American Tungsten & Antimony (ASX:AT4) has informed the market on Friday that it’s tapping Deutsche Bank to aid its journey onto the tech-heavy Nasdaq composite; in the same breath, it’s appointed a new CFO, Graeme Morissey.Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.Disclaimer: This content has been prepared as part of a partnership with AT4 Ltd and is intended for informational purposes only.Listin ...

Company Overview - Resouro Strategic Metals is a Canadian mineral exploration and development company focused on economic mineral projects in Brazil, including the Tiros Titanium-Rare Earths Project and the Novo Mundo Gold Project [6] - The Tiros project encompasses 28 mineral concessions covering a total area of 497 km² in Minas Gerais, Brazil, which is known for its strong infrastructure [6] Project Details - The Tiros Titanium-Rare Earths Project is a district-scale initiative located in Minas Gerais, Brazil [2] - The project aims to advance the exploration and development of titanium and rare earth elements [2] Conference Participation - Resouro will participate in the Vancouver Resource Investment Conference (VRIC) on January 25 and 26, 2026, at Booth 913 [1] - Director Anne Landry will be available to engage with shareholders, answer questions, and discuss strategic plans for 2026 [2] Industry Context - The VRIC is a significant event in the junior mining investment sector, attracting over 5,000 mining investors annually and featuring more than 300 investment opportunities [5] - The conference will include keynote sessions with 120 renowned speakers and networking opportunities with industry professionals [3]

Vancouver, British Columbia--(Newsfile Corp. - January 22, 2026) - Kutcho Copper Corp. (TSXV: KC) (OTCQX: KCCFF) ("Kutcho Copper" or the "Company") is pleased to provide a review of its feasibility stage, high-grade copper-zinc development project located in north-western British Columbia. Please also refer to the Company's updated investor presentation on the website at www.kutcho.ca/investors/.Vince Sorace, President & CEO of Kutcho Copper stated: "Kutcho Copper is uniquely positioned with a feasibility- ...

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Core Viewpoint - Silver prices have surged to nearly all-time highs due to geopolitical tensions and supply limitations, making it an attractive investment option for investors seeking security [2][3]. Silver Market Overview - On January 19, 2026, silver peaked at $94.08 per ounce, driven by investor demand amid trade tensions and geopolitical issues [2]. - The following day, silver reached a record high of $95.87 per ounce before closing at $94.38, marking a 32% increase in 2026 and a 147% increase in 2025 [3]. Investment Opportunities in Silver Stocks - A list of the 15 best-performing silver stocks was compiled based on a one-year performance criterion of over 20% returns [5]. - The methodology involved screening silver stocks using Finviz and analyzing hedge fund sentiment data from Insider Monkey [5][6]. Notable Silver Stocks - **Freeport-McMoRan Inc. (NYSE:FCX)**: - Achieved a 54.98% return over the past year, with a price target increase from $58 to $68 by JPMorgan [7][9]. - The company is involved in mining copper, gold, molybdenum, and silver [10]. - **Dolly Varden Silver Corporation (NYSE:DVS)**: - Recorded a 106.20% return over the past year and is involved in a merger with Contango Ore [11][12]. - The company has completed significant exploration programs, focusing on new prospects [13]. - **Wheaton Precious Metals Corp. (NYSE:WPM)**: - Achieved a 144.7% return over the past year, with price targets raised by RBC Capital and Jefferies [14][15]. - The company is recognized for its favorable valuation and anticipated growth in the precious metals sector [16][17].

Core Viewpoint - Teck Resources Limited reported its fourth-quarter and annual production and sales volumes for 2025, showing solid performance in copper and zinc production, while reaffirming its production guidance for the upcoming years [2][3]. Production and Sales Summary - In Q4 2025, Teck Resources sold 118,600 tons and produced 134,100 tons of copper, with annual copper production totaling 435,500 tons, aligning with the guidance of 415,000-465,000 tons [2]. - Zinc production in Q4 2025 was 108,600 tons, with sales reaching 157,200 tons, and annual production of zinc was 565,000 tons, meeting the company's expectations [2]. - Refined zinc production for Q4 2025 was 68,100 tons, while sales were 59,400 tons, with annual refined zinc production at the higher end of guidance at 230,000 tons [3]. Stock Performance - Teck Resources' shares have increased by 24.5% over the past year, in contrast to the industry's growth of 49% [4]. Industry Performance - Endeavour Silver Corp. reported a 143% increase in silver-equivalent production in Q4 2025, driven by the addition of the Kolpa operation [6]. - First Majestic Silver Corp. achieved a total production of 7.8 million silver-equivalent ounces in Q4 2025, marking a 37% year-over-year increase attributed to a 77% surge in silver production [7][8]. Zacks Rank and Comparisons - Teck Resources holds a Zacks Rank of 2 (Buy), while Agnico Eagle Mines has a Zacks Rank of 1 (Strong Buy) [9]. - The consensus estimate for Agnico Eagle Mines' 2025 earnings is $7.77 per share, indicating an 83.6% year-over-year growth, with shares having surged 107.6% in a year [10].

Core Insights - Freeport-McMoRan Inc. (FCX) reported a net income of $406 million or 28 cents per share for Q4 2025, marking a 48.2% increase from $274 million or 19 cents in the same quarter last year. Adjusted earnings per share were 47 cents, exceeding the Zacks Consensus Estimate of 28 cents [1][8] Financial Performance - Revenues decreased approximately 1.5% year over year to $5,633 million, surpassing the Zacks Consensus Estimate of $5,175.4 million. The decline in volumes was offset by a significant rise in copper and gold prices during the quarter [2][8] - Copper production fell around 38.5% year over year to 640 million pounds, while consolidated sales dropped approximately 28.5% year over year to 709 million pounds of copper, primarily due to reduced production in Indonesia. Gold sales were down 77.1% year over year, totaling 80,000 ounces, while molybdenum sales increased by 22.2% year over year to 22 million pounds [3][8] - The average realized copper price was $5.33 per pound, up 28.4% year over year, and the average realized price for gold rose 55.2% year over year to $4,078, both figures exceeding estimates [4][8] - Cash and cash equivalents at the end of the quarter were $3,824 million, down 2.5% year over year, while total debt increased by 4.8% year over year to $9,379 million. Cash flows from operations were approximately $693 million, down 51% year over year [5][8] Future Guidance - For the full year 2026, FCX projects consolidated sales volumes of around 3.4 billion pounds of copper, 0.8 million ounces of gold, and 90 million pounds of molybdenum. The first quarter is expected to include sales of 640 million pounds of copper, 60,000 ounces of gold, and 22 million pounds of molybdenum. The company is also on track to begin a phased restart of the Grasberg Block Cave underground mine in Q2 2026 [6] Stock Performance - FCX shares have increased by 57.4% over the past year, compared to the industry's growth of 70.8% [7]

Financial Data and Key Metrics Changes - Freeport-McMoRan reported an Adjusted EBITDA of nearly $10 billion for 2025, similar to 2024 levels, despite a 10% impact on annual copper volumes due to the Grasberg incident [7][14] - Consolidated unit net cash costs for the year were $1.65 per pound, within 3% of guidance, while fourth-quarter operating income was three and a half times that of the fourth quarter of 2024 [7][15] - The average copper price for 2025 was $4.51 per pound, with current prices approximately 30% higher than the 2025 average [10][11] Business Line Data and Key Metrics Changes - In the US, production increased by 5% compared to the fourth quarter of 2024, with a target of an 8% increase in volumes for 2026 [15][16] - South America’s copper sales totaled 1.1 billion pounds for 2025, with expectations for similar sales in 2026, and unit net cash costs averaged $257 per pound in the fourth quarter [16][17] - The Grasberg Block Cave is expected to resume operations in the second quarter of 2026, with a phased restart plan in place [18][19] Market Data and Key Metrics Changes - Copper prices traded between $3.87 and $5.68 per pound in 2025, driven by macroeconomic factors and demand from sectors like electrification and AI data centers [10][11] - Demand from China remained strong due to investments in the electrical grid and electric vehicle production, contributing to overall copper demand growth [12][13] - Analysts project a balanced copper market in 2026, with expectations for above-trend growth in demand driven by electrification and technology infrastructure [13][14] Company Strategy and Development Direction - Freeport-McMoRan's long-term strategy focuses on being a leader in copper production, with a commitment to operational execution and value creation [5][8] - The company aims to increase production through leaching initiatives, targeting a 40% increase in 2026, and is adopting new technologies to enhance operational performance [9][24] - The company is also focused on maintaining a strong balance sheet while investing in growth projects and returning cash to shareholders [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of copper, citing strong prices and a well-designed recovery plan following the Grasberg incident [5][6] - The company anticipates significant cash flow generation opportunities and is positioned to meet growing copper demand [6][10] - Management highlighted the importance of innovation and efficiency in driving down costs and increasing production [9][27] Other Important Information - Freeport-McMoRan has added over 17 billion pounds of copper reserves for the El Abra project, enhancing its long-term production capabilities [22][23] - The company is advancing its Bagdad expansion project and is focused on securing fixed pricing for major components [66][68] - The company has distributed $5.7 billion to shareholders through dividends and share purchases, maintaining a strong commitment to shareholder returns [34] Q&A Session Summary Question: Guidance for outer years considering leaching opportunities - Management included between $250 and $300 million in 2026 guidance for leaching, with potential to scale to 800 million pounds by 2028 not included in current guidance [37][38] Question: Unit cash costs in South America - Management forecasted net cash costs in South America to average around $258 per pound for 2026, similar to the fourth quarter of 2025, with increases attributed to labor and energy costs [41][42] Question: Plans to reduce US costs by 2027 - Management indicated that achieving the $250 per pound target by 2027 relies on scaling leach opportunities and improving efficiencies [45][46] Question: Production targets and tariffs - Management emphasized that production targets are based on low operating costs and not reliant on tariffs, focusing on delivering low-cost copper [50][56] Question: Timing for Bagdad project update - Management plans to provide a more precise update on the Bagdad project by mid-year after completing engineering work and securing fixed pricing [65][66] Question: Lessons learned from Grasberg incident - Management confirmed that mud removal is nearly complete for the restart of production blocks two and three, with a focus on infrastructure improvements [75][78]

Financial Data and Key Metrics Changes - Freeport-McMoRan reported a strong fourth quarter with adjusted EBITDA of nearly $10 billion for 2025, similar to 2024 levels, despite a 10% impact on annual copper volumes due to the Grasberg incident [6][12] - Consolidated unit net cash costs for the year were $1.65 per pound, within 3% of guidance, while copper sales and net unit cash costs were slightly better than adjusted guidance [6][12] Business Line Data and Key Metrics Changes - The U.S. business saw a 5% increase in production compared to the fourth quarter of the previous year, with operating income three and a half times higher than the fourth quarter of 2024 [13][14] - South America’s copper sales totaled $1.1 billion for 2025, with expectations for similar sales in 2026, while unit net cash costs averaged $257 per pound in the fourth quarter [15][16] Market Data and Key Metrics Changes - Copper prices on the LME averaged $4.51 per pound for 2025, with current prices approximately 30% higher than the 2025 average [9][10] - Demand for copper was driven by electrification and AI data centers, offsetting weaknesses in traditional sectors like residential construction and autos [10][11] Company Strategy and Development Direction - Freeport's long-term strategy remains focused on being a leader in copper production, with a commitment to executing operational initiatives and enhancing cash flow generation [5][7] - The company is targeting a 40% increase in production from leach initiatives in 2026, aiming for $800 million per annum in the future [8][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of copper, citing strong prices and a well-designed recovery plan following the Grasberg incident [4][5] - The company anticipates a tightly balanced copper market in 2026, with significant growth in demand expected due to investments in power grids and technology infrastructure [11][12] Other Important Information - Freeport's reserves at year-end 2025 included over 17 billion pounds of copper from the El Abra project, with ongoing regulatory processes for expansion [22][23] - The company is focused on innovation and automation to enhance operational performance and reduce costs, particularly in the U.S. business [8][28] Q&A Session Summary Question: Guidance for future years considering leaching opportunities - Management included $250 to $300 million in the 2026 outlook for leaching and did not include anything beyond that for expansion [34] Question: Unit cash costs in South America - Forecasted net cash costs in South America for 2026 are around $258 per pound, similar to the fourth quarter, with increases attributed to labor and energy costs [35] Question: Reducing U.S. costs by 2027 - The target to reduce costs to $250 per pound by 2027 assumes successful scaling of leach opportunities and driving efficiencies [36] Question: Copper imports and tariffs - Management indicated that leach initiatives could significantly reduce imports, but they are not relying on tariffs to support investments [38][42] Question: Timing for Bagdad project updates - The decision on the Bagdad project is expected mid-year after completing engineering work and obtaining fixed pricing [46][47] Question: Lessons learned from Grasberg incident - The company is on track with the Grasberg recovery plan, with mud removal nearly complete and infrastructure improvements ongoing [54][55]

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