Core Insights - Amerigo Resources Ltd. reported strong financial performance for Q2-2025, with net income of $7.5 million and earnings per share (EPS) of $0.05, despite a decrease in net income compared to Q2-2024 [2][14] - The company continues to return capital to shareholders through dividends and share buybacks, with $7.6 million returned in Q2-2025 [4][10] - Amerigo's operations at Minera Valle Central (MVC) met production and cash cost targets, and the company is on track to be debt-free by year-end [3][6] Financial Performance - Q2-2025 net income was $7.5 million, down from $9.8 million in Q2-2024, with EPS decreasing from $0.06 to $0.05 [11][14] - EBITDA for Q2-2025 was $17.8 million, compared to $22.3 million in Q2-2024 [11][14] - Operating cash flow before changes in non-cash working capital was $11.9 million, down from $14.3 million in the previous year [11][14] - Free cash flow to equity was $6.5 million, slightly down from $6.7 million in Q2-2024 [11][14] Capital Return Strategy - In Q2-2025, Amerigo returned $7.6 million to shareholders, including $3.5 million through dividends and $4.0 million from share buybacks [4][10] - The company declared its sixteenth consecutive quarterly dividend of Cdn$0.03 per share, representing an annual yield of 5.53% based on the closing share price of Cdn$2.17 [7][8] Operational Highlights - MVC produced 15.5 million pounds of copper in Q2-2025, an increase from 14.0 million pounds in Q2-2024, with an average copper price of $4.42 per pound [9][14] - Cash cost per pound produced decreased to $1.82 in Q2-2025 from $1.96 in Q2-2024, primarily due to lower smelting and refining charges [11][14] Market Outlook - The company expects strong long-term copper demand, supported by favorable fundamentals despite short-term trade tensions [5][6] - Amerigo's unique business model, which involves producing copper without traditional mining risks, positions it well to benefit from rising copper prices [6]

Core Viewpoint - Magma Silver Corp. has initiated a summer work program at the Niñobamba silver-gold project in Peru to refine drill targets for a planned Q4 drill program, following previous exploration efforts [1][2]. Group 1: Project Overview - The work program focuses on the Jorimina and Randypata deposits, with a community access agreement in place for exploration activities [2]. - Historical drilling by Newmont Corporation included 3,536 rock samples, 2,988 channel samples, and 4,377 meters of drilling at Jorimina, yielding gold grades of 1.19 g/t over 72.3 meters and 1.07 g/t over 24.6 meters [3]. - The program aims to identify overlooked mineralized zones, particularly a 2 km long silver anomaly at Randypata that has not been drilled [3]. Group 2: Management and Technical Team - The work program will be led by Senior Geologist Edgar Leon and supervised by Jeffrey Reeder, P.Geo., a Senior Technical Advisor [3]. Group 3: Upcoming Events - Management will participate in several upcoming marketing events, including the Precious Metals Summit in September 2025 and the Swiss Mining Institute Conference in November 2025, where updates on the Q4 drill program will be provided [9]. Group 4: Company Background - Magma Silver Corp. is focused on exploring and developing the Niñobamba silver-gold project, which spans an 8 km mineralized corridor in a high-sulphidation epithermal system [11]. - The company has invested over C$14.5 million in the project to date, leveraging modern geological modeling and a strategic development plan [11].

Financial Data and Key Metrics Changes - The company reported underlying EBITDA of CHF11.5 billion and operating cash flow of CHF6.9 billion, with a net operating cash flow decrease of just 2% despite lower iron ore prices [10][12][14] - Production volume increased by 6% and sales volume increased by 4% year on year, demonstrating resilience in financial performance [10][12] - Underlying earnings were down 16%, primarily due to a higher interest charge following the Arcadian acquisition and one-off increases in the effective tax rate [14] Business Line Data and Key Metrics Changes - Copper equivalent production was up 6% in the first half, with a 13% increase in the second quarter year on year, driven by strong performance at Oyu Tolgoi [6][10] - Bauxite production hit a new record with 9% growth, supported by consistent performance at the Amrun mine [7][10] - Iron ore generated CHF6.7 billion of EBITDA, with unit costs at $24.3 per tonne despite challenges from cyclones [23][10] Market Data and Key Metrics Changes - The company noted that iron ore prices were 13% lower, but this was offset by increased contributions from copper and aluminium divisions [14][16] - The Pilbara operations generated 58% of group EBITDA, down from 73% in the previous half, indicating a diversification in revenue sources [17][10] - The demand for copper and aluminium is rising due to the energy transition, while iron ore demand remains stable [33][34] Company Strategy and Development Direction - The company is focused on four strategic objectives to unlock business potential, emphasizing operational efficiency and project execution [6][11] - There is a strong emphasis on cost discipline and productivity improvements across all operations, with a commitment to maintaining a strong balance sheet [18][29] - The company is progressing with major projects like Simandou and Oyu Tolgoi, aiming for timely and budget-compliant execution [38][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating global volatility and highlighted the importance of a diversified portfolio to capture new opportunities [11][33] - The energy transition is expected to drive demand for key commodities, with significant growth anticipated in lithium and copper markets [34][35] - The company is optimistic about its competitive position in the lithium market, citing low operational costs and advanced technology [89][90] Other Important Information - The company has maintained a commitment to shareholder returns, declaring a 50% payout for the interim dividend [31][29] - The integration of Arcadian is progressing well, with a focus on enhancing lithium production capabilities [39][90] - The company is actively managing its capital allocation, with a CapEx guidance of around $11 billion for 2025 [29][30] Q&A Session Summary Question: Update on Simandou's ramp-up and lessons learned - Management confirmed the first shipment of high-grade ore is expected in November, with a ramp-up period of 2.5 years to reach full production [51] - The company has learned valuable engineering lessons from its Chinese partners that could be applied to other projects [53] Question: Impact of copper tariffs on profitability - Management indicated that copper tariffs present an opportunity for increased profitability at Kennecott, the U.S.'s largest smelter [57] - The administration's focus on mining development is expected to benefit future projects, including Resolution Copper [59] Question: Iron ore business and revenue impacts from grade adjustments - Management noted that initial shipments under the new product specification have been well received, with a focus on long-term benefits from simplification [80] - The economic impact of grade adjustments is being closely monitored, with expectations of reduced costs in the long term [81] Question: Cost savings opportunities within the company - Management emphasized continuous improvement rather than cost-cutting, focusing on efficiency while growing production [93] - The company is committed to maintaining profitability across its major product groups [105] Question: Update on Genalco discussions - Management acknowledged ongoing discussions regarding share buybacks but did not provide a specific timeline for resolution [96]

Financial Data and Key Metrics Changes - The company reported underlying EBITDA of CHF11.5 billion and operating cash flow of CHF6.9 billion, with a net operating cash flow decrease of just 2% despite a drop in iron ore prices by $14 per tonne [8][12][29] - Copper equivalent production increased by 6% in the first half, with a notable 13% increase in the second quarter year on year [4][11] - Underlying earnings were down 16%, primarily due to higher interest charges and one-off increases in the effective tax rate [12] Business Line Data and Key Metrics Changes - Bauxite production reached a new record with a 9% growth, while copper equivalent production was up 6% overall [5][11] - The aluminium business showed strong performance, with unit revenue up 14%, and profitability doubled despite tariff impacts [20][81] - The iron ore segment generated $6.7 billion of EBITDA, with productivity improvements leading to the highest Q2 production since 2018 [20][29] Market Data and Key Metrics Changes - The company noted that while iron ore prices are below historic averages, demand for copper and aluminium is rising due to the energy transition [14][31] - The demand for lithium is expected to grow significantly, with a projected increase of close to 30% year on year [31][33] Company Strategy and Development Direction - The company is focused on a diversified portfolio and strategic investments to drive profitable growth, with a strong emphasis on operational efficiency [4][29] - The strategy includes a disciplined approach to capital allocation, with CapEx guidance of around $11 billion in 2025 [25][28] - The company aims to leverage its strong social license to operate and enhance its project execution capabilities [6][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating global volatility and highlighted the resilience of the company's diverse asset base [9][31] - The company anticipates ongoing demand growth in the energy transition, particularly for copper and lithium, despite current price challenges [31][33] - Management emphasized the importance of continuous improvement and operational efficiency to maintain profitability [92][104] Other Important Information - The company has successfully integrated the Arcadian acquisition and is progressing well with lithium projects [36][88] - The Simandou project is on track to deliver its first shipment of high-grade iron ore in November, showcasing the company's project execution capabilities [38][39] Q&A Session Summary Question: Update on Simandou production ramp-up - Management indicated that the ramp-up to 120 million tonnes will take approximately 2.5 years, with the first shipment expected in November [50][52] Question: Impact of copper tariffs in the U.S. - Management noted that copper tariffs present an opportunity for profitability at the Kennecott smelter, which has historically underperformed [56][58] Question: Iron ore revenue impact from grade drop - Management stated that initial shipments under the new product specification have been well received, and the simplification of product streams will lead to long-term cost benefits [75][78] Question: Confidence in lithium cost curve - Management expressed confidence in achieving bottom quartile costs due to operational efficiencies and strong reservoir capabilities at Rincon [86][88] Question: Update on Genalco discussions - Management confirmed ongoing discussions regarding share buybacks but did not provide a specific solution at this time [95]

Price Overview - The mainstream transaction price for 0 zinc is concentrated between 22,650 to 22,785 CNY/ton, with specific transactions for Shuangyan at 22,730 to 22,855 CNY/ton, and 1 zinc at 22,580 to 22,715 CNY/ton [1] - On July 30, the price list for 0 zinc ingots shows various market prices, with the highest at 22,850 CNY/ton in Zhejiang and the lowest at 22,520 CNY/ton in Guangdong [2] Futures Market - The closing price for the main contract of zinc futures on July 30 is reported at 22,670 CNY/ton, with a slight increase of 0.04%, reaching a high of 22,770 CNY/ton and a low of 22,610 CNY/ton during the day, with a trading volume of 141,408 lots [2] Production and Inventory Insights - Grupo Mexico reported a zinc concentrate production of 45,900 tons in Q2 2025, marking a 56% year-on-year increase, attributed to improved operations at the Buenavista zinc mine [3] - As of July 30, the London Metal Exchange (LME) reported zinc registered warrants at 57,600 tons and canceled warrants at 51,450 tons, with a decrease of 3,100 tons; total zinc inventory stands at 109,050 tons, also down by 3,100 tons [3] Market Analysis - According to a report from Copper Crown Jinyuan Futures, the ongoing US-China trade tensions are expected to extend the 24% tariffs and countermeasures for another 90 days, with no significant breakthroughs in negotiations. The market is awaiting the Federal Reserve's interest rate decision and important domestic meetings [4] - Despite heavy rainfall in the northern regions not affecting galvanizing plant production, weak downstream demand and insufficient purchasing strength at high zinc prices are leading to a slight increase in spot prices, with expectations of inventory accumulation [4] - The short-term zinc price trend is anchored by macroeconomic factors, with expectations of narrow fluctuations in the near term [4]

Financial Performance - Rio Tinto's underlying EBITDA was $115 billion, a decrease of 5% compared to H1 2024[20] - Underlying earnings decreased by 16% to $48 billion[20] - Operating cash flow decreased by 2% to $69 billion[20] - The interim dividend was $24 billion, representing a 50% payout ratio[20] Production and Sales - Bauxite production increased by 9% year-over-year in H1 2025[17] - Oyu Tolgoi copper production increased by 54% year-over-year in H1 2025[17] - Sales volumes of copper equivalent increased by 6%[20] - Iron ore price decreased by $14/t, a 13% reduction[21] Capital Allocation and Growth - Share of capital investment increased by 23% to $45 billion[26] - Simandou is accelerating first shipment to ~November 2025[17] - Oyu Tolgoi is on track to average ~500 ktpa of copper from 2028 – 2036[17] Commodity Market - Copper demand is up 3% to 13Mt, aluminium demand is up 3% to 37Mt, and lithium demand is up 28% to 713Kt[53] - Iron ore demand remained flat at 12Bt[53]

“Food reserves were getting alarmingly low. And without the rope, there was no way out.”An attempt by the South African government to “smoke out” illegal miners had disastrous consequences, reports 1843 magazine https://t.co/QvykC5z27u ...

Financial Performance - Rio Tinto Group reports a decline in first-half profit [1] Market Dynamics - The world's biggest miners battle stagnant commodity prices [1] - Trade uncertainties unleashed by Trump impact the industry [1]

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

Core Points - Armory Mining Corp. has closed an assignment agreement to acquire a 100% interest in certain mineral claims in Haida Gwaii, British Columbia, which will be part of the Riley Creek Project [1] - The company will issue a total of 10,100,000 common shares as consideration for the assignment, with specific issuance dates and amounts outlined [2] - To exercise the option for the mineral claims, the company must incur $50,000 in exploration expenditures by October 31, 2025, and pay an additional $100,000 by October 31, 2026 [2] - The company has also completed the sale of its Kaslo Silver Property to 2724898 Alberta Inc., receiving $100,000 in cash and 1,500,000 common shares of 2724898 [5][6] - The company controls an 80% interest in the Candela II lithium brine project in Argentina and a 100% interest in the Riley Creek antimony-gold project in British Columbia [7]