Core Viewpoint - Capstone Copper Corp. has resumed operations at the Mantoverde mine in Chile after a disruption caused by issues with the desalination plant, while a strike by Union 2 continues, affecting approximately 22% of the workforce [1][3]. Group 1: Operations Update - Operations at the Mantoverde mine have resumed, with production expected to be between 50% to 75% of normal levels during the ongoing strike [1]. - The strike by Union 2 began on January 2, 2026, and represents about 22% of the total workforce at Mantoverde [3]. - Capstone Copper is open to discussions with Union 2 to resolve the labor dispute and is committed to legal procedures and employee rights [1][3]. Group 2: Production Performance - Capstone Copper achieved record annual copper production of 224,764 tonnes in 2025, marking a 22% increase compared to 2024 [3]. - The company met its annual copper production guidance for 2025, demonstrating operational resilience despite the labor disruptions [3]. Group 3: Company Overview - Capstone Copper Corp. is focused on copper mining in the Americas, with a portfolio that includes several mines in the USA and Mexico, as well as the Mantoverde mine in Chile [1]. - The company's strategy emphasizes transformational copper production growth, cost improvements, and responsible production practices [1].

Core Viewpoint - Rio Tinto and Chalco have entered into a joint venture to acquire Votorantim's controlling stake in Companhia Brasileira de Alumínio (CBA), enhancing their low-carbon aluminium footprint in Brazil through a cash transaction valued at approximately $902.6 million [1]. Transaction Details - The joint venture will be owned 33% by Rio Tinto and 67% by Chalco, acquiring Votorantim's 68.596% shareholding in CBA at R$10.50 per share, representing a 21.2% premium over the weighted average trading price of R$8.67 for the 20 trading days prior to the agreement [1]. - Following the transaction, the joint venture will launch a mandatory tender offer for the remaining shares in CBA not held by Votorantim, as required by Brazilian law [1]. Strategic Implications - The acquisition aligns with Rio Tinto's strategy to expand its low-carbon, renewable-powered aluminium operations in rapidly growing markets, leveraging both companies' expertise across the aluminium value chain [1]. - CBA operates as a vertically integrated low-carbon aluminium business in Brazil, supported by a 1.6 GW portfolio of renewable power generation assets, including hydropower and wind power [1]. Operational Highlights - CBA has three bauxite mines with a production capacity of approximately 2 million tonnes per annum, and an aluminium complex in São Paulo with a capacity of 0.8 million tonnes for alumina and 0.4 million tonnes for aluminium smelting [1]. - The partnership aims to enhance operational excellence and innovation, creating value for shareholders, employees, customers, and local communities [1].

Core Insights - E3 Lithium has successfully executed key milestones in 2025, including the construction and operation of a Demonstration Facility that produced battery-grade lithium carbonate, and is now focused on advancing its Clearwater Project in 2026 [1][2] 2025 Highlights - Strengthened leadership team and raised approximately $20 million to support project advancement [1] - Submitted Environmental Protection and Enhancement Act (EPEA) application for Clearwater Project Facility [1] - Executed commercial agreements for potential sale of lithium carbonate and supply of sorbents [1] - Produced battery-grade lithium carbonate from the Demonstration Facility [1] - Completed and commissioned Phase 1 of the Demonstration Facility [1] 2026 Key Objectives - Continue permitting and stakeholder engagement, with Directive 056 facility licence submitted in early 2026 [1] - Advance Front-End Engineering Design (FEED) and complete the Clearwater Feasibility Study (FS) [1] - Complete the Demonstration Facility to inform engineering and deliver FEED and FS [1] - Deliver battery-grade lithium carbonate to global customers to support offtake agreement execution [1] Technical and Commercial Progress - Successfully converted a concept into reality by completing the design of the facility based on the Pre-Feasibility Study conducted in 2024 [1] - Continued production of battery-grade lithium carbonate and delivery of samples to strategic global off-takers [1] - Raised approximately $20 million through equity issuance and sale of non-core assets, alongside securing government funding [1] Major Permits Submission - Submitted EPEA application and Directive 056 facility licence application through the Alberta Energy Regulator [1] - These permits are essential for provincial government authorization to construct and operate the Clearwater Project's Central Processing Facility [1] Management Evolution - Strengthened leadership team with new appointments, including a Chief Financial Officer and a Vice President of Facility Design [1] - Continued growth of the team to support development efforts [1] 2026 Outlook - Aim to advance the Clearwater Project towards shovel-ready status by the end of 2026 or early 2027 [1] - Key milestones include strategic engagement with offtake partners and project financing initiatives [1] - Execution of Phase 2 of the Demonstration Facility is currently underway [2] Completion Activities - Final activities for two wells drilled in late 2025 are in progress, with a reservoir production test to commence soon [2] - Data from the Demonstration Facility will be utilized for completing FEED and the subsequent FS report [2] Permitting Process - Ongoing engagement with stakeholders regarding the Clearwater facility and project site [2] - Aim to submit all remaining licence applications required for construction and operation of the Clearwater Project by the end of 2026 [2] Development Plan - Phase 1 of the project is planned for a capacity of 12,000 tonnes of lithium carbonate per year [2] - Commissioning and commercial operations of the Clearwater Project are expected between 2028 and 2029 [2] Marketing Agreement - Entered into an agreement with Winning Media LLC for digital marketing services, with a total consideration of $150,000 for three months [2]

Core Viewpoint - Lithium Royalty Corp. has filed a management information circular for a special meeting of shareholders to approve a plan of arrangement with Altius Minerals Corporation, which includes options for shareholders to receive either shares or cash as consideration for their shares [1][2]. Group 1: Arrangement Details - The arrangement allows shareholders to choose between receiving 0.240 common shares of Altius, C$9.50 in cash, or a combination of 0.160 common shares of Altius and C$3.166666 in cash, with aggregate cash consideration capped at approximately C$174 million and share consideration capped at 11,500,000 common shares of Altius [1]. - The proposed arrangement represents a premium of approximately 29.6% and 41.4% to the closing price and the 30-day volume weighted average trading price of LRC shares as of December 19, 2025 [1]. Group 2: Board Recommendation and Strategic Review - The Board of Directors, following a review by an independent committee, unanimously recommends that shareholders vote in favor of the arrangement, deeming it fair and in the best interests of LRC [1]. - The arrangement is the result of a strategic review process that assessed various alternatives, concluding that this option is more favorable than maintaining the status quo or executing the current strategic plan [1]. Group 3: Meeting and Approval Process - The special meeting for shareholders is scheduled for February 26, 2026, where a special resolution approving the arrangement will be voted on [1]. - Approval requires at least two-thirds of the votes cast by shareholders and a simple majority from common share holders, excluding certain votes as per regulatory requirements [1]. Group 4: Company Overview - Lithium Royalty Corp. is a lithium-focused royalty company based in Canada, with a diversified portfolio of 38 royalties related to the electrification and decarbonization of the global economy, particularly in the battery supply chain [2].

Core Insights - Gensource Potash Corporation has provided an operational update on its Tugaske Project, highlighting significant advancements and market developments [1] Group 1: Project Advancement - The company has successfully exercised its land purchase option for the Tugaske Project site, securing clear title and control over essential surface lands [1] - This milestone demonstrates Gensource's commitment to advancing the project into the detailed engineering and construction phase [1] Group 2: Strategic Engagement & Due Diligence - Gensource completed a due diligence process with a major Southeast Asian industrial conglomerate and fertilizer distributor [1] - A 7-member delegation from this Southeast Asian group visited the Tugaske Project site, engaging with Gensource's technical and executive teams [1] - These steps are aimed at progressing toward definitive offtake and/or partnership agreements [1] Group 3: Supportive Trade Environment - Recent trade negotiations between Canada/Saskatchewan and ASEAN member countries align with Gensource's international initiatives [1] - These agreements aim to enhance investment, smooth trade flows, and secure supply chains in agriculture and fertilizer sectors, emphasizing global food security [1] Group 4: Operational & Funding Strategy - Gensource maintains a lean operational model, focusing on capital allocation to de-risk the Tugaske Project [1] - Recent activities include updating the front-end engineering design (FEED) package and engaging with strategic partners for construction capital [1] Group 5: Compelling Market Fundamentals - The potash market is experiencing supportive factors, including geopolitical events highlighting food security and stable fertilizer supply chains [1] - The exemption of Canadian potash from U.S. import tariffs enhances the competitiveness of Saskatchewan production [1] - Potash prices remain historically robust due to steady demand and constrained supply, with global supply growth slower than anticipated [1]

Core Insights - E3 Lithium has successfully completed the drilling of its brine production and injection wells at its Demonstration Facility in central Alberta, marking a significant milestone in Phase 2 of its Demonstration Facility program [1][2] Drilling Program Progress - The newly drilled vertical production and deviated injection wells are the third and fourth wells into the Leduc Formation, part of the Clearwater Project area, with drilling operations reaching total depths past the Leduc and into the Cooking Lake Formation [2] - Approximately 200 meters of the Leduc aquifer was intercepted, aligning with expectations for the producing zone in this area [2] - The next phase will involve completions and production testing, expected to continue into the first quarter of 2026, with lithium and water chemistry data to be available upon the commencement of production tests [2] Leadership Update - Rob Knowles, Vice President of Investor Relations, is no longer with the company, and E3 Lithium expressed gratitude for his contributions [3] - Sarfraz Somani will join as Director of Capital Markets starting December 8th, bringing over 18 years of experience in corporate development and investor relations within the energy sector [4] Resource and Financial Overview - E3 Lithium has a total of 21.2 million tonnes of lithium carbonate equivalent (LCE) in Measured and Indicated resources, along with 0.3 million tonnes of LCE in Inferred mineral resources in Alberta, and 2.5 million tonnes of LCE in Inferred mineral resources in Saskatchewan [6] - The Clearwater Pre-Feasibility Study outlines a proven and probable mineral reserve of 1.13 million tonnes of LCE, with a pre-tax NPV (8%) of USD 5.2 billion and an after-tax NPV (8%) of USD 3.7 billion, indicating a 29.2% IRR pre-tax and 24.6% IRR after-tax [6]

Core Insights - Pan American Silver Corp. has provided an exploration update for 2025, highlighting significant advancements in its long-term exploration strategy aimed at replacing and growing mineral resources across several key operations [2][3][4]. Exploration Highlights - **Jacobina Mine**: Exploration focused on the Maricota zone has confirmed the potential to expand inferred gold resources, with notable drill results including 8.97m at 5.67 g/t Au, extending resources approximately 300m down dip and along strike [3][8]. - **El Peñon Mine**: Increased exploration has confirmed and extended mineralization in core mine structures and satellite deposits, with significant results such as 1.40m at 31.20 g/t Au and 81 g/t Ag [3][9]. - **La Colorada Mine**: Infill and exploration drilling have expanded the estimated 52.7 million ounces of inferred silver mineral resources, with notable results including 15.7m at 201 g/t Ag [4][11]. - **Timmins Projects**: Drilling at Whitney and Vogel has indicated mineral resource potential, with significant intercepts including 1.15m at 399.43 g/t Au [6][15]. - **Huaron Mine**: Drilling has extended mineral resources with significant results such as 1.57m at 627 g/t Ag and 15.46% Pb [12][14]. - **Minera Florida**: Infill and exploration drilling have confirmed the continuity of mineralization, with highlights including 1.06m at 20.19 g/t Au [16][19]. - **Cerro Moro**: Shallow exploration and infill drilling at the Naty Condor discovery have yielded notable results, including 17.95m at 13.51 g/t Au and 228 g/t Ag [20][21]. Drilling Statistics - For the period from November 2024 to October 2025, a total of 540,000 metres of drilling is planned, with 333,830 metres already completed, representing 70% of the total [2][7]. - The exploration program emphasizes near-mine exploration and resource conversion across the company's portfolio of operating mines [2][3]. Future Prospects - The company aims to continue expanding its mineral resources through ongoing exploration efforts, particularly in areas with confirmed geological continuity and high-grade potential [2][4][8]. - New target areas have been identified, such as Lagartixa and Canavieiras Extension, which hold significant potential for adding new mineral resources [7][8].

Management Change - Lomiko Metals Inc. has appointed Robert Boisjoli as the new Chief Financial Officer, replacing Jacqueline Michael [1][2] Company Overview - Lomiko Metals holds mineral interests in the La Loutre graphite development located in southern Quebec, covering 4,528 hectares [3] - The La Loutre project is situated within the territory of the Kitigan Zibi Anishinabeg First Nation [3] Mineral Resource Estimate - An updated Mineral Resource Estimate for the La Loutre Project indicates 64.7 million tonnes of Indicated Mineral Resources averaging 4.59% Cg per tonne, equating to 3.0 million tonnes of graphite, representing a 184% increase in tonnage [5] - The Indicated Mineral Resources increased by 41.5 million tonnes due to a 2022 drilling campaign, with additional Inferred Mineral Resources of 17.5 million tonnes averaging 3.51% Cg per tonne [5] Additional Projects - The company also has interests in seven early-stage projects in southern Quebec, covering a total of 18,622 hectares [6][7] - The early-stage projects include Ruisseau, Tremblant, Meloche, Boyd, Dieppe, North Low, and Carmin [6] Exploration Results - The Ruisseau project has reported grades up to 27.9% Cg from four distinct high-grade mineralized zones [13] - Other projects such as Meloche and Tremblant have reported grades of up to 13.3% Cg and 11.6% Cg, respectively [13]

Core Viewpoint - AngloGold Ashanti plc has reported significant financial performance improvements, including a record free cash flow and increased gold production, while also announcing executive transactions and board appointments [5][6]. Executive Transactions - Gillian Doran, an Executive Director, sold 22,033 ordinary shares on November 24, 2025, at an average price of US$82.4727, totaling approximately US$1.82 million [2][1]. - Post-transaction, Ms. Doran retains 51,271 shares and 89,738 unvested shares under the Performance Share Plan [1]. Financial Performance - The company achieved a record free cash flow of $920 million in Q3 2025, marking a 141% year-on-year increase, attributed to cost discipline and higher gold prices [5]. - A quarterly dividend of $460 million was declared, bringing the total dividends for the year to $927 million [5]. - Gold production increased by 17% in Q3 2025 compared to Q3 2024 [5]. Board Appointments - Marcus Randolph has been appointed as an independent non-executive director effective October 27, 2025, and will serve on the Compensation and Human Resources Committee and the Social, Ethics and Sustainability Committee [6].

Core Viewpoint - Gold Reserve Ltd. has received a favorable Final Award in its arbitration against BANDES, the Venezuelan state development bank, amounting to approximately $28.98 million, including pre-award interest and additional costs [1]. Summary by Sections Arbitration Outcome - Gold Reserve Corporation, an affiliate of Gold Reserve Ltd., was awarded a total of $28,982,568.70 in the arbitration against BANDES, which includes pre-award interest [1]. - The tribunal also awarded costs amounting to €434,000 and post-award interest calculated at the 12-month SOFR + 2% from the date of the Final Award until full payment is made [1]. Recovery Efforts - Gold Reserve plans to pursue the recovery of the awarded amounts through ongoing recognition and enforcement proceedings in the courts of Portugal [2]. Financial Implications - The awarded amount reflects significant financial implications for Gold Reserve, potentially impacting its liquidity and operational capabilities as it seeks to enforce the award [1][2].