Core Thesis - Teck Resources Limited is viewed positively due to its strategic focus on copper and zinc, particularly through its Quebrada Blanca project and a proposed merger with Anglo American [1][3][6] Company Overview - Teck Resources Ltd is a Canadian producer of copper and zinc, with a significant focus on the Quebrada Blanca project in Chile, which is central to its operational strategy [3] - The company has exited steelmaking coal and energy sectors, reducing commodity beta and reallocating capital towards copper and zinc while returning cash to shareholders [3] Operational Insights - Teck's portfolio is primarily located in the Americas, featuring key assets such as Quebrada Blanca, Highland Valley Copper, Antamina, and Carmen de Andacollo, along with zinc operations from Red Dog and Trail [4] - The Quebrada Blanca project is characterized by long-life, low-strip operations with high-quality ore, but faces near-term production constraints due to tailings management facility limitations, which require remediation and operational ramp-up through 2026, with steady-state production anticipated in 2027 [4] Growth Potential - The company has opportunities for growth through low-capex debottlenecking and potential adjacency to the QB-Collahuasi project, although execution uncertainty exists due to joint venture agreements and regulatory approvals [5] - Management has enhanced operational oversight with asset-specific senior vice presidents and a special advisor for tailings management remediation, focusing on strategy, risk governance, and capital discipline [5] Merger Considerations - The proposed merger with Anglo American presents potential benefits through increased scale, synergies, and copper adjacency, but also introduces complexities related to integration and deal completion risks [6] - Teck's equity is highly sensitive to copper market dynamics, with upside dependent on successful execution of the Quebrada Blanca project, tailings management remediation, and de-risking of the merger [6]

Core Thesis - Teck Resources Limited is viewed positively due to its strategic focus on copper and zinc, particularly through its Quebrada Blanca project and a proposed merger with Anglo American [1][3][6] Company Overview - Teck Resources Ltd is a Canadian producer of copper and zinc, with a significant focus on its Quebrada Blanca project in Chile, which is central to its operational strategy [3] - The company has exited steelmaking coal and energy sectors, reducing commodity beta and reallocating capital towards copper and zinc while returning cash to shareholders [3] Operational Insights - Teck's portfolio is primarily located in the Americas, featuring key assets such as Quebrada Blanca, Highland Valley Copper, Antamina, and Carmen de Andacollo, along with zinc operations from Red Dog and Trail [4] - The Quebrada Blanca project is characterized by long-life, low-strip operations with high-quality ore, but faces near-term production constraints due to tailings management facility limitations, with steady-state production anticipated in 2027 [4] Growth Potential - The company has opportunities for growth through low-capex debottlenecking and potential adjacency to the QB-Collahuasi project, although execution risks exist due to joint venture agreements and regulatory approvals [5] - Management has enhanced operational oversight with dedicated senior vice presidents and a special advisor for tailings management remediation, focusing on strategy and capital discipline [5] Merger Considerations - The proposed merger with Anglo American presents potential benefits through increased scale, synergies, and copper adjacency, but also introduces complexities related to integration and deal completion [6] - Teck's equity is highly sensitive to copper market dynamics, with upside dependent on successful execution of the Quebrada Blanca project, tailings remediation, and de-risking the merger [6]

Project Overview - Orion Minerals is focused on developing two fully permitted brownfield projects: the Prieska Copper Zinc Mine (PCZM) and the Flat Mines at the Okiep Copper Project (OCP)[27] - The company holds 3,582 km2 of prime exploration and mining rights in two highly prospective regions[25] Financial Highlights - PCZM DFS shows an NPV of AUD568 million, an IRR of 26%, and a peak capital requirement of AUD578 million[28] - Flat Mines (at Okiep) DFS indicates an NPV of AUD75 million, an IRR of 19%, and a peak capital of AUD103 million[28] - The purchase consideration payable by Orion for acquiring the controlling interest in the Okiep Copper Project is approximately ZAR60 million (~$4.9 million)[21] - Market capitalization is AUD80.1 million (USD52.2 million)[18] Development Strategy - The company's strategy involves developing the flagship PCZM project first, followed by optimization of the Flat Mines at OCP[32] - First concentrate from PCZM Uppers is expected 13 months after financing[32] - The company is targeting concentrate production by Christmas 2026[49] Funding and Shareholder Structure - Tembo Capital holds 14.9% of the current share issue[20] - Delphi Group holds 11.0% of the current share issue[20] - Clover Alloys (SA) holds 8.6% of the current share issue[20]