Core Viewpoint - Bocana Resources Corp. has entered into a binding letter of intent for the acquisition of 100% of placer mining claims in Arizona, indicating a strategic move to enhance its mineral asset portfolio [1][3]. Group 1: Transaction Details - The acquisition involves 72 placer mining claims totaling approximately 1,440 acres located in Pinal County, Arizona [2]. - The total purchase price for the claims is US$27,500,000, with an initial deposit of $200,000 made to the seller [3]. - The claims will be acquired through a newly formed subsidiary, Arizore LLC, registered in Nevada [3]. Group 2: Conditions and Approvals - The transaction is subject to several conditions, including the execution of a definitive agreement, completion of financing, satisfactory due diligence, and regulatory approvals [4][5]. - The transaction will be treated as a "Fundamental Acquisition" under TSX Venture Exchange Policy 5.3, with no finder's fees involved [4]. Group 3: Technical Reports and Findings - Historical technical reports indicate potentially economic concentrations of gold and associated metals across four claims, with average gold grades of 4.6 oz/ton and silver grades of 1.9 oz/ton from the LPA4-04 claim [7][8]. - The Dirt-01 claim shows average gold grades of 1.4 oz/ton and silver grades of 0.4 oz/ton, demonstrating consistency in higher-grade mineralization [13]. - The Dirt-02 claim has reported average gold grades of 0.589 oz/ton and silver grades of 0.475 oz/ton from nine drill holes, indicating potential for further exploration [14]. Group 4: Company Overview - Bocana Resources Corp. is focused on the acquisition, exploration, and development of mineral properties in North and South America, holding a 100% working interest in the Escala area concessions in Bolivia [29].

Core Insights - Ivanhoe Mines reported a Q2 2025 profit of $35 million and adjusted EBITDA of $123 million, with Kamoa-Kakula contributing $128 million to EBITDA [1][9] - Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, operating at 85% design capacity for Phases 1 and 2, and 30% above design capacity for Phase 3 [1][37] - The company is advancing its dewatering efforts at Kakula Mine, with Stage One completed and Stage Two set to commence imminently [1][49] - The startup of Africa's largest and greenest copper smelter is on schedule for September 2025 [1][68] - Recent increases in platinum and palladium prices have improved the net present value of the Platreef project by over 20% to approximately $3.8 billion [1][9] Financial Performance - Q2 2025 adjusted EBITDA was $123 million, down from $226 million in Q1 2025; profit after tax was $35 million compared to $67 million in Q2 2024 [9][1] - Kamoa-Kakula sold 101,714 tonnes of copper at an average realized price of $4.34/lb, with revenue of $875 million for the quarter [9][1] - The cost of sales per pound of payable copper sold increased to $2.85/lb in Q2 2025 from $1.87/lb in Q1 2025 [11][9] - Kamoa-Kakula's cash cost (C1) per pound of payable copper produced averaged $1.89/lb, up from $1.69/lb in Q1 2025 [11][9] Operational Highlights - Kamoa-Kakula's concentrators milled 3.62 million tonnes of ore in Q2 2025, producing 112,009 tonnes of copper, an 11% increase compared to Q2 2024 [37][9] - The Phase 3 concentrator achieved a record production of 40,608 tonnes of copper, operating at an annualized rate of 6.5 million tonnes, 30% above design capacity [46][12] - Kipushi operations sold 43,348 tonnes of zinc, up nearly 45% from Q1 2025, with a revenue of $97 million [11][9] - Platreef's Phase 1 project is nearing completion, with first ore feed expected in Q4 2025 [12][8] Project Development - The Kamoa-Kakula copper smelter is expected to start operations in September 2025, processing concentrates from all phases of the mine [68][1] - The company is targeting to provide an update on Kamoa-Kakula's recovery plan and ramp-up to steady-state operations by September 2025 [12][1] - The Platreef project is projected to be the lowest-cost primary platinum-group-metals producer globally, with a Phase 2 expansion expected to produce over 460,000 ounces of platinum, palladium, rhodium, and gold annually [12][8] Exploration Activities - Ivanhoe Mines is expanding the Makoko District copper discovery and exploring for new sedimentary-hosted copper discoveries across its extensive license areas in DRC, Angola, Zambia, and Kazakhstan [3][2] - The company has completed 86,000 meters of diamond drilling in the Makoko District, doubling the total copper contained in the area [16][3] - Drilling activities in Kazakhstan commenced in July 2025, with two rigs deployed for a 17,500-meter maiden diamond drilling program [16][3]

Core Viewpoint - Platinum Group Metals Ltd. is focused on advancing the Waterberg Project in South Africa, which is projected to be one of the largest and lowest-cost underground platinum group metals mines globally [1][23]. Financial Results - For the nine months ended May 31, 2025, the company reported a net loss of $3.40 million, an improvement from a net loss of $4.02 million in the same period in 2024 [14]. - General and administrative expenses increased to $2.78 million from $2.57 million year-over-year, while stock-based compensation decreased to $0.79 million from $1.61 million [14]. - Basic and diluted loss per share was $0.03, compared to $0.04 for the same period in 2024 [15]. Project Development - The Waterberg Project is owned by Waterberg JV Resources, with Platinum Group holding a 37.32% interest [5]. - The company aims to finalize construction financing and concentrate offtake agreements to advance the Waterberg Project to a development and construction decision [2][23]. - An interim budget of Rand 42 million (approximately $2.27 million) was approved to continue work programs for the Waterberg Project [7]. Recent Events - A non-brokered private placement raised $1.0 million by issuing 800,000 common shares at $1.26 each, allowing a major shareholder to regain a 26% interest in the company [6]. - The company entered into an Equity Distribution Agreement to distribute up to $50 million of common shares through an at-the-market equity program [8][10]. Smelting and Refining Initiatives - A memorandum of understanding was signed with Ajlan & Bros for establishing a platinum group metals smelter and base metal refinery in Saudi Arabia [11]. - The company is conducting a trade-off study to assess the feasibility of exporting PGM concentrate from South Africa to Saudi Arabia [20][22]. Market Outlook - The company is exploring new applications for PGMs in battery technologies through its initiative with Lion Battery Technologies [2][29]. - Despite recent global tariffs raising market uncertainties, platinum and palladium prices have been increasing due to strong demand and supply concerns [30][32]. Environmental, Social, and Governance (ESG) - The company received a BBB score in its fourth annual ESG disclosure report, indicating a commitment to improving ESG performance [33][34].

Lifezone Metals Overview - Lifezone Metals partners with BHP to develop the Kabanga Nickel Project in Tanzania, one of the largest and highest-grade undeveloped nickel sulfide deposits[17] - The company partners with Glencore to recycle platinum, palladium, and rhodium in the United States, enabling a circular economy for precious metals[18] - Lifezone Metals' Hydromet Technology offers a more sustainable, efficient, and cost-effective approach to metal refining and recycling compared to smelting and refining[23] - The company is supported by industry-leading partners, investors, and governments, including Cinctive, BlackRock, GMO, US DFC, Japan's JOGMEC, and the Government of Tanzania[19] Kabanga Nickel Project - BHP has invested $100 million to-date into Lifezone and Kabanga[52] - Tanzania is a 16% owner of the Kabanga Nickel Project and Kahama Hydromet Refinery[37] - The Kabanga Nickel Project has more than 620 kilometers of drilling completed[37] - Lifezone Metals attributable Mineral Resources at North Zone are 24.7 million tonnes Measured and Indicated grading 3.19% nickel-equivalent and 5.8 million tonnes Inferred grading 3.25% nickel-equivalent[111] - Overall Mineral Resource is 46.8 million tonnes Measured + Indicated grading 2.09% nickel, 0.29% copper and 0.16% cobalt and 11.3 million tonnes Inferred grading 2.08% nickel, 0.28% copper and 0.15% cobalt[113] Financials - As of January 14, 2025, the Market Capitalization (basic) is $524.8 million, with $63.5 million in Cash (as of June 30, 2024) and $50.4 million in Conv Debt & Embedded Derivatives (as of June 30, 2024), resulting in an Enterprise Value of $511.7 million[84]

Investment Rating - The report maintains a preference for platinum, copper, and rhodium as preferred metals, while cobalt is deemed least-preferred [12][20][30]. Core Insights - The metals market is experiencing significant volatility due to global policy uncertainty, particularly surrounding tariffs, which are impacting demand and supply chains [12][20][27]. - The implementation of tariffs is expected to lead to price divergence between regions, with U.S. prices likely to be at a premium compared to international prices [3][17]. - Concerns over global economic growth, particularly in China, are intensifying, which could further affect metal consumption [5][23]. Summary by Sections Muddled Outlook - The market has seen a range of views on metal prices, with uncertainty prevailing due to tariffs and their potential impact on monetary policy and economic growth [2][14]. - Policymakers in China will need to increase support to bolster internal demand to meet GDP growth targets [2][23]. Price Forecast Changes - Price forecasts for metals have been adjusted due to recent volatility, with platinum and copper remaining preferred, while cobalt is least-preferred [7][29]. - The report indicates that rhodium has moved from neutral to preferred due to tightening market conditions [7][30]. Tariffs and Their Impact - The U.S. imports a significant portion of its metal demand, and the ongoing tariffs could disrupt commodity supply chains and increase risks for demand [16][17]. - A potential 25% tariff on copper is anticipated, which could further complicate the market dynamics [16][18]. Supply and Demand Dynamics - Supply issues are expected to continue influencing prices, with specific metals like cobalt and manganese experiencing price fluctuations due to supply constraints [26][67]. - The report highlights that while demand for electric vehicles (EVs) is a key driver for some metals, recent trends indicate a slowdown in EV sales momentum [25][26]. Commodity Price Performance - The report notes that prices for various metals have shown sharp volatility, with some metals experiencing a decline due to economic growth concerns [27][28]. - Gold prices reached a record high of USD 3,167/oz, driven by safe-haven demand amid economic uncertainty [28]. Specific Metal Insights - **Copper**: Prices are expected to remain balanced in the near term, but potential tariffs could lead to a structural deficit in the long term [71][72]. - **Aluminum**: The market is projected to remain in modest surplus in 2025, with robust demand from China offsetting some weaknesses [69][70]. - **Cobalt**: The market is expected to remain in surplus due to increased supply and a challenging demand outlook [66].