Estimate (MRE) [1][3] Exploration and Drilling Results - The "Armory Fault" discovery has revealed high-grade oxide gold-antimony mineralization with notable drill results, including 8.51 g/t AuEq over 10.6 meters and 12.34 g/t AuEq over 3.0 meters in the LB25-017 Lower Zone [3][10] - All drillholes in the Bullet Zone have intercepted significant oxide gold-antimony mineralization, validating the new geological model and expanding the mineralization footprint [3][15] - The 2025-2026 drill program has completed 30 holes, with 12 additional holes pending results, focusing on testing the new high-grade discoveries and project-wide targets [3][6] Geological Model and Mineralization - The updated geological model indicates that the older dolomite unit was thrust over the prospective Pilot Shale unit, creating favorable conditions for mineralization [14][19] - The preserved Pilot Shale extends over one kilometer east of prior drilling, suggesting significant potential for further mineralization [15][17] - The discovery of the "Armory Fault" is expected to replicate across the project, with multiple high-priority targets emerging for future drilling [4][19] Importance of Antimony - Antimony is classified as a "Critical Mineral" by the U.S. due to its strategic importance in military applications and technology, with a significant portion of global supply coming from China, Russia, and Tajikistan [20][21] - The U.S. Department of Defense has prioritized domestic production of antimony to mitigate supply chain disruptions, highlighting the relevance of projects like Limousine Butte [21][22]

GOOD MORNING, EVERYONE, WELCOME TO "THE PULSE," I’M FRANCINE LACQUA IN LONDON. THE EUROPEAN CENTRAL BANK SUGGESTS CHRISTINE LAGARDE HASN’T MADE A DECISION WHEN TO STEP DOWN AS PRESIDENT AND COMES AFTER THE FINANCIAL TIMES REPORTED THE CENTRAL BANKER IS PLANNING AN EARLY EXIT BEFORE HER EIGHT-YEAR TERM EXPIRES IN OCTOBER OF NEXT YEAR. JOINING US IS AN ECONOMIST AND THE GLOBAL MARKETS HEAD OF RESEARCH.THANK YOU FOR JOINING US. DERRICK, IT’S ALL THE MARKET IS TALKING ABOUT, SPECULATION, SPECULATION, SPECULATIO ...

The US has developed a critical minerals price floor system that it’s pitching to allies as the Trump administration and more than 50 countries look to reduce dependence on China https://t.co/xffnDf3Zp0 ...

Financial Data and Key Metrics Changes - The second fiscal quarter of 2026 marked a transformational period for the company, with significant progress in financing, customer engagement, and project readiness [3][4] - The company is focused on constructing a capital-efficient financing strategy to strengthen the balance sheet and support long-term shareholder value [8] Business Line Data and Key Metrics Changes - The company successfully completed a full-scale glass trial, which has advanced commercial discussions with future customers [4][10] - Engagement with additional customers across multiple applications has expanded, including specialty applications such as Ferroboron [10] Market Data and Key Metrics Changes - The global borates market remains structurally tight, with Turkey controlling approximately 70% of global reserves and 65% of global production [5] - Demand for boron-based materials continues to expand across various sectors, including energy transition technologies and advanced manufacturing [5] Company Strategy and Development Direction - The company aims to progress customer engagement towards structured offtake agreements and execute pre-FID and FEED work streams with discipline [10][11] - The focus is on leveraging the critical minerals designation to access larger and more strategic pools of capital [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of security of supply and jurisdiction diversification in the current market environment [5][6] - The company is positioned to become the next major U.S. boron producer, creating long-term value for shareholders [12][14] Other Important Information - The company is engaged with various federal financing pathways, including the U.S. Export-Import Bank and the Department of Energy [6][7] - An omnibus patent has been filed covering the company's in-situ leaching mining process, which is expected to enhance competitive advantages [9] Q&A Session Summary - There were no questions in the queue during the Q&A session, indicating a lack of immediate inquiries from participants [13]

Financial Data and Key Metrics Changes - The second fiscal quarter of 2026 marked significant progress for the company, focusing on execution, validation, and advancement in various areas including financing and customer engagement [3][4] - The pre-feasibility study confirmed a strong economic foundation with a nearly 40-year mine life based on proven and probable mineral reserves, guiding the engineering and execution strategy [8][9] Business Line Data and Key Metrics Changes - The company successfully completed a full-scale glass trial, which has advanced commercial discussions with future customers following initial large-scale shipments [4][10] - Commercial discussions for boric acid are increasingly focused on long-term supply relationships rather than just technical qualifications, indicating a shift towards structured offtake agreements [10] Market Data and Key Metrics Changes - The global borates market remains tight, with Turkey controlling approximately 70% of global reserves and 65% of production, highlighting the strategic importance of U.S. domestic supply [5][6] - Demand for boron-based materials is expanding across various sectors including energy transition technologies and advanced manufacturing, emphasizing the need for supply security and jurisdiction diversification [5][6] Company Strategy and Development Direction - The company is focused on advancing federal financing engagement and aligning with U.S. industrial policy, leveraging the critical mineral designation to access larger pools of capital [6][7] - The Fort Cady project is positioned as a next-generation boron producer, with ongoing efforts to strengthen mineral tenure and expand resources [9][11] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of security of supply and reliability in the current market, which aligns with the company's strengths [5][6] - The company is committed to methodically de-risking each stage of development and building a scalable project aligned with U.S. priorities, aiming to become a major U.S. boron producer [11][14] Other Important Information - The company is engaged with various federal programs, including the Department of Energy's Loan Programs Office, to secure non-dilutive funding for advanced mining technologies [7][8] - An omnibus patent has been filed covering the in-situ leaching mining process, aimed at protecting competitive advantages and supporting long-term growth [9] Q&A Session Summary Question: No questions were posed during the Q&A session - There were no questions in the queue during the Q&A session, indicating a lack of immediate inquiries from participants [13]

Core Insights - The global borates market is tightly controlled by Turkey, which holds about 70% of global reserves and 65% of production, making it a critical player in the industry [1] - The U.S. boron supply faces challenges such as rising costs and declining grades, while demand for boron in various sectors is increasing, highlighting the importance of supply security and reliability [1] - Fort Katy is positioned as a long-life, scalable U.S.-based asset that aligns with national supply chain priorities, enhancing its attractiveness in the current market [1] Market Dynamics - Boron has been designated as a critical mineral in the U.S., leading to increased engagement with federal agencies and a shift in discussions towards national supply chain security [5][6] - The demand for boron-based materials is expanding across sectors like energy transition technologies, advanced manufacturing, and national defense [1][5] Company Developments - 5E Advanced Materials Inc. is making significant progress towards a final investment decision (FID) for the Fort Katy project, with advancements in engineering and mineral resource estimates [2][8] - The company has filed a patent for its in-situ leaching mining process, which differentiates it as a next-generation boron producer [2][10] - Successful trials and customer validations have led to ongoing commercial discussions, indicating a shift towards structured offtake agreements rather than just technical qualifications [10][11] Financing and Strategic Engagement - The company is actively pursuing federal financing opportunities, leveraging the critical minerals designation to access larger capital pools [3][6][11] - Engagement with the U.S. Export-Import Bank and the Department of Energy is ongoing, with applications submitted for funding under programs supporting advanced mining technologies [6][7] Project Readiness and Future Outlook - The Fort Katy project is on track with a nearly 40-year mine life based on proven reserves, and the company is focused on ensuring it is construction-ready [8][9] - The company aims to convert customer engagement into structured agreements and continue advancing its pre-FID and FEED work streams [11][12] - The strategic focus includes developing a specialty boron stream, particularly ferroboron, to meet market demands [11]