Group 1: Chesnara - Chesnara has completed the acquisition of HSBC Life and Scottish Widows Europe, supported by a £290 million capital raise [1] - Full-year 2025 profits increased by 42%, and the solvency ratio reached 257% [1] - The CEO indicated that there is more deal flow expected in the future [1] Group 2: Itaconix - Itaconix achieved revenues of $10.5 million for the first time, representing a 61% increase [2] - The company is forecasting its first positive EBITDA this year [2] - Itaconix is gaining business with North American detergent brands and expanding into new ecommerce channels [2] Group 3: Foresight Solar Fund Ltd - Foresight Solar Fund Ltd is maintaining its dividend at 8.10p, which equates to a 13.4% yield at current prices [3] - The fund generated over a thousand gigawatt hours last year and launched its first battery storage project [3] Group 4: Zephyr Energy - Zephyr Energy reported a non-operated production increase to 983 barrels a day in Q4, attributed to last year's acquisition [3] - Asset sales have generated cash that is being reinvested into the flagship Paradox project in Utah [3] Group 5: RC Fornax - RC Fornax is experiencing rising demand for its defense consultancy services as the military seeks to maximize existing budgets [4] - Progress since the IPO has been slower than anticipated, but new hires and improved sales processes are yielding positive results [4] Group 6: Rome Resources - Rome Resources has reported its widest tin intercept at the Kalayi prospect in the DRC, measuring 20 meters at 1% tin [4] - The team is drilling deeper to assess the potential for better results, with a resource estimate update forthcoming [4]

Operational and Financial Summary - For the year ended December 31, 2025, the company produced 18,576 tonnes of contained tin, a 7% increase from the previous year, and in line with revised guidance of 18,000 to 18,500 tonnes [4][5] - The overall plant recovery rate for the year was 75%, consistent with targets, while the quarterly recovery for Q4 2025 was 73%, slightly below the target due to feed grade fluctuations [3][4] - EBITDA for FY2025 reached US$341 million, a 25% increase from US$274 million in FY2024, driven by higher production and a 13% increase in average tin price to US$34,373 per tonne [5][8] Production and Sales - The company processed 752,000 tonnes of ore in FY2025, with a tin grade of 3.3% Sn, which is a 5% increase from 3.1% in FY2024 [1][4] - Q4 2025 contained tin production was 5,008 tonnes, slightly below the previous quarter's production of 5,190 tonnes [3][5] - Tin sales volumes for Q4 2025 and FY2025 were 5,045 tonnes and 18,638 tonnes, respectively, aligning with production levels [6] Cost and Pricing - The All-In Sustaining Cost (AISC) for Q4 2025 was US$16,815 per tonne, a 5% increase from US$15,978 in the prior quarter, primarily due to rising diesel prices and increased marketing fees [7] - The average tin price achieved in Q4 2025 was US$37,995 per tonne, a 12% increase from the previous quarter, with current prices trading around US$50,000 per tonne [7][8] Cash Position and Dividends - The company reported US$56 million in cash as of December 31, 2025, up from US$30 million the previous year, after accounting for debt reduction and significant tax payments [9] - Total dividends paid in FY2025 amounted to CAD$0.11 per share, an increase from CAD$0.09 in FY2024, with the next dividend decision expected by the end of April 2026 [9] Future Guidance and Exploration - The company has set a production guidance of approximately 20,000 tonnes of contained tin for FY2026, reflecting an increase from FY2025 [10] - An exploration campaign is underway, with plans for a VTEM survey to identify additional drilling targets and a substantial drilling campaign planned throughout 2026 [11][13][14]

Group 1 - The Annual General Meeting (AGM) of TinOne Resources Inc. has been rescheduled to April 30, 2026, due to administrative timing considerations and financial resource issues related to meeting material preparation [1] - Updated meeting materials, including the management information circular, will be made available in compliance with regulatory requirements and posted on SEDAR+ [2] - TinOne Resources Inc. is a Canadian public company listed on the TSX Venture Exchange, focusing on advancing its portfolio of tin projects in Tasmania, Australia, while also exploring additional tin opportunities [3]

Core Viewpoint - TinOne Resources Inc. has opted to pay accrued interest on certain convertible debentures in shares, reflecting a strategic financial decision to manage cash flow while addressing obligations to debenture holders [1][2]. Group 1: Convertible Debentures and Interest Payment - On January 27, 2026, convertible debentures valued at $181,000 were converted into 1,248,276 common shares at the election of the debenture holders [2]. - The company has chosen to pay $32,555 in accrued interest on these convertible debentures by issuing 210,035 shares at a price of $0.155 per share [2]. - As of February 19, 2026, there are still convertible debentures outstanding with a total value of $569,000 [3]. Group 2: Company Overview - TinOne Resources Inc. is a Canadian public company listed on the TSX Venture Exchange, focusing on a portfolio of tin projects located in Tier 1 mining jurisdictions in Tasmania, Australia [4]. - The company is dedicated to advancing its portfolio while also exploring additional tin opportunities [4].

Core Viewpoint - Alphamin Resources Corp. reported strong operational and financial performance for the year and quarter ended December 31, 2025, with significant increases in tin production and EBITDA, despite some challenges in processing recoveries and costs. Operational and Financial Performance - For the year ended December 31, 2025, contained tin production reached 18,576 tonnes, a 7% increase from the previous year, and aligned with revised guidance of 18,000 to 18,500 tonnes [3] - The overall processing recovery for FY2025 was 75%, with Q4 recovery at 73%, slightly below the target due to feed grade fluctuations [2][3] - The average tin price achieved for FY2025 was US$34,388 per tonne, a 13% increase from the previous year, with Q4 price at US$37,995 per tonne [6][5] Financial Metrics - EBITDA for FY2025 is estimated at US$341 million, a 25% increase from US$274 million in FY2024, driven by higher production and sales volumes [6][10] - The All-In Sustaining Cost (AISC) for FY2025 was US$16,381 per tonne sold, a 7% increase from the previous year, with Q4 AISC at US$16,861 [6][5] - The company had US$56 million in cash at the end of December 2025, up from US$30 million the previous year, after significant debt reduction and tax payments [7] Production Guidance - Production guidance for the year ending December 31, 2026, is approximately 20,000 tonnes of contained tin, reflecting continued growth from FY2025 [9][10] Management Changes - The CEO, Mr. Maritz Smith, will retire, with Mr. Eoin O'Driscoll appointed as the new CEO effective March 1, 2026, and Mr. JP van Staden as CFO, subject to regulatory approval [16][18]

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]

Core Viewpoint - Alphamin Resources Corp. reported a strong operational update for Q3 2025, highlighting increased tin production and sales, improved EBITDA guidance, and ongoing exploration efforts, despite facing security concerns in the region [1]. Operational and Financial Performance - Contained tin production for Q3 2025 was 5,190 tonnes, aligning closely with the target of 5,000 tonnes and representing a 26% increase from the previous quarter [4][10]. - Contained tin sales reached 5,143 tonnes, reflecting a 12% increase compared to the prior period [10]. - The average tin price achieved was US$33,877 per tonne, which is 4% higher than the previous quarter, with current trading around US$37,000 per tonne [5]. - The All-In Sustaining Cost (AISC) per tonne of tin sold was estimated at US$15,900, a 3% decrease from Q2 2025 [6]. - EBITDA guidance for Q3 2025 is set at US$96 million, marking a 28% increase from the previous quarter's actual of US$75 million [7][10]. - 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 [7][10]. Cash Position - As of September 30, 2025, the company had US$57 million in cash, down from US$110 million at the end of June 2025, due to tax payments, dividend distributions, and a reduction in overdraft [8]. Exploration Update - Exploration drilling at Mpama North and Mpama South resumed in Q4 2024, with significant assay results received [11]. - The exploration strategy aims to increase the resource base and discover new tin deposits [16]. - Notable drill results include intercepts of 24.13 metres at 2.43% Sn and 33.28 metres at 16.83% Sn from various drill holes [17][19]. Security Update - The company noted an increase in security events near the Massisi and Walikale territories, although its operations remain unaffected as the mine is located approximately 200 kilometers away from these incidents [21].