Core Insights - Southern Copper reported strong quarterly results for Q2 2025, surpassing both GAAP earnings per share and revenue expectations despite a decline in copper sales volumes and year-over-year revenue [1][5] Financial Performance - GAAP earnings per share were $1.22, exceeding the analyst estimate of $1.12, while GAAP revenue reached $3,051.0 million, slightly above the expected $3,047.2 million [2][5] - Year-over-year revenue fell by 2.2% due to a 3.0% drop in copper sales volume, but net income increased by 2.4% to $973.4 million, supported by reduced operating costs and by-product credits [2][5] - Adjusted EBITDA was $1,790.9 million, showing a slight decrease from the previous year, with an adjusted EBITDA margin of 58.7% [2][5] Production and Operations - Mined copper output was 238,980 tonnes, primarily affected by declines in Mexico, while by-product production saw significant increases: zinc production surged by 56% and silver output rose by 15.4% [6][7] - Operating cash costs for copper fell to $0.63 per pound, aided by gains from by-product revenues [6] Capital Investments and Sustainability - Capital investments dropped to $235.7 million, a 28.9% decrease from the prior year, while the company continued to develop key projects in Peru and Mexico [2][8] - Southern Copper achieved external verification of its ESG report and improved sustainability metrics, including a 24% reduction in lost time injuries and an increase in renewable energy use to 39% [8] Shareholder Returns - The quarterly dividend was raised to $1.40 per share, marking a 16.7% increase from the previous year, reflecting the company's commitment to returning capital to shareholders [9][10] Future Outlook - Management did not provide specific financial guidance but emphasized strong operational and financial performance as a foundation for resilience [11] - The company is focused on advancing major projects in Peru and addressing regulatory challenges in Mexico [11][12]

Core Insights - Ivanhoe Mines reported a Q2 2025 profit of $35 million and adjusted EBITDA of $123 million, with Kamoa-Kakula contributing $128 million to EBITDA [1][9] - Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, operating at 85% design capacity for Phases 1 and 2, and 30% above design capacity for Phase 3 [1][37] - The company is advancing its dewatering efforts at Kakula Mine, with Stage One completed and Stage Two set to commence imminently [1][49] - The startup of Africa's largest and greenest copper smelter is on schedule for September 2025 [1][68] - Recent increases in platinum and palladium prices have improved the net present value of the Platreef project by over 20% to approximately $3.8 billion [1][9] Financial Performance - Q2 2025 adjusted EBITDA was $123 million, down from $226 million in Q1 2025; profit after tax was $35 million compared to $67 million in Q2 2024 [9][1] - Kamoa-Kakula sold 101,714 tonnes of copper at an average realized price of $4.34/lb, with revenue of $875 million for the quarter [9][1] - The cost of sales per pound of payable copper sold increased to $2.85/lb in Q2 2025 from $1.87/lb in Q1 2025 [11][9] - Kamoa-Kakula's cash cost (C1) per pound of payable copper produced averaged $1.89/lb, up from $1.69/lb in Q1 2025 [11][9] Operational Highlights - Kamoa-Kakula's concentrators milled 3.62 million tonnes of ore in Q2 2025, producing 112,009 tonnes of copper, an 11% increase compared to Q2 2024 [37][9] - The Phase 3 concentrator achieved a record production of 40,608 tonnes of copper, operating at an annualized rate of 6.5 million tonnes, 30% above design capacity [46][12] - Kipushi operations sold 43,348 tonnes of zinc, up nearly 45% from Q1 2025, with a revenue of $97 million [11][9] - Platreef's Phase 1 project is nearing completion, with first ore feed expected in Q4 2025 [12][8] Project Development - The Kamoa-Kakula copper smelter is expected to start operations in September 2025, processing concentrates from all phases of the mine [68][1] - The company is targeting to provide an update on Kamoa-Kakula's recovery plan and ramp-up to steady-state operations by September 2025 [12][1] - The Platreef project is projected to be the lowest-cost primary platinum-group-metals producer globally, with a Phase 2 expansion expected to produce over 460,000 ounces of platinum, palladium, rhodium, and gold annually [12][8] Exploration Activities - Ivanhoe Mines is expanding the Makoko District copper discovery and exploring for new sedimentary-hosted copper discoveries across its extensive license areas in DRC, Angola, Zambia, and Kazakhstan [3][2] - The company has completed 86,000 meters of diamond drilling in the Makoko District, doubling the total copper contained in the area [16][3] - Drilling activities in Kazakhstan commenced in July 2025, with two rigs deployed for a 17,500-meter maiden diamond drilling program [16][3]

墨西哥最大铜矿企业Grupo Mexico：正在关注美国可能对铜征收的关税。 ...

Company Overview - American Pacific Mining Corp (USGD) has approximately $13 million CAD in cash as of July 2025 [5, 6, 8] - The company is focused on high-grade projects in the Western US [8, 67] - Michael Gentile is a 14% shareholder [6] Madison Project (Montana, USA) - USGD acquired the Madison Copper Gold Project in June 2020 and has spent $7.7 million on exploration since 2019 [11] - The Madison Mine had past production of 2.7 million lbs of copper with grades ranging from ~20% to over 35% and 7,570 ounces of gold at 16.1 g/t [11] - The Broadway Mine had past production of 144,000 oz Au / 4.54 g/t [11, 27] - Phase I 2025 drill program intersected 23.2 g/t Au over 1.5 m within a broader 19.8 m interval of 2.0 g/t Au in hole APMMAD-25-02 [15] - APMMAD25-08 intersected 44.1 g/t Au over 1.5 m within a broader interval of 10.2 g/t Au over 7.6 m [18] Palmer VMS Project (Southeast Alaska, USA) - The company owns 100% of the Palmer VMS Project after taking over ownership from Dowa Metals and Mining Alaska Ltd, with Dowa retaining an option to acquire 50% of zinc offtake once in production [47] - Dowa made a $10 million USD cash payment to American Pacific as part of the transaction [47] - Total project expenditures of >$116 million USD by the end of 2024 [47] - Indicated Mineral Resources include 4.77 Mt at 1.69% Cu, 5.17% Zn, 0.14% Pb, 28.4 g/t Ag, and 0.29 g/t Au [54] - Inferred Mineral Resources include 12.00 Mt at 0.57% Cu, 3.92% Zn, 0.47% Pb, 66.3 g/t Ag, and 0.33 g/t Au [54]

2Q25 RESULTS J U L Y 2 0 2 5 Disclaimer The material in this presentation has been prepared Southern Copper Corporation (SCC) and is general background information about SCC's activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including financial forecasts, should not be considered as advice or a recommendation to investors or prospective investors in relation to holding, purchasing or selli ...

Core Viewpoint - Nicola Mining Inc. has commenced a 10,000 tonne bulk sample at its high-grade Dominion Creek Mineral Project, in which the company holds a 75% economic interest [1][4]. Group 1: Project Development - The company has established a 14-man camp with fully furnished rooms and necessary facilities, and has installed a bridge and mobilized equipment at the site [2]. - Roadwork improvements to the bulk sample site have begun and are expected to be completed by August 10, 2025, allowing for extraction to commence shortly thereafter [2]. Group 2: Permitting and Sampling - A draft permit has been issued by the British Columbia Ministry of Mining and Critical Minerals for the extraction of 10,000 tonnes of gold and silver ore at the Dominion project [3]. - Previous surface sampling returned grades of 62.1 grams per tonne of gold and 320 grams per tonne of silver, along with lead and zinc percentages of 23.4% and 12.4%, respectively [8]. Group 3: Company Overview - Nicola Mining Inc. is a junior mining company that owns a fully permitted mill and tailings facility near Merritt, British Columbia, capable of processing both gold and silver [6]. - The company also owns 100% of the New Craigmont Project, a high-grade copper property, and the Treasure Mountain Property, which includes 30 mineral claims [9].

Core Insights - The Materials Select Sector SPDR Fund (XLB) has shown a year-to-date return of 9.8% in 2025, outperforming other sector-focused ETFs and the S&P 500 [1] - Despite recent uncertainties in the materials sector due to its cyclical nature and economic concerns, there are still compelling investment opportunities in individual stocks rated as Buy by analysts [2] Company Summaries Agnico Eagle Mines - Agnico Eagle Mines has a market cap exceeding $62 billion, making it the second-largest publicly traded gold mining firm [5] - The company reported a significant earnings beat in Q1, with revenue increasing by approximately 35% year-over-year and earnings per share surpassing analyst expectations by $0.14 [6] - Analysts have a consensus Buy rating for Agnico, with a 12-month price forecast suggesting an 8.5% upside from the current price of $126.18 [4][8] Barrick Gold - Barrick Gold has a current price of $21.50, with a 12-month price forecast indicating a potential upside of 13.55% [9] - The company has a significant exposure to copper mining, which could present both risks and opportunities due to new tariffs on imported copper [10] - Analysts rate Barrick as a Moderate Buy, with a consensus indicating more than 14% upside potential [11] Carpenter Technology - Carpenter Technology has seen a nearly 58% increase year-to-date, driven by demand for specialty metals, particularly in the aerospace and defense sectors [13] - The company may benefit from recent tariffs on steel, which could support price increases and margin expansion [14] - Analysts have a Moderate Buy rating for Carpenter, with a 12-month price forecast suggesting a 1.18% upside from the current price of $275.09 [12][14]

Core Insights - American Pacific Mining Corp. has reported significant drilling results from its Madison Project, demonstrating a structural and stratigraphic link between the historic Broadway and Madison mines, which could indicate a larger mineralized system at depth [1][4][7]. Drilling Results - The final six reverse circulation drill holes from Phase I 2025 revealed an upper zone in hole APMMAD25-08 with 44.1 g/t Au over 1.5 m within a broader interval averaging 10.2 g/t Au over 7.6 m [5][13]. - Additional significant results include 0.5% Cu over 27.4 m and 0.7 g/t Au over 16.8 m in hole APMMAD25-05, and notable pathfinder mineralization in APMMAD25-06 [5][6]. Geological Insights - The drilling results validate the geological model, confirming that the Broadway and Madison mines are part of a broader mineralized corridor, which was not identified in past exploration efforts [6][8]. - The presence of elevated bismuth tellurides and other pathfinder minerals supports the interpretation of a robust mineralizing system at depth, indicating potential for a deeper porphyry system [6][13]. Future Exploration Plans - The next phase of drilling is set to commence in the second half of 2025, utilizing data from Phase I to refine drill targets aimed at delineating a potentially substantial buried porphyry [4][13]. Historical Context - Historical mining at the Broadway mine yielded gold grades averaging 9.9 g/t Au for 144,000 ounces from 1870 to 1942, indicating a rich mining history that enhances the current exploration potential [8][20]. Economic Potential - Select drill holes testing historic material returned significant values, with APMMAD25-03 showing 0.7 g/t Au, 20.8 g/t Ag, and 0.3% Cu over 10.7 m, suggesting that previously considered waste material may provide future cash flow opportunities [14][20].

1. Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoint - Due to the continued extension of the mutual suspension of additional tariffs between China and the US, the increasing probability of a Fed rate cut in September, and disruptions in production or transportation at multiple overseas copper mines, combined with the traditional off - season suppressing downstream demand, the price of Shanghai copper is expected to fluctuate widely. It is recommended that investors wait and see, and pay attention to support and resistance levels for Shanghai copper, London copper, and US copper [5]. 3. Summary by Related Catalogs 3.1 Market Data Summary - On July 29, 2025, the closing price of the active contract of Shanghai copper futures was 78,840 yuan, down 160 yuan from the previous day; the trading volume was 65,404 lots, a decrease of 10,226 lots; the open interest was 173,744 lots, down 2,348 lots; the inventory was 18,083 tons, up 251 tons [2][3]. - The closing price of LME 3 - month copper futures (electronic session) on July 29, 2025, was 9,803 US dollars, up 40.5 US dollars from the previous day; the total registered and cancelled warehouse stock was 0 tons, a decrease of 127,625 tons [3]. 3.2 Company and Project News - In July 2025, Jiangxi Copper Group's first overseas wholly - owned factory, Jiangxi Copper (Zambia) Optoelectronics Co., Ltd.'s wire and cable project, was officially put into full production in the Zambia Mwaiseni Industrial Park. The first - phase investment is 11 million US dollars, with an annual production capacity of 40,000 kilometers of wire and cable and 10,000 tons of oxygen - free copper rods [3]. - Teck Resources has lowered the production forecast of Quebrada Blanca due to ore storage problems, and has suspended production at the mine for one month [3]. - Fuye Group plans to establish a subsidiary, Jiangxi Heming Environmental Protection Technology Co., Ltd., in Jiangxi Hengfeng Economic Development Zone to build a project with an annual production capacity of 180,000 tons of recycled electrolytic copper [3]. 3.3 Upstream Production News - Teck Resources has lowered the expected production of the Quebrada Blanca copper mine in 2025. Mermot's Red Chris copper mine in Canada has suspended operations due to an accident. Anglo Asian Mining's Demirl1 copper mine has started trial production, with an expected production of 4,000 tons of copper concentrate in 2025 and 15,000 tons in 2026 and later. Norilsk Nickel has lowered its 2025 copper production forecast from 353,000 - 373,000 tons to 343,000 - 355,000 tons [5]. 3.4 Macro - level News - The US Senate has passed a stablecoin - related bill, allowing pension funds and other institutions to invest in assets such as gold and digital currencies. Import tariffs have pushed up commodity prices, causing a slight increase in the US consumer - end CPE rate in June. The initial jobless claims were 217,000, lower than expected and the previous value. The probability of a Fed rate cut in August has increased due to political pressure [4][5].

Core Viewpoint - Koryx Copper Inc. has filed a final short form prospectus for a public offering of 16,563,200 common shares at C$1.05 per share, aiming for gross proceeds of C$17,391,360, with an over-allotment option exercised in full for additional proceeds of C$2,608,704 [1][2]. Group 1: Offering Details - The public offering consists of 16,563,200 common shares priced at C$1.05 each, totaling gross proceeds of C$17,391,360 [1]. - The underwriters, led by Stifel Canada, have the option to purchase an additional 2,484,480 shares, which has been fully exercised [1][2]. - The offering is subject to conditions, including the conditional approval from the TSX Venture Exchange, which has been granted [5]. Group 2: Company Overview - Koryx Copper Inc. is focused on advancing the Haib Copper Project in Namibia and holds two copper exploration licenses in Zambia [7]. - The Haib project is a significant copper/molybdenum porphyry deposit with a current mineral resource of 414 million tonnes at 0.35% copper in the Indicated category and 345 million tonnes at 0.33% copper in the Inferred category [8]. - The mineralization at Haib is characterized by chalcopyrite, with extensive historical exploration and technical studies conducted since the 1970s [9][10].