Core Viewpoint - The SPDR S&P Metals and Mining ETF has experienced a decline of nearly 6% since the onset of the Iran conflict, driven by rising oil prices and concerns over economic slowdown impacting metals demand [1] Group 1 - The ETF's decline is attributed to higher oil prices, which typically increase production costs for metals [1] - Economic slowdown fears are contributing to reduced demand for metals, further exacerbating the ETF's performance [1]

Core Insights - The article discusses the author's extensive experience in researching various companies across different sectors, including commodities and technology, with a particular focus on metals and mining stocks. Group 1: Company Research - The company has been involved in in-depth research for over a decade, covering sectors such as oil, natural gas, gold, copper, and technology companies like Google and Nokia [1] - The author has transitioned from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The preferred focus of the company is on metals and mining stocks, but it is also comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]

Core Insights - The analyst has over a decade of experience researching various industries, including commodities like oil, natural gas, gold, and copper, as well as technology companies such as Google and Nokia, and emerging market stocks [1] Group 1: Company Focus - The analyst has a particular interest in covering metals and mining stocks, while also being comfortable with other sectors such as consumer discretionary, consumer staples, REITs, and utilities [1]

Core Viewpoint - T2 Metals Corp. has increased its non-brokered private placement financing by up to $2.6 million due to strong demand, now proposing to raise up to $7.6 million by issuing up to 15,200,000 units at a price of $0.50 per unit [1][2]. Financing Details - Each unit will consist of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of an additional common share at $0.75 for two years from closing [2]. - Insiders may participate in the financing, and finders' fees may be applicable on a portion of the financing, with net proceeds allocated for working capital and exploration [2]. Management Commentary - Mark Saxon, CEO of T2 Metals Corp., noted strong interest from both new and existing investors, leading to the decision to increase the financing size, highlighting the attention on the company's gold and silver assets in the Yukon [3]. Regulatory Compliance - All securities issued in the financing are subject to a four-month hold period and require necessary regulatory approvals, including acceptance from the TSX Venture Exchange [3]. Company Overview - T2 Metals Corp. is an emerging copper and precious metal company focused on enhancing shareholder value through exploration and discovery, committed to engaging with rights holders and stakeholders respectfully [5].

Financial Performance - In Q4 2025, gross profits more than doubled quarter-over-quarter, rising to $17.4 million from $7.8 million in Q3 2025 [12] - For the full year, gross profit increased to $47.6 million, up from $30.9 million in 2024 [12] - Q4 2025 net income was $38.1 million or $0.70 per share, compared to a net loss of $8.2 million or $0.16 per share in Q4 2024 [12] - Full year net income was $34.4 million, a turnaround from a net loss of $43.7 million in 2024 [13] - The company ended the year with a strong cash position of $51 million compared to $14 million at the end of 2024 [14] Business Lines Performance - The San José Mine reported $33.5 million in Q4 2025 for the company's 49% interest, contributing significantly to the overall performance [13] - The company is focusing on projects like Gray Fox and Gold Bar, which are expected to generate cash flow and support growth [8][9] Market and Industry Trends - The company is optimistic about the copper market, with prices around $5.80 per pound, and forecasts from major banks suggest prices will remain elevated [31] - There is a structural deficit forecasted for copper supply, driven by increased demand from AI data centers, electrification of transport, and renewable energy investments [32] Company Strategy and Development Direction - The company aims to double its precious metal production by 2030 through exploration and acquisitions [3] - McEwen Copper's Los Azules project is positioned as a low-impact, environmentally sensitive operation, with plans for a public listing later in 2026 [4][30] - The company is actively pursuing M&A opportunities, focusing on properties adjacent to existing operations to extend mine life and production [48][96] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to finance growth without excessive dilution of shareholder value, primarily through internal cash flow [6][9] - The management highlighted the importance of maintaining a strong balance sheet and operational discipline to support future growth [14] Other Important Information - The company is working on a pre-feasibility study for the Gray Fox project, expected to be released in June 2026 [18] - The Los Azules project has secured regulatory stability through RIGI approval, which is expected to attract significant investment [23][24] Q&A Session Summary Question: Will Stock contribute to 2026 guidance? - Management confirmed that production from Stock is expected in the second half of 2026, but it is not included in the current guidance [46][47] Question: What is the strategy for M&A? - The company is focusing on acquiring properties near existing operations to enhance production without spreading resources too thin [48][96] Question: Update on McEwen's stake in Paragon? - The company holds approximately 28% in Paragon, which is gaining acceptance in the industry for its photon assay technology [102][103]

Group 1 - Sienna Resources Inc. has completed a non-brokered flow-through private placement to raise $270,000 at a price of $0.15 per flow-through share [1][2] - The proceeds from the financing will be utilized for the company's existing projects in Saskatchewan, particularly the Saskatchewan Copper/Gold project [1][2] - The financing is subject to final approval from the TSX Venture Exchange and the FT Shares will have a statutory hold period of four months and one day after closing [2] Group 2 - The flow-through financing aims to minimize dilution while enabling an initial work program in Canada, with additional activities expected in the USA for lithium and gold projects in the first half of 2026 [2] - No warrants will be issued, and no finders' fees will be paid in connection with this financing [1][2]

Report Summary Report Industry Investment Rating - Not provided Report Core View - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on March 11, 2026 [1][3][4][5] Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 101390, LME price is 12984, and the ratio is 7.69; March domestic price is 101750, LME price is 13076, and the ratio is 7.79. The equilibrium ratio for spot import is 7.80, with a profit of - 183.39, and a spot export profit of - 857.87 [1] - **Zinc**: Spot domestic price is 24210, LME price is 3311, and the ratio is 7.31; March domestic price is 24460, LME price is 3344, and the ratio is 4.99. The equilibrium ratio for spot import is 8.19, with a profit of - 2908.57 [1] - **Aluminum**: Spot domestic price is 24470, LME price is 3386, and the ratio is 7.23; March domestic price is 24965, LME price is 3362, and the ratio is 7.35. The equilibrium ratio for spot import is 8.26, with a profit of - 3500.37 [1] - **Nickel**: Spot domestic price is 136400, LME price is 17182, and the ratio is 7.94. The equilibrium ratio for spot import is 7.94, with a profit of - 115.51 [1] - **Lead**: Spot domestic price is 16500, LME price is 1889, and the ratio is 8.75; March domestic price is 16680, LME price is 1937, and the ratio is 12.55. The equilibrium ratio for spot import is 8.47, with a profit of 523.76 [3] Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month, March, April, May and the spot - month are 1640, 1870, 1940, 1850 respectively, and the theoretical spreads are 601, 1101, 1609, 2118 respectively [4] - **Zinc**: The spreads between the next - month, March, April, May and the spot - month are 105, 150, 180, 180 respectively, and the theoretical spreads are 225, 355, 486, 616 respectively [4] - **Aluminum**: The spreads between the next - month, March, April, May and the spot - month are - 120, - 35, 15, 50 respectively, and the theoretical spreads are 236, 373, 510, 647 respectively [4] - **Lead**: The spreads between the next - month, March, April, May and the spot - month are 10, 40, 85, 110 respectively, and the theoretical spreads are 208, 312, 417, 521 respectively [4] - **Nickel**: The spreads between the next - month, March, April, May and the spot - month are 1130, 1620, 1900, 2090 respectively [4] - **Tin**: The 5 - 1 spread is - 2100, and the theoretical spread is 8097 [4] Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot are - 1505 and 135 respectively, and the theoretical spreads are - 55 and 743 respectively [4] - **Zinc**: The spreads between the current - month and next - month contracts and the spot are 100 and 205 respectively, and the theoretical spreads are 119, 259, 172, 300 respectively [4][5] - **Lead**: The spreads between the current - month and next - month contracts and the spot are 140 and 150 respectively, and the theoretical spreads are 111 and 222 respectively [5] Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc are 4.16, 4.08, 6.10, 1.02, 1.50, 0.68 respectively in Shanghai (three - continuous), and 3.93, 3.86, 6.76, 1.02, 1.75, 0.58 respectively in London (three - continuous) [5]

Core Viewpoint - Emergent Metals Corp. has successfully terminated a lease agreement with Maverix Metals, allowing its subsidiary, Golden Arrow Mining Corporation, to acquire ownership of 185 mineral claims known as the Baughman Claims, while Maverix retains a reserved royalty interest on these and additional claims [1][3]. Group 1: Lease Termination and Property Acquisition - Emergent's subsidiary, GAMC, has entered into a lease termination agreement with Maverix Metals, resulting in the transfer of 185 unpatented mineral claims to GAMC [1]. - Maverix NV retains a reserved royalty on the Conveyed Property and 292 additional claims, which includes an advance minimum royalty of US$25,000 per year and a 3% production net smelter returns royalty once production begins [2]. - GAMC has the option to acquire 1% of the NSR for US$1,000,000 at any time [2]. Group 2: Debt Conversion Agreement - To settle past due AMR payments, Emergent has agreed to issue 1,767,565 common shares to Maverix Canada at a deemed price of $0.11625 per share, converting US$150,000 in debt into equity [4]. - The issuance of shares is subject to a standard hold period of four months and one day under Canadian securities laws [4]. - Both the Debt Conversion and the Conversion Agreement require approval from the TSX Venture Exchange [5]. Group 3: Investor Relations and Marketing Agreement - Emergent has engaged Plutus Invest & Consulting GmbH for European-focused investor relations and digital marketing services [6][7]. - The agreement includes a budget of up to €250,000 over 12 months for strategic advisory and campaign management services, with no compensation payable until the agreement is accepted by the Exchange [10]. - Plutus and its principal are at arm's length from the Company, and neither owns any securities of Emergent [11]. Group 4: Company Overview - Emergent is focused on gold and base metal exploration in Nevada and Quebec, aiming to acquire quality assets and create shareholder value through various monetization strategies [12]. - The Golden Arrow Property is an advanced-stage gold and silver property with a defined resource and a major drilling program planned [13]. - Emergent also holds interests in several other properties, including copper and gold exploration sites in Nevada and Quebec [14][15].

Financial Performance - The company reported a full year revenue of USD 636 million, reflecting a 3% decline from the previous year due to weakening prices and global uncertainty [3] - Despite the revenue decline, the company managed to increase the volume traded for both ores and alloys by 6%, which was a strategic move to control unit fixed costs [3] Market Conditions - The decline in revenue was attributed to weakened demand and unfavorable market conditions [3] - The company is navigating through a challenging market environment characterized by global uncertainty [3] Strategic Initiatives - A key strategic initiative in 2025 involved ramping up trading volumes to mitigate the impact of fixed costs [3]

Core Viewpoint - Lithium Americas has been upgraded to a Zacks Rank 2 (Buy), indicating a positive shift in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system reflects changes in a company's earnings potential, which is strongly correlated with stock price movements, particularly due to institutional investors adjusting their valuations based on earnings estimates [4][6]. - Rising earnings estimates for Lithium Americas suggest an improvement in the company's underlying business, which could lead to an increase in stock price as investors respond positively [5][10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Lithium Americas is expected to earn -$0.40 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 317.4% over the past three months, indicating a significant upward revision trend [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks which have generated an average annual return of +25% since 1988 [7][9]. - The upgrade of Lithium Americas to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].