Updated PFS for the Johnny Lee Deposit and new Mineral Resource estimate for the nearby Lowry Deposit underline the high-grade underground copper potential, with a Probable Mineral Reserve for the Johnny Lee Deposit of 9.5Mt at 2.9% Cu for 270,000t of copper and an 8-year life at the Black Butte Copper Project in Montana, USA, that aligns with the stringent Mine Operating Permit conditions.  WHITE SULPHUR SPRINGS, Mont., Dec. 16, 2025 (GLOBE NEWSWIRE) -- Sandfire Resources America Inc. (“Sandfire America” o ...

Core Insights - Koryx Copper Inc. announced positive assay results from 9 drill holes totaling 4,007 meters as part of its exploration and project development strategy for the Haib Copper Project in Namibia, reinforcing the project's strong fundamentals [2][4][5] Drill Results Summary - The latest drill results confirm consistent copper grades over wide intercepts, with notable intersections including 214 meters at 0.34% Cu and localized higher-grade zones such as 19 meters at 0.64% Cu [4][5] - The drilling program is progressing with 12 active rigs on site, focusing on resource conversion and geotechnical drilling in preparation for the Preliminary Feasibility Study (PFS) [5][28] - Geological modeling and mineral resource estimation are ongoing, with an updated mineral resource estimate expected to be published by the end of January 2026 [25][26] Project Overview - The Haib Copper Project is an advanced-stage, open-pit porphyry copper/molybdenum/gold project, characterized by its world-class geological scale and technical simplicity [3][31] - The current mineral resource includes 511 million tonnes at 0.33% Cu in the Indicated category and 308.9 million tonnes at 0.31% Cu in the Inferred category [33] Future Plans - The company is engaged in completing an updated mineral resource estimate that will incorporate gold and molybdenum by-product credits, enhancing the geological interpretation of the Haib deposit [4][25] - Ongoing engineering and metallurgical studies are being conducted to support the project's development, including assessments of power, water, infrastructure, and transport logistics [5][25]

Core Viewpoint - Osisko Metals is set to receive a C$32.5 million ($23.2 million) investment to support the development of its Gaspé copper project in Quebec, with participation from several prominent mining companies [1][2]. Investment Details - Osisko will issue approximately 67.66 million common shares at a price of C$0.48 each through a private placement [2]. - Notable participants include Hudbay Minerals, Agnico Eagle Mines, and Franco-Nevada, with Hudbay expected to acquire over 29 million shares, representing 4.3% of outstanding shares post-financing [3]. Market Reaction - Following the announcement, Osisko Metals' stock surged over 12% to a near 52-week high of C$0.55, resulting in a market capitalization of approximately C$330.7 million ($237.1 million) [4]. Project Overview - The funding will advance the Gaspé copper project, touted as the largest copper project in eastern North America, with planned activities including drilling, permitting, and technical studies [5]. - The Gaspé mine, located near Murdochville, is expected to start producing around 500,000 tonnes of copper concentrate annually by 2032, supported by federal and provincial backing [6]. Resource Assessment - Currently, the Gaspé project has 824 million indicated tonnes grading 0.27% copper, equating to 2.23 million tonnes of contained copper, and an additional 670 million tonnes inferred grading 0.3% copper, totaling 1.99 million tonnes of copper [7].

Core Viewpoint - NexMetals Mining has secured unencumbered title to its Selebi and Selkirk copper, nickel, cobalt, and platinum group element assets, marking a significant milestone for the company [1][2]. Financing and Institutional Support - NexMetals raised CDN $80 million at $5.70 per unit through equity financing, with a lead order from Condire Investors LLC [2]. - The financing increased institutional ownership from 30% to 75% and eliminated legacy debt, which had previously created market overhang [6]. - The funds will be used to meet a US$25 million contingent milestone payment and to accelerate growth and project derisking [5]. Operational Developments - NexMetals has made significant progress in metallurgical breakthroughs at its Selebi Mines, allowing for the production of both copper and nickel concentrates [9][11]. - The copper concentrate has a grade of 27.6% with an 87% recovery rate, providing a strategic advantage with lower capital and operational expenditures [11][12]. - The company has drilled 231 meters at Selkirk, establishing scale and grade potential with a 1.09% CuEq average, including 97 meters of 1.28% CuEq [13][14]. Market Context and Strategic Importance - The demand for critical metals, particularly for green energy transformation, has surged, with copper prices increasing by 115% over the last five years [19]. - Botswana's government, under President Duma Boko, is focused on diversifying its mining sector beyond diamonds, which have historically dominated its economy [17]. - NexMetals aims to play a significant role in Botswana's economic evolution through its copper-nickel projects [17].

Core Insights - Ero Copper has seen significant changes in institutional ownership, with several large investors increasing their stakes in the company, indicating growing confidence in its prospects [1][7] - Analysts have mixed ratings on Ero Copper, with some upgrading their ratings while others have downgraded, reflecting differing views on the company's future performance [2] - The company's recent quarterly earnings report showed a miss on both earnings per share and revenue compared to analyst expectations, which may raise concerns among investors [4] Institutional Ownership - GMT Capital Corp increased its stake by 22.9%, owning 6,931,025 shares valued at $83.94 million after acquiring 1,292,100 shares [1] - Connor Clark & Lunn Investment Management Ltd. raised its position by 119.3%, now holding 1,628,030 shares worth $27.52 million after buying 885,630 shares [1] - TD Asset Management Inc. boosted its stake by 56.2%, owning 1,460,342 shares valued at $24.62 million after acquiring 525,252 shares [1] - Hillsdale Investment Management Inc. purchased a new stake worth approximately $6.69 million [1] - Sprott Inc. increased its holdings by 64.3%, now owning 748,185 shares valued at $9.07 million after acquiring 292,896 shares [1] - Hedge funds and institutional investors collectively own 71.30% of Ero Copper's stock [1] Analyst Ratings - Weiss Ratings maintained a "hold (c)" rating on Ero Copper [2] - Wall Street Zen upgraded Ero Copper from "hold" to "buy" [2] - Goldman Sachs raised the price target from $18.50 to $25.00 and assigned a "buy" rating [2] - Stifel Canada downgraded Ero Copper from "strong-buy" to "hold" [2] - Zacks Research downgraded the stock from "strong-buy" to "hold" [2] - The average rating is "Hold" with a consensus target price of $25.00 [2] Stock Performance - Ero Copper shares opened at $25.25, with a market cap of $2.62 billion [3] - The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80, and a current ratio of 1.05 [3] - The stock has a one-year low of $9.30 and a high of $25.78, with a 50-day moving average of $21.47 and a 200-day moving average of $17.18 [3] - The P/E ratio stands at 18.43, and the stock has a beta of 1.25 [3] Earnings Report - Ero Copper reported earnings of $0.27 per share, missing the consensus estimate of $0.36 by $0.09 [4] - The company generated revenue of $177.10 million, significantly below the analyst estimates of $309.30 million [4] - Ero Copper had a return on equity of 17.96% and a net margin of 26.63% [4] - Analysts predict an EPS of 0.71 for the current year [4] Company Overview - Ero Copper Corp. is engaged in the exploration, development, and production of mining projects in Brazil, focusing on copper concentrate production from the Caraíba operations [5]

Core Viewpoint - Atico Mining Corporation reported a net loss of $4.1 million for Q3-2025, primarily due to a shipping delay that left all concentrate in inventory, impacting sales and revenue recognition [1][2][3] Financial Performance - The company produced 2.3 million pounds of copper and 1,847 ounces of gold in Q3-2025, with cash costs of $2.74 per payable pound of copper, reflecting a 12% increase from Q3-2024 [1][3][7] - There were no metals concentrate sold during Q3-2025, leading to a loss from operations of $2.6 million, compared to a $4.2 million income in Q3-2024 [3][5] - The working capital deficit was $13.5 million as of September 30, 2025, an increase from $11.3 million at the end of 2024, influenced by $10.5 million in advance payments recorded as deferred revenue [3][5] Operational Highlights - Copper production decreased by 23% and gold production decreased by 11% compared to Q3-2024, attributed to lower ore throughput and lower copper head-grades [7][10] - Cash costs per tonne of processed ore rose to $179.23, a 23% increase from Q3-2024, due to reduced ore extraction and increased costs from inflation and foreign exchange [3][10] - The all-in sustaining cash cost per payable pound of copper produced was $4.87, up from $3.60 in Q3-2024, driven by higher sustaining capital expenditures [3][10] Future Outlook - The company anticipates gradual improvement in production in the next quarter due to higher copper grades as mining operations shift to upper zones of the El Roble mine [2][3] - The company has reduced its credit facilities and loans by $5.4 million during the quarter, indicating a focus on improving financial stability [2][3]

Core Insights - FireFly Metals Ltd has announced a substantial increase in the Mineral Resource Estimate (MRE) for its Green Bay Copper-Gold Project, with significant growth in both tonnes and grades, particularly in the high-grade core zone [17][18][19] - The updated MRE now stands at 50.4 million tonnes (Mt) at 2.0% copper equivalent (CuEq) in the Measured and Indicated (M&I) categories, and 29.3Mt at 2.5% CuEq in the Inferred category, representing a 35% increase in tonnes and a 51% increase in CuEq metal compared to the previous estimate [18][19][25] - The high-grade core zone includes 8.8Mt at 3.9% CuEq in the M&I category and 10.9Mt at 3.8% CuEq in the Inferred category, which is expected to enhance the project's development potential, especially in the early years of production [12][19][20] Mineral Resource Increase and Upgrade - The MRE reflects a significant increase in contained metals, with copper in the M&I category increasing to 863,000 tonnes (kt), a 113% rise, and gold increasing to 546,000 ounces (koz), a 174% rise [19][21] - The M&I resources now constitute 67% of the total MRE, which is crucial for future economic studies [19][21] - The total discovery cost per estimated tonne of CuEq metal added in this MRE is low at C$25.12 (US$17.83) per tonne, indicating efficient resource growth [21] Drilling and Exploration Activities - FireFly has utilized eight rigs for drilling, with a focus on converting Inferred resources to M&I and discovering new regional targets [16][40] - A total of 242 new holes and 78,165 meters of drilling have been completed since the last MRE, contributing to the updated estimates [69][76] - The company plans to continue drilling into 2026, with a focus on upgrading the Mineral Resource and preparing for a feasibility study expected in the second half of 2026 [40][42] Economic and Development Outlook - Discussions with potential offtake customers and funding entities are progressing well, indicating strong market interest in the project's concentrate [17][48] - The company had A$129.7 million in cash, receivables, and liquid investments as of September 30, 2025, positioning it well for continued exploration and development [54] - The upcoming Preliminary Economic Assessment (PEA) study is planned for completion in the first half of 2026, which will be based on the updated MRE [44][45]

Solaris Resources (NYSEAM:SLSR) Update Summary Company Overview - Solaris Resources is presenting a significant copper project known as the Warintza project, which is characterized as a multi-generational project with a mine life exceeding 50 years, a rarity in the current market [2][3][25]. Industry Context - Global copper demand is projected to surge by 24% by 2035, necessitating an additional 1 million tons of production annually [3]. - The Warintza project is positioned as a near-term executable project to meet this increasing demand [3]. Key Financial Metrics - The pre-feasibility study (PFS) indicates a 312% increase in measured and indicated resources compared to the previous year [4]. - The project is expected to produce over 300,000 tons of copper equivalent in the first five years and over 240,000 tons in the first 15 years [5]. - The all-in sustaining cash costs are projected at $0.85 per pound for the first five years and $1.07 for the first 15 years [5][11]. - The post-tax NPV at an 8% discount rate is estimated at $4.6 billion, with a post-tax IRR of 26% and a payback period of 2.6 years [5]. Resource and Reserve Estimates - The mineral resource increased by 38% in 2025, totaling 5.8 billion tons, which includes 3.7 billion tons in the measured and indicated category and 2 billion tons inferred [6]. - The reserves support a 22-year operational life, with potential to extend by 25-30 years [6][15]. Project Design and Operational Efficiency - The project features a low strip ratio of 0.53:1, one of the lowest globally, which enhances cost efficiency [5][10]. - The mine design is simple and environmentally encapsulated, facilitating effective water management and minimal environmental impact [12][17]. - The project is fully funded for the feasibility study through a $200 million financing package from Royal Gold [4][24]. Social and Environmental Considerations - Solaris Resources has established partnerships with indigenous organizations and is committed to maintaining a social license to operate [13][14]. - The company has engaged in a free, prior, and informed consultation process with local communities, which is crucial for project approval [34]. Infrastructure and Logistics - The project benefits from Ecuador's strong infrastructure, including roads, ports, and power supply, which are essential for operational efficiency [23][41]. - The distance to Port Bolívar is approximately 340 km, with well-established road access [23]. Future Outlook and Strategic Plans - The company aims to complete the feasibility study and obtain technical approval for the Environmental Impact Assessment (EIA) by the end of the year [24][36]. - Solaris Resources is exploring various funding avenues for future project phases, including joint ventures and traditional bank debt [40]. - The management team is focused on maximizing shareholder value and de-risking the project through strategic planning and execution [25][39]. Conclusion - Solaris Resources is well-positioned to capitalize on the growing demand for copper with its Warintza project, which boasts strong financial metrics, a significant resource base, and a commitment to social and environmental responsibility [2][25][43].

Warintza PFS Highlights - PFS confirms Warintza's status as a Tier 1 project[23] - Measured and Indicated Mineral Resources increased by 312% compared to the 2024 MRE[24] - Average annual copper equivalent production is projected to be 304kt for the first 5 years and 242kt for the first 15 years[24] - The project boasts a reserve life of over 20 years with a low LOM strip ratio of 053:1[24] - First quartile AISC is estimated at $085/lb for the first 5 years and $107/lb for the first 15 years[24] - The post-tax NPV8% is $46 billion with a post-tax IRR of 26% and a payback period of 26 years[24] Resource Base and Production Scale - Total Reserves are 5,294 kt of Copper Equivalent[32] - Total Measured and Indicated Resources are 11,820 kt of Copper Equivalent[32] Financials - Average annual EBITDA is projected to be $19 billion for the first 5 years and $14 billion for the first 15 years[24] - Average annual post-tax Free Cash Flow is projected to be $13 billion for the first 5 years and $10 billion for the first 15 years[24]

Core Insights - Ero Copper Corp. reported record copper production of 16,664 tonnes in Q3 2025, with a blended C1 cash cost of $2.00 per pound, driven by increased output at Tucumã and stable production at Caraíba [2][3] - The company achieved a net income of $36.0 million for the quarter, translating to $0.35 per diluted share, while adjusted net income was $27.9 million, or $0.27 per diluted share [10][11] - Ero Copper is maintaining its full-year production and capital expenditure guidance, with expectations for Q4 2025 to be the strongest production quarter of the year [12][13] Production Highlights - Caraíba Operations produced 9,085 tonnes of copper in concentrate at an average C1 cash cost of $2.32 per pound, while Tucumã produced 7,579 tonnes at a lower cost of $1.62 per pound, marking a 19% quarter-on-quarter increase [2][8] - Gold production totaled 9,073 ounces, a 17% increase from the previous quarter, with C1 cash costs of $1,086 per ounce and All-in Sustaining Cost (AISC) of $2,425 per ounce [2][8] Financial Performance - Revenues for Q3 2025 reached $177.1 million, up from $163.5 million in Q2 2025, with gross profit of $57.4 million [10] - Adjusted EBITDA was reported at $77.1 million, reflecting operational efficiency despite higher operating expenses at Tucumã [10][27] - Available liquidity at quarter-end was $111.3 million, including $66.3 million in cash and cash equivalents [10] Operational Developments - The company launched a value-creation initiative at Xavantina, leading to an initial sales agreement for gold concentrates, with expected sales of 10,000 to 15,000 tonnes in Q4 2025 [2][3] - Ero Copper completed a 17,000-meter Phase 2 drill program at the Furnas Copper-Gold Project, which was finished ahead of schedule, and has commenced Phase 3 drilling [3][12] Guidance and Future Outlook - The company reaffirmed its consolidated copper production guidance for 2025, expecting production at the low end of the 67,500 to 80,000-tonne range, with improved performance anticipated in Q4 [12][13] - Cost guidance for the Tucumã Operation has been increased due to higher-than-expected maintenance and freight costs, now projected at $1.35 to $1.55 per pound [12][13]