Performance Overview - The Massif Capital Real Assets Strategy achieved a return of 36.1% net of fees in Q3 2025, with year-to-date returns reaching 41.5% net of fees [2] - The strategy has been operational for 27 quarters, marking its best quarter to date and resulting in an annualized net-of-fees return of 14.6% since inception [2] Alpha and Risk Assessment - The company focuses on generating uncorrelated, risk-adjusted returns, referred to as Alpha, which is challenging to measure due to the complexities of risk [4][5] - Jensen's Alpha is utilized to evaluate performance, indicating whether returns exceed expectations based on market risk exposure [5][6] - The benchmark used for performance evaluation is the MSCI ACWI Ex US, which covers a broad range of global equity opportunities outside the US [8][9] Comparative Performance - The Massif Capital Real Assets Strategy outperformed various comparable funds and major indices, with a year-to-date alpha of 14.9% compared to peers [10][12] - The strategy's YTD return of 41.5% significantly exceeds the S&P 500 Index (13.7%) and NASDAQ Index (17.3%), showcasing strong performance in risk-adjusted terms with a Sortino Ratio of 1.5 [13] Individual Stock Performance - In the gold sector, core positions in G-Mining Ventures and Equinox Gold returned a portfolio-level return of 17.1% as of Q3 2025 [14] - G-Mining Ventures outperformed the sector with a return of 183%, while Equinox Gold lagged behind the market despite a long-term positive outlook [17][19] - The copper sector saw significant gains, with positions in NGEX and Midnight Sun delivering returns of 392% and 268% from cost basis, respectively [21] Critical Metals and Infrastructure - The portfolio includes critical metals such as lithium and uranium, with lithium positions performing well, while uranium investments face challenges due to geopolitical factors [24][49] - The company is exploring opportunities in infrastructure and industrials, aiming to capitalize on increasing electricity costs and innovative technologies [51][52] Market Outlook - The company anticipates that oil and natural gas investments may lead in Q4 2025, driven by potential supply constraints in Europe and favorable dividend yields from current positions [33][35] - Concerns regarding LNG supply availability and winter weather patterns could impact natural gas prices, with a focus on the interplay between European demand and Asian supply [40][42][45]

Core Insights - Cornish Metals Inc. has filed a technical report for its South Crofty tin project, which is fully permitted and located in Cornwall, UK [1][5] - The updated Preliminary Economic Assessment (PEA) indicates strong project economics, including a £180 million after-tax NPV at a tin price of US$33,900 per tonne and a 20% IRR [4][2] - The project is positioned as a low-cost, high-grade tin operation with strong ESG credentials, aiming for an average annual production of approximately 4,700 tonnes of tin [4][9] Project Economics - After-tax NPV of £180 million and pre-tax NPV of £237 million at a tin price of US$33,900 per tonne [4] - Project IRR of 20% after-tax and 23% pre-tax [4] - Capital payback period of 3.3 years post-production start [4] - Cumulative after-tax cash flow projected at approximately £558 million from production start [4] Production and Cost Metrics - Average annual after-tax cash flow of approximately £57 million in years two through six [4] - Average annual EBITDA of £70 million with a 62% EBITDA margin during the same period [4] - Average All-In Sustaining Cost (AISC) of approximately US$13,420 per tonne for years two through six, positioning South Crofty in the lowest quartile of the cost curve [4] Exploration Potential - Near mine exploration target indicates potential additional mineralization of 6 to 13 million tonnes at a tin grade of 0.5% to 1.8% [4] - The company has a resource drilling program planned to commence with underground development [4] Community and Regulatory Support - The project has strong support from local communities and government, with existing mine infrastructure and mining permission valid until 2071 [8][9] - The project is positioned to be the only primary tin producer in Europe or North America, contributing to the critical mineral supply chain [9]

Core Viewpoint - Cornish Metals Inc. is proceeding with its plan to re-domicile from Canada to the UK, which is expected to simplify its corporate structure and align better with its operational focus on tin production at the South Crofty mine in Cornwall [1][4]. Re-Domicile Process - An arrangement agreement has been signed for the re-domicile, with completion expected in December 2025, subject to shareholder and regulatory approvals [1][2]. - The re-domicile will involve shareholders exchanging their shares in Cornish Canada for shares in Cornish UK at a ratio of one Cornish UK share for every ten Cornish Canada shares [5]. - Cornish UK will become the parent company of the Cornish Group following the arrangement [6]. Shareholder Rights and Company Structure - Upon completion of the transaction, the rights of former Cornish Canada shareholders will remain largely unchanged, maintaining their proportionate interest in Cornish UK [7]. - Cornish UK will apply for admission to trading on the AIM market, while Cornish Canada plans to delist from the TSX Venture Exchange and cease being a reporting issuer in Canada [8]. Special Meeting and Approvals - A special meeting will be held to seek approval for the re-domicile, requiring a two-thirds majority vote from shareholders [11][12]. - The arrangement must also receive final approval from the Ontario Superior Court [12]. Communication and Information - The company will distribute a management information circular to shareholders detailing the transaction and the special meeting [9][10]. - Further information will be made available through an AIM Schedule 1 announcement and on the company's website [13].

Core Viewpoint - Alphamin Resources Corp. reported a strong operational update for Q3 2025, highlighting significant increases in tin production and sales, alongside improved financial metrics such as EBITDA and AISC. Operational and Financial Performance - Contained tin production reached 5,190 tonnes for Q3 2025, a 26% increase from the previous quarter and in line with the target of 5,000 tonnes [2][8] - The average tin grade processed was 3.09% Sn, slightly down by 2% from the previous quarter [1] - Overall plant recovery averaged 76%, a minor decrease from 77% in Q2 2025 [1][2] - Contained tin sales were 5,143 tonnes, reflecting a 12% increase from the prior quarter [3][8] Financial Metrics - EBITDA guidance for Q3 2025 is projected at US$96 million, a 28% increase from the previous quarter's actual of US$75 million [5][8] - AISC per tonne of tin sold is estimated at US$15,900, down 3% from US$16,387 in Q2 2025 [4][8] - The average tin price achieved was US$33,877 per tonne, a 4% increase from the prior quarter [3][8] Cash Position - The company had US$57 million in cash as of September 30, 2025, down from US$110 million at the end of June 2025, due to tax payments and dividend distributions [6][8] Production Guidance - The company expects to produce approximately 5,000 tonnes of contained tin in the final quarter of FY2025, raising the annual production guidance to between 18,000 and 18,500 tonnes, up from the previous estimate of 17,500 tonnes [5][8] Exploration Update - Exploration drilling at Mpama North and Mpama South has resumed, with significant assay results indicating promising tin intercepts [9][15] - The exploration strategy aims to increase the resource base and discover new tin deposits in proximity to the Bisie mine [14][9]

Grand Baie, MAURITIUS, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”) is pleased to provide an operational update as follows: Q3 2025 contained tin production of 5,190 tonnes, up 26% from the previous quarter (Q2 2025: 4,106 tonnes (period from phased restart on April 15 to June 30))FY2025 contained tin production guidance increased to between 18,000 and 18,500 tonnes (17,500 tonnes previously)Contained tin sales of 5,143 tonnes for the quar ...

Core Viewpoint - Cornish Metals Inc. has released an updated Preliminary Economic Assessment (PEA) for its South Crofty tin project, highlighting its strong economic viability and potential to be the first primary tin producer in Europe or North America [1][4]. Project Development - The project has accelerated following a successful £57 million fundraising, which included investments from the UK's National Wealth Fund and Vision Blue Resources [2]. - A detailed capital expenditure (capex) review has been conducted, incorporating process design and plant layout [2][3]. - On-site construction is already underway, with key assumptions validated and project parameters optimized [3]. Economic Metrics - The updated PEA indicates an after-tax Net Present Value (NPV6%) of £180 million (approximately US$235 million) and an Internal Rate of Return (IRR) of 20% [4]. - The All-In Sustaining Cost (AISC) is estimated at approximately US$14,500 per tonne over the Life of Mine (LOM), positioning South Crofty in the lowest quartile of the industry cost curve [4]. - Pre-production capital costs are estimated at £198 million, with a payback period of 3.3 years and an average annual EBITDA of approximately £70 million in the first five years of full production [4][6]. Resource and Production Outlook - The current Mineral Resource supports a 14-year LOM, with potential for expansion as the resource remains open at depth and along strike [5][8]. - The project aims to restart underground resource conversion and expansion drilling alongside mine construction, targeting a continuation of historical resource replacement trends [5][8]. - The average annual tin production is projected to be approximately 4,700 tonnes in the first five years, contributing to a total LOM tin production of slightly above 49,000 tonnes [30][45]. Community and Government Support - The project is backed by the UK Government's Critical Minerals Strategy, with expectations to create over 300 direct jobs and an additional 1,000 indirect jobs [11][55]. - A human resources plan includes establishing an on-site training center to develop local talent for mine operations [11]. Environmental and Operational Considerations - South Crofty is designed as a low-impact underground operation with no surface tailings disposal, utilizing 100% renewable electricity supply [12][55]. - The project incorporates best practices for safety and productivity, including real-time monitoring systems [10].

Indonesian state-owned tin mining company Timah is confident of achieving its 2025 production goal of 21,500 tonnes (t) despite a challenging first half of the year, reported Reuters. The report quoted Timah’s chief executive, Restu Widiyantoro, as saying during a parliamentary session that the company’s efforts to curb illegal mining would help achieve the targets. In the first half of this year, the company reported a 32% decrease in tin ore output, amounting to 6,997t, and a 29% decline in refined tin ...

Group 1 - TinOne Resources Inc. has upsized its non-brokered private placement to offer up to 6,000,000 units at a price of $0.05 per unit, aiming for gross proceeds of up to $300,000 [1][2] - Each unit will consist of one common share and one common share purchase warrant, with the revised exercise price of the warrants set at $0.065 for a period of five years [2][3] - The proceeds from the offering will be utilized to maintain the company and its tenements in good standing, as well as for general working capital purposes [4] Group 2 - The company is listed on the TSX Venture Exchange and has a portfolio of tin projects in Tasmania, Australia, focusing on advancing its projects while evaluating additional opportunities [5] - The offering is subject to necessary approvals, including that of the Board of Directors and the TSX Venture Exchange [3]

Group 1 - TinOne Resources Inc. has adjusted the pricing of its non-brokered private placement, now offering up to 4,000,000 units at a revised price of $0.05 per unit, aiming for gross proceeds of up to $200,000 [1][2] - Each unit consists of one common share and one whole common share purchase warrant, with the warrant allowing the purchase of one common share at an exercise price of C$0.06 for five years [1] - The proceeds from the offering will be used to maintain the company and its tenements in good standing, as well as for general working capital purposes [3] Group 2 - The company may pay finder's fees of up to 6% in cash and up to 6% in finder's warrants to eligible finders in connection with the offering [2] - The closing of the offering is subject to necessary approvals, including that of the Board of Directors and the TSX Venture Exchange [2] - All securities issued will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with Canadian securities legislation [2] Group 3 - TinOne is a TSX Venture Exchange listed Canadian public company with a portfolio of tin projects in Tasmania, Australia, focusing on advancing its projects while evaluating additional opportunities [4]

Core Viewpoint - Cornish Metals Inc. is advancing its South Crofty tin project in Cornwall, UK, with significant government support aimed at regional economic growth and job creation [2][3]. Group 1: Government Support and Investment - The UK Government has invested £28.6 million through the National Wealth Fund to support the re-opening of South Crofty [2]. - This investment is part of a broader commitment to unlock regional growth, with South Crofty being a flagship example of how investment in critical industries can foster job creation and economic renewal [2]. Group 2: Project Development and Job Creation - The revival of domestic tin production at South Crofty is expected to create over 300 direct jobs, along with additional support for local supply chains and regional businesses [3]. - The company emphasizes its commitment to delivering long-term, sustainable value while being deeply rooted in the community [4]. Group 3: Importance of Tin in Clean Energy - Tin is identified as a critical mineral for the clean energy transition, essential for electronics, electric vehicles, and renewable infrastructure [3].