1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - Geopolitical instability intensifies inflation and risk - aversion concerns, and the expectation of tightened overseas liquidity exerts pressure on zinc prices. However, geopolitical risks also disrupt the supply side, significantly strengthening cost support. The resumption of production at domestic smelters is accelerating, and demand is entering the verification period of the peak - season performance. The market shows a pattern of both supply and demand increasing. Currently, the macro - situation is dominant, and the weight of fundamentals is relatively low. It is expected that zinc prices will fluctuate widely in March, and macro - uncertainties will intensify the volatility [4][78][79] 3. Summary According to the Directory 3.1 Zinc Market Review - In February, the main contract of Shanghai zinc fell from a high and then fluctuated and adjusted. After the Spring Festival, it followed an upward trend but was restricted by the slow return of consumption. As of February 27, the main contract price closed at 24,710 yuan/ton, with a monthly decline of 4.35%. LME zinc fluctuated at a high level, supported by low inventory and supply - side disturbances. As of February 27, it closed at 3,308 US dollars/ton, with a monthly decline of 1.84% [9][10] 3.2 Macroeconomic Analysis 3.2.1 United States - The US economy maintains steady growth. In Q4 2025, GDP growth was lower than expected due to government shutdowns, but consumption and investment remained resilient. Manufacturing and service PMIs showed a slight decline. Inflation slightly decreased but remained sticky. The employment market was hit hard in February. The Fed's January interest - rate meeting was generally hawkish, and the future interest - rate path became more complex due to the US - Iran conflict. The market expects the next interest - rate cut to be postponed to September, with only a 25 - basis - point cut this year [11][13][14] 3.2.2 Eurozone - The Eurozone economy is in a mild recovery, with the manufacturing sector returning to the expansion range. The ECB maintained key interest rates unchanged for the fifth consecutive time. Inflation is still above the target, and the ECB is expected to be cautious about interest - rate cuts [15] 3.2.3 China - China's January credit data was not satisfactory, and the February PMI showed that the economy still faced downward pressure. The 2026 Government Work Report set the economic growth target at 4.5% - 5%, with a continued focus on expanding domestic demand and maintaining a moderately loose monetary environment, which is expected to promote economic recovery [16][17] 3.3 Zinc Fundamental Analysis 3.3.1 Zinc Ore Supply - In 2026, the expected increase in overseas zinc ore production has been revised down, and the global zinc concentrate supply growth rate has been adjusted to 3.31%. Some overseas mining companies have lowered their annual production guidance. The US - Iran conflict has increased the risk of supply and transportation disruptions. Domestic zinc ore production is expected to increase in the second quarter. The domestic zinc concentrate processing fee is weakly stable, and the zinc ore import volume remains high [29][31][38] 3.3.2 Refined Zinc Supply - Overseas mining companies' refined zinc production guidance in 2026 shows mixed trends. The US - Iran conflict has threatened European natural gas supply, raising the production cost of overseas smelters. In January and February, the supply of refined zinc decreased significantly, and both import and export windows were closed. It is expected that the production of refined zinc will increase in March [46][51][52] 3.3.3 Refined Zinc Demand - In February, the start - up rate of downstream primary enterprises decreased seasonally, and the export of primary products was strong. Traditional consumption was weak, while emerging consumption showed differentiation. Infrastructure investment is expected to recover, the real - estate market is still at the bottom, the growth rate of the automotive and home - appliance industries has slowed down, and the photovoltaic industry's contribution to zinc consumption is expected to decline, while the wind - power industry is expected to maintain a high growth rate [58][61][66] 3.3.4 Inventory - In February, LME inventory decreased slightly, and domestic social inventory increased seasonally. In March, with the full resumption of production by downstream enterprises, the domestic inventory is expected to reach an inflection point [72]

1. Report Industry Investment Rating - No information provided in the document 2. Core Views of the Report - After the Spring Festival, the main contract of Shanghai zinc rose in price at the opening and then adjusted in a volatile manner. The escalation of the conflict between the US and Iran has increased the volatility of zinc prices. The relaxation of real - estate purchase restrictions in Shanghai is beneficial to the repair of the real - estate sector, and the market is waiting for more stimulus policies from the Two Sessions [3][9]. - In terms of fundamentals, although Iran's zinc ore production accounts for less than 2% of the global total in 2025 and China's imports of Iranian zinc concentrate are small, the expected shortfall in overseas zinc ore supply this year and the high dependence of some Southeast Asian and domestic smelters on Iranian ore will intensify the market's expectation of tight zinc ore supply. The zinc ore import window remains closed, and domestic northern mines will not fully resume work until April - May. The processing fee in March has a limited increase, and the cost side still provides support [3][9]. - In February, refined zinc production was 504,600 tons, with a decline slightly higher than expected. It is expected that the production in March will increase by 14.92% month - on - month to 579,900 tons. The demand side is recovering slowly and is differentiated. After the Lantern Festival, the operating rate of primary enterprises is expected to return to the normal range, and the demand is entering the verification period of consumption quality [3][9]. - Domestic inventories have increased as expected. The inventory increase during the Spring Festival week was 49,000 tons, and the increase in the first week after the festival was 10,200 tons, both higher than last year. The inventory has reached 219,900 tons, slightly exceeding market expectations [3][9]. - Overall, the escalation of the US - Iran situation may disrupt the global supply chain, support the cost side of the zinc market, and the rapid increase in risk - aversion sentiment is also beneficial to zinc prices. The supply and demand in the fundamentals are both increasing, and a turning point in inventory reduction is expected in mid - March. In the short term, macro - geopolitical events dominate the zinc price trend. With cost and risk - aversion support, the zinc price is expected to gap up at the opening. If the situation does not worsen further, the zinc price trend is expected to return to the fundamentals, focusing on the strength of consumption recovery [3][10] 3. Summary by Relevant Catalogs 3.1 Transaction Data - From February 20th to February 27th, the SHFE zinc price increased from 24,195 yuan/ton to 24,710 yuan/ton, a rise of 515 yuan/ton; the LME zinc price decreased from 3378 US dollars/ton to 3308 US dollars/ton, a decline of 70 US dollars/ton; the Shanghai - London ratio increased from 7.16 to 7.47, an increase of 0.31; the SHFE inventory increased from 87,025 tons to 126,052 tons, an increase of 39,027 tons; the LME inventory decreased from 101,575 tons to 97,350 tons, a decrease of 4225 tons; the social inventory increased from 160,400 tons to 219,900 tons, an increase of 59,500 tons; the spot premium remained at - 40 yuan/ton [4] 3.2 Market Review - After the Spring Festival, the main contract of Shanghai zinc followed the collective small - scale price increase of the non - ferrous metal sector and then entered a volatile consolidation pattern, closing at 24,710 yuan/ton with a weekly increase of 0.53%. On Friday night, it was volatile and weak. LME zinc fluctuated in a narrow range. With the changing macro - narrative and repeated market risk preferences, the US dollar fluctuated in a narrow range, and LME zinc had no strong one - way driving force, closing at 3308 US dollars/ton with a weekly decline of 2.07% [5] - In the spot market, as of February 27th, the mainstream transaction price of 0 zinc in Shanghai was concentrated between 24,430 - 24,540 yuan/ton, with a discount of 30 - 20 yuan/ton to the 2603 contract. In the Ningbo market, the mainstream brand 0 zinc was traded at around 24,460 - 24,540 yuan/ton, with a discount of 10 yuan/ton to the 2603 contract and a premium of 40 yuan/ton to the Shanghai spot. In the Guangdong market, 0 zinc was mainly traded at 24,360 - 24,510 yuan/ton, with a discount of 125 yuan/ton to the 2604 contract, and the Shanghai - Guangdong price difference narrowed. In the Tianjin market, 0 zinc ingots were mainly traded at 24,410 - 24,570 yuan/ton, with a discount of 50 yuan/ton to a premium of 10 yuan/ton to the 2603 contract, and Tianjin was at a discount of 20 yuan/ton to Shanghai. After the festival, traders resumed work, the supply of zinc ingots in the market was relatively abundant, but downstream consumption had not fully recovered, and the downstream that had resumed work had not digested raw materials, resulting in poor purchasing enthusiasm and sluggish market transactions, with the spot showing a small - discount structure [6] - In terms of inventory, as of February 27th, the LME zinc ingot inventory was 97,350 tons, a weekly decrease of 4225 tons. The SHFE inventory was 126,052 tons, an increase of 39,027 tons. As of February 26th, the social inventory was 219,900 tons, an increase of 59,500 tons compared with February 12th and an increase of 10,200 tons compared with February 24th. After the festival, there were delivery situations among traders in various places. At the same time, the resumption of production and work of downstream enterprises was relatively slow, with more inbound and less outbound in many warehouses, and the inventory continued to accumulate [7] 3.3 Industry News - SMM data shows that the processing fee for domestic zinc concentrate in March 2026 is 1300 - 1700 yuan/metal ton, with a monthly average increase of 100 yuan/metal ton [13] - ILZSG: In 2025, the global zinc market had a supply shortage of 33,000 tons, narrowing from the 69,000 - ton shortage in 2024. In 2025, global refined zinc production increased by 2.1% to 13.83 million tons, and global refined zinc demand increased by 1.9% to 13.863 million tons [13] - Newmont: In 2025, its zinc concentrate production totaled 231,000 tons, a year - on - year decrease of 10%. The production guidance for 2026 is 220,000 tons [13] - New Century: In the fourth quarter of 2025, its zinc concentrate production was 30,000 tons, basically flat quarter - on - quarter. In 2025, its salable zinc production totaled 101,000 tons, a year - on - year increase of 22%. The production guidance for 2026 is 86,300 - 98,300 tons [13] 3.4 Relevant Charts - The document provides multiple charts, including the price trend charts of SHFE zinc and LME zinc, the internal - external price ratio, spot premium and discount, inventory changes, and downstream enterprise operating rates, etc., which visually show the market situation of zinc [15][17][20]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported net revenues of $903 million, an 18% increase sequentially and a 22% increase year-over-year [16] - Adjusted EBITDA for Q4 was $300 million, reflecting a 33% EBITDA margin, with a full-year adjusted EBITDA of $772 million, an 8% increase compared to 2024 [16][17] - The company recorded a net income of $81 million or $0.38 per share for Q4, and a full-year net income of $223 million or $1 per share [5][7] - Free cash flow for the full year was negative $105 million, impacted by debt reductions and dividends [20] Business Line Data and Key Metrics Changes - Zinc production in Q4 reached 91,000 tons, a 9% increase from Q3, with full-year production totaling 316,000 tons, meeting guidance [4][6][8] - The mining segment generated net revenues of $532 million and adjusted EBITDA of $266 million in Q4, resulting in a 50% EBITDA margin [9] - In the smelting segment, total metal sales were 142,000 tons for Q4 and 567,000 tons for the full year, with net revenues of $573 million and adjusted EBITDA of $34 million in Q4 [13][14] Market Data and Key Metrics Changes - Zinc prices remained well-supported throughout 2025 due to persistent concentrate tightness and low LME inventories [23] - Treatment charges in China averaged negative levels during the year, reflecting raw material scarcity [23] - Copper prices appreciated in 2025 driven by supply discipline and sustained demand, particularly from electrification [24] Company Strategy and Development Direction - The company is focused on operational stability and disciplined capital allocation, with key projects like Aripuanã and Cerro Pasco Integration Project being central to long-term value creation [29] - The company aims to generate sustainable cash flow to strengthen its balance sheet and support a balanced capital allocation approach, including deleveraging and shareholder returns [30] - The company is actively looking for opportunities in the copper market, with a focus on maintaining a solid financial position [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational stability and cash generation potential of Aripuanã, especially with the upcoming commissioning of the fourth filter [10][29] - The company remains committed to reducing gross debt and enhancing financial flexibility, with a target of lowering interest expenses over time [22] - Management acknowledged the political environment in Peru but emphasized the strong economic context and good relationships with local communities [56][58] Other Important Information - The company maintained a robust liquidity position with total liquidity of $842 million, including an undrawn $320 million revolving credit facility [22] - The average debt maturity increased to 7.6 years, reflecting proactive liability management [22] - The company is advancing its ESG strategy, focusing on climate action, community engagement, and governance improvements [27] Q&A Session Summary Question: Impact of seasonal rains on Aripuanã production - Management confirmed that the rainy season has not significantly impacted production, with expectations to reach full capacity in the second half of the year [34][35] Question: Consideration of additional silver streaming - Management stated that while they are aware of the interest in silver, they are not currently considering additional silver streaming as a priority [41][43] Question: Cash flow impact of Cerro Lindo silver stream - Management explained that the silver streaming agreement will step down from 65% to 25%, which will positively impact cash flow [46] Question: Update on Ayawilca project and Tinka Resources investment - Management indicated that they are assessing the Ayawilca project following the disapproval of the environmental impact study and have decided not to pursue further investment in Tinka Resources [54] Question: Debt repayment plans for 2026 and 2027 - Management confirmed that debt repayment remains a priority, with plans to use excess cash for debt reduction [59] Question: Details on hedging program for silver and gold - Management provided details on the hedging program, with a floor around $52 and a cap around $84 for silver [60] Question: CapEx for Cerro Pasco integration project - Management confirmed that CapEx for the Cerro Pasco project is on track, with expectations to spend around $42 million this year [68]

Financial Performance - Nexa Resources reported a net income of US$223 million in 2025, a significant recovery from a net loss of US$187 million in 2024, driven by increased operating income and favorable foreign exchange effects [1] - Net revenues for 2025 reached US$3.0 billion, reflecting a 9% increase compared to 2024, primarily due to higher prices for silver, gold, zinc, and copper [2] - Adjusted EBITDA for 2025 was US$772 million, an 8% increase from 2024, attributed to higher zinc prices and stronger contributions from by-products [3] Operational Highlights - In 4Q25, Nexa achieved record net revenues and adjusted EBITDA, supported by higher realized prices for zinc and key by-products, alongside disciplined cost management [4] - Zinc production in 4Q25 reached 91,000 tons, marking a 5-year quarterly record, up 9% quarter-over-quarter and 24% year-over-year [10] - The company fully achieved its consolidated mining production guidance for 2025, with significant progress on the Cerro Pasco Integration Project and operational improvements at Aripuanã [5][6] Capital Allocation and Financial Discipline - Nexa invested US$352 million in 2025, slightly above the guidance of US$347 million, with 4Q25 investments totaling US$125 million [9] - The net debt to LTM Adjusted EBITDA ratio improved to 1.7x by the end of 4Q25, down from 2.2x at the end of 3Q25, reflecting a decrease in total debt by US$128 million [9] Sustainability and Community Engagement - Nexa advanced its sustainability initiatives, receiving a Sustainable Development Award for cement optimization and emission reduction, achieving a 10% reduction in cement use [15] - The company launched the Act for a Sustainable World program, benefiting 1,250 students with activities focused on culture, education, and climate awareness [15] - Community investment initiatives included the installation of biodigesters and agricultural support programs, enhancing local development and food security [15] Strategic Focus and Future Outlook - The company remains focused on advancing key business catalysts and sustaining strong operational performance, with a balanced capital allocation strategy aimed at returning capital to shareholders [12] - Nexa's Board of Directors recommended a distribution of approximately US$17.5 million to shareholders, reflecting the company's commitment to shareholder value [15]

Core Insights - Osisko Metals has announced new drill results from the Gaspé Copper Project, indicating significant mineralization and potential resource expansion [2][3] - The Southern Extension of the deposit is open to the south, with notable high-grade intercepts reported [3][11] Drill Results - Drill hole 30-1177 intersected 315 metres averaging 0.42% Cu, including a high-grade zone of 51 metres averaging 1.24% Cu [3][8] - Historical drill hole 30-0888, located 625 metres south of the 2024 MRE model, produced 92.9 metres averaging 0.35% Cu [3][11] - Additional drill holes have shown promising results, with 53 mineralized intercepts reported from 19 new and 2 re-assayed drill holes [3][7] Mineral Resource Update - The updated Mineral Resource Estimate (MRE) for Gaspé Copper is expected to be released by the end of March 2026, reflecting the new drilling data [3][11] - The current focus is on converting inferred mineral resources to measured or indicated categories and expanding the resource model [3][15] Geological Context - The mineralization at Gaspé Copper is characterized as porphyry copper/skarn type, with various mineralizing events recognized [13] - The current drill program aims to explore deeper into the stratigraphy and laterally towards Needle East and Needle Mountain [15][16] Company Overview - Osisko Metals is focused on the exploration and development of critical metals, particularly copper and zinc, with a 100% interest in the Gaspé Copper mine [24] - The Gaspé Copper mine is noted for hosting the largest undeveloped copper resource in eastern North America [24]

Group 1: IDFC First Bank - IDFC First Bank will introduce an additional layer of system-driven controls for high-value, branch-based transactions due to discrepancies in Haryana government-linked accounts, requiring mandatory customer confirmation for transactions exceeding a predefined threshold through a verified digital channel [2][8] Group 2: NBCC - NBCC is in discussions to develop 139 acres of an island in Seychelles, which will include affordable social housing, leisure and hospitality, premium villas, sports arena, and social infrastructure [3][8] Group 3: Hindustan Zinc - Hindustan Zinc signed a strategic Memorandum of Understanding (MoU) with Tripura Group to expedite the development of a Zinc Park in Rajasthan, facilitating the operationalization of a manufacturing unit within the Zinc Park located at Khankhala in the Bhilwara district [6][8] Group 4: Bharat Petroleum Corporation Limited (BPCL) - BPCL has received an excise demand order amounting to Rs. 1,816.65 crore from the Commissioner of Central Tax and Central Excise, which includes an excise duty demand of Rs 476.94 crore, interest of Rs 1,339.70 crore, and a penalty of Rs 95,000 [6][8] Group 5: Bharti Airtel - Bharti Airtel plans to invest Rs 20,000 crore in its non-banking financial company, Airtel Money Limited, over the next few years to develop a high-scale digital lending platform and enhance access to formal credit across India [7][9] Group 6: Waaree Energies - Waaree Energies has received an order for the supply of 500MW solar modules from a prominent solar power developer engaged in the Independent Power Producer business [8][9]

Financial Data and Key Metrics Changes - Headline earnings per share for 2025 increased by 281% to ZAR 2.44 per share [58] - Adjusted EBITDA increased almost threefold, from ZAR 13 billion to just under ZAR 38 billion, a 189% increase [58] - Revenue increased by 16% while costs decreased by 8%, leading to a significant increase in Adjusted EBITDA [59] Business Line Data and Key Metrics Changes - Total full year PGM production reached 1.8 million ounces, aligning with guidance and reflecting operational resilience [22][23] - Underground production increased by 2% to over 1.6 million ounces, supported by improvements at specific shafts [24] - Total production in gold operations decreased by 10% to 19.7 tons, primarily due to operational challenges at Kloof [28] Market Data and Key Metrics Changes - Gold spot prices broke the $4,500 mark during December, up 73% since the beginning of the year [66] - Platinum imports into the U.S. increased significantly, with over 600,000 ounces imported in July, compared to normal levels of around 200,000 ounces [66] - Lithium prices increased from low $7,000 per ton levels to just over $16,000 per ton due to demand from battery energy storage systems [69] Company Strategy and Development Direction - The company is focusing on simplification of operations and maximizing operating margins through operational excellence [4][5] - A disciplined capital allocation framework is in place, with a third of capital directed towards shareholder returns, a third towards reducing gross debt, and a third towards growth [5] - The company aims to capitalize on internal growth opportunities, particularly in its PGM operations in South Africa [5] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a volatile market environment but expressed confidence in the company's operational stability and financial turnaround [13] - The focus for 2026 includes enhancing compliance with safety measures and embedding a culture of accountability to eliminate fatal incidents [20] - The outlook for 2026 is positive, with expectations of additional earnings and cash flow improvements supported by rising PGM prices [27] Other Important Information - The company declared a dividend of ZAR 1.31 per share, reflecting a 2% yield and marking a return to dividend-paying territory [15] - Significant impairments were recorded for the year, totaling ZAR 15.8 billion, primarily due to changes in economic parameters and safety-related decisions [60] - The company is positioned as a leader in renewable energy within the South African mining sector, with significant savings and carbon emissions reductions anticipated [12][46] Q&A Session Summary Question: What are the expectations for gold prices moving forward? - The company remains bullish on gold prices, anticipating continued strength driven by geopolitical factors and market dynamics [70] Question: How is the company addressing safety concerns in operations? - The management emphasized a focus on embedding a fatal elimination strategy and enhancing compliance through cultural transformation [20] Question: What is the outlook for lithium production and market conditions? - The company expects lithium prices to remain influenced by Chinese market decisions, with a focus on optimizing production and cost efficiency [69]

Financial Data and Key Metrics Changes - Headline earnings per share for 2025 increased by 281% to ZAR 2.44 per share [56] - Adjusted EBITDA increased almost threefold, from ZAR 13 billion to just under ZAR 38 billion, a 189% increase [56] - Net debt to Adjusted EBITDA decreased from 1.77 times at the end of 2024 to 0.59 times at the end of 2025 [57] Business Line Data and Key Metrics Changes - Total full year PGM production reached 1.8 million ounces, aligning with guidance and stable year-on-year [22] - Underground production increased by 2% to over 1.6 million ounces, supported by improvements at Rustenburg [23] - Total production for gold operations, including DRDGold, was lower by 10% at 19.7 tons, with underground production reduced by 8% [27] Market Data and Key Metrics Changes - Gold spot prices broke the $4,500 mark during December, up 73% since the beginning of the year [64] - Platinum imports into the U.S. increased over 50% year-on-year, with significant flows driven by tariff uncertainty [66] - Lithium prices moved from low $7,000 per ton levels up to just over $16,000 per ton currently [67] Company Strategy and Development Direction - The company is focusing on simplification of operations and maximizing operating margins through operational excellence [3] - A disciplined capital allocation framework is in place, with a third towards shareholder returns, a third towards reducing gross debt, and a third towards growth [4] - The company aims to convert a large percentage of their abundant resources into reserves in the coming years [44] Management's Comments on Operating Environment and Future Outlook - The management noted a significant change in the latter half of 2025, including a leadership transition and a strategic refresh [2] - The outlook for 2026 is positive, with expectations of additional earnings and cash flow improvements due to rising prices [26] - The company remains committed to eliminating fatal incidents and enhancing safety culture as a priority [20] Other Important Information - The company declared a dividend of ZAR 1.31 per share, reflecting a 2% yield and marking a return to dividend-paying territory [14] - A settlement payment of $215 million was made regarding the Appian court case [7] - The renewable energy program aims to reduce emissions by 40% by 2030, with significant savings and carbon dioxide reductions expected [45] Q&A Session Summary Question: What are the expectations for gold prices moving forward? - The company remains bullish on gold, anticipating continued price support due to geopolitical factors and market dynamics [68] Question: How is the company addressing safety concerns? - The management emphasized a focus on embedding a fatal elimination strategy and enhancing compliance through a culture of accountability [20] Question: What is the outlook for lithium production? - The company is optimistic about the lithium market, with plans for phased production ramp-up and a focus on optimizing costs [49]

20 February 2026 Operating and financial results for H2 & YE 2025 Solid operational output and financial stability | Agenda | | | --- | --- | | a | Salient features | | b | Performance excellence • Safe production • Resource optimisation | | | • Operational excellence • Embedding sustainability | | c | Growth | | d | Financial performance | | e | Market performance and outlook | | f | Resilient strategy for the way forward | | g | Q&A | Columbus metallurgical facility, US PGM operations Disclaimer FORWARD L ...

Financial Data and Key Metrics Changes - In Q4 2025, adjusted EBITDA increased by 81% to $1.5 billion, driven by significantly higher copper prices and increased byproduct revenue, resulting in an adjusted EBITDA margin of approximately 50% [5][14][15] - For the full year 2025, adjusted EBITDA improved by 48% to $4.3 billion, supported by robust cash flow from operations and a return to a net cash position [5][14][16] - The company returned $1.3 billion to shareholders through share buybacks and dividends in 2025 [5][27] Business Line Data and Key Metrics Changes - Copper production in Q4 2025 was the strongest of the year at 55,000 tons, reflecting a 10% increase from Q4 2024, with significant contributions from Highland Valley and Antamina [4][18] - The zinc segment reported a gross profit of $305 million in Q4, which was 5% lower than the same period last year, primarily due to decreased sales at Red Dog [21][23] Market Data and Key Metrics Changes - Copper prices reached record highs in Q4 2025, with the quarterly average exceeding $5 per pound for the first time, supported by strong financial flows and robust metal consumption [33] - The long-term outlook for copper remains strong, driven by global electrification and the need for significant investment in grid infrastructure [33][34] Company Strategy and Development Direction - The company is focused on becoming a global leader in critical minerals, highlighted by the announced merger with Anglo American, which is expected to create a top five global copper producer [3][35] - The Highland Valley Mine Life Extension project is underway, expected to extend the mine's life to 2046, producing an average of 132,000 tons of copper per annum [6][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational performance and reaffirmed production guidance for 2026 to 2028, despite some expected variability across operations [4][19] - The company anticipates strong cash flow generation, particularly if current copper prices are sustained, with potential EBITDA of $6.2 billion at an average copper price of $5.50 per pound [28] Other Important Information - Teck achieved a 50% reduction in the high potential incident frequency rate for controlled operations, marking a significant improvement in safety performance [7] - The company reached 100% renewable power in Chile, enhancing its sustainability initiatives [8] Q&A Session Summary Question: Update on QB TMF timing and profile - Management confirmed that progress is on track, with significant improvements in sand deposition rates and completion of the fourth rock bench, with the fifth bench already started [42][44] Question: Deferred stripping CapEx normalization timeline - Management indicated that elevated deferred stripping levels are expected to continue for a few years, normalizing around 2028 [45][46] Question: Discussions on Collahuasi QB and Zafranal project readiness - Management confirmed ongoing discussions regarding Collahuasi and stated that the feasibility study for Zafranal is progressing well, with a decision on construction expected after completion [50][51]