Financial Data and Key Metrics Changes - Hudbay achieved record annual revenues exceeding $2 billion, record adjusted EBITDA over $1 billion, and record free cash flow generation of more than $380 million in 2025 [5][6] - Fourth quarter revenues reached $733 million with adjusted EBITDA of $386 million, reflecting strong gross margins due to higher metal prices and business interruption insurance proceeds [7][8] - Net earnings for the fourth quarter were $128 million, or 32 cents per share, with adjusted earnings of 22 cents per share after accounting for insurance proceeds [8][10] Business Line Data and Key Metrics Changes - Copper production guidance was met for the eleventh consecutive year, with 33,000 tons produced in the fourth quarter, while gold production guidance was achieved for the fifth consecutive year with 84,000 ounces produced [5][31] - In Peru, operations produced 25,000 tons of copper and 33,000 ounces of gold in the fourth quarter, with significant increases in production compared to the third quarter [12][13] - Manitoba operations produced 47,000 ounces of gold, 3,000 tons of copper, and 6,000 tons of zinc in the fourth quarter, despite challenges from wildfires and power outages [17][19] Market Data and Key Metrics Changes - The company reported a significant increase in cash flow before changes in non-cash working capital to $337 million in the fourth quarter, reflecting higher sales volumes and metal prices [9] - Total liquidity at the end of the quarter was $994 million, including $569 million in cash and cash equivalents, with a net debt to EBITDA ratio improving to 0.4 times [10][11] Company Strategy and Development Direction - Hudbay secured a joint venture with Mitsubishi for the Copper World project, enhancing financial strength and reducing future equity contributions [6][28] - The company plans to sanction the Copper World project in 2026 and invest in high-return brownfield and greenfield opportunities to drive production growth [30][45] - A new quarterly dividend of $0.01 per share was introduced, marking a 100% increase over the previous semi-annual dividend [28][29] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the diversified operating platform, achieving production guidance despite challenges such as wildfires and social unrest [5][6] - The outlook for 2026 includes a projected 5% increase in consolidated copper production and a 9% decrease in gold production due to the depletion of Pampacancha [31][32] - The company expects to maintain strong financial discipline and continue reducing total debt while exploring capital redeployment opportunities [30][34] Other Important Information - The company is advancing the installation of pebble crushers in Peru to enhance mill throughput starting in the second half of 2026 [16] - Hudbay's operations in British Columbia are focused on ramping up mining activities and implementing standardized practices to improve efficiency [19][20] Q&A Session Summary Question: Capital allocation framework in volatile markets - Management emphasized the importance of the new capital allocation framework to balance growth opportunities and returns, especially in the current volatile market [51][52] Question: SAG rehabilitation work in British Columbia - Management provided details on the planned replacement of the SAG mill feed head, indicating a project period of several weeks with expected stabilization of operations [55][56] Question: Production guidance and technical report for Manitoba - Management clarified that the updated three-year production guidance would not include new drilling and that a technical report for Manitoba is not yet determined [62][63]

Financial Data and Key Metrics Changes - Hudbay achieved record annual revenues exceeding $2 billion, record adjusted EBITDA over $1 billion, and record free cash flow generation of more than $380 million in 2025 [4] - Fourth quarter revenues reached $733 million, with adjusted EBITDA of $386 million, and net earnings of $128 million, or 32 cents per share [6][8] - Consolidated cash costs were -63 cents per pound, and sustaining cash costs were 94 cents per pound, showing significant improvement compared to the previous quarter [8][10] Business Line Data and Key Metrics Changes - Copper production guidance was met for the eleventh consecutive year, while gold production guidance was achieved for the fifth consecutive year [4][31] - In the fourth quarter, Hudbay produced 33,000 tons of copper and 84,000 ounces of gold, with Peru operations showing strong performance [6][12] - Manitoba operations produced 47,000 ounces of gold, 3,000 tons of copper, and 6,000 tons of zinc in the fourth quarter, despite challenges [17] Market Data and Key Metrics Changes - Revenue from gold represented 41% of total revenues in the fourth quarter, indicating a growing contribution from gold sales [9] - The company reported a total liquidity of $994 million at the end of the quarter, including $569 million in cash and cash equivalents [10] Company Strategy and Development Direction - The company secured a joint venture with Mitsubishi for the Copper World project, enhancing financial strength and reducing future equity contributions [5] - Hudbay plans to invest in high-return brownfield and greenfield projects, with a focus on operational excellence and capital allocation [29][30] - The introduction of a quarterly dividend of $0.01 per share marks the first dividend increase in the company's history [27] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the diversified operating platform, achieving strong financial performance despite challenges like wildfires and social unrest [4][5] - The company expects copper production to increase by 5% in 2026, while gold production is anticipated to decrease by 9% due to the depletion of Pampacancha [31][32] - Management expressed confidence in maintaining industry-leading cost performance and generating substantial free cash flow [29][34] Other Important Information - The company has reduced long-term debt by $185 million since the end of 2024, achieving a net debt to EBITDA ratio of 0.4 times [10] - Hudbay's capital expenditures for 2026 are expected to include $435 million in sustaining capital and $140 million in growth capital [36][37] Q&A Session Summary Question: How will the capital allocation framework adapt to current market conditions? - Management emphasized the importance of a holistic approach to capital allocation, balancing growth opportunities with shareholder returns [52][54] Question: What is the expected downtime for SAG rehabilitation work in British Columbia? - Management indicated that planned replacement work is expected to take about a month, with operations stabilizing progressively during that period [56][58] Question: Will the updated three-year production guide for Manitoba include new drilling? - Management clarified that a new technical report for Manitoba has not been decided yet, but ongoing drilling is expected to yield positive results [63][70] Question: What is the status of the Maria Reina and Caballito permits in Peru? - Management noted that the permitting process is likely delayed due to the current political environment in Peru, with confidence in obtaining the permits post-elections [79]

Core Insights - The tech sector, which has led the U.S. stock market for the past three years, is experiencing a downturn in 2026, with technology stocks down 3% year-to-date [1] - A significant sector rotation is occurring, with energy, materials, and industrials outperforming technology stocks [1] Sector Performance - Energy stocks are up 21.5% this year, driven by geopolitical factors such as U.S. foreign policy and tensions with Iran, which have positively impacted crude oil prices [7][5] - Materials stocks have increased by 17.6%, benefiting from a rebound in commodity prices and strong demand for metals related to AI infrastructure development [7][8] - Industrial stocks have risen by 12.3%, as companies like Caterpillar and Deere are seen as essential regardless of the AI race outcome [7][3] Investor Sentiment - There is a growing sense of AI fatigue among investors, particularly regarding the "Magnificent Seven" stocks, which are down 8.8% in 2026 [2] - Investors are shifting focus towards industrial and energy sectors, anticipating continued demand for essential equipment and resources [3][4]

Q4 2025 Results Presentation February 20, 2026 Cautionary Information This presentation contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. All information contained in this presentation, other than statements of current and historical fact, is forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "guidance", "scheduled", "estimates", "for ...

Core Insights - Rio2 Limited is participating in BMO's 35th Global Metals, Mining, and Critical Minerals Conference to discuss growth plans for the Fenix Gold Mine and the newly acquired Condestable Mine [1] - The presentation at the BMO Conference is scheduled for February 25, 2026, at 9:00 AM [1] - Rio2 will also participate in PDAC, with a presentation by Andrew Cox on March 2 at 10:10 AM [2] Company Overview - Rio2 Limited is a diversified producer of precious metals and copper, focusing on building and operating mines [3] - The company is currently producing gold at the Fenix Gold heap leach mine in Chile and copper/gold/silver at the Condestable underground mine in Peru [3] - Rio2 emphasizes high environmental standards and responsible development, aiming to exceed regulatory requirements [3]

Core Viewpoint - Barksdale Resources Corp. has successfully closed a private placement, raising approximately CAD 5 million to fund its ongoing projects and corporate expenses [1][2]. Group 1: Private Placement Details - The company closed a private placement of 55,545,744 units at a price of CAD 0.09 per unit, resulting in gross proceeds of CAD 4,999,117 [1]. - Each unit consists of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at an exercise price of CAD 0.15 until February 19, 2028 [1][3]. - The offering is subject to a statutory hold period expiring on June 20, 2026, and requires final acceptance from the TSX Venture Exchange [4]. Group 2: Use of Proceeds - The funds raised will support the Phase II drill campaign at the Sunnyside project, cover the Phase II earn-in payment to Great Basin Metals Inc., and finance ongoing corporate expenses and geochemical/geophysical projects under review for the Sunnyside and San Javier projects [2]. Group 3: Finder and Advisory Fees - Medalist Capital Advisors Inc. was engaged as the exclusive finder for the offering, receiving a 6% commission in the form of 1,434,780 finder’s units [3]. - An advisory fee was also paid to Medalist Capital Ltd. in the form of 1,560,000 units, with both finder’s and advisor’s units structured similarly to the units sold in the offering [3]. Group 4: Insider Participation - Certain insiders participated in the offering, which is classified as a "related party transaction" but is exempt from formal valuation and minority shareholder approval requirements due to the transaction's size relative to the company's market capitalization [5]. - The offering was unanimously approved by the company's Board of Directors [5]. Group 5: Future Plans - The company plans to raise an additional CAD 932,585 through a private placement with Crescat Capital LLC, issuing 8,478,049 units at CAD 0.11 per unit [6]. - Each investor unit will also consist of one common share and one-half of a common share purchase warrant, with similar terms to the previous offering [6]. Group 6: Company Overview - Barksdale Resources Corp. aims to create long-term shareholder value through the acquisition, exploration, and advancement of high-quality critical, base, and precious metal projects across the Americas [8]. - The company focuses on metals essential for the global energy transition and modern infrastructure, particularly copper, zinc, and other critical minerals [8].

FOURTH QUARTER 2025 CONFERENCE CALL Our Guidance tables include disclosure and footnotes with further assumptions relating to our guidance, and assumptions for certain other forward-looking statements accompany those statements within the presentation. Factors that may cause actual results to vary materially include, but are not limited to: changes in commodity and power prices; changes in market demand for our products; changes in interest and currency exchange rates; acts of governments and the outcome of ...

Core Insights - Florence Copper has officially commenced production with the electrowinning circuit active and first cathode harvesting imminent [1] - Initial wellfield results at Florence show higher-than-expected injection flow rates, leading to faster acidification and copper recovery grades than originally planned [1] - Gibraltar achieved its highest quarterly copper and molybdenum production of 2025 in Q4, driven by deeper access to the Connector pit [1] - Management is adopting a more conservative grade outlook for Gibraltar due to small, high-grade zones in the geological model that have not materialized during actual mining [1] - The company encountered more oxide and supergene ore in the Connector pit than anticipated, which benefits cathode production but slightly lowers concentrator recoveries [1] - Strategic positioning is bolstered by the Yellowhead project, which shows a $4 billion after-tax NPV at current copper prices, attracting significant interest from potential partners [1]

Core Viewpoint - Eramet faced significant challenges in 2025 due to global macroeconomic headwinds, cyclical lows in core commodities, and a weakening dollar, which adversely affected profitability and cash generation. However, the company achieved key milestones in its strategic roadmap, particularly in lithium production and positive mining initiatives [3][4]. Financial Performance - Adjusted EBITDA for 2025 was €372 million, down 54% from 2024, primarily due to unfavorable price and exchange rate impacts, particularly in manganese [5][29]. - Net income attributable to the Group was -€477 million, with a net income of -€370 million when excluding SLN, reflecting a significant decline in EBITDA and asset impairment charges [5][29]. - Adjusted Free Cash Flow was -€481 million, influenced by construction capex for the lithium plant and tax disbursements [5][31]. Operational Highlights - The ramp-up of lithium production at Centenario achieved close to 75% of design capacity by December 2025, marking a significant operational milestone [5][100]. - The Eramet Grande Côte site in Senegal achieved the IRMA 50 performance level, aligning with the Group's Act for Positive Mining vision [4][16]. Strategic Initiatives - The ReSolution program was launched to improve operational performance, cash generation, and safety, with a target of delivering an initial EBITDA improvement potential of €130-170 million within two years [10][13]. - A funding plan was approved to enhance cash generation and strengthen the balance sheet, focusing on strict capital allocation, deleveraging, and targeted investments [7][11]. Market Trends - The global manganese ore price index averaged $4.5/dmtu in 2025, down 18% from 2024, reflecting a surplus in the supply/demand balance [50][60]. - Global electric vehicle sales increased by 20% in 2025, driving demand for lithium, which reached 1,533 kt-LCE, up 31% year-on-year [96][97]. Future Outlook - For 2026, Eramet targets manganese ore transportation volumes between 6.4 and 6.8 million tonnes, with a cash cost forecast between $2.4 and $2.6/dmtu [61][62]. - The lithium market is expected to continue growing, driven by the adoption of electric vehicles, with a projected sales penetration rate of 60% in China by 2026 [102].

Core Viewpoint - Adamera Minerals Corp. has identified a large-scale copper-gold target at its South Hedley Copper Gold Project, which has the potential to evolve the Max prospect into a significant copper-gold porphyry opportunity [1][4]. Project Location and Context - The South Hedley project is strategically located between the historic Nickel Plate gold mine and the active Copper Mountain mine in southern British Columbia [2][6]. - The property spans 20,000 hectares and is situated within the Quesnel Trough, a region known for hosting several major mineral deposits [4]. Geological Findings - Initial work at the South Hedley project has included geophysical surveying, geochemical sampling, and prospecting, which have defined two gold and base metal targets [3]. - The Max prospect is located on the edge of a horseshoe-shaped geochemical anomaly, with a 2 square kilometer magnetic anomaly suggesting a possible buried diorite intrusion [3][4]. - Geochemical analysis revealed copper values up to 1,450 ppm and gold values peaking at 1.61 g/t (1,610 ppb), indicating a strong correlation between copper and gold anomalies [7]. Technical Interpretation - The geochemical zonation pattern observed is typical of porphyry-style copper-gold systems, with the Max prospect identified as a high-priority target area [8][14]. - Ground magnetic data indicates a coherent magnetic high feature at depths below 110 meters, interpreted as a potential source for mineralization [8][10]. Next Steps in Exploration - The company has submitted a Notice of Work for drilling to test high-priority target areas, with plans for an induced polarization survey to map chargeability and resistivity at depth [17][23]. - Further geochemical analyses and infill sampling surveys are planned to assist in vectoring within the mineralized system [23]. Additional Prospects - A second prospect, the Glix Prospect, has been identified approximately 15 kilometers from the Max target, considered comparable to a gold-bearing skarn environment [19].