Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q4 2025, bauxite production reached 2.188 million wet tonnes, a 7% increase year-on-year, while costs rose by 11% to AUD 37.1 per wet tonne [2][7] - The average offshore price for bauxite was AUD 49.1 per wet tonne, reflecting a 1% increase quarter-on-quarter but a 4% decrease year-on-year [2][7] - The mining operations were temporarily suspended on January 3, 2026, with a reserve of 165,000 wet tonnes expected to resume production by mid-March 2026 [2] Production and Operational Performance - Bauxite mined in Q4 2025 was 2,188,000 wet tonnes, consistent with Q3 2025 but up from 2,046,000 wet tonnes in Q4 2024 [7] - Bauxite shipped in Q4 2025 was 2,058,000 wet tonnes, down 8% from Q3 2025 but stable compared to Q4 2024 [7] - The unit operating costs for bauxite were AUD 37.1 per wet tonne, with site costs at AUD 28.5 and royalties at AUD 8.6 [7] Financial Performance - Unrestricted cash and trade receivables were AUD 57.5 million and USD 6.4 million, respectively [4] - Restricted cash collateral under the financial assurance plan increased by AUD 6.3 million to AUD 28.7 million [4] - Secured debt decreased to USD 41.5 million, with planned repayments of USD 7.6 million (approximately AUD 11.6 million) during the quarter [4]

Investment Rating - Industry rating: Recommended [3] Core Insights - Fortuna Mining's Q4 2025 gold production decreased by 11% to 1.75 tons, while silver production increased by 7% to 7.74 tons. Adjusted net profit attributable to shareholders grew by 40% to $71.3 million [1][3] - The realized price for silver in Q4 2025 was $55.97 per ounce, a 42% increase quarter-on-quarter and a 79% increase year-on-year. The realized price for gold was $4,166 per ounce, up 20% quarter-on-quarter and 57% year-on-year [1][11] - The total sales revenue for Q4 2025 was $270.2 million, reflecting a 7% quarter-on-quarter increase and a 38% year-on-year increase [5][6] Production and Sales Summary - Silver production in Q4 2025 was 248,882 ounces (7.74 tons), a 7% increase quarter-on-quarter and flat year-on-year. Annual silver production was 966,108 ounces (30.05 tons), an 18% decrease year-on-year [1][11] - Gold production in Q4 2025 was 56,143 ounces (1.75 tons), an 11% decrease quarter-on-quarter and a 10% decrease year-on-year. Annual gold production was 239,915 ounces (7.46 tons), a 2% increase year-on-year [1][11] Financial Performance - Q4 2025 operating income was $114.1 million, a 150% increase year-on-year. The annual operating income for 2025 was $408.4 million, a 162% increase year-on-year [6][11] - The adjusted EBITDA for Q4 2025 was $157.2 million, a 66% increase year-on-year. The annual adjusted EBITDA for 2025 was $514 million, a 55% increase year-on-year [8][11] Cost Analysis - The cash cost per ounce of gold equivalent in Q4 2025 was $971, a 3% increase quarter-on-quarter and a 6% increase year-on-year. The all-in sustaining cost (AISC) was $2,054 per ounce, a 3% increase quarter-on-quarter and an 11% increase year-on-year [2][11] - The total AISC for 2025 was $1,933 per ounce, an 18% increase year-on-year [4][11] 2026 Guidance - The company provided updated production guidance for 2026, with consolidated total production expected to be between 281,000 and 305,000 ounces of gold equivalent, with cash costs ranging from $895 to $1,000 per ounce and AISC between $1,830 and $1,975 per ounce [9][12]

Investment Rating - The industry is rated as "Recommended" [5] Core Insights - In Q2 2025, lithium sales volume increased by 2% year-on-year to 53,100 tons, while the average price decreased by 34% year-on-year to $8,384 per ton [1] - The company expects significant increases in lithium sales volume in the second half of 2025, with an updated annual sales guidance of approximately 20,000 tons LCE [11][12] Summary by Sections Lithium Business - Q2 2025 lithium sales volume was 53,100 tons, a 2% increase year-on-year but a 3% decrease quarter-on-quarter [1] - Average realized price for lithium was $8,384 per ton, down 34% year-on-year and 8% quarter-on-quarter [1] - Unit sales cost for lithium was $7,112 per ton, down 24% year-on-year and nearly flat quarter-on-quarter [1] - Unit gross profit for lithium was $1,272 per ton, down 62% year-on-year and 38% quarter-on-quarter [1] Specialty Plant Nutrition (SNP) - Q2 2025 SNP sales volume was 264,800 tons, a 1% decrease year-on-year and a 22% increase quarter-on-quarter [2] - Average realized price for SNP was $983 per ton, up 1% year-on-year and quarter-on-quarter [2] - Unit sales cost for SNP was $856 per ton, up 7% year-on-year and 6% quarter-on-quarter [2] - Unit gross profit for SNP was $127 per ton, down 28% year-on-year and 26% quarter-on-quarter [2] Iodine and Derivatives - Q2 2025 iodine and derivatives sales volume was 3,800 tons, a 7% decrease year-on-year and a 6% increase quarter-on-quarter [3] - Average realized price for iodine was $71,395 per ton, up 9% year-on-year and 1% quarter-on-quarter [3] - Unit sales cost for iodine was $33,724 per ton, up 11% year-on-year and 6% quarter-on-quarter [3] - Unit gross profit for iodine was $37,671 per ton, up 7% year-on-year but down 3% quarter-on-quarter [3] Potash - Q2 2025 potash sales volume was 85,300 tons, a 55% decrease year-on-year and a 15% decrease quarter-on-quarter [4] - Average realized price for potash was $474 per ton, up 23% year-on-year and 12% quarter-on-quarter [4] - Unit sales cost for potash was $433 per ton, up 25% year-on-year and 16% quarter-on-quarter [4] - Unit gross profit for potash was $41 per ton, up 1% year-on-year but down 15% quarter-on-quarter [4] Financial Performance - In Q2 2025, total revenue was $1.0427 billion, a 19% decrease year-on-year but a 1% increase quarter-on-quarter [6] - Sales cost was $789.1 million, down 13% year-on-year and up 8% quarter-on-quarter [6] - Gross profit was $253.6 million, down 34% year-on-year and 17% quarter-on-quarter [6] - Pre-tax profit was $147 million, down 49% year-on-year and 31% quarter-on-quarter [6][7] - Net income after tax was $88.4 million, down 59% year-on-year and 36% quarter-on-quarter [7]

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q2 2025, Barrick produced 797,000 ounces (24.79 tons) of gold, a 5% increase quarter-over-quarter but a 16% decrease year-over-year. Gold sales were 770,000 ounces (23.95 tons), up 3% quarter-over-quarter but down 19% year-over-year [1][2] - Copper production reached 59,000 tons in Q2 2025, marking a 34% increase quarter-over-quarter and a 37% increase year-over-year. Copper sales were 54,000 tons, up 6% quarter-over-quarter and 29% year-over-year [3][4] - The average realized gold price in Q2 2025 was $3,295 per ounce, a 14% increase quarter-over-quarter and a 41% increase year-over-year [2][7] - The average realized copper price was $4.36 per pound, reflecting a 3% decrease quarter-over-quarter and a 4% decrease year-over-year [4][6] Financial Performance - Total revenue for Q2 2025 was $3.681 billion, an 18% increase quarter-over-quarter and a 16% increase year-over-year [7][20] - Net profit for Q2 2025 was $811 million, a 71% increase quarter-over-quarter and a 119% increase year-over-year [7][20] - Adjusted net profit for Q2 2025 was $800 million, up 33% quarter-over-quarter and 44% year-over-year [7][20] - Operating cash flow for Q2 2025 was $1.329 billion, a 10% increase quarter-over-quarter and a 15% increase year-over-year [8][20] Key Business Developments - Barrick is involved in a dispute regarding mining conventions with the Malian government concerning the Loulo-Gounkoto complex, which has led to temporary operational halts [10] - The company completed the sale of its 50% interest in the Donlin gold project for $1 billion, recognizing $745 million in sales proceeds in Q2 2025 [11] - Barrick announced the sale of the Alturas project in Chile, receiving an upfront cash payment of $50 million [12] - A new stock buyback program was authorized, with $268 million of shares repurchased in Q2 2025 [13] 2025 Guidance - Barrick expects gold production in 2025 to be between 3.15 million and 3.50 million ounces, with cost guidance for gold remaining unchanged [16][22] - Copper production is projected to be between 200,000 and 230,000 tons, with cost metrics also provided [18][22]