Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the reports. 2. Core View The reports present cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals on January 7, 2026, including copper, zinc, aluminum, nickel, lead, and tin, helping investors identify potential arbitrage opportunities. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On January 7, 2026, the domestic spot price was 103,600, the LME price was 13,375, and the ratio was 7.55. The spot import equilibrium ratio was 7.93, with a loss of 1,275.62; the spot export profit was 1,514.20. The March ratio was 7.77 [1]. - **Zinc**: The domestic spot price was 24,340, the LME price was 3,202, and the ratio was 7.60. The spot import equilibrium ratio was 8.34, with a loss of 2,367.48. The March ratio was 5.41 [1]. - **Aluminum**: The domestic spot price was 23,910, the LME price was 3,093, and the ratio was 7.73. The spot import equilibrium ratio was 8.33, with a loss of 1,869.78. The March ratio was 7.76 [1]. - **Nickel**: The domestic spot price was 141,150, the LME price was 17,370, and the ratio was 8.13. The spot import equilibrium ratio was 8.02, with a profit of 440.63 [1]. - **Lead**: The domestic spot price was 17,425, the LME price was 1,994, and the ratio was 8.70. The spot import equilibrium ratio was 8.59, with a profit of 225.30. The March ratio was 11.92 [3]. Cross - Period Arbitrage Tracking - **Copper**: On January 7, 2026, the spreads between the next - month, March, April, and May contracts and the spot - month contract were 4,130, 4,250, 4,230, and 4,180 respectively, while the theoretical spreads were 608, 1,114, 1,629, and 2,144 [4]. - **Zinc**: The spreads were 495, 545, 575, and 590, and the theoretical spreads were 222, 350, 478, and 606 [4]. - **Aluminum**: The spreads were 725, 785, 815, and 865, and the theoretical spreads were 229, 359, 489, and 619 [4]. - **Lead**: The spreads were 145, 170, 175, and 205, and the theoretical spreads were 212, 320, 428, and 536 [4]. - **Nickel**: The spreads were 6,050, 6,270, 6,550, and 6,880 [4]. - **Tin**: The 5 - 1 spread was 1,040, and the theoretical spread was 7,153 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 2,445 and 1,685 respectively, and the theoretical spreads were - 107 and 1,066 [4]. - **Zinc**: The spreads were - 540 and - 45, and the theoretical spreads were 101 and 242 [4]. - **Lead**: The spreads were - 50 and 95, and the theoretical spreads were 100 and 216 [5]. Cross - Variety Arbitrage Tracking - **Cross - Variety Ratios**: On January 7, 2026, the Shanghai (three - continuous) ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.33, 4.32, 6.01, 1.00, 1.39, and 0.72 respectively. The LME (three - continuous) ratios were 4.07, 4.23, 6.38, 0.96, 1.51, and 0.64 [5].

Core Viewpoint - A class action lawsuit has been filed against Freeport-McMoRan Inc. for allegedly making false and misleading statements regarding safety at the Grasberg Block Cave mine in Indonesia, which may have led to investor losses [3][6]. Allegation Details - The lawsuit claims that Freeport did not adequately ensure safety at the Grasberg Block Cave mine, creating a heightened risk of worker fatalities [3]. - It is alleged that the lack of proper safety precautions constituted undisclosed regulatory, litigation, and reputational risks [3]. - The defendants' statements about Freeport-McMoRan's business and operations were materially false and misleading, lacking a reasonable basis [3]. Next Steps - Investors who purchased Freeport shares between February 15, 2022, and September 24, 2025, and suffered losses are encouraged to contact the law firm for more information and to discuss their legal rights [4][6]. - The deadline for investors to apply to be appointed as lead plaintiff in the lawsuit is January 12, 2026 [6]. About the Law Firm - Bragar Eagel & Squire, P.C. is a nationally recognized law firm that represents individual and institutional investors in various types of litigation, including securities and commercial litigation [5]. - The firm operates nationwide and handles cases in both federal and state courts [5].

Core Viewpoint - Nova Minerals has downplayed reports of purchasing antimony from Pakistan for testing and processing in Alaska, despite a partnership for exploration being mentioned in the media [1][2][3] Group 1: Antimony Exploration and Partnership - Nova Minerals is reportedly in discussions with a Pakistani company to explore antimony, with plans to purchase over 100 tonnes of antimony concentrates for approximately $2 million in early 2026 [2] - The company clarified that the discussions are still in the "exploratory" phase and only "preliminary discussions" have taken place [3] Group 2: Market Reaction - Following the news of the potential partnership, shares of Nova Minerals increased by over 6%, raising its market capitalization to nearly $396 million [3] Group 3: Focus on Gold Assets - Nova's primary focus for the year is to complete a feasibility study for its gold assets in Alaska, particularly the Estelle project, which spans over 500 km² in the Tintina Gold Belt [4] - The Estelle project has identified up to 20 prospects, including four significant gold deposits, with a total resource of nearly 10 million ounces, making it one of the largest undeveloped gold projects globally [5] Group 4: Antimony Production Plans - Nova Minerals plans to initiate the production of military-grade antimony trisulfide, as the US has not produced antimony commercially since 2016 and relies on imports [7] - The US Department of War provided $43.4 million in funding to support Nova's antimony production plans under the Defense Production Act [7]

Core Viewpoint - Bunker Hill Mining Corp. has made significant foundational progress in 2025, focusing on advancing the Bunker Hill Mine towards production and free cash generation, with a strong emphasis on safety and operational readiness as it prepares for a mine restart in 2026 [2][10]. Group 1: 2025 Year in Review - The company achieved zero Lost Time Injuries (LTIs) for the third consecutive year, maintaining 100% compliance with environmental permits [6]. - Key milestones included the optimization of the mine restart plan, increased silver content, and collaboration with VRIFY for enhanced mineral discovery [3][4][6]. - Metallurgical test work indicated expected recoveries of 89% for silver, 87% for lead, and 92% for zinc [6]. Group 2: Financial Strengthening - Bunker Hill completed a refinancing package that reduced outstanding debt by approximately 39% and lowered the effective cost of capital from 11.85% to 5% [9]. - The company secured incremental funding of US$68 million to finance remaining project milestones, enhancing liquidity and positioning for initial production [9]. Group 3: 2026 Outlook - The company is focused on production, positive cash generation, and resource expansion, with an emphasis on increasing the silver content in the mine plan [10]. - Processing plant construction is 88% complete, with phased commissioning starting in January 2026, aiming for a mine restart in the first half of 2026 [12]. - The tailings filter press construction is 56% complete, also on track for the expected mine restart [12]. Group 4: Market Environment - Metal prices for silver, zinc, and lead have strengthened significantly compared to previous assumptions, which could positively impact project economics [14][15]. - The company’s exposure to silver and base metals, along with its brownfield restart profile, provides leverage to favorable commodity markets [16].

Group 1 - The analyst has over a decade of experience researching various companies across different sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1] - The analyst has transitioned from writing a personal blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries like consumer discretionary/staples, REITs, and utilities [1]

Core Insights - Demand for industrial metals is projected to continue increasing while supply remains constrained [1] Group 1 - The industrial metal market is experiencing a rising demand trend [1] - Supply limitations are expected to persist, impacting market dynamics [1]

Group 1 - The analyst has over a decade of experience researching various companies across different sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries like consumer discretionary/staples, REITs, and utilities [1]

Aluminum climbed above $3,000 a ton for the first time in more than three years on a tightening supply outlook and long-term demand bets, joining other base metals notching recent milestones. A cap on Chinese smelting capacity and constraints to European production due to higher electricity prices have chipped away at global inventories, while the demand outlook from the construction and renewable sectors remains robust. Futures rallied 17% last year, the most since 2021. Most Read from Bloomberg Coppe ...

Vancouver, British Columbia--(Newsfile Corp. - December 31, 2025) - Barksdale Resources Corp. (TSXV: BRO) (OTCQB: BRKCF) (FSE: 2NZ) ("Barksdale" or the "Company") announces that independent board member Jeffrey O'Neill has resigned from the Company's Board of Directors for personal reasons. Mr. O'Neill has been on the Barksdale board for nine years and is a business consultant based in Vancouver, British Columbia. He will remain with the Company as a strategic advisor. Barksdale Board Chairman Darren Blasu ...

London, Ontario--(Newsfile Corp. - December 31, 2025) - Abitibi Metals Corp. (CSE: AMQ) (OTCQB: AMQFF) (FSE: FW0) ("Abitibi" or the "Company") is pleased to provide the following year-end update and shareholder letter from Chief Executive Officer Jon Deluce, highlighting the Company's strategic positioning amid historically strong copper and gold markets, its increased ownership and accelerated development pathway at the high-grade B26 Copper-Gold Project in Quebec, and its broader exploration and growth p ...