Core Insights - SAGA Metals Corp. has reported additional assay results from drill holes R-0021, R-0022, and R-0023, indicating consistent and high-quality mineralization at the Trapper Zone of the Radar Titanium-Vanadium-Iron Project in Labrador, Canada [1][3][8] Drilling Results - Drill hole R-0021 reported an intercept of 31.38 m at 53.18% Fe₂O₃, 7.08% TiO₂, and 0.414% V₂O₅ - Drill hole R-0022 showed 30.60 m at 49.40% Fe₂O₃, 6.61% TiO₂, and 0.373% V₂O₅ - Drill hole R-0023 had an intercept of 86 m at 45.50% Fe₂O₃, 5.50% TiO₂, and 0.367% V₂O₅ [4][8] Overall Progress - A total of 8 diamond drill holes have been reported in 2026, with significant oxide intercepts exceeding 70–90 meters and head grades frequently above 45–53% Fe₂O₃, 6–7% TiO₂, and 0.37-0.41% V₂O₅ [4][8] - The total meters drilled in the Trapper Zone for 2026 reached 8,144 m, with ongoing drilling at hole R-0046 [7][15] Geological Context - The Radar Property spans 24,175 hectares and hosts the Dykes River intrusive complex, with geological mapping confirming oxide layering across more than 20 km of strike length [19][30] - The mineralization at Radar is comparable to global Fe–Ti–V systems, positioning the project as a potential strategic supplier of titanium, vanadium, and iron to North American markets [20][22] Future Plans - The company aims to advance beneficiation studies on the oxide mineralization and deliver a maiden Mineral Resource Estimate in 2026, which will support future economic assessments [5][8]

Core Insights - Green Bridge Metals Corporation has reported visible copper sulfide mineralization in its initial drilling at the Titac Project in Minnesota, indicating potential for copper mineralization associated with titanium resources [2][3][9]. Drilling Program Update - The Phase 1 diamond core drilling program commenced in late January 2026, with three drill holes completed, totaling 1,196 meters drilled [5][8]. - The drill holes TS26-002a (309 m), TS26-003 (410 m), and TS26-005 (477 m) are part of a planned six-hole fence to evaluate copper mineralization systematically [5][13]. Mineralization Observations - All three drill holes intersected visually identifiable sulfide mineralization, specifically chalcopyrite, over intervals of approximately 100-450 meters downhole [6][9]. - Ilmenite, the principal titanium-bearing mineral, was observed throughout the intrusion in each hole, supporting the geological model [6][9]. Future Steps - Samples from the completed holes are being prepared for shipment to an independent laboratory for assay analysis, with results pending [10][9]. - The ongoing core logging, sampling, and QA/QC procedures are crucial for confirming the visual observations and refining the understanding of potential mineralization [10][11]. Resource Context - The Titac Project is being evaluated for its potential to host copper mineralization associated with an existing inferred mineral resource estimate of approximately 46.6 million tonnes at 15% TiO2 [13][17].

Core Viewpoint - Kenmare Resources plc reported a challenging year in 2025, with significant declines in revenue and profitability due to market conditions, necessitating difficult decisions such as workforce reductions and the suspension of dividends. The company is focused on operational efficiency and maintaining financial stability while engaging with the Government of Mozambique regarding the renewal of its Implementation Agreement [2][4][28]. Financial Performance - Mineral product revenue for 2025 was $312.1 million, a decrease of 20% year-on-year, attributed to a 13% drop in shipments and a 6% decline in average product prices to $338 per tonne [4][5]. - Adjusted EBITDA was $58.0 million, reflecting a 63% decrease year-on-year, resulting in an adjusted EBITDA margin of 19% [4][5]. - The company recognized an impairment charge of $301.3 million, primarily due to lower future revenue projections and uncertainties regarding pricing [4][5]. - Net debt increased to $158.8 million at the end of 2025, up from $25.0 million at the end of 2024, largely due to capital expenditures on the Wet Concentrator Plant upgrade [4][5]. Operational Highlights - Heavy Mineral Concentrate production was 1,233,300 tonnes in 2025, down 15% year-on-year, while ilmenite production was 842,300 tonnes, a 17% decrease [8][39]. - Shipments of finished products totaled 947,900 tonnes, down 13% year-on-year, with expectations for over 1.1 million tonnes in 2026 as the company plans to draw down stockpiles [5][40]. - The upgrade of the Wet Concentrator Plant A was largely completed, with over 80% of the capital investment incurred by the end of 2025 [12][50]. Market Conditions - The titanium minerals market faced headwinds in 2025, with weaker global demand and increased supply from competitors, leading to a 6% decline in average prices received [45][49]. - The zircon market showed signs of recovery, with stronger prices expected in Q2 2026 due to demand exceeding supply [48][49]. Strategic Initiatives - The company is prioritizing a "value over volume" approach to maintain liquidity and financial flexibility amid challenging market conditions [13][32]. - Ongoing negotiations with the Government of Mozambique regarding the renewal of the Implementation Agreement are critical for the company's future operations [5][34][71]. - Kenmare aims to resume dividend payments when financial conditions allow, having previously returned over $300 million to shareholders since 2019 [18][28].

Core Insights - SAGA Metals Corp. has reported additional assay results from its ongoing Mineral Resource Estimate diamond drill program at the Trapper Zone, indicating significant mineralization potential in the Radar Titanium-Vanadium-Iron Project [1][8] Drilling Summary - A total of 4,492 meters have been drilled in 2026 across 21 holes, with significant oxide intercepts observed, including 154.77 meters in hole R-0026 and 151.41 meters in hole R-0032 [4][18] - The drilling program has confirmed broad zones of semi-massive oxide, with multiple holes showing increased oxide concentration and thickness [5][18] Assay Results - Recent assay results from holes R-0018, R-0019, and R-0020 show high-grade mineralization, with R-0019 reporting 45.7 meters at 49.51% Fe₂O₃, 6.56% TiO₂, and 0.374% V₂O₅ [5][18] - Cumulative results from the 2026 drill program now include five diamond drill holes, reinforcing the potential for a robust resource base [5][18] Geological Insights - The mineralization at the Trapper Zone is characterized by consistent SE-striking, west-dipping oxide horizons, with semi-massive to massive oxide mineralization being the core economic target [10][11] - The Radar Property spans 24,175 hectares and hosts a significant mineralized layered mafic intrusion, with confirmed oxide layering trends extending over 16 kilometers [22][23] Market Engagement - The company has entered into a market-making services agreement with Integral Wealth Securities Limited to enhance liquidity for its common shares, with a monthly fee of C$6,000 for an initial three-month term [25][28]

Core Viewpoint - SAGA Metals Corp. successfully completed its Warrant Acceleration Program, resulting in the exercise of 6,755,142 warrants and raising a total of $3,422,888 CDN, significantly enhancing the company's financial position and supporting its ongoing exploration efforts in critical minerals [1][2][3]. Financing and Warrant Details - The company issued a total of 6,637,667 warrants and 163,146 finder's warrants during the May Financing, and 555,750 finder's warrants during the October Financing [2]. - The warrants allowed holders to purchase common shares at a price of $0.50 per share for 24 months from the issue date, with the acceleration period expiring on February 21, 2026 [3]. Financial Position - The successful warrant exercise adds to the $9 million CDN raised in Q4 2025, positioning the company in its strongest financial state to date [3]. - The total proceeds from the warrant exercise contribute to the company's treasury, enabling further exploration and drilling activities [3]. Project Overview - The Radar Property spans 24,175 hectares and includes the Dykes River intrusive complex, with confirmed oxide layering across more than 20 km of strike length [4][13]. - The project is strategically positioned to supply titanium, vanadium, and iron to North American markets, comparable to global Fe–Ti–V systems [6]. Drilling Results - The 2025 drilling programs confirmed mineralization in all 25 drill holes, with significant oxide-rich intercepts reported [10]. - Key intercepts from the drilling include high grades of Fe2O3, TiO2, and V2O5, with notable results such as 87.20 m at 50.67% Fe2O3, 10.15% TiO2, and 0.339% V2O5 [9][11]. Upcoming Events - SAGA Metals will participate in the PDAC Conference in Toronto from March 1 - 4, 2026, providing an opportunity for engagement with investors and stakeholders [12].

Core Viewpoint - Largo Inc. has terminated its iron ore calcine sale agreement due to non-receipt of the required initial payment, while also assessing the implications of recent U.S. Supreme Court decisions on tariff authority affecting its vanadium products [1][2][3]. Update on Iron Ore Calcine Transaction - The sale agreement for up to 4.5 million tonnes of iron ore calcine was contingent on an initial payment of $2.9 million, which was deferred to February 9, 2026, but ultimately not received, leading to the termination of the agreement [1][2]. - Largo retains full ownership of the calcine material and is exploring other potential buyers [3][12]. Assessment of Recent U.S. Supreme Court Decisions on Tariff Authority - The Supreme Court decision has implications for the tariff authority affecting Brazilian-origin vanadium products, which previously faced a 50% tariff on imports into the U.S. [3][4]. - There is potential for reimposition of tariffs at lower rates of 10-15%, which could enhance the competitiveness of Largo's products in the U.S. market [4][5]. Readiness of Vanadium Through Largo's Bonded Vanadium Inventory in U.S. Ports - Largo has high purity vanadium units stored in a bonded warehouse in the U.S., which have not yet been imported due to high tariffs, impacting working capital [5][6]. - The modification or reduction of tariffs could allow for rapid release and supply of these units to U.S. customers, enhancing market responsiveness [5][6]. Continued Price Acceleration Since February 12, 2026 Market Update - Vanadium prices have strengthened significantly, with European ferrovanadium prices rising from approximately $25.6/kg to $27.7/kg, and U.S. prices increasing from $17-18.5/lb to over $21/lb, with recent trades near $23/lb [6][7]. - V₂O₅ prices have also increased above $5.5/lb, indicating tightening fundamentals in the vanadium market [7][8]. Positioning to Support U.S. Supply Security - Largo is positioned as a primary producer capable of supplying both ferrovanadium and high-purity vanadium products, which could enhance supply security for U.S. customers as tariff constraints are eased [8][9]. About Largo - Largo is a recognized supplier of high-quality vanadium and ilmenite products from its Maracás Menchen Mine in Brazil, contributing to various industries including steel, aerospace, and energy storage [9][10]. - The company is also invested in clean energy storage through its joint venture in vanadium flow battery production [10].

Core Insights - SAGA Metals Corp. has completed seven diamond drill holes at the Trapper Zone, confirming oxide mineralization in all logged holes, with a total of 1,244 meters drilled in less than two weeks [1][3][14] Drilling Program Highlights - The drilling program commenced in late January 2026, targeting the southeastern oxide anomaly in Trapper South, with notable intercepts including 111.67 meters of oxide in hole R-0018 and 90.08 meters in R-0017 [3][5] - The drill rig has now moved to the southwestern oxide anomaly, with the eighth hole (R-0023) currently being drilled [5][14] - The drilling has demonstrated extensive rhythmic oxide layering and semi-massive mineralization, consistent with previous high-grade results from Trapper North [5][14] Drill Hole Summary - Significant oxide intercepts were recorded across the completed holes, with R-0016 to R-0022 showing intercepts ranging from 58 meters to 111.67 meters, predominantly semi-massive oxide [5][7] - The drilling strategy involved twinning holes to better define oxide intercepts and structures, enhancing the understanding of the mineralization [10][14] Project Overview - The Radar Property spans 24,175 hectares and hosts the Dykes River intrusive complex, with geological mapping confirming oxide layering across more than 20 kilometers of strike length [19][26] - The project is strategically positioned to supply titanium, vanadium, and iron to North American markets, with exceptional grades reported, including up to 64.55% Fe, 13.3% TiO2, and 0.66% V2O5 [21][22] Upcoming Events - SAGA Metals will participate in the Prospectors & Developers Association of Canada (PDAC) Conference in Toronto from March 1-4, 2026, providing an opportunity for investor engagement [25]

Core Viewpoint - SAGA Metals Corp. is accelerating the expiry of outstanding common share purchase warrants, which is expected to generate approximately $3.6 million in additional funding, enhancing the company's financial position and supporting its exploration strategy in 2026 [3][4]. Financing Details - The company issued a total of 6,637,667 warrants and 163,146 finder's warrants in the May Financing, and 555,750 finder's warrants in the October Financing, totaling 7,356,467 warrants [2]. - The acceleration of the warrants' expiry is triggered by the company's common shares closing at or above C$0.75 for 10 consecutive trading days, allowing the expiry date to be set to February 21, 2026 [3]. Financial Position - The company raised $9 million in Q4 2025 and has generated over $675,000 from warrant exercises since the beginning of 2026, positioning it in the strongest financial position in its history [3]. - The influx of funds from the accelerated warrant exercises will bolster the company's treasury and support its strategic initiatives [3]. Project Overview - The Radar Critical Mineral Property spans 24,175 hectares and hosts the Dykes River intrusive complex, with confirmed oxide layering across more than 20 km [5][6]. - The project is positioned as a potential strategic supplier of titanium, vanadium, and iron to North American markets, comparable to global Fe–Ti–V systems [6]. Exploration Plans - The 2026 drill program will focus on the southern section of the Trapper Zone, targeting approximately 30 holes (7,500 m) [8]. - Drilling will commence at the southeastern extent of Trapper South and will progress towards Trapper North, aiming to complete the remainder of the MRE drill campaign by spring [8]. Mineralization Results - Confirmed mineralization in 15 out of 15 drill holes, with significant oxide-rich intercepts reported, including grades of up to 50.67% Fe₂O₃, 10.15% TiO₂, and 0.339% V₂O₅ [10]. - The project has demonstrated exceptional grades and thicknesses, with semi-massive to massive oxide reporting up to 64.55% Fe, 13.3% TiO₂, and 0.66% V₂O₅ [10]. Company Background - SAGA Metals Corp. is focused on the exploration and discovery of critical minerals essential for North American supply security, with a portfolio that includes the Radar Ti-V-Fe Project and the Double Mer Uranium Project [12][13]. - The company is strategically positioned to play a significant role in critical mineral security, with properties covering a total of 65,849 hectares [16].

Core Viewpoint - Kenmare Resources plc has provided a trading update for the full year 2025 and Q4 2025, highlighting production achievements, operational challenges, and guidance for 2026, focusing on value over volume in production strategy. Production and Operational Summary - The company achieved revised production guidance for ilmenite and rutile in 2025, exceeding original guidance for primary zircon and concentrates [3][13] - Heavy Mineral Concentrate (HMC) production in 2025 was 1,233,300 tonnes, down 15% year-on-year due to lower excavated ore volumes related to the upgrade of the Wet Concentrator Plant (WCP) A [6][10] - Ilmenite production was 842,300 tonnes in 2025, down 17% year-on-year, while primary zircon production was 50,000 tonnes, down only 1% year-on-year [14] - The company plans to produce over 1.1 million tonnes in 2026, representing a more than 15% increase compared to 2025, while targeting a minimum ilmenite production of 800,000 tonnes [4][39] Financial Overview - Kenmare reported a net debt of $158.8 million at the end of 2025, significantly up from $25.0 million in 2024, primarily due to capital expenditure on the WCP A upgrade project [27][28] - An impairment charge of up to $300 million is expected for 2025, reflecting lower revenue assumptions and market conditions [5][32] - Total cash operating costs for 2026 are expected to be between $215 million and $225 million, lower than in 2025, as the company aims to minimize operating costs [12][42] Market Conditions - Demand for Kenmare's products remained stable in 2025, but pricing declined due to market oversupply, particularly in the titanium feedstocks and zircon markets [22][26] - The zircon market showed signs of stability towards the end of Q4 2025, despite a general decline in prices throughout the year [25][26] - The company has a strong order book for Q1 2026, although continued market softness is expected to impact demand and pricing [26] Capital Projects and Future Guidance - The upgrade of WCP A is nearing completion, with a total capital cost estimate of $341 million, and expected capital expenditure for 2026 is approximately $30 million [20][43] - The company is focusing on a value-over-volume approach for 2026, which includes a significant drawdown of finished product inventories [4][40] - Kenmare is committed to maintaining a strong balance sheet and deferring discretionary capital costs where possible to navigate the current market challenges [43]

Core Insights - SAGA Metals Corp. announced assay results for two additional diamond drill holes (R-0010 and R-0011) from its Q4 2025 drill program at the Radar Ti-V-Fe Project, confirming high-grade mineralization continuity in the Trapper North zone [1][6][12] Assay Results - R-0010 intercepted 135.5 meters grading 50.03% Fe₂O₃, 7.87% TiO₂, and 0.352% V₂O₅, while R-0011 intercepted 95.15 meters grading 39.49% Fe₂O₃, 6.49% TiO₂, and 0.220% V₂O₅ [6][10] - The results from all four drill holes in Q4 2025 show significant oxide-rich intercepts, with 42.6% of samples exceeding 7% TiO₂ and 53.7% of samples exceeding 0.2% V₂O₅ [6][12] Geological Insights - Hole R-0010 was drilled at a 0-degree azimuth to optimize the assessment of the northern limb of the Trapper North Fold, while R-0011 was a 100-meter step-out that tracked the continuation of the oxide layer [9][10] - The presence of a 22-meter interval of rhythmically banded oxide in R-0011 suggests persistent layering, indicating potential connections between the Trapper and Hawkeye zones [11][12] Future Plans - The 2026 drill program will focus on the southern section of the Trapper Zone, targeting approximately 30 holes (7,500 meters) to further delineate mineral resources [14][15] - The ongoing drilling campaign aims to systematically grid the zones across the Trapper Zone to enhance resource confidence [13][15] Project Overview - The Radar Property spans 24,175 hectares and hosts the Dykes River intrusive complex, with confirmed oxide layering across more than 20 km of strike length [18][27] - The project is positioned as a potential strategic supplier of titanium, vanadium, and iron to North American markets, comparable to global Fe–Ti–V systems [21][27]