The Metals Company is up 490% over the past year as it looks to lead the way in deep-sea mining.Amid geopolitical uncertainty and trade tensions, the U.S. has a renewed focus on invaluable natural resources. One stock investors have been buzzing over is The Metals Company (TMC 3.28%). Since November 2024, the stock has skyrocketed by 437%.Investors have reason to be optimistic. Under U.S. President Donald Trump, the company appears well-positioned to advance in a relatively unexplored deep-sea mining indust ...

Core Points - Metalsource Mining Inc. announced a non-brokered private placement of up to 20,000,000 units at a price of $0.20 per unit, aiming for gross proceeds of up to $4,000,000 [1] - Eric Sprott will lead the offering by subscribing for 5,000,000 units, totaling $1,000,000 [1] Offering Details - Each unit consists of one common share and one-half of a transferable common share purchase warrant, with each whole warrant allowing the purchase of one additional common share at CAD $0.30 for three years [2] - The proceeds will be used for exploration at the Silver Hill and Byrd-Pilot projects in North Carolina, the Aruba manganese project in Botswana, and for general working capital [3] Strategic Focus - The company aims to modernize exploration at Silver Hill, a historic silver mine, and expand known silver zones to build an updated mineral resource estimate [4] - Byrd-Pilot project offers potential for large-scale gold-copper porphyry discovery, providing shareholders with exposure to both high-grade silver and district-scale opportunities [4] Company Overview - Metalsource Mining Inc. is engaged in the acquisition, exploration, and development of mineral property assets, focusing on precious and base metal properties [5] - The Aruba Property in Botswana covers 4,663 square kilometers and is prospective for platinum group metals, gold, silver, and manganese [5]

Climate Change Action Plan - South32 set a target to halve net operational emissions (Scope 1 and 2) by FY35, relative to FY21 levels[28] - The company expanded its net zero by 2050 goal to include Scope 3 emissions[28] - South32 sold Illawarra Metallurgical Coal (IMC), reducing transition risk and Scope 3 emissions[28] - The company converted two of Worsley Alumina's coal-fired boilers to natural gas as an interim step[28] Portfolio and Capital Expenditure - 51% of South32's FY25 Underlying EBITDA is from the Aluminium value chain[30] - 23% of South32's FY25 Underlying EBITDA is from Manganese[30] - 100% of South32's capital expenditure is directed towards transition materials[36] - Capital expenditure during CCAP 2022 (FY23 to FY25) was US$71 million[40] Emissions - Hillside Aluminium accounts for 58% of South32's operational emissions[45] - Worsley Alumina accounts for 16% of South32's operational emissions[45] - Mozal Aluminium accounts for 17% of South32's operational emissions[45] - Portfolio reshaping has contributed to an approximately 80% reduction in Scope 3 emissions[63]

Core Insights - RecycLiCo Battery Materials Inc. has acquired a new 10,047-square-foot building in Delta, British Columbia, to serve as its corporate headquarters and operational hub, which will include executive offices, a lithium-ion battery recycling demonstration plant, and an in-house analytical laboratory [1][2] - The acquisition is a strategic move to enhance the company's capacity for lithium, cobalt, nickel, and manganese supply chains, positioning RecycLiCo as a commercial participant in the critical minerals sector [2] - The purchase price for the building was $5,875,000, with $4,406,250 financed by the seller at a 5% annual interest rate, secured by a three-year mortgage [2] Operational Developments - The relocation and commissioning of RecycLiCo's demonstration plant will occur alongside the construction of the new laboratory, aiming to minimize downtime and expedite customer qualification and commercial deployment [3] - The reassembled plant is expected to begin commissioning in early 2026, with operational readiness targeted for Spring 2026, contingent on construction progress and regulatory approvals [3] Company Overview - RecycLiCo specializes in critical minerals refining, utilizing advanced hydrometallurgical technologies to process mined ore and upcycle lithium-ion battery materials, efficiently recovering essential minerals from end-of-life batteries and manufacturing scrap [4] - The company's focus aligns with the increasing global demand for responsible supply chains and the movement towards strengthening domestic sourcing of critical materials [4]

Core Insights - Palamina Corp. has expanded its soil and subcrop sampling program at the Galena Silver Copper Manganese Project, utilizing a portable XRF analyzer to further define mineralized zones [1][3] Group 1: Project Developments - The expanded XRF soil sampling indicates the presence of a large hydrothermal system in the Tacaza formation volcanic rocks, supporting two strong geochemically anomalous trends [3] - A total of 730 samples were collected during the second XRF soil sampling campaign, delineating two distinct mineralized anomalies over 3 km by 1.5 km [7][11] - The company plans to conduct further XRF soil sampling and a property-wide gravity survey to prioritize drill targets, as the Galena project has not yet seen any drilling [15] Group 2: Mineralization Details - Mineralization at Galena occurs along veins, fractures, and within autobreccia matrix, hosted in Miocene-aged Tacaza Formation volcanic flows [4] - Previous rock samples from the Rosa and Azul zones returned significant values, including up to 1,135 g/t Ag, 5.2% Cu, and 0.69% Mn [5] - XRF values from the Tertiary volcanics at surface graded up to 440 g/t silver, 0.6% copper, and 2.7% manganese [7] Group 3: Geological Context - The Cretaceous-aged Ayabacas formation limestone underlies the Miocene volcanic sequence, with a limited Induced Polarization study mapping the limestone contact [5] - A significant manganese anomaly covers the area between the Rosa Zone and the Verde Zone, indicating potential for blind CRD mineralization similar to Berenguela and Santa Barbara [11]

Financial Data and Key Metrics Changes - In Q2 2025, TMC reported a net loss of $74.3 million or $0.20 per share, compared to a net loss of $20.2 million or $0.06 per share in the same period of 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 company had pro forma cash of approximately $120 million as of June 30, 2025, which includes proceeds from various capital raises [30] 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] - The estimated recoverable nodules for the PFS is 164 million wet tons, with an assumed production start date in Q4 2027 [21] - Annual production in steady state is modeled at 10.8 million tons of wet nodules, with expected revenue per dry ton of approximately $600 during steady state production [22][24] Market Data and Key Metrics Changes - The revenue mix is expected to be 45% from nickel products, 28% from manganese, 17% from copper, and 9% from cobalt [24] - The company is positioned in the first quartile of the cost curve, with C1 nickel cash costs just over $1,000 per ton, making it profitable in nearly any nickel price environment [24] Company Strategy and Development Direction - TMC aims to adapt to a capital-light approach while advancing its projects, maintaining a unique position in the seabed mining industry [8] - The company has renewed partnerships with Nauru and Tonga, focusing on a science-based approach to develop the industry sustainably [12] - TMC is exploring funding opportunities from various U.S. government departments to support its projects [41][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory path and the support from the U.S. government, indicating a favorable environment for seabed mining [45][60] - The anticipated ramp-up period post-permitting is expected, with production targeted for Q4 2027 [10] - Management highlighted the importance of securing domestic supply chains and advancing U.S. mineral independence [14] Other Important Information - The company welcomed new board members with extensive experience in energy, finance, and law, enhancing its strategic capabilities [14] - TMC's partnerships with Korea Zinc and other stakeholders are expected to facilitate the development of refining capacity in the U.S. [13][26] Q&A Session Summary Question: What work needs to be done to get through the feasibility level and the timeline? - Management emphasized focusing on final agreements with partners and preparing for the investment decision to meet the Q4 2027 production target [40] Question: What are the next major steps or milestones regarding permitting under NOAA? - Management indicated that the closing of the comment period and expected regulatory changes would facilitate faster permitting [42][44] Question: What main factors could accelerate or slow down progress towards production? - Management noted that government support and regulatory clarity are encouraging, with normal business risks being manageable [52][53] Question: Can you clarify the difference between provisional approval and final approval? - Management explained that provisional approval would provide confidence while the final approval process is completed, which is expected by the end of the year [79][82]

Core Insights - Lucid Group, Inc. (LCID) is maintaining positive momentum towards its production targets despite ongoing challenges in the electric vehicle (EV) sector, particularly in the supply chain [1] - The company produced 3,863 vehicles in Q2 2025, an increase from 2,110 units in Q2 2024 [1] - Lucid revised its 2025 production outlook to a range of 18,000-20,000 vehicles, down from the previous guidance of 20,000 [1] Production and Supply Chain Initiatives - Lucid reaffirmed its commitment to U.S.-based manufacturing to mitigate tariff impacts and geopolitical issues [2] - The company announced a preliminary agreement with Graphite One to source natural and synthetic graphite domestically starting in 2028, complementing a nonbinding supply agreement from April 2024 [2] - Partnerships with Alaska Energy Metals, Electric Metals USA, and RecycLiCo aim to enhance the supply chain and reduce dependence on critical metals [3][4] Strategic Collaborations - Nickel from Alaska Energy Metals will improve vehicle range and battery life while reducing reliance on cobalt [3] - Manganese from Electric Metals will support the development of long-range, high-performance EVs [3] - Collaboration with RecycLiCo will aid in energy storage efforts and promote responsible supply chains [4] Market Performance and Valuation - Lucid has underperformed compared to the Zacks Automotive - Domestic industry, with shares down 24.8% year-to-date versus the industry's decline of 14.4% [7] - The company appears overvalued with a forward price/sales ratio of 3.02, compared to the industry's 2.72 [10] Earnings Estimates - The Zacks Consensus Estimate for 2025 EPS has decreased by 4 cents in the past week, while the estimate for 2026 EPS has decreased by 1 cent in the past month [11]

Summary of Jupiter Mines (JMS) 2025 Conference Call Company Overview - **Company**: Jupiter Mines (JMS) - **Industry**: Manganese Mining - **Key Asset**: Tippi Mine located in the Kalahari Manganese Field, South Africa Core Points and Arguments - **Major Investor**: Jupiter is a significant investor in one of the world's largest manganese mines, Tippi, which is currently operational and debt-free [3][4] - **Mine Longevity**: Tippi has over 100 years of mine life remaining, providing a stable cash flow and a strong foundation for dividends [4][12] - **Production Capacity**: Tippi produced 3.6 million tonnes of manganese in the last financial year, slightly above its average of 3.4 million tonnes [7][8] - **Dividend Track Record**: Jupiter has paid AUD 410 million in dividends over the last 6.5 years, with a commitment to continue this policy [13][22] - **Market Position**: Jupiter is the largest pure play listed manganese miner globally, benefiting from the volatility of manganese prices [5][6] - **Growth Strategy**: The company has a four-pronged growth strategy focusing on continuous improvement, market share growth, ESG initiatives, and positioning for battery-grade manganese production [15][17][18] Financial Performance - **Dividend Yield**: Jupiter has maintained an average yield of 12% since listing, significantly higher than the ASX 200 average of 5% [22] - **Cost Management**: The mine operates with stable costs and has achieved record production and sales, supporting its dividend payments [22][25] - **Correlation with Manganese Prices**: The share price of Jupiter is closely correlated with manganese prices, providing potential upside for investors [24][26] Market Dynamics - **Manganese Price Trends**: Current manganese prices are stable but have seen recent increases due to low stock levels in China, which are 26% below average [21][20] - **Supply-Side Disruptions**: The market is sensitive to supply-side disruptions, which have historically led to spikes in manganese prices [26][27] Strategic Developments - **Partnership with Exxaro**: A significant development is Exxaro's agreement to purchase the remaining 50% of the Tippi mine, aligning with Jupiter's strategy for consolidation and value generation [28][32] - **ESG Initiatives**: Jupiter is enhancing its ESG reporting and initiatives, including the implementation of solar and battery solutions at the mine [18] Additional Insights - **Logistics Improvement**: There are opportunities to enhance logistics, particularly in bulk transport, which could improve financial outcomes [15] - **Battery-Grade Manganese**: Jupiter is exploring options to produce battery-grade manganese, leveraging existing stockpiles [18] Conclusion - **Investment Proposition**: Jupiter presents a compelling investment opportunity due to its stable cash flow, strong dividend history, and strategic growth initiatives, particularly in the context of rising manganese prices and the recent partnership with Exxaro [29][30][31]

Core Viewpoint - ZEB Nickel Corp. has successfully completed a high-powered SpectremPlus™ airborne electromagnetic survey over its Zeb Nickel Project in Limpopo Province, South Africa, marking a significant milestone for the company [1][4]. Group 1: Survey Details - The survey covered approximately 736 line-kilometers at a 150m traverse spacing, utilizing Spectrem's converted DC-3 turboprop platform equipped with the proprietary SpectremPlus™ system, capable of imaging conductive bodies to depths exceeding 700m [7]. - Final processed datasets, including 3-D inversion models and integrated geophysical interpretations, are expected by the end of August 2025 [7]. Group 2: Next Steps - The Spectrem Air team has initiated final processing, after which the company's geophysical consultant will interpret and integrate the data with recently acquired gravity and magnetic datasets [3]. - Geofocus will integrate geological, gravity, magnetic, and EM datasets into a unified 3D geophysical block model, with results and an updated technical program anticipated shortly after the final deliverables are received [3]. Group 3: Company Focus - ZEB Nickel Corp. is focused on exploring and developing world-class mineral deposits, particularly metals critical for rechargeable batteries, including nickel, graphite, lithium, cobalt, manganese, copper, and aluminum [5]. - The Zeb Nickel Project is a developing Class 1 nickel sulfide project strategically located in the Bushveld Complex in South Africa [5].

Core Viewpoint - Cavalry Capital Corp. has announced a definitive agreement for a business combination with Advanced Energy Fuels, Inc., which will result in Advanced Energy becoming a wholly-owned subsidiary of Cavalry [1][4]. Transaction Details - The business combination will involve Cavalry acquiring all outstanding common shares of Advanced Energy, with shareholders receiving one post-consolidation common share of Cavalry for each common share of Advanced Energy [1]. - The transaction is expected to meet the listing requirements for a Tier 2 mining issuer under the TSX Venture Exchange [1]. Share Consolidation and Private Placement - Cavalry will consolidate its outstanding share capital at a ratio of 1.66 pre-consolidation shares for each post-consolidation share, resulting in approximately 3,893,072 shares outstanding post-consolidation [3]. - Approximately 19,879,938 post-consolidation shares will be issued to former holders of Advanced Energy common shares as part of the purchase price [3]. - A private placement will be completed for at least 10,000,000 subscription receipts at a price of $0.25 each, aiming for gross proceeds of at least $2,500,000 [3]. Project Development - Proceeds from the private placement will be used to advance the South Woodie Woodie Manganese Project in the Pilbara Region, with plans to complete a pre-feasibility study [3]. - Advanced Energy will acquire a 100% interest in the SWWM Project by paying AUD$450,000 to Trek Metals Limited and issuing shares to Trek [3]. Management and Name Change - The management and board of directors of the resulting issuer will consist of three nominees from Advanced Energy and two from Cavalry [10]. - Cavalry will change its name to "Advanced Energy Fuels Group Limited" or another name determined by Advanced Energy [10]. Regulatory and Approval Conditions - The transaction is subject to customary closing conditions, including approvals from the TSXV and completion of the private placement and consolidation [6]. - No finder's fees are payable in connection with the transaction, except for the private placement [5].