Core Viewpoint - Hudbay Minerals Inc. has signed an amended and restated option agreement with JOGMEC and Marubeni, allowing JOGMEC to acquire a 10% interest in three mining projects near Hudbay's processing facilities in Flin Flon, Manitoba, contingent upon funding C$6 million in exploration expenditures over three years [1][2][4]. Agreement Details - The agreement modifies a previous option granted to Marubeni in March 2024, which allows Marubeni to acquire a 20% interest in the same projects, provided it funds at least C$12 million in exploration expenditures [2]. - Upon successful completion of the earn-in obligations by both parties, a joint venture will be formed with Hudbay holding a 70% interest, Marubeni 20%, and JOGMEC 10% [3]. Project Overview - The agreement focuses on three projects: Cuprus-White Lake, Westarm, and North Star, all of which are within 20 kilometers of Hudbay's Flin Flon milling complex and have historical production with attractive grades of base and precious metals [6][12]. - Cuprus-White Lake has a history of producing 463,000 tonnes of copper at grades of 3.25% and gold at 1.3 grams per tonne [8]. - Westarm produced over 1.4 million tonnes from the 1970s to 1990s, with average grades of 3.2% copper and 1.58 grams per tonne gold [9]. - North Star had historical production of over 242,000 tonnes at grades of 6.11% copper and 0.34 grams per tonne gold [10]. Exploration Plans - Exploration work will continue in winter 2026 with geophysical programs and up to 5,600 meters of drilling, followed by summer exploration programs including structural and regional mapping and an additional 5,400 meters of drilling [11].

Core Viewpoint - TotalEnergies SE is expanding its exploration partnership with Chevron by signing a farmout deal that grants Chevron a 40% stake in two offshore Nigeria licenses while TotalEnergies retains operatorship [1] Group 1: Partnership Details - The licenses, PPL 2000 and PPL 2001, cover approximately 2,000 square kilometers in the West Delta basin and were awarded in Nigeria's 2024 Exploration Round to a consortium of TotalEnergies and South Atlantic Petroleum [2] - Under the new agreement, TotalEnergies and Chevron will each hold 40% of the licenses, with South Atlantic Petroleum retaining a 20% stake [2] Group 2: Strategic Implications - This deal enhances the deepwater collaboration between TotalEnergies and Chevron, following TotalEnergies' acquisition of a 25% working interest in 40 Chevron-operated U.S. offshore blocks in June [3] - The Nigeria venture aims to de-risk and advance new offshore opportunities in a prolific basin that is crucial to Nigeria's upstream sector, with TotalEnergies contributing 209,000 barrels of oil equivalent per day in 2024 [4] Group 3: Market Context - For Chevron, this deal increases its presence in one of West Africa's established petroleum systems, coinciding with Nigeria's efforts to revive exploration activity and attract new investments [5] - TotalEnergies is reinforcing its strategy of spreading exploration risk through partnerships while leveraging its operational presence in Nigeria, where it employs over 1,800 people and operates a significant fuels distribution network [6]