Core Insights - McEwen Copper Inc. announced positive results from the independent Feasibility Study (FS) for its Los Azules copper project, confirming it as a long-life, low-cost producer of high-purity copper cathodes with strong economic returns and sustainability [1][2][3] Economic Metrics - The FS indicates an after-tax Net Present Value (NPV) of $2.9 billion and an Internal Rate of Return (IRR) of 19.8% with a payback period of 3.9 years [9][74] - Initial capital costs are estimated at $3.17 billion, with average annual copper production projected at 148,200 tonnes (327 million lbs) over a 21-year mine life [9][72] - C1 cash cost is $1.71 per pound, and All-In Sustaining Costs (AISC) are $2.11 per pound [9][74] Mineral Resources and Reserves - The project has a measured and indicated mineral resource of 5.4 billion lbs of copper and an inferred resource of 20 billion lbs [9][47] - Proven and probable mineral reserves are estimated at 10.2 billion lbs of copper [9][51] Environmental and Sustainability Aspects - The project is designed to have a 72% lower mine-to-metal carbon intensity compared to the industry average and aims for carbon neutrality by 2038 [15][24] - It will utilize 100% renewable power and has a water consumption rate 74% lower than conventional milling [15][48] Strategic Partnerships and Financing - A strategic collaboration agreement with the International Finance Corporation (IFC) aims to align with ESG standards and support potential financing of over $1.1 billion for equipment and infrastructure [16][9] - The project has been accepted into Argentina's Large Investment Incentive Regime (RIGI), providing tax and legal stability for 30 years [15][48] Development Timeline - Construction is targeted to begin in 2026, with the first copper expected by 2030 [15][9] - Exploration of four nearby porphyry targets is set to commence in Q4 2025, which could extend the mine life [9][37]

Core Insights - The Haib Copper Project is positioned as a scalable, low-risk, and low-cost open-pit mining operation with a projected mine life of 23 years and annual payable copper production of 92,000 tonnes [2][5][7] - The Preliminary Economic Assessment (PEA) indicates a post-tax NPV of US$1.351 billion and an IRR of 20.1%, highlighting the project's strong financial viability [5][10] - The project is located in southern Namibia, an area with rich infrastructure, and is under new management aiming to optimize and de-risk the project [2][7] Financial Overview - The PEA estimates an upfront construction capital of US$1.559 billion and sustaining capital of US$543 million over the life of the mine [5][12] - Average C1 cash costs are projected at US$1.81 per pound for the first ten years, with an AISC of US$2.05 per pound [5][12] - The project has a capital intensity of US$16,871 per tonne of annual payable copper production for the first ten years [5][12] Production and Recovery - The project plans to produce copper and molybdenum concentrates through a conventional milling and flotation process, with additional copper cathode production via heap leaching [5][7] - The average recovery rates are estimated at 89% for milling and flotation and 74% for heap leaching [5][12] - The total mineralized material mined is projected to be 779 million tonnes, with a copper grade of 0.309% [14][41] Environmental and Social Considerations - The permitting process is underway, with a mining license application submitted and positive public perception regarding job creation and economic development [5][7] - Environmental and social impact assessments are progressing positively, indicating a supportive community for the project [5][7] Technical and Operational Aspects - The project is designed to process 28 million tonnes per annum through conventional methods, with a hybrid solution for water sourcing [5][12] - The technical team has a strong track record in mine development in Namibia, enhancing the project's credibility [7][8] - Ongoing drilling and metallurgical testing are expected to unlock further upside in terms of size and grade improvements [4][5]

Financial Data and Key Metrics Changes - The company reported a net loss of $74.3 million or $0.20 per share for Q2 2025, compared to a net loss of $20.2 million or $0.06 per share for the same period in 2024 [32] - Free cash flow for Q2 2025 was negative $10.7 million, an improvement from negative $12.2 million in Q2 2024 [33] - The cash balance increased significantly to approximately $120 million by July 4, 2025, following various capital raises [30][34] Business Line Data and Key Metrics Changes - The Pre-Feasibility Study (PFS) indicated a combined project net present value (NPV) of over $23 billion, with a clear capital-efficient path to first production [9][28] - The estimated recoverable nodules for the PFS is 164 million wet tons, with an assumed production start date in Q4 2027 and a life of mine of just over 18 years [21][22] - The revenue mix is expected to be 45% from nickel products, 28% from manganese, 17% from copper, and 9% from cobalt [24] Market Data and Key Metrics Changes - The company has renewed and strengthened agreements with the Republic of Nauru and the Kingdom of Tonga, emphasizing a science-based approach to developing the seabed mining industry [12] - The strategic investment of $85 million from Korea Zinc positions the company to supply refined metals in South Korea and potentially build new facilities in the USA [13] Company Strategy and Development Direction - The company aims to adapt to a capital-light approach while advancing its projects, maintaining a competitive edge in the seabed mining industry [8] - The focus is on achieving regulatory certainty and moving towards first production, with a target date set for Q4 2027 [10][11] - The company plans to build refining capacity in the USA to support its production and contribute to US mineral independence [25][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment, noting daily communication with NOAA and a supportive administration [42][43] - The company anticipates good news from regulators and expects to maintain a regular cadence of updates as it progresses through the permitting process [41][44] - There is confidence in the ability to manage normal business risks and supply chain issues, with a strong board and partnerships in place [52] Other Important Information - The company is pursuing funding opportunities from various US government departments for both offshore and onshore components of its operations [66][68] - The anticipated ramp-up in profitability is expected to support significant capital expenditures for onshore refining capacity after production begins [25][27] Q&A Session Summary Question: What work needs to be done to get through the feasibility level and the timeline? - The focus will be on finalizing agreements with Allsys and preparing for the investment decision to order long lead items for production [39] Question: What are the next major steps or milestones regarding permitting under NOAA? - The company expects good news from NOAA and is in daily contact with regulators, anticipating changes to fast-track permitting [41][42] Question: What factors could accelerate or slow down progress towards production? - Management believes there are no significant regulatory hurdles, and the focus will be on managing supply chain issues [52] Question: How will the capital expenditures be split among partners? - The breakdown of capital expenditures is still being finalized, but there is a long-standing assumption of splitting pre-production costs with Allsys [63] Question: Are there funding opportunities available for the offshore side? - The company is actively pursuing funding from various US government programs for both offshore and onshore components [66][68] Question: Could the processing plant development be expedited? - The company could accelerate the development of processing facilities if favorable terms are available from funding agencies [70]

Gunnison Copper Announces Johnson Camp SX Plant Start-Up with First Copper Sales in SeptemberAugust 11, 2025 6:30 AM EDT | Source: Gunnison Copper Corp.Phoenix, Arizona--(Newsfile Corp. - August 11, 2025) - Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS0) ("Gunnison" or the "Company") is pleased to announce that the solvent extraction (SX) plant and electrowinning (EW) circuit has started with first copper sales expected in September at the Company's Johnson Camp Mine ("JCM"), in so ...

Core Insights - Koryx Copper Inc. has made significant progress on its Haib Copper Project in Namibia, focusing on metallurgical testing and infrastructure development, with a Preliminary Economic Assessment (PEA) expected in Q3 2025 [2][3][4] Project Overview - The Haib Copper Project is an advanced-stage copper/molybdenum project aimed at producing clean copper concentrate through conventional methods, with potential for additional copper production via heap leaching [2][4][29] - The current mineral resource estimate stands at 414 million tonnes (Mt) at 0.35% copper, equating to 1,459 million tonnes of contained copper in the Indicated category, and 345 Mt at 0.33% copper for 1,136 million tonnes of contained copper in the Inferred category [29] Metallurgical Testing - The metallurgical test program has shown excellent results, achieving an average flotation recovery of 89% from a grind size of 120-150 micrometers, producing concentrates with a grade of 20-25% copper [8][18] - Historical test parameters have been effectively enhanced, leading to improved copper recovery and cost reduction [6][7] - The program includes ongoing pre-concentration and heap leach testing, with promising initial results [8][16] Infrastructure Development - The project is supported by a comprehensive infrastructure plan, including water and power supply studies indicating a demand of approximately 120 megawatts (MW) for milling and flotation, and 20 million cubic meters (Mm³) of water per annum [8][19] - A mining license application is in progress, and environmental permitting is advancing, with a comprehensive Environmental and Social Impact Assessment (ESIA) being developed [21][26] Technical Studies and Future Plans - Multiple world-class engineering consultants are involved in the PEA, which aims to demonstrate the techno-economic feasibility of Haib as a long-life, low-cost, large-scale open-pit mine [4][5] - The company plans to expedite its drilling program to enhance the mineral resource estimate and capture additional project value through an updated technical study in H1 2026 [5][32] Conclusion - Koryx Copper Inc. is positioning the Haib Copper Project as a future low-risk, high-potential copper production site, with extensive testing and studies underway to support its development [28][29]

Financial Data and Key Metrics Changes - In Q1 2025, MMG's copper production reached just over 118,000 tonnes, a 76% increase compared to the same quarter last year [21] - The total recordable injury frequency was 2.4 per million hours worked, indicating a focus on safety despite an increase from the previous quarter [19] - The significant events with energy exchange frequency was 1.08 per million hours worked, also showing an increase from last quarter [20] Business Line Data and Key Metrics Changes - Las Bambas produced over 95,000 tonnes of copper in concentrate, a 71% increase year-over-year [21] - Kinsevere produced almost 12,000 tonnes of copper cathode, a 19% increase compared to the same period last year [23] - Khoemakau produced close to 11,000 tonnes of copper in concentrate, a 4% increase from the previous quarter despite severe weather conditions [24] Market Data and Key Metrics Changes - The company is experiencing favorable market conditions, including declining TCRC rates for copper and zinc concentrates and rising precious metal prices [26] - The operations at Las Bambas are stable and in good order, contributing to a positive outlook for production and cost guidance [26] Company Strategy and Development Direction - MMG aims to become one of the top 10 global copper producers, focusing on safety performance, expansion projects, and community relations [27] - The company is advancing its Nickel Brazil acquisition and integration plans while conducting a comprehensive review of its 2025 production and cost guidance [26] - The feasibility study for expanding Las Bambas' capacity is a top priority, with plans to reach 60,000 tonnes by 2026 and 130,000 tonnes by 2028 [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting production guidance for Las Bambas, contingent on stable operations and no nationwide incidents [32] - The company is optimistic about the potential for cost reductions due to scale economics as production increases [32] - Management highlighted the importance of community relations and ongoing negotiations to ensure stable operations [31] Other Important Information - The total investment for community development projects, including the construction of a school, is approximately $9 million [22] - The company is focused on optimizing recovery rates and improving operational flexibility at its mining sites [46][48] Q&A Session Summary Question: Expectations for Las Bambas production - Management indicated that production is expected to meet the upper limit of guidance if no nationwide incidents occur [32] Question: Inventory adjustments at Las Bambas - Sales increased in Q1 due to inventory sold from Q4, and production is sticking to guidance [34] Question: Kinsevere's power outages and production expectations - Management confirmed that production is on track with guidance, and diesel power generation is a backup source [36] Question: C1 cost expectations - C1 costs are expected to improve as production increases, with precious metal prices positively impacting costs [57] Question: Tax issues in Las Bambas - Management is working with tax authorities in Peru, and they do not expect significant impacts on cash flow or corporate income tax rates [71]