Q4 2025 Results Presentation February 20, 2026 Cautionary Information This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "for ...

Core Insights - Rio2 Limited is participating in BMO's 35th Global Metals, Mining, and Critical Minerals Conference to discuss growth plans for the Fenix Gold Mine and the newly acquired Condestable Mine [1] - The presentation at the BMO Conference is scheduled for February 25, 2026, at 9:00 AM [1] - Rio2 will also participate in PDAC, with a presentation by Andrew Cox on March 2 at 10:10 AM [2] Company Overview - Rio2 Limited is a diversified producer of precious metals and copper, focusing on building and operating mines [3] - The company is currently producing gold at the Fenix Gold heap leach mine in Chile and copper/gold/silver at the Condestable underground mine in Peru [3] - Rio2 emphasizes high environmental standards and responsible development, aiming to exceed regulatory requirements [3]

Core Viewpoint - Barksdale Resources Corp. has successfully closed a private placement, raising approximately CAD 5 million to fund its ongoing projects and corporate expenses [1][2]. Group 1: Private Placement Details - The company closed a private placement of 55,545,744 units at a price of CAD 0.09 per unit, resulting in gross proceeds of CAD 4,999,117 [1]. - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at an exercise price of CAD 0.15 until February 19, 2028 [1][3]. - The offering is subject to a statutory hold period expiring on June 20, 2026, and requires final acceptance from the TSX Venture Exchange [4]. Group 2: Use of Proceeds - The funds raised will support the Phase II drill campaign at the Sunnyside project, cover the Phase II earn-in payment to Great Basin Metals Inc., and finance ongoing corporate expenses and geochemical/geophysical projects under review for the Sunnyside and San Javier projects [2]. Group 3: Finder and Advisory Fees - Medalist Capital Advisors Inc. was engaged as the exclusive finder for the offering, receiving a 6% commission in the form of 1,434,780 finder’s units [3]. - An advisory fee was also paid to Medalist Capital Ltd. in the form of 1,560,000 units, with both finder’s and advisor’s units structured similarly to the units sold in the offering [3]. Group 4: Insider Participation - Certain insiders participated in the offering, which is classified as a "related party transaction" but is exempt from formal valuation and minority shareholder approval requirements due to the transaction's size relative to the company's market capitalization [5]. - The offering was unanimously approved by the company's Board of Directors [5]. Group 5: Future Plans - The company plans to raise an additional CAD 932,585 through a private placement with Crescat Capital LLC, issuing 8,478,049 units at CAD 0.11 per unit [6]. - Each investor unit will also consist of one common share and one-half of a common share purchase warrant, with similar terms to the previous offering [6]. Group 6: Company Overview - Barksdale Resources Corp. aims to create long-term shareholder value through the acquisition, exploration, and advancement of high-quality critical, base, and precious metal projects across the Americas [8]. - The company focuses on metals essential for the global energy transition and modern infrastructure, particularly copper, zinc, and other critical minerals [8].

FOURTH QUARTER 2025 CONFERENCE CALL Our Guidance tables include disclosure and footnotes with further assumptions relating to our guidance, and assumptions for certain other forward-looking statements accompany those statements within the presentation. Factors that may cause actual results to vary materially include, but are not limited to: changes in commodity and power prices; changes in market demand for our products; changes in interest and currency exchange rates; acts of governments and the outcome of ...

Florence Copper has officially commenced production with the electrowinning circuit active and first cathode harvesting imminent. Initial wellfield results at Florence show higher-than-expected injection flow rates, leading to faster acidification and copper recovery grades than originally planned. Gibraltar achieved its highest quarterly copper and molybdenum production of 2025 in Q4, driven by deeper access to the Connector pit. Management is adopting a more conservative grade outlook for Gibralta ...

Core Viewpoint - Eramet faced significant challenges in 2025 due to global macroeconomic headwinds, cyclical lows in core commodities, and a weakening dollar, which adversely affected profitability and cash generation. However, the company achieved key milestones in its strategic roadmap, particularly in lithium production and positive mining initiatives [3][4]. Financial Performance - Adjusted EBITDA for 2025 was €372 million, down 54% from 2024, primarily due to unfavorable price and exchange rate impacts, particularly in manganese [5][29]. - Net income attributable to the Group was -€477 million, with a net income of -€370 million when excluding SLN, reflecting a significant decline in EBITDA and asset impairment charges [5][29]. - Adjusted Free Cash Flow was -€481 million, influenced by construction capex for the lithium plant and tax disbursements [5][31]. Operational Highlights - The ramp-up of lithium production at Centenario achieved close to 75% of design capacity by December 2025, marking a significant operational milestone [5][100]. - The Eramet Grande Côte site in Senegal achieved the IRMA 50 performance level, aligning with the Group's Act for Positive Mining vision [4][16]. Strategic Initiatives - The ReSolution program was launched to improve operational performance, cash generation, and safety, with a target of delivering an initial EBITDA improvement potential of €130-170 million within two years [10][13]. - A funding plan was approved to enhance cash generation and strengthen the balance sheet, focusing on strict capital allocation, deleveraging, and targeted investments [7][11]. Market Trends - The global manganese ore price index averaged $4.5/dmtu in 2025, down 18% from 2024, reflecting a surplus in the supply/demand balance [50][60]. - Global electric vehicle sales increased by 20% in 2025, driving demand for lithium, which reached 1,533 kt-LCE, up 31% year-on-year [96][97]. Future Outlook - For 2026, Eramet targets manganese ore transportation volumes between 6.4 and 6.8 million tonnes, with a cash cost forecast between $2.4 and $2.6/dmtu [61][62]. - The lithium market is expected to continue growing, driven by the adoption of electric vehicles, with a projected sales penetration rate of 60% in China by 2026 [102].

Core Viewpoint - Adamera Minerals Corp. has identified a large-scale copper-gold target at its South Hedley Copper Gold Project, which has the potential to evolve the Max prospect into a significant copper-gold porphyry opportunity [1][4]. Project Location and Context - The South Hedley project is strategically located between the historic Nickel Plate gold mine and the active Copper Mountain mine in southern British Columbia [2][6]. - The property spans 20,000 hectares and is situated within the Quesnel Trough, a region known for hosting several major mineral deposits [4]. Geological Findings - Initial work at the South Hedley project has included geophysical surveying, geochemical sampling, and prospecting, which have defined two gold and base metal targets [3]. - The Max prospect is located on the edge of a horseshoe-shaped geochemical anomaly, with a 2 square kilometer magnetic anomaly suggesting a possible buried diorite intrusion [3][4]. - Geochemical analysis revealed copper values up to 1,450 ppm and gold values peaking at 1.61 g/t (1,610 ppb), indicating a strong correlation between copper and gold anomalies [7]. Technical Interpretation - The geochemical zonation pattern observed is typical of porphyry-style copper-gold systems, with the Max prospect identified as a high-priority target area [8][14]. - Ground magnetic data indicates a coherent magnetic high feature at depths below 110 meters, interpreted as a potential source for mineralization [8][10]. Next Steps in Exploration - The company has submitted a Notice of Work for drilling to test high-priority target areas, with plans for an induced polarization survey to map chargeability and resistivity at depth [17][23]. - Further geochemical analyses and infill sampling surveys are planned to assist in vectoring within the mineralized system [23]. Additional Prospects - A second prospect, the Glix Prospect, has been identified approximately 15 kilometers from the Max target, considered comparable to a gold-bearing skarn environment [19].

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Key HighlightsApproximately C$30.1 million committed through an upsized institutional financing, strengthening AuMEGA's balance sheet and funding runway.Anchored by a significant lead order from Condire Investors, LLC, a U.S.-based resource investment firm, which will hold approximately 19.9% of the Company on a non-diluted basis upon completion of this offering.Continued support from B2Gold Corp., which will maintain its 9.9% ownership position, reinforcing its role as a long-term strategic shareholder.Pa ...

Core Insights - Glencore reported a strong performance for 2025, with adjusted EBITDA of $13.5 billion, driven by a robust recovery in the second half of the year and strength in its metals business [2][6] - The company experienced a 50% increase in overall performance from the first half to the second half of 2025, with the industrial division seeing a 65% increase [3][6] Metals Performance - The industrial performance was primarily attributed to metals, particularly copper and zinc, which contributed positively to the overall results [4][6] - Copper prices averaged 9% higher year over year, contributing $1 billion to the metals price variance, while zinc improved by about $1 billion year over year, with significant contributions from Kazinc [5][6] Energy and Coal - Energy and steelmaking coal markets were weaker, particularly in the first half of 2025, but showed improvement towards the end of the year [6] Long-term Strategy and Financials - The company reiterated its long-term copper growth plan, aiming to increase production from approximately 1 million tons to around 1.6 million tons by 2035, with potential upside exceeding 2 million tons [6] - Financial highlights included funds from operations of $8.7 billion, a flat net debt position, a declared dividend of $2 billion, and capital expenditure guidance of $26–$28 billion for 2026–2028 [6]