Company Overview - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team operates from key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Utilization - Proactive is a forward-looking company that adopts technology enthusiastically to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Viewpoint - Applied Minerals, Inc. has successfully completed its financial restructuring and emerged from Chapter 11, significantly improving its financial position by eliminating approximately $63 million of term debt, resulting in a virtually debt-free balance sheet [1]. Financial Restructuring - The financial restructuring process was completed on November 19, 2025, marking a significant milestone for the company [1]. - The elimination of $63 million in term debt enhances the company's financial stability and operational flexibility [1].

Core Insights - The article discusses the niche of litigation investing, highlighting historical cases and current opportunities in the sector, emphasizing the complexity and potential for significant returns despite the inherent risks involved [1][17]. Historical Context - The investment landscape in the 1990s included litigation stocks related to Nazi-era claims, particularly focusing on IG Farben, a major German chemical company involved in war crimes [3][4]. - Following the fall of the Berlin Wall, there was a resurgence of interest in compensation claims for expropriated assets, leading to significant price increases for related securities [5][6]. Notable Cases - Commerzbank Restquoten and A. Riebeck'sche Montanwerke are examples of companies with complex legal claims that saw dramatic price fluctuations, with Commerzbank Restquoten's price increasing over 200 times [8][11]. - IG Farben's liquidation ultimately failed, but its spin-offs like BASF and Bayer performed well, showcasing the potential for indirect success in litigation investing [13][14]. Current Landscape - The sector of litigation investing today is characterized by unclear ownership rights and political disputes, with opportunities spanning various industries and regions [17][41]. - Examples of current litigation investments include Rusoro Mining, which saw its stock rise 22-fold due to expropriation claims in Venezuela, and GCM Resources, which holds significant coal reserves but faces legal challenges [25][29]. Investment Strategies - Investors are advised to adopt a gradual de-risking strategy as legal cases progress, rather than relying solely on final verdicts [24][76]. - The article outlines a phased approach to investing in litigation claims, suggesting initial investments at low percentages of claim value and increasing exposure as litigation funding is secured and proceedings advance [26][27]. Upcoming Opportunities - The article highlights several companies with ongoing litigation claims, such as Panthera Resources, which is pursuing a significant claim against India for expropriation, and Energy Transition Minerals, which is involved in international arbitration against Greenland [66][46]. - The upcoming Litigation Investing online conference aims to provide insights into these opportunities and educate investors on the complexities of the sector [73][74].

Core Insights - Rio Tinto Group reported solid growth in iron ore production and a 5% year-over-year increase in consolidated copper output for Q4 2025, supported by strong asset performance [1][8] Production and Technology - The company achieved its first copper production at the Johnson Camp mine in Arizona using proprietary Nuton technology, marking a significant milestone for cleaner and more efficient copper recovery [2] - The Johnson Camp deployment targets approximately 30,000 tons of refined copper over a four-year demonstration period, aiming for the lowest carbon footprint in the U.S. [3] Overall Performance - Rio Tinto's total copper production reached 883 kilotonne (kt) in 2025, an 11% increase year-over-year, driven by strong performance at the Oyu Tolgoi site and Kennecott mine [4][8] - In comparison, Ero Copper Corp. produced 19,706 tons of copper in Q4 2025, while Southern Copper Corporation recorded 242,172 tons, showing marginal growth [5][6] Market Position and Valuation - Rio Tinto's shares have gained 56.6% over the past six months, outperforming the industry's growth of 36.4% [7] - The company is trading at a forward price-to-earnings ratio of 12.92X, below the industry average of 16.43X, with a Value Score of B [10] Earnings Estimates - The Zacks Consensus Estimate for Rio Tinto's 2026 earnings has increased by 12.7% over the past 60 days [11]

Core Insights - Denison Mines Corp. (NYSE:DNN) is recognized as a strong buy penny stock, with recent price target upgrades from CIBC to C$6.50 and from Raymond James to C$5.05, indicating positive market sentiment towards the stock [1][2]. Group 1: Investment Ratings and Price Targets - CIBC reiterated a Buy rating on Denison Mines Corp. with a price target of C$6.50 [1]. - Raymond James raised its price target from C$4.30 to C$5.05 while maintaining an Outperform rating [1]. Group 2: Project Developments - Denison Mines announced the availability of grid power supply from Saskatchewan Power Corporation for the future Phoenix in-situ recovery uranium mine, following the installation of a new 138kV transmission line [2]. - This development is crucial for de-risking the project execution and supports the establishment of a freeze wall around the initial mining area [2]. Group 3: Company Overview - Denison Mines Corp. is engaged in the exploration and development of uranium, holding interests in several key projects including the Athabasca Basin, Wheeler River, Midwest Project, McClean Lake, and Waterbury Lake [3].

Company Overview - Orla Mining Ltd. (NYSE:ORLA) is engaged in the development, acquisition, and exploration of mineral properties, focusing on copper, gold, zinc, silver, and lead deposits. The company owns 100% interests in the Camino Rojo project and is involved in the acquisition of the Musselwhite Gold Mine project. Founded in 2007, Orla Mining is based in Vancouver, Canada [4]. Analyst Ratings and Price Targets - CIBC analyst Cosmos Chiu raised the price target for Orla Mining Ltd. from C$27 to C$32 while maintaining an Outperformer rating, following an upward revision of gold price outlook to $6,000 per ounce in 2026 and $6,500 in 2027 [1]. - BMO Capital also increased its price target for Orla Mining from C$22 to C$30, with a Buy rating, indicating a potential upside of 27% from current levels, which aligns with a median Wall Street analyst upside of 24.26% based on 10 analysts covering the stock [3]. Market Outlook - The major demand drivers for the precious metals sector in 2025 are expected to continue into 2026, supporting the positive outlook for Orla Mining and the broader sector [1].

Core Insights - Major U.S. stock market indices experienced a decline on February 12, 2026, due to concerns regarding AI disruption affecting various sectors, including real estate, transportation, and software [1] - A shift towards steady dividend-growth stocks is recommended for equity investors as they provide resilience and cash flow durability during a period of reevaluation of traditional growth narratives [2] Dividend Growth Stocks - Stocks with a strong history of year-over-year dividend growth are considered healthier for capital appreciation compared to simple dividend-paying stocks or those with high yields [3] - Five selected dividend growth stocks include Agnico Eagle Mines (AEM), Advanced Drainage Systems (WMS), Amphenol (APH), Tapestry (TPR), and TIM S.A. (TIMB), which are viewed as solid portfolio choices [3] Advantages of Dividend Growth - Companies with a strong history of dividend growth are typically mature and less vulnerable to market volatility, providing a hedge against economic and political uncertainties [4] - These stocks exhibit strong fundamentals, including sustainable business models, profitability, rising cash flows, solid liquidity, strong balance sheets, and attractive valuations [5] Performance Metrics - Dividend-growth stocks have historically outperformed the broader market and other dividend-paying stocks, making them a favorable investment strategy [6] - Criteria for selection include positive historical dividend, sales, and earnings growth, as well as projected earnings growth rates [7] Stock Highlights - Agnico Eagle Mines (AEM) projects a 28% revenue growth for 2026 and has a long-term EPS growth rate of 33.8%, with a dividend yield of 0.74% [9][11] - Advanced Drainage Systems (WMS) anticipates a 4% revenue growth for fiscal 2026, with a long-term earnings growth rate of 13.90% and a dividend yield of 0.42% [12] - Amphenol (APH) expects a 34.9% revenue growth for 2026, with a long-term earnings growth rate of 21.90% and a dividend yield of 0.69% [13] - Tapestry (TPR) forecasts a 9.6% revenue growth for fiscal 2026, with a long-term earnings growth rate of 12.9% and a dividend yield of 1.03% [14] - TIM S.A. (TIMB) projects a 10.3% revenue growth for 2026, with a long-term earnings growth rate of 18.7% and a dividend yield of 5.20% [15]

It include risks and uncertainties relating to the following : To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward -Looking Statements" and "Risk Factors" in Vale's annual report on Form 20 - F . " Disclaimer 2 Vale's 4Q25 Performance Feb. 13th, 2026 "This p ...

Financial Data and Key Metrics Changes - In Q4 2025, Vale's pro forma EBITDA reached $4.8 billion, a 17% increase year-on-year and a 10% increase quarter-on-quarter, primarily driven by strong performance in Vale Base Metals and favorable pricing conditions for copper and by-products [13][14] - The all-in cost for iron ore reached $54.3 per ton in Q4, averaging $54.2 per ton for 2025, reflecting a downward trajectory in C1 cash costs and gains from long-term affreightment strategy [16][20] - Recurring free cash flow generation reached approximately $1.7 billion in Q4, more than double compared to the previous year [18] Business Line Data and Key Metrics Changes - Iron ore production reached 336 million tons in 2025, a 3% increase year-on-year, driven by low capital-intensive projects and solid performance in Brucutu and S11D [7][9] - Vale Base Metals achieved double-digit production growth in both copper and nickel, with copper production reaching 382,000 tons (10% increase year-on-year) and nickel production reaching 177,000 tons (11% increase year-on-year) [9][10] - Cost reductions were noted across all commodities, with copper all-in costs decreasing to -$900 per ton, the lowest in the business's history, and nickel all-in costs declining by 35% year-on-year to $9,000 per ton [17][19] Market Data and Key Metrics Changes - The company anticipates crude steel production in China for 2026 to remain at the same level as the previous year, supported by infrastructure and manufacturing [81] - The market is seeing a decline in premiums for iron ore fines, primarily due to lower market premiums and mix optimization, but the flagship products maintained resilient premiums [40][42] Company Strategy and Development Direction - Vale's strategy focuses on operational excellence and adding high-quality growth projects, particularly in copper and iron ore, with the Novo Carajás program aimed at doubling copper output [4][6] - The company emphasizes a disciplined approach to capital allocation, with a long-term CapEx guidance below $6 billion, while also ensuring attractive shareholder returns [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, highlighting strong operational performance and the ability to deliver on guidance [7][22] - The company is focused on unlocking value from existing assets while positioning for growth opportunities, particularly in the context of energy transition and AI [23][24] Other Important Information - Vale achieved a 21% reduction in high potential incidents, reflecting improvements in safety culture [5] - The company has made significant progress on reparation efforts, reaching 81% execution of the Brumadinho agreement and disbursing BRL 73 billion under the Mariana agreement [6] Q&A Session Summary Question: Regarding the strong results from Vale Base Metals and cost performance - Management acknowledged the strong by-product credits influencing costs and highlighted ongoing bottom-up initiatives to improve cost performance [30][31] Question: On the strategic value of copper assets and potential IPO discussions - Management noted the market's growing appreciation for the base metals business and emphasized the importance of demonstrating growth potential before considering any capital market transactions [34][36] Question: About the dynamics of iron ore pricing and realized prices - Management explained that the decline in realized prices was due to lower market premiums and emphasized the importance of optimizing contribution margin across the supply chain [40][42] Question: On nickel cash costs and operational goals - Management detailed ongoing initiatives to reduce costs in the nickel business, focusing on asset integrity and reliability to achieve cash flow breakeven [45][50] Question: Regarding developments at Fábrica and Vega operations - Management reported limited impact from sediment overflow incidents and ongoing efforts to enhance resilience against climate change [59][61] Question: On the status of restricted AUM and ESG improvements - Management indicated that approximately $1.5 trillion of assets have been unlocked since the incidents, with ongoing efforts to improve ESG ratings and investor relations [63][64]

Core Viewpoint - Atlas Salt Inc. has expanded its strategic relationship with Sandvik Mining in relation to the Updated Feasibility Study for the Great Atlantic Salt Project, indicating a significant development in the project's construction and ramp-up requirements [1] Group 1: Strategic Relationship - The expansion of the strategic relationship with Sandvik Mining builds on a non-binding Memorandum of Understanding announced in September 2024 [1] - The updated scope of the MOU now reflects the full construction and ramp-up requirements as outlined in the Updated Feasibility Study [1]