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].

TotalEnergies SE (TTE) is expanding its global exploration partnership with Chevron, signing a farmout deal that hands the U.S. major a 40% stake in two offshore Nigeria licenses—PPL 2000 and PPL 2001—while retaining operatorship. The licenses, covering roughly 2,000 square kilometers in the West Delta basin, were awarded in Nigeria’s 2024 Exploration Round to a consortium comprising TotalEnergies and South Atlantic Petroleum. Under the new structure, TotalEnergies and Chevron will each hold 40%, with Sou ...