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].

Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or a ...

VANCOUVER, Canada, July 29, 2025 (GLOBE NEWSWIRE) -- Oroco Resource Corp. (TSX-V: OCO; OTC: ORRCF) ("Oroco" or the "Company") is pleased to announce that the terms of the Company's engagement of Whittle Consulting Ltd. ("Whittle") have received the approval of the TSX Venture Exchange. As announced on July 2, 2025, Whittle will undertake to provide a Strategic Option Study (the "Study") for the Company that is intended to optimize the mine plan and guide the pre-feasibility work for the Company's Santo Toma ...

Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1.2 billion for FY 2025, with underlying EBITDA of $528 million and a reduction in net debt of $273 million throughout the year, including $120 million in Q4 alone [10] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [3][4] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [4][5] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [5] - Preliminary estimates for unit costs at Matza and Matteo were $78 per ton and $40 per ton respectively for FY 2025, which were in line with previous guidance [7][8] Company Strategy and Development Direction - The company is focused on maintaining production levels and improving operational resilience, particularly in light of past challenges such as extreme weather events [9][66] - There is an emphasis on building a strong customer base and enhancing the brand of Matteo concentrate while navigating current market dynamics [81][85] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in FY 2025, including record rainfall and power outages, but expressed pride in the team's ability to deliver results [3][10] - The company is optimistic about FY 2026, expecting continued growth in production and maintaining a strong balance sheet [10][66] Other Important Information - The company has implemented measures to enhance safety and operational efficiency, including a focus on diversity and inclusion within the workplace [3] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [9] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management confirmed strong cash flow performance, aided by significant sales and the sale of the Old Highway project [12][13] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [20][22] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was 4.3%, with expectations of a decrease to 3.5% in FY 2026 [29][30] Question: Resilience planning for weather and power issues - Management detailed extensive planning and improvements made to drainage and water storage to mitigate future weather-related risks [62][64] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits amidst current market dynamics [78][82]

Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1,200 million for FY 2025, with an underlying EBITDA of $528 million and a reduction in net debt of $273 million, including $120 million in Q4 alone [9] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [2][3] - Unit costs at Matza and Matteo were estimated at $78 per ton and $40 per ton respectively for FY 2025, which compared well with previous guidance [5][6] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [3][4] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [3][4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [4] - The strength in the euro to U.S. dollar exchange rate has started to impact costs at Matza, with expectations of further upward pressure if the exchange rate remains strong [5] Company Strategy and Development Direction - The company is focused on building resilience in operations and generating cash while navigating challenges such as record rainfall and power outages [2][8] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [8] - The company is also enhancing its exploration efforts in the Iberian pyrite and Kalahari copper belt to leverage its operational presence [8] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's ability to deliver results despite significant challenges, emphasizing a commitment to safety and operational excellence [2][9] - The company is optimistic about achieving a robust year in FY 2026, with production guidance reflecting a focus on controllable factors and lower inflation rates compared to the industry [4][5] Other Important Information - The company has implemented a flood recovery program and increased low-grade material feed, which contributed to a $1 per ton increase in unit costs at Matteo [6] - The management highlighted the importance of maintaining a clean concentrate shed and maximizing cash flow through effective inventory management [17][18] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management noted strong cash flow performance, with significant tonnages sold into favorable markets contributing to cash flow [12][14] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [19][20] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was reported at 4.3%, with expectations of a decrease to 3.5% in FY 2026 [26][28] Question: Resilience planning for weather and power issues - Management discussed extensive planning and improvements made to drainage and water storage to mitigate risks from potential future weather events [60][61] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits from current industry dynamics [73][78]

29 July 2025 | 12:32AM SGT Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC Base Metals Comment: Copper: Minerals Diplomacy Implies Downside Risk To S232 Tariff Pricing Eoin Dinsmore +65-6889-2401 | eoin.dinsmore@gs.com Goldman Sachs (Singapore) Pte Aurelia Waltham +44(20)7051-2547 | aurelia.waltham@gs.com Goldman Sachs International Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Alec Phillips +1(202)637-3746 | alec.phillips@gs.com Goldman Sachs & Co ...

Toronto, Ontario--(Newsfile Corp. - July 28, 2025) - US Copper Corp (TSXV: USCU) (OTCQB: USCUF) (FSE: C730) ("US Copper" or the "Company") is pleased to announce that it has completed a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $1,165,000. The Private Placement involved the issuance of 11,650,000 units ("Units") at a price of $0.10 per Unit. Each Unit consists of one common share in the capital stock of the Company (a "Common Share") and one warrant. Each whol ...