Strategic Focus - Rio Tinto aims to simplify business operations and sharpen focus on productivity, targeting $650 million in annual run-rate productivity benefits, with $370 million already realized and $280 million expected by Q1 2026[43, 44, 64] - Rio Tinto plans to release $5-10 billion in cash proceeds from its asset base through divestments, monetization, and strategic partnerships [42, 55, 64] - The company is focused on delivering three major growth projects: Simandou, Oyu Tolgoi, and Rincon, with Simandou achieving first ore in November 2025, one year after major construction commenced [42, 49, 50] Production and Growth - Rio Tinto targets a 3% compound annual growth rate (CAGR) in copper equivalent production from 2024 to 2030 [25, 64, 71] - The company anticipates a 7% copper equivalent growth in 2025 as Oyu Tolgoi ramps up production [73] - Rio Tinto expects unit costs to decrease at a 4% CAGR from 2024 to 2030 [75] Market Outlook - The company projects significant demand growth across its portfolio, including a ~1.2x increase in steel demand, ~1.1x increase in copper demand, ~3.4x increase in lithium demand, and ~1.3x increase in aluminum demand from 2025F to 2035F [101] - Rio Tinto estimates a supply gap of ~9 million tonnes for copper and ~1.4 million tonnes for lithium by 2035 [101, 113] - The company notes that new iron ore supply is needed to meet sustained demand, with a supply gap of 650-800 million tonnes by 2035 [124] Financial Performance - Rio Tinto anticipates a 40-50% increase in EBITDA with operational excellence and capital discipline [87] - The company aims to keep capital expenditure below $10 billion per year from 2028 onwards [88, 89] - Rio Tinto maintains a shareholder returns policy of 40-60% dividend payout [93] Iron Ore Specifics - Pilbara replacement mines are on track with capital intensity of $21-52/t and internal rate of return of 31-70% [148] - Simandou is on schedule and on budget, with first ore achieved ahead of schedule and sales of 5-10Mt expected in 2026 [155] - Pilbara is experiencing record run rates since cyclone impacts, driving unit cost reduction [159, 162] Aluminium & Lithium Specifics - Rio Tinto is targeting a 5-percentage point ROCE uplift by 2030 for its Aluminium business [193] - The company is increasing lithium capacity by >2.5x by 2028 [215] - Rio Tinto is targeting a capital intensity of $65/kg to reach ~200ktpa of lithium production [218] Copper Specifics - Rio Tinto upgraded its 2025 copper production guidance to 860-875 kt and lowered its 2025 C1 net unit cost guidance to 80-100 c/lb [258] - The company is targeting 1 Mtpa of copper production by 2030 [233] - Oyu Tolgoi is on track for ~500ktpa Cu on average from 2028-2036 [236]

Core Insights - Steel Dynamics, Inc. (NASDAQ:STLD) is recognized as one of the 15 Dividend Stocks that outperform the S&P 500 [1] - Bank of America raised its price target for Steel Dynamics from $155 to $185 while maintaining a Buy rating, reflecting an update in price forecasts for North American metals and mining stocks [2] - The company reported a strong third-quarter performance with record steel shipments of 3.6 million tons and revenues of $4.8 billion, alongside an adjusted EBITDA of $664 million [3] Financial Performance - Steel Dynamics achieved record steel shipments of 3.6 million tons in Q3 2025, generating revenues of $4.8 billion [3] - Adjusted EBITDA for the quarter was reported at $664 million, supported by robust operating cash flow of $723 million [3] - The steel fabrication segment saw a 12% increase in volumes, with steady order activity and a backlog extending through Q1 2026 [3] Future Outlook - The company anticipates fourth-quarter aluminum operations to incur losses of approximately $40 million, an improvement from the previous quarter [4] - Capital expenditures for Q4 are projected to be around $200 million, with early 2026 CapEx estimates between $500 million and $600 million [4] - Management aims for a 75% utilization rate for aluminum operations by the end of 2026 and expects an optimized product mix by 2027 [4]

Core Viewpoint - Giant Mining Corp. is planning additional metallurgical test work to enhance the understanding of copper, silver, and gold recoveries at its Majuba Hill Copper-Silver-Gold Project in Nevada, amidst rising commodity prices [1][3]. Company Developments - The planned metallurgical work aims to refine the understanding of recoveries across different mineralization zones: oxide, transition, and sulphide [2]. - Historical drilling at Majuba Hill has shown high-grade copper and silver mineralization, with notable results such as Hole MHB-30, which averaged 2.6% Cu and 30.1 g/t Ag over 74.0 ft [2]. - The company is currently working with RESPEC Company LLC to refine the geological model and incorporate silver assays to better delineate the multi-metal potential of the project [2]. Market Context - Recent all-time highs in copper, silver, and gold prices are creating a favorable market environment for the Majuba Hill project, with copper reaching US$5.94/lb and currently trading at approximately US$5.21/lb, silver at US$58.85/oz and currently around US$57.65/oz, and gold at US$4,381.58/oz and currently at approximately US$4,216/oz [7]. - The company believes that the historical work indicating copper recoveries of up to 80% and silver recoveries of up to 75% supports the potential for the project [3]. Metallurgical Program Objectives - The metallurgical program aims to assess oxide, mixed, and sulphide mineralization domains, improve recovery processes, evaluate multi-stage processing options, and generate new technical data for future economic studies [10][11]. - Historical metallurgical findings have provided encouraging indications for processing potential, reinforcing the company's confidence to expand mineralization through ongoing exploration drilling [8]. Project Characteristics - Majuba Hill is located in a top-ranked mining jurisdiction in Nevada, covering 9,684 acres with strong local infrastructure, which offers significant cost advantages [10][12]. - The project has a history of approximately 89,395 feet of drilling, indicating a potentially large mineralized body with significant expansion potential [12]. - The company has secured funding for the next phase of drilling at Majuba Hill, indicating a commitment to advancing the project [12].

TORONTO, Dec. 02, 2025 (GLOBE NEWSWIRE) -- DPM Metals Inc. (TSX: DPM, ASX: DPM) (ARBN: 689370894) (“DPM” or “the Company”) is pleased to announce initial Mineral Resource Estimates (“MRE”) for the Dumitru Potok, Rakita North and Frasen prospects in eastern Serbia, all located within one to two kilometres of planned Čoka Rakita infrastructure. Highlights Establishes a potential district scale platform, with a combined Inferred MRE of 84.4 million tonnes at a grade of 0.97 g/t gold and 1.02% copper for 2.6 mi ...

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with other industries such as consumer discretionary, REITs, and utilities [1]

Glencore’s ferrochrome venture in South Africa will idle two smelters and cut jobs because of unsustainable electricity tariffs https://t.co/2o8Np6qBuz ...

Core Viewpoint - FireFly Metals Ltd has announced a dual offering of ordinary shares, aiming to raise approximately C$30 million through a Canadian Offering and A$101.5 million through an Australian Offering, to fund various development initiatives [1][3]. Canadian Offering - The Canadian Offering involves the sale of 19,230,770 ordinary shares at a price of C$1.56 (A$1.70) per share, with gross proceeds expected to be C$30 million (approximately A$33 million) [1]. - BMO Nesbitt Burns Inc. will act on behalf of a syndicate of underwriters, and an option to purchase an additional 15% of the offering is available for over-allotments [1][2]. - The offering is expected to close around December 17, 2025, pending necessary regulatory approvals [2]. Australian Offering - Concurrently, FireFly has entered into an agreement with Canaccord Genuity to raise approximately A$101.5 million through the Australian Offering, which includes a charity flow-through placement of A$16.5 million and an institutional placement of A$85 million [3]. - A retail share purchase plan (SPP) will also be conducted, allowing eligible shareholders to subscribe for up to A$30,000 worth of shares, aiming to raise up to A$5 million [3]. Use of Proceeds - The net proceeds from both offerings and the SPP will primarily be allocated to fund development and early works, technical studies, underground drilling, regional exploration drilling, and general administrative expenses [7][4]. Company Overview - FireFly Metals Ltd is focused on advancing the Green Bay Copper-Gold Project in Newfoundland, Canada, which has a Mineral Resource of 50.4 million tonnes at 2.0% copper equivalent [6][25]. - The company also holds interests in the Pickle Crow Gold Project in Ontario and the Limestone Well Vanadium-Titanium Project in Western Australia [8].

High Grade Copper and Gold For personal use only • Building world-class scale – Upgraded Resource of 50.4Mt @ 2.0% CuEq for 863kt Cu and 546koz Au in M&I + 29.3Mt @ 2.5% CuEq for 566kt Cu and 563koz Au in Inferred • Exceptional High-Grade Core Zone of 8.8Mt @ 3.9% CuEq (346kt CuEq) in M&I and 10.9Mt @ 3.8% CuEq (414kt CuEq) Inferred • Continued Growth - Resource remains OPEN – multiple drill rigs turning • Dominant Land Position – A major copper and gold VMS mineral district • Exceptional Infrastructure – o ...

Core Viewpoint - FireFly Metals Ltd has announced agreements for two significant capital raising initiatives: a Canadian Offering to raise approximately C$30 million and an Australian Offering to raise approximately A$101.5 million, aimed at advancing its mineral projects [1][3]. Canadian Offering - The Canadian Offering involves the sale of 19,230,770 ordinary shares at a price of C$1.56 (A$1.70) per share, with gross proceeds expected to be C$30 million (approximately A$33 million) [1]. - BMO Capital Markets has been engaged to manage the offering, with an option to purchase an additional 15% of the offering to cover over-allotments [1][2]. - The offering is anticipated to close around December 17, 2025, pending necessary regulatory approvals [2]. Australian Offering - Concurrently, the Australian Offering aims to raise approximately A$101.5 million, consisting of a charity flow-through placement of A$16.5 million and an institutional placement of A$85 million [3]. - A retail share purchase plan (SPP) will also be conducted, allowing eligible shareholders to subscribe for up to A$30,000 worth of shares, potentially raising an additional A$5 million [3]. Use of Proceeds - The net proceeds from both offerings and the SPP will primarily be allocated to: - Development and early works for the Green Bay Copper-Gold Project - Technical studies including mine options assessments - Underground drilling for resource growth and new discoveries - Regional exploration drilling targeting new discoveries - General administrative and working capital flexibility [4][6]. Company Overview - FireFly Metals Ltd is focused on advancing the Green Bay Copper-Gold Project in Newfoundland, Canada, which currently hosts a Mineral Resource of 50.4 million tonnes at 2.0% copper equivalent, totaling 1,016,000 tonnes of copper equivalent [5][22]. - The company also holds a 70% interest in the Pickle Crow Gold Project in Ontario, with an Inferred Mineral Resource of 11.9 million tonnes at 7.2 g/t for 2.8 million ounces of gold [6][10].

Core Insights - Taseko Mines Limited (NYSEAmerican:TGB) experienced a significant increase in stock price, rising by 24.23% week-on-week, driven by higher gold and copper prices [1][3] - The company reported mixed earnings for the third quarter, with a substantial widening of net loss despite an increase in revenues [2][3] Financial Performance - Taseko Mines widened its net loss by 15,365% to $27.8 million from $180,000 in the same period last year [3] - Revenues increased by 11.7% to $173.9 million from $155.6 million year-on-year, primarily due to the sale of 26 million pounds of copper and 421,000 pounds of molybdenum [3] Production Metrics - Gibraltar copper production improved significantly, producing 27.6 million pounds of copper in the third quarter, which included 895,000 pounds of copper cathode and 558,000 pounds of molybdenum [4] - Copper recoveries for the third quarter were at 77%, with both grade and recoveries higher than the previous two quarters, and expectations for further increases in the fourth quarter [5]