Core Viewpoint - Platinum Group Metals Ltd. reported its financial results for the fiscal year ended August 31, 2025, highlighting the advancement of the Waterberg Project, which is expected to be one of the largest and lowest-cost underground platinum group metals mines globally [1][20]. Financial Results - The company incurred a net loss of $4.54 million for the fiscal year, slightly improved from a net loss of $4.61 million in the previous year [16]. - General and administrative expenses increased to $3.66 million from $3.42 million year-over-year [16]. - Share-based compensation decreased to $1.19 million from $1.36 million [16]. - The foreign exchange gain was $95 thousand, compared to $4 thousand in the previous year, primarily due to the U.S. Dollar's appreciation against the Canadian Dollar [16]. Project Ownership and Structure - As of August 31, 2025, the Waterberg Project is owned by Waterberg JV Resources (Pty) Ltd., with Platinum Group holding a 37.32% interest [4]. - The ownership structure includes Mnombo (26.0%), HJ Platinum Metals Company Ltd. (21.95%), and Impala Platinum Holdings Ltd. (14.73%) [4]. - HJ Platinum Metals Company Ltd. was established in 2023 to hold and fund future equity interests in the Waterberg Project [5]. Recent Developments - On September 17, 2025, Waterberg JV Co. approved a sixth stage of work budgeted at Rand 92.1 million (approximately $5.11 million) for fiscal year 2026 [7]. - A non-brokered private placement of common shares was closed on May 29, 2025, raising $1.0 million, allowing Hosken Consolidated Investments Limited to maintain a 26% interest in the company [8]. - An interim budget of Rand 42 million (approximately $2.27 million) was approved on February 18, 2025, for the continuation of work programs [9]. Project Expenditures - Total expenditures on the Waterberg Project for the year ended August 31, 2025, were approximately $2.0 million, down from $3.0 million in the previous year [19]. - Accumulated net costs capitalized to the Waterberg Project reached $49.2 million as of August 31, 2025, compared to $47.0 million the previous year [19]. Future Outlook - The primary business objective is to advance the Waterberg Project to a development and construction decision [20]. - The company is assessing commercial alternatives for mine development financing and concentrate offtake [22]. - Discussions are ongoing with South African integrated producers regarding formal concentrate offtake arrangements [22]. Environmental, Social, and Governance (ESG) - The company received a BBB score in its 2025 ESG disclosure report from Digbee Ltd., indicating a commitment to improving ESG performance [26].

Core Insights - Ivanhoe Mines announces key management and board appointments, including Mark Farren transitioning to Strategic Advisor, Tom van den Berg as new Chief Operating Officer, and Nick Popovic as Strategic Advisor to the board [1][2][5] Management Changes - Mark Farren, after over ten years in operational leadership, will become Strategic Advisor to support Ivanhoe's organic growth, including the Platreef Phase 2 expansion and Western Forelands development [3][17] - Tom van den Berg, currently Senior Executive at Kamoa-Kakula, will take over as Chief Operating Officer on January 1, 2026, while overseeing ongoing operational recovery at Kamoa-Kakula during the transition [4][11] - Nick Popovic, with over 30 years of experience in the mining industry, joins as Strategic Advisor to assist with commercial and operational matters and growth strategy [5][21] Board of Directors - Manfu Ma steps down from the board after six years, with Xianwen Wu, General Manager of CITIC Metal, appointed as his replacement effective November 26, 2025 [6][26] - Ivanhoe Mines expresses gratitude to Manfu Ma for his contributions during a transformative period for the company [8][25] Future Production Guidance - Ivanhoe Mines plans to issue copper production guidance for Kamoa-Kakula for 2026 and 2027 in the week commencing December 1, 2025 [2][7]

Core Points - Ivanhoe Mines and Qatar Investment Authority (QIA) have signed a memorandum of understanding (MoU) to enhance exploration, development, and mining of critical minerals [1][3] - The MoU follows QIA's strategic investment of US$500 million into Ivanhoe Mines announced on September 29, 2025 [1][2] Collaboration Framework - The MoU establishes a framework for collaboration to support Ivanhoe's efforts in sustainably supplying critical minerals essential for global energy transition and advanced technologies [3][4] - QIA will support Ivanhoe Mines' management in pursuing existing and new growth projects, including the Western Forelands exploration project in the DRC [5] Future Opportunities - Ivanhoe and QIA intend to collaborate in good faith to identify and explore future partnerships and opportunities in mining projects at all development phases [6] - Potential areas of collaboration include investment or financing for critical minerals projects, strategic mergers and acquisitions, infrastructure development, and downstream processing capabilities [7][8] Company Background - Ivanhoe Mines is focused on advancing its operations in Southern Africa, including the Kamoa-Kakula Copper Complex and the Kipushi zinc-copper-germanium-silver mine in the DRC [9] - The company is also exploring for copper in its extensive exploration licenses in the Western Forelands and other regions such as Angola, Kazakhstan, and Zambia [10] QIA Overview - Qatar Investment Authority (QIA) is the sovereign wealth fund of Qatar, established to manage state reserve funds and invest across various asset classes globally [11]

Core Points - Ivanhoe Mines officially opened the Platreef platinum-palladium-nickel-rhodium-gold-copper mine on November 18, 2025, with President Cyril Ramaphosa in attendance, marking a significant milestone for the company and the mining industry in South Africa [1][4][8] - The first concentrate from the Phase 1 concentrator was produced during the opening ceremony, indicating the commencement of production at the mine [20][19] - The Masodi Wastewater Treatment Works, a public-private partnership, was also inaugurated to sustainably source water for the Platreef Mine, enhancing local sanitation and public health [27][28] Company Developments - The Platreef Mine is projected to be one of the largest and lowest-cost producers of platinum-group metals globally, with a life-of-mine total cash cost estimated at $599 per ounce for Phase 2, expected to decrease to $511 per ounce after Phase 3 expansion [34][35] - The mine's annualized production is expected to increase significantly, reaching over 460,000 ounces of platinum-group metals and substantial by-products of nickel and copper following the Phase 2 expansion [36] - The company is advancing negotiations for a $700 million senior project finance facility to support the Phase 2 expansion, with expectations for financing to be in place by Q1 2026 [32][31] Community Involvement - Approximately 150,000 historically disadvantaged local black people are equity owners in the mine, with 70% of the workforce sourced from local communities and nearly 30% being female [8][4] - The opening of the Platreef Mine is seen as a new chapter in mining practices in South Africa, emphasizing community involvement not only as workers but also as equity owners [9][8] Future Prospects - The Phase 2 expansion is targeted for completion in Q4 2027, aiming to increase production capacity to approximately 450,000 ounces of platinum-group metals [29] - The company anticipates that cash flow generated from the operations of Phases 1 and 2 will underpin financing for the future Phase 3 expansion [33][32] - Significant increases in platinum and palladium prices have boosted the project's value, with the net present value of the feasibility study projected to be 52% higher at current spot prices [38]

Core Points - Ivanhoe Mines extends birthday wishes to South African President Cyril Ramaphosa ahead of the Platreef Mine opening on November 18, 2025 [1][2] - The Platreef Mine is recognized as the world's largest undeveloped precious metals mine and is expected to significantly contribute to South Africa's industrial advancement [2][3] - The opening ceremony is strategically timed with the Qatar Africa Business Forum and the G20 Summit, highlighting South Africa's role in the global economy [2][3] Company Overview - Ivanhoe Mines is a Canadian mining company with three principal projects in Southern Africa: Kamoa-Kakula Copper Complex, Kipushi zinc-copper-germanium-silver mine, and Platreef Mine [5] - The Platreef Mine is set to start production in Q4 2025 and aims to become one of the world's largest primary producers of platinum, palladium, rhodium, gold, nickel, and copper [4][5] - The company is also exploring for copper in its extensive exploration licenses in the Western Forelands and other regions including Angola, Kazakhstan, and Zambia [6]

Financial Highlights - Ivanhoe Mines reported a Q3 2025 profit of $31 million and adjusted EBITDA of $87 million, with $76 million attributable to Kamoa-Kakula [1][9] - Kamoa-Kakula sold 61,528 tonnes of copper at an average realized price of $4.42/lb, compared to 101,714 tonnes at $4.34/lb in Q2 2025 [9] - Kamoa-Kakula recognized revenue of $566 million and an operating profit of $69 million for the quarter, with an EBITDA margin of 35% [9] - The cost of sales per pound of payable copper sold was $3.23/lb, up from $2.85/lb in Q2 2025, while cash cost (C1) averaged $2.62/lb, compared to $1.89/lb in Q2 2025 [9][11] - Capital expenditure guidance for Kamoa-Kakula was lowered to $1,320 million to $1,500 million for 2025, while 2026 guidance was raised to $800 million to $1,300 million [9] Operational Highlights - The Stage Two dewatering of the Kakula Mine is approximately 35% complete and expected to finish in early December 2025, which will improve head grades in Q4 2025 [1][37] - Kamoa-Kakula's annualized copper production is targeted to exceed 550,000 tonnes as higher-grade mining areas are reopened [1][42] - Kipushi produced a record 57,200 tonnes of zinc in Q3 2025, with annualized production rates reaching up to 315,000 tonnes [1][11] - The first feed of ore into the Platreef Phase 1 concentrator occurred recently, with first concentrate expected in the coming weeks [1][12] Project Development - The engineering contractor for the Phase 2 expansion of the Platreef Mine has been appointed, with earthworks set to begin in Q1 2026 [1][15] - Kamoa-Kakula's on-site direct-to-blister copper smelter, the largest in Africa, is expected to start up in November 2025 [1][12] - Construction of Kamoa-Kakula's solar facilities is progressing, with a combined capacity of 60 MW expected to be operational by Q2 2026 [1][57] - The updated life-of-mine integrated development plan is underway, targeting an increase in mining rates to 17 million tonnes per year before the Phase 4 expansion [1][41] Strategic Partnerships and Financing - Ivanhoe Mines completed a strategic private placement with Qatar Investment Authority, raising $500 million [2][9] - A further $70 million was received from Zijin following the exercise of its anti-dilution rights [11]

Core Insights - Stillwater Critical Minerals Corp. has engaged Mine Technical Services to conduct an updated NI 43-101-compliant Mineral Resource Estimate for its Stillwater West project in Montana, USA [1] - The updated Mineral Resource Estimate is anticipated in the first half of 2026 and aims to advance Stillwater West as a significant source of ten critical minerals in the U.S. [1] - The Stillwater West project contains a unique combination of nickel, copper, cobalt, chromium, platinum, palladium, rhodium, ruthenium, iridium, gold, and osmium, which are essential for clean energy, defense, and technology supply chains [1]

Core Points - Ivanhoe Mines will release its Q3 2025 financial results after market close on October 29, 2025 [1] - An investor conference call is scheduled for October 30, 2025, at 10:30 a.m. Eastern time to discuss the results [2] - The condensed consolidated interim financial statements and Management's Discussion and Analysis will be available on the company's website and SEDAR Plus [3] Company Overview - Ivanhoe Mines is a Canadian mining company focused on three principal projects in Southern Africa: Kamoa-Kakula Copper Complex, Kipushi zinc-copper-germanium-silver mine, and Platreef platinum-palladium-nickel-rhodium-gold-copper mine, which is set to start production in Q4 2025 [4] - The company is exploring for copper in its 54-100% owned exploration licenses in the Western Forelands, covering an area over six times larger than the Kamoa-Kakula Copper Complex [5] - Ivanhoe is also exploring for new sedimentary copper discoveries in Angola, Kazakhstan, and Zambia [5]

Summary of Metals Quarterly Q4 2025 Equities Industry Overview - The report focuses on the metals industry, highlighting various macroeconomic and commodity-specific factors impacting metal markets, including tariffs, geopolitical tensions, supply chain alterations, and the Federal Reserve's monetary policy [1][13][14]. Key Points Demand and Supply Dynamics - Demand for metals has remained resilient, driven by front-loading shipments to the US and increasing demand from sectors such as renewable energy, electric vehicles (EVs), and AI data centers [2][14]. - However, uncertainties persist due to expected slowdowns in global trade, domestic consumption weaknesses, and policy changes affecting EV sales [2][14]. Price Trends - Major commodity prices, except coal, have increased year-to-date (y-t-d), with precious metals prices rising over 50% y-t-d [3][29]. - Specific price forecasts for various metals include: - **Copper**: Expected to rise from USD 4.15/lb in 2024 to USD 4.50/lb in 2025, reflecting a 6% increase [3]. - **Cobalt**: Anticipated to increase significantly due to supply disruptions, with prices forecasted to rise from USD 11.90/lb in 2024 to USD 14.60/lb in 2025 [3]. - **Gold**: Forecasted to reach USD 3,355/oz in 2025, a 4% increase from previous estimates [3]. Supply Issues - Supply disruptions have been a significant factor in driving prices higher for many metals, particularly copper and cobalt, due to accidents and export bans [4][28]. - The Grasberg mine accident is expected to result in a production loss of approximately 220,000 tons in 2025 and 270,000 tons in 2026 [28]. Preferred Metals - Analysts have identified platinum, copper, and rhodium as preferred metals due to their favorable supply-demand dynamics, while nickel has been downgraded to least preferred due to a lack of catalysts [5][11][30]. Geopolitical and Economic Factors - Geopolitical uncertainties and macroeconomic factors continue to influence metal prices, particularly gold, which is being supported by elevated trade risks [4][11]. - The ongoing "anti-involution" campaign in China aims to address over-competition and outdated capacity, which may have long-term implications for metal supply and demand [25][26]. Future Outlook - The outlook for metals remains clouded, with expectations of continued volatility in prices due to various factors, including potential tariff increases and changes in global trade dynamics [17][18]. - The transition to renewable energy and increased EV penetration are expected to be key demand drivers for certain metals, despite challenges in traditional sectors [22][23]. Additional Insights - The report emphasizes the importance of being selective in commodity investments, as not all commodities will perform similarly in the coming years [32][33]. - Analysts expect a structural deficit in the copper market by 2027-2028, driven by supply issues and increased demand from the EV sector [74][75]. This summary encapsulates the critical insights and forecasts from the Metals Quarterly Q4 2025 report, providing a comprehensive overview of the current state and future outlook of the metals industry.

Group 1: PIC's Investment in Sibanye-Stillwater - Public Investment Corporation (PIC) has increased its stake in Sibanye-Stillwater to 20.42%, becoming the largest shareholder of the mining company [1] - PIC's acquisition included an additional 2.35% in equity, reflecting its commitment to the South African resource sector [1] - As of September 2025, PIC manages over R3 trillion ($155.6 million) in assets [1] Group 2: Investment Strategy and Focus - PIC announced plans to invest R1.35 billion in early-stage mining companies, with at least 50% of these investments directed towards South Africa [2] - The focus of these investments will be on energy transition minerals such as copper and lithium [2] Group 3: Sibanye-Stillwater's Operations - Sibanye-Stillwater specializes in the production of platinum, palladium, rhodium, and gold, and is also involved in refining chrome, cobalt, copper, iridium, nickel, and ruthenium [3] - The company engages in global metal recycling and has interests in operations that focus on the retreatment of mine tailings [3] Group 4: Recent Acquisitions and Leadership Changes - In July, Sibanye-Stillwater signed an agreement to acquire Metallix Refining for R1.45 billion, enhancing its global recycling presence and processing capabilities [4] - Richard Stewart has taken over as CEO of Sibanye-Stillwater, succeeding Neal Froneman, who retired after a 12-year tenure [5]