Core Viewpoint - ValOre Metals Corp. is advancing its metallurgical test work at the Pedra Branca Platinum Group Elements Project in Brazil, focusing on bioleaching and caustic pre-treatment methods to optimize PGE recovery [1][5]. Metallurgical Test Work - The test work has shown promising results, with bioleaching achieving recoveries of up to 73% platinum and 74% palladium from weathered materials, while caustic pre-treatment on chromitite materials yielded recoveries of up to 66% platinum and 79% palladium [3][9]. - The ongoing metallurgical programs aim to identify optimal processing pathways for PGEs as part of a Preliminary Economic Assessment (PEA) targeted for completion by the end of 2026 [5][6]. Management Commentary - The CEO of ValOre, Nick Smart, emphasized the significance of the test results, highlighting the reproducibility and potential cost and environmental benefits of the bioleaching process [6]. Program Overview - The metallurgical program, conducted by the University of Cape Town, is evaluating bioleaching and caustic cracking as pre-treatment methods to enhance PGE extraction prior to cyanidation [7]. - The tests are designed to validate earlier laboratory findings and advance process selection for materials sourced from the Esbarro deposit [7]. Results Summary - Bioleaching achieved extractions of 72.88% platinum and 74.07% palladium over a 22-day leaching period, consistent with previous results [10]. - Caustic cracking followed by cyanidation achieved extractions of 66.42% platinum and 78.81% palladium, indicating its potential for high-grade chromitite material [11]. Next Steps - ValOre plans to continue advancing the metallurgical evaluation of the bioleaching pathway through additional test phases, including sampling and preparation of fresh and weathered composite samples [12]. - Upcoming tests will include stirred tank reactor testing and heap leach simulation trials to further evaluate both bioleaching and caustic cracking [17]. Resource Information - The Pedra Branca project hosts a 2022 NI 43-101 inferred resource of 2.198 million ounces of 2PGE+Au contained in 63.6 million tonnes, grading 1.08 g/t [20]. - The Esbarro and Curiu deposits have inferred mineral resources of 403,000 ounces at 1.16 g/t and 150,000 ounces at 2.20 g/t, respectively [15].

Company Overview - Impala Platinum Holdings Limited (Implats) is a leading integrated producer of platinum group metals (PGMs) with operations in South Africa, Zimbabwe, and Canada [5][6] - The company contributes approximately 20% to annual global primary PGM production and employs over 66,000 people [6] Financial Highlights - Implats reported refined and saleable 6E production of 1.78 million ounces [8] - Group 6E unit costs were R23,183 per ounce (stock-adjusted) [8] - Dollar revenue per 6E ounce increased by 44% to US$1,917 [8] - Rand revenue per 6E ounce rose by 40% to R33,261 [8] - EBITDA was R18.1 billion with headline earnings of R9.3 billion, equating to 1,035 cents per share [8] - Basic earnings also stood at R9.3 billion or 1,039 cents per share [8] - Free cash flow amounted to R7.0 billion, with closing adjusted net cash of R12.1 billion [8] - An interim dividend of 410 cents per share was declared, approximately 60% of adjusted free cash flow [8] Corporate Strategy - Implats aims to be the most valued and responsible metals producer, focusing on long-life, low-cost, and mechanised mining assets to ensure sustainable returns [6][7] - The company emphasizes operational excellence and disciplined execution, alongside responsible stewardship and long-term value creation [7] Upcoming Events - Emma Townshend, Executive: Corporate Affairs, will present at the OTCQX Best Virtual Investor Conference on March 19, 2026 [1] - The event will allow real-time questions from investors, with archived webcasts available post-event [2]

Core Insights - Ivanhoe Mines reported a profit of $228 million for 2025, an increase from $193 million in 2024, with adjusted EBITDA of $578 million, down from $625 million in 2024 [9][10] - Kamoa-Kakula generated $3.28 billion in revenue and $1.45 billion in EBITDA for 2025, achieving a margin of 44%, despite lower production and sales since May [9][10] - The company is advancing its projects, including the ramp-up of Africa's largest copper smelter and the Phase 2 expansion of the Platreef mine, with significant increases in production expected [2][5][7] Financial Highlights - Kamoa-Kakula sold 351,674 tonnes of copper in 2025 at an average realized price of $4.40 per pound, compared to 396,972 tonnes at $4.09 per pound in 2024 [9][10] - The cost of sales for Kamoa-Kakula was $2.82 per pound, with cash costs (C1) at $2.16 per pound, achieving revised guidance [9][10] - Kipushi generated $441 million in revenue and $91 million in EBITDA for 2025, with a cash cost (C1) of $0.92 per pound [9][10] Operational Highlights - Kamoa-Kakula's concentrators milled a record 14.3 million tonnes of ore, producing 388,841 tonnes of copper in 2025, supported by the Phase 3 concentrator [10][11] - The first shipment of 99.7%-pure copper anodes is expected imminently, marking a significant step in producing low-carbon-intensive refined copper [13][46] - The company maintains production guidance for Kamoa-Kakula of 380,000 to 420,000 tonnes of copper for 2026 and 500,000 to 540,000 tonnes for 2027 [10][64] Project Developments - The Phase 2 expansion of Platreef is expected to increase production by over 400% from Phase 1, targeting completion in Q4 2027 [2][11] - Kamoa-Kakula's Project 95 aims to increase overall recovery rates to between 94% and 95%, with completion expected in early Q2 2026 [10][55] - The company is also expanding its exploration budget to approximately $90 million, focusing on the Western Forelands and other regions [10][11]

Core Insights - ValOre Metals Corp. has announced the commencement of Phase II metallurgical testwork for its Pedra Branca Platinum Group Elements Project in Brazil, following positive results from Phase I [1][2][3] Metallurgical Testwork and Flowsheet Design - Phase II Testwork has been approved by ValOre's board and aims to support a Preliminary Economic Assessment (PEA) targeted for completion by the end of 2026 [2] - The testwork will expand on Phase I results and will inform ongoing process engineering and flowsheet development conducted by Lycopodium [2] Management Commentary - CEO Nick Smart highlighted that Phase II will validate Phase I results at a larger scale, focusing on low-cost heap bioleaching as a processing method for weathered PGE material [3][4] - Bioleaching, which utilizes naturally occurring bacteria, has been effective in increasing recoveries in other mineral processing applications [3] Summary of Results from Phase I Metallurgical Tests - Phase I results included scaling up a novel bioleaching process, assessing low-capital-intensity heap leaching scenarios, and evaluating bioleaching applicability to fresh mineralization [5] - Detailed mineralogical characterization was completed, providing critical input for process design [6] Mineralogical Characterization - Comprehensive analyses focused on PGE speciation and liberation for fresh material, while identifying the refractory nature of weathered material and the potential for bioleaching to enhance recoveries [6] Sampling and Preparation - Phase II testwork will utilize composite samples from ValOre's recent drilling campaigns, representing both weathered and fresh mineralization [8][9] - Head grade determination and chemical characterization were completed by SGS Geosol Laboratories before the samples were sent for further testing [10] Resource Estimates - The Pedra Branca project hosts an inferred mineral resource of 2.2 million ounces of 2PGE+Au grading 1.08 g/t in 63 million tonnes [4][15] - The Esbarro and Curiu deposits contain NI 43-101 compliant inferred resources of 403,000 ounces at 1.16 g/t and 150,000 ounces at 2.20 g/t, respectively [11]

Core Viewpoint - Platinum Group Metals Ltd. reported its financial results for the fiscal year ended August 31, 2025, highlighting the advancement of the Waterberg Project, which is expected to be one of the largest and lowest-cost underground platinum group metals mines globally [1][20]. Financial Results - The company incurred a net loss of $4.54 million for the fiscal year, slightly improved from a net loss of $4.61 million in the previous year [16]. - General and administrative expenses increased to $3.66 million from $3.42 million year-over-year [16]. - Share-based compensation decreased to $1.19 million from $1.36 million [16]. - The foreign exchange gain was $95 thousand, compared to $4 thousand in the previous year, primarily due to the U.S. Dollar's appreciation against the Canadian Dollar [16]. Project Ownership and Structure - As of August 31, 2025, the Waterberg Project is owned by Waterberg JV Resources (Pty) Ltd., with Platinum Group holding a 37.32% interest [4]. - The ownership structure includes Mnombo (26.0%), HJ Platinum Metals Company Ltd. (21.95%), and Impala Platinum Holdings Ltd. (14.73%) [4]. - HJ Platinum Metals Company Ltd. was established in 2023 to hold and fund future equity interests in the Waterberg Project [5]. Recent Developments - On September 17, 2025, Waterberg JV Co. approved a sixth stage of work budgeted at Rand 92.1 million (approximately $5.11 million) for fiscal year 2026 [7]. - A non-brokered private placement of common shares was closed on May 29, 2025, raising $1.0 million, allowing Hosken Consolidated Investments Limited to maintain a 26% interest in the company [8]. - An interim budget of Rand 42 million (approximately $2.27 million) was approved on February 18, 2025, for the continuation of work programs [9]. Project Expenditures - Total expenditures on the Waterberg Project for the year ended August 31, 2025, were approximately $2.0 million, down from $3.0 million in the previous year [19]. - Accumulated net costs capitalized to the Waterberg Project reached $49.2 million as of August 31, 2025, compared to $47.0 million the previous year [19]. Future Outlook - The primary business objective is to advance the Waterberg Project to a development and construction decision [20]. - The company is assessing commercial alternatives for mine development financing and concentrate offtake [22]. - Discussions are ongoing with South African integrated producers regarding formal concentrate offtake arrangements [22]. Environmental, Social, and Governance (ESG) - The company received a BBB score in its 2025 ESG disclosure report from Digbee Ltd., indicating a commitment to improving ESG performance [26].

Financial Highlights - Ivanhoe Mines reported a Q3 2025 profit of $31 million and adjusted EBITDA of $87 million, with $76 million attributable to Kamoa-Kakula [1][9] - Kamoa-Kakula sold 61,528 tonnes of copper at an average realized price of $4.42/lb, compared to 101,714 tonnes at $4.34/lb in Q2 2025 [9] - Kamoa-Kakula recognized revenue of $566 million and an operating profit of $69 million for the quarter, with an EBITDA margin of 35% [9] - The cost of sales per pound of payable copper sold was $3.23/lb, up from $2.85/lb in Q2 2025, while cash cost (C1) averaged $2.62/lb, compared to $1.89/lb in Q2 2025 [9][11] - Capital expenditure guidance for Kamoa-Kakula was lowered to $1,320 million to $1,500 million for 2025, while 2026 guidance was raised to $800 million to $1,300 million [9] Operational Highlights - The Stage Two dewatering of the Kakula Mine is approximately 35% complete and expected to finish in early December 2025, which will improve head grades in Q4 2025 [1][37] - Kamoa-Kakula's annualized copper production is targeted to exceed 550,000 tonnes as higher-grade mining areas are reopened [1][42] - Kipushi produced a record 57,200 tonnes of zinc in Q3 2025, with annualized production rates reaching up to 315,000 tonnes [1][11] - The first feed of ore into the Platreef Phase 1 concentrator occurred recently, with first concentrate expected in the coming weeks [1][12] Project Development - The engineering contractor for the Phase 2 expansion of the Platreef Mine has been appointed, with earthworks set to begin in Q1 2026 [1][15] - Kamoa-Kakula's on-site direct-to-blister copper smelter, the largest in Africa, is expected to start up in November 2025 [1][12] - Construction of Kamoa-Kakula's solar facilities is progressing, with a combined capacity of 60 MW expected to be operational by Q2 2026 [1][57] - The updated life-of-mine integrated development plan is underway, targeting an increase in mining rates to 17 million tonnes per year before the Phase 4 expansion [1][41] Strategic Partnerships and Financing - Ivanhoe Mines completed a strategic private placement with Qatar Investment Authority, raising $500 million [2][9] - A further $70 million was received from Zijin following the exercise of its anti-dilution rights [11]

Core Insights - Ivanhoe Mines reported a Q2 2025 profit of $35 million and adjusted EBITDA of $123 million, with Kamoa-Kakula contributing $128 million to EBITDA [1][9] - Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, operating at 85% design capacity for Phases 1 and 2, and 30% above design capacity for Phase 3 [1][37] - The company is advancing its dewatering efforts at Kakula Mine, with Stage One completed and Stage Two set to commence imminently [1][49] - The startup of Africa's largest and greenest copper smelter is on schedule for September 2025 [1][68] - Recent increases in platinum and palladium prices have improved the net present value of the Platreef project by over 20% to approximately $3.8 billion [1][9] Financial Performance - Q2 2025 adjusted EBITDA was $123 million, down from $226 million in Q1 2025; profit after tax was $35 million compared to $67 million in Q2 2024 [9][1] - Kamoa-Kakula sold 101,714 tonnes of copper at an average realized price of $4.34/lb, with revenue of $875 million for the quarter [9][1] - The cost of sales per pound of payable copper sold increased to $2.85/lb in Q2 2025 from $1.87/lb in Q1 2025 [11][9] - Kamoa-Kakula's cash cost (C1) per pound of payable copper produced averaged $1.89/lb, up from $1.69/lb in Q1 2025 [11][9] Operational Highlights - Kamoa-Kakula's concentrators milled 3.62 million tonnes of ore in Q2 2025, producing 112,009 tonnes of copper, an 11% increase compared to Q2 2024 [37][9] - The Phase 3 concentrator achieved a record production of 40,608 tonnes of copper, operating at an annualized rate of 6.5 million tonnes, 30% above design capacity [46][12] - Kipushi operations sold 43,348 tonnes of zinc, up nearly 45% from Q1 2025, with a revenue of $97 million [11][9] - Platreef's Phase 1 project is nearing completion, with first ore feed expected in Q4 2025 [12][8] Project Development - The Kamoa-Kakula copper smelter is expected to start operations in September 2025, processing concentrates from all phases of the mine [68][1] - The company is targeting to provide an update on Kamoa-Kakula's recovery plan and ramp-up to steady-state operations by September 2025 [12][1] - The Platreef project is projected to be the lowest-cost primary platinum-group-metals producer globally, with a Phase 2 expansion expected to produce over 460,000 ounces of platinum, palladium, rhodium, and gold annually [12][8] Exploration Activities - Ivanhoe Mines is expanding the Makoko District copper discovery and exploring for new sedimentary-hosted copper discoveries across its extensive license areas in DRC, Angola, Zambia, and Kazakhstan [3][2] - The company has completed 86,000 meters of diamond drilling in the Makoko District, doubling the total copper contained in the area [16][3] - Drilling activities in Kazakhstan commenced in July 2025, with two rigs deployed for a 17,500-meter maiden diamond drilling program [16][3]