Processing of fresh tailings temporarily suspendedHistoric tailings continue to be processedImpact on annual production will depend on the timing of normalization of operations VANCOUVER, British Columbia, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF) (“Amerigo” or the “Company”) provides an operational update on Minera Valle Central (“MVC”), the Company’s 100% owned operation located near Rancagua, Chile. During the evening of July 31, 2025, a seismic event triggered a r ...

31 July 2025 | 10:21AM SGT Base Metals Comment: Copper: Refined Copper Exempt From Section 232 Tariff, Holding To LME Price Forecast Eoin Dinsmore +65-6889-2401 | eoin.dinsmore@gs.com Goldman Sachs (Singapore) Pte Aurelia Waltham +44(20)7051-2547 | aurelia.waltham@gs.com Goldman Sachs International Lavinia Forcellese +44(20)7774-9243 | lavinia.forcellese@gs.com Goldman Sachs International Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Samantha Dart +1(212)357-9428 | samantha.da ...

Core Viewpoint - Koryx Copper Inc. has successfully closed a bought deal public offering and a concurrent non-brokered private placement, raising a total of approximately C$25 million to advance its Haib Copper Project in Namibia [1][6]. Group 1: Offering Details - The public offering consisted of 19,047,680 common shares at a price of C$1.05 per share, generating gross proceeds of C$20,000,064, including the full exercise of the over-allotment option [1]. - The concurrent private placement involved 4,761,844 common shares at the same issue price, resulting in total gross proceeds of approximately C$5,000,000 [1]. - The offering was led by Stifel Canada and included a syndicate of underwriters such as Beacon Securities Limited and BMO Capital Markets [2]. Group 2: Investor Support - The offering received strong support from existing shareholders, including notable investments from Ross Beaty and various European and North American financial institutions [3]. - Namibian institutional and private investors contributed over 40% of the financing, indicating a strong vote of confidence in the company's strategy [4]. Group 3: Use of Proceeds - The net proceeds from both the offering and placement will be utilized for advancing technical studies on the Haib Copper Project, exploration activities, working capital, and general corporate purposes [6]. Group 4: Company Background - Koryx Copper Inc. is focused on the Haib Copper Project, a significant copper/molybdenum porphyry deposit in Namibia, with a current mineral resource of 414 million tonnes at 0.35% copper in the indicated category [12][13]. - The project has a long history of exploration, with over 80,000 meters of drilling conducted since the 1970s by various operators [12].

Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1.2 billion for FY 2025, with underlying EBITDA of $528 million and a reduction in net debt of $273 million throughout the year, including $120 million in Q4 alone [10] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [3][4] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [4][5] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [5] - Preliminary estimates for unit costs at Matza and Matteo were $78 per ton and $40 per ton respectively for FY 2025, which were in line with previous guidance [7][8] Company Strategy and Development Direction - The company is focused on maintaining production levels and improving operational resilience, particularly in light of past challenges such as extreme weather events [9][66] - There is an emphasis on building a strong customer base and enhancing the brand of Matteo concentrate while navigating current market dynamics [81][85] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in FY 2025, including record rainfall and power outages, but expressed pride in the team's ability to deliver results [3][10] - The company is optimistic about FY 2026, expecting continued growth in production and maintaining a strong balance sheet [10][66] Other Important Information - The company has implemented measures to enhance safety and operational efficiency, including a focus on diversity and inclusion within the workplace [3] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [9] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management confirmed strong cash flow performance, aided by significant sales and the sale of the Old Highway project [12][13] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [20][22] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was 4.3%, with expectations of a decrease to 3.5% in FY 2026 [29][30] Question: Resilience planning for weather and power issues - Management detailed extensive planning and improvements made to drainage and water storage to mitigate future weather-related risks [62][64] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits amidst current market dynamics [78][82]

Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1,200 million for FY 2025, with an underlying EBITDA of $528 million and a reduction in net debt of $273 million, including $120 million in Q4 alone [9] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [2][3] - Unit costs at Matza and Matteo were estimated at $78 per ton and $40 per ton respectively for FY 2025, which compared well with previous guidance [5][6] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [3][4] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [3][4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [4] - The strength in the euro to U.S. dollar exchange rate has started to impact costs at Matza, with expectations of further upward pressure if the exchange rate remains strong [5] Company Strategy and Development Direction - The company is focused on building resilience in operations and generating cash while navigating challenges such as record rainfall and power outages [2][8] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [8] - The company is also enhancing its exploration efforts in the Iberian pyrite and Kalahari copper belt to leverage its operational presence [8] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's ability to deliver results despite significant challenges, emphasizing a commitment to safety and operational excellence [2][9] - The company is optimistic about achieving a robust year in FY 2026, with production guidance reflecting a focus on controllable factors and lower inflation rates compared to the industry [4][5] Other Important Information - The company has implemented a flood recovery program and increased low-grade material feed, which contributed to a $1 per ton increase in unit costs at Matteo [6] - The management highlighted the importance of maintaining a clean concentrate shed and maximizing cash flow through effective inventory management [17][18] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management noted strong cash flow performance, with significant tonnages sold into favorable markets contributing to cash flow [12][14] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [19][20] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was reported at 4.3%, with expectations of a decrease to 3.5% in FY 2026 [26][28] Question: Resilience planning for weather and power issues - Management discussed extensive planning and improvements made to drainage and water storage to mitigate risks from potential future weather events [60][61] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits from current industry dynamics [73][78]

Core Insights - Oroco Resource Corp. has entered into an agreement to acquire a 100% interest in the Vainilla Mineral Concession in northern Sinaloa, Mexico, through its subsidiary Minera Xochipala [1][3] - The Vainilla Concession covers approximately 2,974 hectares and is located within a porphyry copper belt, offering immediate exploration opportunities for copper and associated metals [2][4] - The acquisition is seen as a strategic move to enhance Oroco's control over the Santo Tomás porphyry copper district, aligning with the company's operational objectives and supported by government initiatives [3][4] Geological Overview - The Vainilla Concession is strategically positioned along the southern extension of the Santo Tomás porphyry copper trend, which includes various mineralized zones indicative of a concealed porphyry system [4] - The geological setting features intense surface alteration, suggesting potential for significant mineralization related to porphyry systems [4] Exploration Plans - Oroco plans to initiate a staged exploration program that includes 2D IP survey lines, geological mapping, and short hole scout drilling targeting breccia, skarn, and porphyry targets [6] Financial Terms of the Agreement - The option agreement includes an initial payment of US$75,000 and 100,000 common shares, with semi-annual payments of US$25,000 and 100,000 shares [7] - The option will be exercised upon a payment of US$500,000 and the issuance of 2,000,000 shares, with a 1.5% Net Smelter Returns royalty granted to third parties [7] Company Background - Oroco holds an 85.5% interest in the Core Concessions of the Santo Tomás Project, which spans a total area of 6,121 hectares [8] - The project has significant copper porphyry mineralization, with extensive prior exploration and a recent drill program conducted by the company [8][9]

Core Insights - Koryx Copper Inc. announced positive assay results from six drill holes totaling 1,808 meters as part of its Phase 2 drill program for the Haib Copper Project in Namibia, indicating higher copper grades than the average mineral resource estimate [2][4][25] - The company is encouraged by the geological findings, which suggest the presence of additional higher-grade mineralization in previously unrecognized structures, potentially enhancing the overall mineral resource estimate [3][12] Drilling Results - The Phase 2 drill program has completed six diamond drill holes, with results showing significant copper intersections, including 88 meters at 0.41% Cu and 228 meters at 0.34% Cu [4][14] - The drilling has confirmed the extension of higher-grade mineralization in various targets, with notable results from holes HM68, HM69, HM70, HM71, HM73, and HM74 [5][9][10] Geological Understanding - The geological mapping and core relogging efforts, supported by an international consultant, have improved the understanding of the mineralization at Haib, highlighting structural controls that may serve as excellent drill targets [10][12] - The mapping has confirmed the presence of northeast-dipping shear zones associated with higher-grade copper mineralization, which were previously unrecognized [11][12] Future Plans - Koryx plans to mobilize additional man-portable drill rigs to facilitate drilling in challenging terrain, with expectations to complete a total of 28,000 meters of drilling in 2025 [17][18][19] - The company remains confident in its ability to meet its drilling targets and advance the Haib Copper Project towards further development [19] Project Overview - The Haib Copper Project is an advanced-stage copper/molybdenum/gold project with a current mineral resource of 414 million tonnes at 0.35% Cu in the Indicated category and 345 million tonnes at 0.33% Cu in the Inferred category [25][26] - The project aims to establish a long-life, low-cost open-pit copper operation, with potential for additional copper production through heap leaching [24][25]

Group 1 - Terra Metals Limited and Metalex Commodities Inc. have formed a joint venture named Lunda Resources to develop and operate the Mwinilunga copper mine in Zambia's Northwestern Province [1][2] - The initial investment for the project is 270 million Zambian Kwacha, with a total planned investment of 2.7 billion Zambian Kwacha for comprehensive mine construction, including copper ore processing systems [1] - The mine is expected to process up to 2 million tons of ore annually, producing approximately 100,000 tons of copper concentrate, copper cement, and cobalt precipitate [1] Group 2 - The partnership is seen as a milestone for both companies and the future of Zambia's mining sector, providing resources and international influence to responsibly scale operations and create local job opportunities [2] - The joint venture aims to provide low-emission, high-impact metals to the global market while promoting inclusive economic growth in Zambia [2] - The project is highlighted as a model of responsible international cooperation, reflecting the U.S. commitment to strengthening business ties with Zambia and supporting responsible investment in critical minerals [2] Group 3 - Terra Metals Limited is a local exploration and mining company in Zambia focused on developing critical minerals sustainably for the U.S. and allied markets [3] - Metalex Commodities Inc. is a U.S.-based metal company dedicated to supplying carbon-neutral critical metals produced in Africa to the global market [4] Group 4 - The joint venture has already employed 130 Zambians and plans to create an additional 400 jobs [4] - The initiative includes integrating up to 1,000 artisanal miners into the supply chain through fair procurement mechanisms [4] - A 10-megawatt solar power generation and storage facility is being designed to reduce emissions and fuel consumption [4] - Over 4.6 million Zambian Kwacha will be invested in water and sanitation projects benefiting more than 3,000 people [4] - The companies have committed to investing 27 million Kwacha annually in community development until 2030, collaborating with local chiefs [4]

Core Viewpoint - Surge Copper Corp. has successfully completed metallurgical testwork for its Berg Project, achieving over 90% recovery rates for copper and molybdenum, confirming the effectiveness of conventional flotation processes and the quality of final products [1][6][10]. Group 1: Testwork Overview - The metallurgical program was initiated following a successful Preliminary Economic Assessment (PEA) and involved over 1,350 kilograms of material to create three primary composites representing different mineral zones [3][7]. - The testwork aimed to improve recovery profiles and validate flotation performance across various lithologies, with 27 variability composites created to assess recovery correlations [4][5]. Group 2: Recovery Results - Locked cycle testing achieved up to 90.7% copper and 93.0% molybdenum recovery to a bulk concentrate grading 29.7% copper [7][13]. - Excellent copper-molybdenum separation was confirmed, with molybdenum recoveries of 94.6% and 95.6% from bulk concentrates across hypogene and supergene composites, respectively [7][15]. Group 3: Economic Implications - The results validate the flowsheet used in the PEA, indicating potential for higher expected metal recoveries compared to the conservative estimates of 80% for copper and 75% for molybdenum [9][10]. - The project is positioned as a technically robust, high-margin asset, with the testwork reinforcing the disconnect between the project's fundamental value and market perception [10][20]. Group 4: Future Plans - Surge plans to refine geometallurgical modeling of the Berg deposit to enhance recovery rates, particularly by better delineating supergene and hypogene mineralization [20]. - Additional testing will include optimization for precious metals and further exploration of flow sheet opportunities, such as HPGR and coarse particle flotation [22]. Group 5: Company Background - Surge Copper Corp. is advancing a critical metals district in British Columbia, owning multiple advanced porphyry deposits with compliant resources of copper, molybdenum, gold, and silver [26][27]. - The Berg Project is highlighted for its large-scale, long-life potential, with a base case NPV of C$2.1 billion and an IRR of 20% based on long-term commodity prices [27].

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]