Project Highlights - The Santa Cruz Copper Project has a low initial capital expenditure of $1.24 billion and low unit production costs of $1.32 per pound of copper[30] - The project anticipates a 23-year mine life with a 20,000 tonnes per day operation and conventional heap leach process achieving 92% copper recoveries[30] - During the first 15 years, the project expects to produce 72,000 tonnes of copper cathode per year with an average annual copper grade of 1.1%[30] - At the current COMEX copper price, the project boasts an after-tax Net Present Value (NPV) at an 8% discount rate of $1.9 billion and a 24% Internal Rate of Return (IRR)[30] Financial Metrics - At a copper price of $4.25 per pound, the after-tax NPV8% is $1.4 billion with a 20% IRR[30] - The project anticipates a life of mine revenue of $13.1 billion and after-tax free cash flow of $5.0 billion[31] - The capital intensity is projected at $17100 per tonne[31] Resources and Reserves - The project's probable reserves are estimated at 136 million tonnes with a total copper grade of 1.08%[45] - Indicated resources inclusive of mineral reserves for Santa Cruz and East Ridge contain 3.1 million tonnes of copper[62] - Inferred resources for Santa Cruz and East Ridge contain 0.6 million tonnes of copper[64] Operational Aspects - The surface infrastructure requires approximately 2,600 acres, which is 40% of the total land package[41] - The mine will access the top of mineral reserves at 310 meters beneath the surface via twin decline drifts measuring approximately 8 kilometers[50] - The study incorporates over 200 kilometers of longhole stoping and local drift-and-fill across 16 levels[50]

Key Highlights - MAC achieved a 67% increase in the Life of Mine (LOM) [27, 73] - The company saw a 64% increase in reserves [28, 74] - Mineral Resources increased by 42% [30, 60, 76] - Q1 2024 copper production reached 8,786 tonnes with C1 costs of US$2.15/lb [36, 82] - Approximately US$127 million of interest-bearing liabilities were repaid in Q1 [36, 82] Financial Position - The fully-diluted market capitalization stands at US$1,250 million [21] - Liquidity as of March 31, 2024, was approximately US$100 million [21, 36, 54, 82] - The company completed an ASX IPO with proceeds of A$325 million (US$214 million) [54] Production Guidance - Copper production guidance for 2024 is set between 38Kt and 43Kt, with expectations to exceed 50kt by 2026 [36, 71, 82] - The mine life, based on Mineral Reserves, now extends to the end of 2034 [70, 81] Operational Improvements - Tonnes milled per employee increased by 19% from Q1 2023 to Q1 2024 [42] - Development costs per meter decreased significantly from US$18,677 in Q1 2023 to US$15,478 in Q1 2024 [49]

Company Performance & Strategy - MAC aims to become a +50 ktpa copper producer by 2026[10] - The company has repaid approximately US$168 million in interest-bearing liabilities since acquiring CSA on June 16, 2023[58] - Q3 2024 copper production reached 10,159 tonnes at 4% Cu[58] - The company is on track to meet its full-year 2024 production guidance of 38-43 kt[58] - The company's strategy includes delivering operationally at CSA, executing on an organic growth plan for +50ktpa within two years, and continuing to de-lever and improve the balance sheet[97] Financial Highlights - The company's enterprise value is approximately US$1.3 billion[57] - Pro-Forma Liquidity is approximately US$226 million[58] - The company achieved a 50% Underlying EBITDA Margin in 1H24[58] - The company's Q3 2024 C1 Cash Costs were US$1.90/lb, a 6% decrease compared to Q2 2024[58] CSA Copper Mine - Current copper reserves base is +102% larger than 2015 despite c362kt Cu produced[85]

Company Overview - Canadian Critical Minerals Inc. (CCMI) is a mining company focused on copper production assets in Canada [2] - The main asset of CCMI is the Bull River Mine project, which contains 150 million lbs of copper, located near Cranbrook, British Columbia [2] - CCMI also holds a 10% interest in XXIX Metal Corp., which owns the Thierry copper project in Ontario and the Opemiska copper project in Quebec [2] Stock Option Grant - CCMI has granted 8,000,000 incentive stock options at an exercise price of $0.05 per share [1] - The stock options have an expiry date of three years from the date of issue and are granted to certain directors, officers, and employees of the company [1]

Hudbay Minerals Inc. (NYSE: HBM ) is one of the few mid-cap names in the copper space that has quite a few good signs. It has solid producing assets, improving margins, has some upside from both copper and gold and no existentialI’m a passionate investor and financial advisor with a focus on equity markets — especially growth and small-cap stocks. Backed by a finance degree and completing my Master’s in Investment Management, I combine hands-on portfolio experience with academic rigor. My strategy is rooted ...

Core Viewpoint - The approval of the Yulong Copper Mine Phase III expansion project by the Tibet Autonomous Region Development and Reform Commission marks a significant step in enhancing copper production capacity, increasing from 1,989,000 tons/year to 3,000,000 tons/year, aligning with national strategies for resource security and economic development [2][4]. Group 1: Project Developments - The Yulong Copper Mine's Phase III project has received approval, which will include the construction of a new 1,100,000 tons/year beneficiation plant and an increase in hydrometallurgical capacity from 300,000 tons/year to 1,000,000 tons/year [4][5]. - The project is estimated to require a total investment of 4.79 billion yuan [5]. - The Yulong Copper Mine is expected to produce between 180,000 to 200,000 tons of copper metal annually after the completion of the Phase III project [6]. Group 2: Supply Chain and Capacity - The Yulong Copper Mine, along with the ongoing construction of the Jilong Copper Mine Phase II, is set to create a combined short-term, medium-term, and long-term supply increase in copper resources [8]. - The Jilong Copper Mine Phase II is projected to reach a production capacity of 300,000 to 350,000 tons/year upon completion in late 2025 [8]. - The overall copper production capacity from the Yulong Copper Mine is expected to significantly increase, with the mine's production in 2024 estimated at 177,000 tons, of which 159,000 tons will come from Yulong [4][6]. Group 3: Industry Context and Players - The development of copper resources in Tibet is being accelerated, with major companies like Zijin Mining, Zangge Mining, Western Mining, and Hongda Co. Ltd. involved in the projects [2][11]. - Zijin Mining has increased its stake in Jilong Copper Mine to approximately 57% after acquiring control of Zangge Mining, enhancing its resource portfolio [12]. - The profitability of Jilong Copper and Yulong Copper is notable, with projected revenues and net profits for 2024 reaching 12.83 billion yuan and 6.26 billion yuan for Jilong, and 10.62 billion yuan and 5.41 billion yuan for Yulong, respectively [14].

Summary of Ivanhoe Electric's Santa Cruz Copper Project Update Company Overview - **Company**: Ivanhoe Electric (IE) - **Project**: Santa Cruz Copper Project - **Location**: Arizona, USA - **Date of Call**: June 23, 2025 Industry Context - The copper mining industry is facing challenges related to supply chain security and national resource independence in the United States - The project aims to address the shortage of modern copper smelters in the U.S. and produce refined copper on-site with minimal environmental impact [4][6][7] Key Points and Arguments 1. **Project Timeline and Development**: - The Santa Cruz project has been in development for approximately 8-9 years and is expected to take about 12-15 years to reach full production [5][20] - The project is designed to produce copper cathode on-site using heap leach technology, which minimizes environmental impacts compared to traditional smelting [7][30] 2. **Economic Viability**: - At a copper price of $4.83 per pound, the project has an after-tax net present value (NPV) of $1.9 billion and an internal rate of return (IRR) of 24% [20] - The project is projected to generate $5 billion in life-of-mine after-tax free cash flow with a payback period of approximately 4.5 years at a $4.25 copper price [21] 3. **Production Capacity**: - The project aims for an average mining rate of 20,000 tons per day and expects to achieve 92% copper recoveries [20] - Average annual copper cathode production during the first 15 years is estimated at 72,000 tons [21] 4. **Resource Estimates**: - The project has defined 136 million tons of probable reserves with an average grade of 1.08% total copper [26] - Significant additional mineral resources exist, indicating potential for future expansion [38] 5. **Infrastructure and Location**: - The project benefits from excellent access to existing infrastructure, including proximity to major highways, rail, and power lines [24] - The location in Arizona provides access to a skilled workforce and a historical context of mining [25] 6. **Environmental Considerations**: - The project is designed to have a small surface footprint and includes plans for an integrated solar and battery storage facility to supply 70% of the mine's electricity demand [25] 7. **Permitting and Regulatory Support**: - The company is actively working on obtaining necessary permits, with strong relationships established with local and state authorities [36] - A letter of support has been received from the U.S. Export-Import Bank, indicating governmental backing for the project [11][43] 8. **Financing Strategy**: - The company is in discussions with various financing institutions and has received a letter of interest for up to $825 million in project debt [43] - The financing strategy includes a combination of structured debt and potential strategic partnerships [44] Additional Important Information - The project is positioned as a critical contributor to U.S. copper supply, addressing both domestic demand and national security concerns [9][10] - The management team has extensive experience in mining finance and operations, enhancing the project's credibility [45] - The company is also pursuing other critical metals exploration projects, indicating a diversified approach to resource development [48] This summary encapsulates the key aspects of Ivanhoe Electric's Santa Cruz Copper Project as discussed in the conference call, highlighting its economic potential, strategic importance, and operational plans.

Core Insights - Ivanhoe Electric has completed a Preliminary Feasibility Study for the Santa Cruz Copper Project, indicating strong economic viability with an after-tax net present value of $1.9 billion and an internal rate of return of 24% at current copper prices [1][6][10] Group 1: Project Overview - The Santa Cruz Copper Project is located in Arizona, a state with a rich mining history, and is expected to become a major domestic producer of refined copper [1][3] - The project is designed as a high-quality underground mining operation utilizing a heap leach process, projected to produce 1.4 million tonnes of copper cathode over a 23-year mine life [1][6] - Initial capital expenditures are estimated at $1.24 billion, with first quartile unit cash costs of $1.32 per pound of copper [1][9][10] Group 2: Economic Metrics - The study indicates probable mineral reserves of 136 million tonnes at a grade of 1.08% copper, totaling 1.5 million tonnes of contained copper [6][26] - Average annual production is projected at 72,000 tonnes of copper cathode during the first 15 years of mining [9][16] - At a current COMEX copper price of $4.83 per pound, the project shows a robust after-tax net present value of $1.9 billion [11][12] Group 3: Financing and Development - Project financing efforts are already underway, with potential support from U.S. government agencies and commercial lending institutions [2][41] - A Letter of Interest from the Export-Import Bank of the United States outlines potential debt financing of up to $825 million [2] - Initial construction is targeted for the first half of 2026, with first copper cathode production expected in 2028 [1][44] Group 4: Technological and Operational Aspects - The project will utilize modern mining technologies, including tele-remote-operated electric fleets and advanced grade control technologies [30][31] - The heap leach process is designed to achieve high copper recoveries of 92.2% over the life of the mine [9][36] - The project is expected to create high-paying jobs in Arizona and contribute significantly to domestic copper production [5][30] Group 5: Environmental and Regulatory Considerations - The project is located on 100%-owned private land, which facilitates a streamlined permitting process [21][41] - Permits required for construction activities are in preparation or have been submitted, with several already obtained for exploration [42][44] - The project aims to produce pure copper cathode for immediate sale to American industry, minimizing environmental impact by avoiding traditional smelting processes [5][10]

As filed with the Securities and Exchange Commission on June 23, 2025. Registration No. 333-287864 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ Amendment No. 3 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________ AURA MINERALS INC. (Exact Name of Registrant as Specified in Its Charter) ___________________________________ British Virgin Islands 1000 N/A (State or other jurisdiction of incorporati ...

【宏观因素影响下铜市场现状及投资策略分析】政策刺激下，中国5月消费成亮点，但出口增速放缓， 制造业投资增速回落，房地产市场降温，内生动能待提振。美联储6月议息会议维持利率不变，点阵图 预计年内降息50bp，内部表态偏鹰派。官员下调今明两年GDP增长预期等，美国"滞胀"风险犹存。美联 储理事沃勒预计关税不显著推高通胀，最早7月可降息。中东局势不明，原油价高，增加成本与通胀预 期。 原料端，铜矿现货加工费微提至-43.7美元/吨，维持低位，铜矿偏紧。国内铜矿港口库存从81.2万 吨降至71.2万吨。 冶炼端，用现货铜矿的冶炼厂亏损近2920元/吨，用长协铜矿的盈利从40元提至60元/ 吨。中国冶炼厂与Antofagasta第二轮谈判本周开启，Antofagasta坚持-15美元报价，中方未明确接受，下 周将进行第三轮谈判。 需求端，5月消费淡季叠加铜价高，国内铜材开工率小降。持仓方面，市场参与 度下滑，沪铜持仓降但仍处高位，近月持仓虚实比低，短期挤仓风险降。 库存方面，国内铜社会库存 小降，美铜库存升，伦铜库存降，全球铜显性库存小降。因伦铜库存持续降，现货升水拉升，挤仓风险 发酵。 投资观点认为，近期宏观情绪反复 ...