Core Viewpoint - Tivan has made significant advancements in its critical minerals portfolio, highlighted by high-grade fluorite results from the Sandover drilling campaign, a strategic partnership with Sumitomo Corporation, and the completion of the Molyhil acquisition [1][4][9]. Group 1: Sandover Fluorite Project - Tivan's initial drilling at the Sandover Fluorite Project revealed ultra high-grade calcium fluoride (CaF2) intersections, with the best result being 3.4m at 71.7% CaF2 from 36.8m [2] - Additional notable intercepts include 20.3m at 18.9% CaF2 from 24m (including 6.2m at 37.7% CaF2) and 15.5m at 22.4% CaF2 from 56.5m (including 5.4m at 32.1%) [2] - Mineralisation was also intercepted at 8m at 25.1% CaF2 from 34m (including 4.5m at 41.6% CaF2), indicating wider mineralisation at depth than initially mapped [3] Group 2: Strategic Partnerships - Tivan has established a Memorandum of Understanding (MoU) with Sumitomo Corporation to advance the Sandover project, supporting development and potential offtake pathways for acidspar production [4] - The collaboration is expected to enhance metallurgical work, which has shown favorable conditions for acidspar production with low levels of deleterious elements [4] Group 3: Future Plans and Resource Estimates - Tivan plans to commence a Stage Two RC drilling program in April 2026, consisting of 58 holes for a total of 6,825m to further delineate the resource [5] - The Mineral Resource Estimate (MRE) for the Speewah Fluorite Project has been upgraded by 16% to 43.2 million tonnes at 8.3% CaF2, containing 3.588 million tonnes of CaF2, with a significant high-grade component of 9.6 million tonnes at 20.6% CaF2 [6][7] Group 4: Molyhil Acquisition - Tivan completed the 100% acquisition of the Molyhil tungsten-molybdenum project for $8.75 million, adding a resource of 4.647 million tonnes at 0.26% WO3 and 0.09% Mo [9] - A drilling program of 13 holes for approximately 1,950m is planned to commence in March 2026 to explore for resource expansion at Molyhil [9] - Tivan is targeting a Final Investment Decision for Molyhil in Q4 2027, supported by deferred payments totalling $5.25 million [10] Group 5: Funding and Support - Tivan's growth is supported by strong partnerships and funding initiatives, including a joint venture with Sumitomo Corporation and JOGMEC, with initial equity investment from Japan Fluorite Corporation for feasibility studies [11] - The company has secured government grants, including an IPCM grant of $7.4 million for feasibility and DFS studies for Speewah, and is engaging with Export Finance Australia for potential debt funding [12]

Core Viewpoint - Antimony Corporation announces a joint venture with Americas Gold and Silver Corporation to build a new hydromet processing facility in Idaho, enhancing its position in the critical minerals market [1] Group 1: Joint Venture Details - The joint venture will construct a state-of-the-art hydromet processing facility on land adjacent to Americas' active silver, copper, and antimony mines [1] - The ownership structure of the joint venture is 51% Americas Gold and Silver Corporation and 49% Antimony Corporation, with Antimony Corporation acting as the managing member [1] Group 2: Company Positioning - Antimony Corporation is recognized as a leading producer and processor of antimony, zeolite, and other critical minerals [1] - The company is noted for being the only fully integrated antimony company outside of China and Russia [1]

Financial Data and Key Metrics Changes - For Q1 2026, the company reported a net income of $0.43, a significant improvement from a net loss of $0.57 in the same period last year [4] - Adjusted EBITDA doubled to $65 million, and the leverage ratio improved to 3.6 times, down from 5.3 times year-over-year [4][20] - The midpoint of the full-year adjusted EBITDA guidance was raised to $224 million, reflecting solid results in the salt business [4] Business Line Data and Key Metrics Changes - In the salt segment, operating earnings improved to $14.33 per ton, up 22% year-over-year, with total salt volumes increasing by 37% [17] - The plant nutrition segment saw operating earnings increase by approximately $9 million, with adjusted EBITDA improving by $8 million despite a decrease in sales volume [18][19] - The average SOP sales price rose by 13% to $687 per ton, while product costs per ton declined by 2% [19] Market Data and Key Metrics Changes - The salt market is currently tight due to steady winter weather, with significant increases in sales volumes for highway de-icing and C&I parts of the business [5][18] - Highway de-icing volumes increased by 43% year-over-year, while C&I volumes rose by 14% [17] - The company anticipates that the tight market conditions will continue if winter weather remains favorable [26] Company Strategy and Development Direction - The company is focused on a "Back-to-Basics" strategy initiated in 2024, aimed at aligning operations with market demand and managing inventories effectively [8][14] - Future capital projects, including upgrades to the dryer compaction plant at Ogden, are expected to enhance operational efficiency and financial performance [14] - The company is committed to improving operational efficiencies, reducing capital intensity, and maximizing cash flow generation [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's progress, highlighting the positive momentum in both the salt and plant nutrition segments [15][43] - The company is focused on building resilience and flexibility to thrive in the long term, with ongoing improvements in financial health and operational performance [15][43] - Management acknowledged challenges related to production costs and logistics but remains optimistic about future performance [32][35] Other Important Information - The company announced the sale of its Wynyard SOP operation for $30.8 million, which is expected to allow for a greater focus on the North American SOP market [12][13] - The balance sheet continues to improve, with liquidity of $342 million at the end of the quarter [20] Q&A Session Summary Question: Is the salt market well supplied for the strong winter, or are imports needed? - Management indicated that the market is tight due to winter conditions, and while imports could be considered, the lead time for supply makes it challenging [25][26] Question: How are the plans progressing for the new mill at Goderich? - Management outlined three projects associated with the new mill, with ongoing engineering and value engineering stages [27][28] Question: What is driving up logistics costs despite higher volumes? - Management explained that logistics costs are influenced by inflationary pressures and the need to ship salt over longer distances to meet demand [31][33] Question: How is the tax situation evolving for the company? - Management discussed the impact of the Ontario mining tax settlement and the complexities of the tax situation, indicating it is still early in the year to determine cash tax implications [36][39]

Financial Data and Key Metrics Changes - For the first quarter of fiscal 2026, the company reported a net income of $0.43, a significant improvement from a net loss of $0.57 in the same period last year [4] - Adjusted EBITDA doubled to $65 million, and the leverage ratio improved to 3.6x, down from 5.3x year-over-year [4][20] - The midpoint of the full-year adjusted EBITDA guidance was raised to $224 million, reflecting solid results in the salt business and positive momentum in Plant Nutrition [4] Business Line Data and Key Metrics Changes - In the salt segment, operating earnings improved to $14.33 per ton, up 22% year-over-year, with total salt volumes increasing by 37% [17] - Highway de-icing volumes rose by 43%, while C&I volumes increased by 14% compared to the prior year [17] - The Plant Nutrition segment saw operating earnings increase by approximately $9 million, with adjusted EBITDA improving by $8 million despite a decrease in sales volume [18][19] Market Data and Key Metrics Changes - The salt market is currently tight due to steady winter weather across many North American markets, leading to increased sales volumes and price increases in highway de-icing and C&I segments [5][25] - The average SOP sales price in the Plant Nutrition segment increased by 13% to $687 per ton, while product costs per ton declined by 2% [19] Company Strategy and Development Direction - The company is focused on a "Back-to-Basics" strategy initiated in 2024, aimed at aligning operations with anticipated market demand and managing inventories effectively [8][14] - Future capital projects are planned to upgrade the dryer compaction plant at Ogden, expected to enhance operational efficiency and financial performance [14] - The company aims to improve operational efficiencies, reduce capital intensity, and maximize cash flow generation to support long-term value creation [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's progress, highlighting the positive momentum in financial performance and operational improvements [15][43] - The company acknowledged challenges in meeting excessive demand due to inventory management strategies and production capabilities at the Goderich Mine [10][11] - Management remains committed to becoming a top-tier operator with a focus on financial strength and operational excellence [15] Other Important Information - The company announced the sale of its Wynyard SOP operation in Canada for $30.8 million, which is expected to allow a greater focus on the North American SOP market [12][13] - Corporate overhead costs decreased by 24% year-over-year, reflecting ongoing cost control initiatives [19] Q&A Session Summary Question: Is the salt market well supplied for the strong winter, or are imports needed? - Management indicated that the market is tight due to winter conditions, and while imports could be considered, the lead time for supply makes it challenging [25][26] Question: How are the plans progressing for the new mill at Goderich? - Management outlined three projects associated with the new mill, with ongoing engineering and value engineering stages [27][28] Question: What is driving up logistics costs in the salt segment? - Management explained that logistics costs are influenced by inflationary pressures and the need to ship salt over a wider network to meet demand [31][33] Question: How is the tax positioning evolving this year? - Management discussed the impact of the Ontario mining tax settlement and the complexities of the effective tax rate due to income and losses in different regions [36][39][40]

Financial Data and Key Metrics Changes - For Q1 2026, the company reported a net income of $0.43, a significant improvement from a net loss of $0.57 in the same quarter last year [4] - Adjusted EBITDA doubled to $65 million, and the leverage ratio decreased to 3.6 times from 5.3 times year-over-year [4][19] - The midpoint of full-year adjusted EBITDA guidance was raised to $224 million, reflecting solid results in the salt business and positive momentum in plant nutrition [4] Business Line Data and Key Metrics Changes - In the salt segment, operating earnings improved to $14.33 per ton, up 22% year-over-year, with total salt volumes increasing by 37% [16] - Highway de-icing volumes rose by 43%, while C&I volumes increased by 14% compared to the prior year [16] - In the plant nutrition segment, operating earnings increased by approximately $9 million, with adjusted EBITDA improving by $8 million despite a decrease in sales tons [18] Market Data and Key Metrics Changes - The salt market is currently tight due to steady winter weather across many North American markets, leading to increased sales volumes and price increases [5] - The average SOP sales price in the plant nutrition segment rose by 13% to $687 per ton, while product costs per ton declined by 2% [18] Company Strategy and Development Direction - The company is focused on a "Back-to-Basics" strategy initiated in 2024, aimed at aligning operations with anticipated market demand and managing inventories effectively [7][12] - Future capital projects include upgrading the dryer compaction plant at Ogden to enhance operational efficiency and financial performance [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improving operational, commercial, and financial performance, with a commitment to becoming a top-tier operator [14] - The company anticipates challenges in meeting excessive demand due to inventory management strategies, but is optimistic about future market conditions [8][10] Other Important Information - The company announced the sale of its Wynyard SOP operation in Canada for $30.8 million, which is expected to allow a greater focus on the North American SOP market [12] - Corporate overhead decreased by 24% year-over-year to $19 million, reflecting ongoing cost control initiatives [18] Q&A Session Summary Question: Is the salt market well supplied for the strong winter, or are imports needed? - Management indicated that the market is tight due to the current winter conditions, and while imports may be considered, the lead time for supply makes it challenging [24][25] Question: How are the plans progressing for the new mill at Goderich? - There are three associated projects, with the new mill currently in the engineering phase and expected updates in the coming quarters [26][27] Question: What is driving the increase in logistics costs despite higher volumes? - Logistics costs are impacted by inflationary pressures and the need to ship salt over a wider network to meet demand [29][32] Question: How is the tax positioning evolving this year? - The Ontario mining tax settlement has impacted the balance sheet and cash tax situation, with ongoing evaluations of tax positioning as the year progresses [35][39]

Core Viewpoint - American Tungsten & Antimony Ltd. has successfully produced its first antimony ingots from the Antimony Canyon Project in Utah, marking a significant milestone in its development pathway and supporting ongoing project evaluation [1][3]. Group 1: Production and Project Development - The production of antimony ingots serves as proof-of-concept processing, following a Metso Ausmelt concept study and plant design [2]. - The company is fast-tracking its plans in the US, with ongoing exploration and drilling at the Antimony Canyon Project, and is also pursuing strategic acquisitions to grow its project portfolio [3]. - The production of ingots is part of the company's efforts to establish a mine-to-metal critical minerals supply chain, addressing the increasing demand for critical minerals vital to defense and clean energy [4]. Group 2: Strategic Positioning - The company aims to re-establish domestic production of critical minerals, including antimony and tungsten, to support strategic manufacturing supply chains [4]. - A proposed Nasdaq listing is being considered to provide access to larger capital markets, enhancing the company's corporate positioning [3].

Core Viewpoint - American Tungsten and Antimony has successfully produced its first antimony ingots, marking a significant milestone in its strategy to establish a domestic mine-to-metal critical minerals supply chain in the U.S. [1][3] Production and Development - The first antimony ingots were produced at an independent third-party facility and will serve as proof-of-concept for the company's plans [2][5] - The production of these ingots is seen as tangible evidence of progress towards establishing a critical minerals supply chain in a major global market [5] Strategic Plans - The company is fast-tracking its plans in the U.S., including exploration and drilling at the Antimony Canyon Project, and is pursuing strategic acquisition opportunities [4][6] - A proposed Nasdaq listing is part of the corporate strategy to position the company for growth [4][6] Market Context - American Tungsten and Antimony aims to strengthen domestic production of critical minerals essential for defense, clean energy, and strategic manufacturing, especially as markets seek alternatives to China [7]

Core Insights - Acceleware Ltd. has been awarded a Phase 3A contract for a potash drying project valued at $350,000, enhancing its position in the potash and critical minerals industry through the application of radio frequency (RF) heating technology [1] - The project aligns with Acceleware's strategy to utilize RF heating technology to reduce energy consumption and operating costs [2] Project Details - Phase 3A will build on the previous Phase 2 development, which involved designing, constructing, and testing prototype Clean Tech Inverter (CTI)-powered dryers, demonstrating that RF-based drying can be more efficient than traditional methods [3] - The new phase will employ a fully instrumented RF energy-based dryer with a capacity of 200 kg/hour, targeting a reduction of moisture in potash fines from 12% to 0.2%, as potash fines constitute about 20% of typical mine production [5] Future Implications - Data from the Phase 3A tests will inform future research and development of RF drying technology, providing insights for further development and testing [4] - Successful completion of this phase will offer results that may encourage IMII and its members to support ongoing development of the technology [5] Company Overview - Acceleware specializes in advanced electromagnetic heating technology, focusing on RF power-to-heat solutions that enhance production, lower energy consumption, and reduce operating costs in large-scale industrial heating [7] - The company is publicly listed on the TSX Venture Exchange under the symbol AXE and is currently engaged in multiple mining projects with major operators [8]

Core Insights - Compass Minerals reported strong first-quarter results for fiscal 2026, driven by robust winter weather in the Salt segment and improved pricing and cost structure in the Plant Nutrition segment [2][3]. Financial Performance - Revenue for the first quarter of 2026 was $396.1 million, up 29% from $307.2 million in the prior year [5]. - Operating income increased significantly to $36.6 million from $0.5 million year over year [5]. - Net income for the quarter was $18.6 million, a turnaround from a net loss of $23.6 million in the previous year [6]. - Adjusted EBITDA reached $65.3 million, reflecting a 103% increase year over year [6]. Segment Performance Salt Segment - Salt revenue increased by 37% year over year to $331.5 million, driven by a 43% increase in highway deicing sales volumes and a 14% increase in consumer and industrial sales [8]. - Operating earnings in the Salt segment rose by 67% to $49.1 million, with adjusted EBITDA increasing by 41% to $67.2 million [9][34]. Plant Nutrition Segment - Plant Nutrition revenue totaled $60.8 million, down 1% year over year due to a 13% decrease in sales volume, although the average sales price increased by 14% to approximately $687 per ton [10][11]. - Operating earnings improved to $5.4 million from a loss of $3.1 million in the prior year, with adjusted EBITDA rising to $12.8 million from $4.4 million [11][38]. Debt and Cash Flow - The company reduced total net debt by 10% year over year, amounting to $836.9 million as of December 31, 2025 [6][15]. - Net cash used in operating activities was $37.0 million for the quarter, compared to $4.1 million in the prior year, influenced by changes in working capital [12]. - Net cash provided by financing activities was $47.1 million, including net borrowings of $50.7 million [14]. Outlook - The company increased its full-year adjusted EBITDA guidance by 2% at the midpoint, now projected to be between $208 million and $240 million, factoring in the impact of the Wynyard sulfate of potash operation sale [3][6]. - The updated fiscal 2026 outlook includes projected salt sales volumes of 9,900 to 10,450 thousand tons and Plant Nutrition sales volumes of 255 to 275 thousand tons [18][19].

Core Viewpoint - Silvercorp (SVM) has experienced a bearish trend, losing 15.3% over the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottom formation, suggesting that selling pressure may be subsiding, which could lead to a bullish trend [2][5]. - A hammer pattern typically forms when a stock opens lower, makes a new low, but then closes near its opening price, indicating a potential shift in control from bears to bulls [4][5]. - The effectiveness of the hammer pattern is enhanced when used alongside other bullish indicators, as its strength is dependent on its placement on the chart [6]. Fundamental Analysis - Recent upward revisions in earnings estimates for SVM are a bullish indicator, as trends in earnings estimate revisions are correlated with near-term stock price movements [7]. - Over the last 30 days, the consensus EPS estimate for SVM has increased by 21.3%, indicating that analysts expect better earnings than previously predicted [8]. - SVM holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].