Economic Overview - The UK unemployment rate has risen to 5.2%, the highest level in nearly five years, indicating a potential upward trend in joblessness [14] - Average weekly earnings growth has decreased to 4.2%, down from 4.6% in November, which is below market expectations [14] - The jobs market is showing signs of distress, with private sector wages not keeping pace with inflation for the first time in two and a half years [1][2] Labor Market Insights - The single month jobless rate is currently at 5.4%, with expectations that it could climb higher as redundancies are anticipated [2] - The number of payrolled employees fell by 11,000 month-to-month in January, following a drop of 6,000 in December, which was better than the consensus forecast of a 20,000 decline [15] - Youth unemployment has reached a new high of 16.1%, highlighting ongoing challenges in the labor market [3] Company Performance - Antofagasta reported a 53% increase in pre-tax profits, with earnings per share more than doubling, driven by higher copper prices and disciplined cost control [3] - The final dividend declared by Antofagasta was 48 cents, lower than the consensus estimate of 56.5 cents, while revenue of $8.6 billion was in line with forecasts [4] - InterContinental Hotels announced a 10% increase in its dividend and a $950 million share buyback following a year of record hotel openings [9] Market Reactions - The FTSE 100 opened higher, gaining 39 points, with companies previously affected by the 'AI scare trade' leading the way [7] - Miners, including Antofagasta and Fresnillo, were among the main fallers as copper and precious metals prices declined [8] - The pound has weakened by 0.5% against the dollar, influenced by rising unemployment and softer wage growth, which have increased the likelihood of a Bank of England rate cut [12]

For personal use only ASX: HCH TSXV: HCH OTCQX: HHLKF www.hotchili.net.au Costa Fuego Copper -Gold Project Exciting New Porphyry Discovery, Top Global Copper Development & Strategic Water Assets February 2026 1 Disclaimers This presentation has been prepared by management of Hot Chili Limited ("Hot Chili" or the "Company") and does not represent a recommendation to buy or sell securities of the Company. Investors should always consult their investment advisors prior to making any investment decisions. This ...

Core Insights - The merger between REalloys and Blackboxstocks Inc. aims to establish North America's first industrial-scale heavy rare-earth processing and metallization platform, crucial for the U.S. defense supply chain [7][8][15] - REalloys has secured long-term agreements to access significant heavy rare earth outputs, positioning itself to meet the growing demand for defense and high-performance applications while avoiding reliance on Chinese sources [2][5][10] Group 1: Supply Chain and Production - SRC has secured feedstock for five years, with plans to further lock down upstream supply as commercial operations scale [1] - REalloys is set to secure 80% of SRC's expanded annual production, projected to include approximately 45 tonnes of dysprosium and terbium oxide, and 400-600 tonnes of high-purity NdPr metal by early 2027 [2] - The industrial core of this effort is REalloys' metallization facility in Euclid, Ohio, which will process rare-earth oxides into finished metals and alloys domestically [3] Group 2: Strategic Partnerships and Initiatives - REalloys has formed alliances with various companies to secure rare-earth feedstock from projects in Brazil, Greenland, and Kazakhstan, enhancing its supply chain diversity [9][10][11][12] - The U.S. Export-Import Bank has launched a $10 billion critical minerals initiative, with REalloys already securing a letter of interest for up to $200 million, indicating strong governmental support for domestic supply chains [5] Group 3: Defense and Industrial Applications - The production of rare-earth metals and alloys is critical for U.S. defense systems, underpinning various technologies such as magnets, motors, and guidance systems [6] - Retired General Jack Keane's appointment to the REalloys board highlights the strategic importance of rare-earth metallization in U.S. defense planning [8][15] Group 4: Market Context and Competitors - MP Materials Corp. is a key player in the North American rare earth market, focusing on vertical integration and securing long-term agreements to support its operations [16][17][18] - Other companies like Albemarle Corporation and Freeport-McMoRan are also positioning themselves strategically within the critical minerals space, emphasizing the importance of supply chain resilience and diversification [19][22][27]

Core Insights - The bioleaching market is experiencing significant growth, with a projected increase from $10.14 billion in 2024 to $21.37 billion by 2033, driven by rising demand for copper and critical minerals [7] - Major companies, including Rio Tinto and BiotaTec, are investing in bioleaching technologies to enhance copper extraction from low-grade ores and industrial waste [4][19] - Despite the potential, the adoption of bioleaching is slow due to high initial capital costs and a focus on low-grade ores, which limits its commercial viability [6][12] Bioleaching Techniques - Heterotrophic bioleaching utilizes microorganisms that metabolize sugars to extract copper from non-sulphidic materials like oxide ores [1] - Chemolithoautotrophic microorganisms oxidize iron and sulphur to produce soluble copper ions from copper ores [2][3] - Two primary methods of bioleaching are heap leaching, which is cost-effective but slower, and vat leaching, which offers higher recovery rates but at a higher cost [9][10] Market Dynamics - The copper bioleaching market holds over 47.8% of the total bioleaching market revenue share, indicating its dominance [4] - Countries like Chile are leading in bioleaching commercialization, using it to extend the operational life of mines by making lower-grade ores profitable [14] - In contrast, European markets show sluggishness in adopting bioleaching technologies, despite interest from mining operators [15] Commercialization Challenges - Many bioleaching companies face difficulties in reaching commercial feasibility, with some projects getting stuck at the corporate level due to lack of financing [16][17] - The economic viability of bioleaching is closely tied to the concentration of metals in the ores being processed [13] - BacTech and other companies are exploring downstream opportunities and diversifying their operations to include other metals and waste materials [17][20] Versatility and Future Prospects - The versatility of bioleaching is crucial for its success, with applications expanding beyond copper to include rare earth elements and industrial waste [20][22] - Bioleaching can also provide solutions for tailings management, contributing to decarbonization and additional revenue streams [24][27] - Companies like ekolive are focusing on agricultural applications of bioleaching, finding commercial success in producing biofertilizers [28]

Core Insights - The U.S. is stockpiling copper, with 590,000 short tons in storage, the highest level in over 30 years, as a strategic response to trade tensions rather than increased mining activity [1] - Copper inventories have surged nearly 300% in the past year, surpassing the combined stocks of the LME and Shanghai exchanges, indicating a significant shift in market dynamics [2] - Traders are preemptively moving copper into the U.S. to avoid impending tariffs of 15%–25% on refined copper, leading to a local surplus while global supplies tighten [3] Market Dynamics - The current copper stockpile may be misleading, as it exists in a structurally tight market, and once tariff uncertainties are resolved, a significant amount of this inventory could be released, potentially causing a price dip [4] - Chamath Palihapitiya views copper as a critical trade for 2026, predicting that AI demand could require 50,000 tons per data center, while supply will take over 20 years to scale, suggesting a long-term structural shortage [5] - The anticipated demand surge driven by AI and electrification could lead to a significant imbalance in the copper market, with the current inventory being a temporary phenomenon [7] Investment Implications - Short-term, the U.S. faces a copper glut due to tariff fears, while long-term projections indicate a potential famine in supply driven by technological advancements [7] - Investors are advised to consider copper and copper-miner ETFs as a means to capitalize on these market trends without holding physical metal [5]

Group 1 - Codelco has removed three senior executives linked to the El Teniente division following an internal audit that revealed serious breaches of duty related to a prior accident [1][2] - The internal audit was initiated after a rock explosion in July 2023, which highlighted inconsistencies in the company's reports to the mining regulator Sernageomin [2][5] - The executives removed include Chief Operations Officer Mauricio Barraza, El Teniente head Claudio Sougarret, and projects manager Rodrigo Andrades, indicating significant leadership changes at the company [2][3] Group 2 - Codelco's board has identified governance weaknesses at El Teniente and approved a "radical" reorganization to enhance senior executive involvement in daily operations [5] - The company plans to implement unalterable digital signatures on technical reports to improve accountability, although it did not confirm if previous executives had altered signatures [5][6] - Codelco will provide information to Chile's public prosecutor's office and initiate further internal audits as part of its response to the findings [6] Group 3 - The collapse at El Teniente occurred during an expansion project aimed at increasing output, which has now been complicated by ongoing production challenges [7] - Sougarret indicated that production at El Teniente, once Codelco's most productive mine, is expected to remain depressed for the next five years, with an estimated output of around 301,000 metric tons of copper per year during this period [7]

Core Viewpoint - Carolina Rush Corporation has announced the reappointment of Dr. Laurie Curtis to its Board of Directors, which is seen as a strategic move to enhance the company's exploration efforts in the Brewer Gold-Copper Project [1][2]. Company Overview - Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) is focused on exploring the Carolina Terrane in the southeastern USA, with its flagship Brewer Gold-Copper Project located on a 397-hectare site in Chesterfield County, South Carolina [5]. - The company has also secured exclusive mineral exploration lease and purchase option agreements for the New Sawyer Gold Mine Property (246.6 hectares) and the Sawyer Gold Mine Property (54.6 hectares) in Randolph County, North Carolina [5]. Leadership and Expertise - Dr. Laurie Curtis brings over 40 years of experience in global exploration and development across various commodities, including gold and copper, and has held significant leadership roles in major mining companies [2][3]. - His previous positions include President and CEO of Intrepid Mines Ltd., where he led substantial exploration and corporate growth initiatives [2]. - Dr. Curtis has also served on the Board of Directors of Carolina Rush and currently acts as a Strategic Advisor, enhancing the company's technical depth and governance [4]. Strategic Importance - The return of Dr. Curtis is viewed as timely and strategic, as his expertise will be crucial in assessing the Brewer project's potential and guiding its disciplined advancement [2][4]. - The company believes that Dr. Curtis's extensive experience in exploration strategy and capital markets will significantly contribute to its long-term growth and value creation objectives [4].

Core Insights - The price of copper is approaching record highs, driven by supply and demand fundamentals, particularly in applications like power grids, electrification, and AI infrastructure [1] - Projections indicate potential copper shortfalls of 7 to 10 million metric tons by 2040, raising concerns about supply disruptions [1] - Investment opportunities in the copper mining sector are expected to grow significantly over the next decade due to increasing demand and supply constraints [1] Supply and Demand Dynamics - Copper's critical role in various applications, including AI infrastructure, is a major factor in its rising demand [1] - The ongoing supply disruptions contribute to a pessimistic outlook on future copper stockpiles, despite high demand [1] - The combination of persistent demand and projected supply deficits creates potential investment opportunities in the copper mining sector [1] Investment Opportunities - Sprott offers investment avenues through ETFs, such as the Sprott Copper Miners ETF (COPP), which provides exposure to both physical copper and mining companies [1] - The Sprott Junior Copper Miners ETF (COPJ) focuses on smaller copper miners, which may present strong long-term growth potential given the sustained demand for copper [1]

Core Viewpoint - Infinitum Copper Corp. has amended its proposed share consolidation ratio from ten pre-consolidation shares for one post-consolidation share to eight pre-consolidation shares for one post-consolidation share, pending acceptance by the TSX Venture Exchange [1][2]. Company Overview - Infinitum Copper Corp. is a Canadian junior exploration company focused on advancing near-term copper projects in the Americas, aiming for disciplined growth through the discovery, acquisition, and responsible development of scalable copper assets to create long-term shareholder value [5].

Core Viewpoint - Aftermath Silver has initiated a Pre-Feasibility Study (PFS) for its Berenguela silver-copper-manganese project in Peru, marking a significant step towards potential production [1] Group 1: Project Development - The initiation of the PFS follows a successful C$20 million equity financing and an extensive 82-hole infill drilling program completed in 2025 [1] - The drilling campaign intersected mineralization in 95% of the holes, significantly increasing geological confidence in the project [1] - The updated Mineral Resource Estimate confirmed approximately 122.5 million ounces of silver and 717.1 million pounds of copper, enhancing the understanding of the deposit [1] Group 2: Future Plans - The PFS will build on the improved geological model and is expected to outline updated project economics, mine planning parameters, and development scenarios [1] - While advancing the PFS, the company plans to maintain exploration momentum across its portfolio, including drilling at the Challacollo silver project in Chile [1] - The initiation of the PFS is seen as a pivotal step in transforming Berenguela from an advanced exploration asset into a potential future mining operation [1]