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]

We recently published 10 Big Names With Explosive Growth. Ivanhoe Electric Inc. (NYSEAmerican:IE) is one of the best performers on Wednesday. Ivanhoe rallied for a second day on Wednesday to hit a new 52-week high as investors cheered a 57-percent increase in copper production during the third quarter, which solidified its full-year targets. At intra-day trading, Ivanhoe Electric Inc. (NYSEAmerican:IE) soared to its highest price of $14.57 before paring gains marginally to end the day up by 12.63 percent ...

Core Insights - Ivanhoe Mines reported significant production results for Q3 2025, with Kamoa-Kakula producing 71,266 tonnes of copper and Kipushi achieving a record zinc production of 57,200 tonnes, marking a 37% increase from the previous quarter [1][6][15]. Production Highlights - Kamoa-Kakula's concentrators milled a total of 3.46 million tonnes of ore in Q3 2025, with year-to-date copper production reaching 316,393 tonnes [3][15]. - The company maintains its copper production guidance of 370,000 to 420,000 tonnes for the year, with higher-grade mining expected to commence in mid-November [3][17]. - Kipushi's concentrator processed 168,862 tonnes of ore at an average grade of 37.8%, contributing to the record zinc output [6][41]. Project Developments - Stage Two dewatering at Kakula Mine is over 20% complete, with expectations to finish by the end of November 2025, significantly lowering underground water levels [4][21]. - The start-up of Africa's largest copper smelter is scheduled for early November, with a 60 MW uninterruptible power supply nearing completion to ensure operational stability [5][35]. - First production from the Platreef Mine's Phase 1 concentrator is anticipated by the end of October 2025, with ongoing development for Phase 2 expansion targeting completion in Q4 2027 [10][53]. Future Outlook - The company expects improved copper grades from the Kakula Mine's western side starting next month, with selective mining planned for Q1 2026 [9][18]. - The new life-of-mine plan for Kamoa-Kakula is set to be released in Q1 2026, following inspections of newly dewatered areas [32][67].

Ivanhoe Mines Closes US$500 Million Strategic Private Placement with Qatar Investment AuthoritySeptember 29, 2025 1:22 PM EDT | Source: Ivanhoe Mines Ltd.Toronto, Ontario--(Newsfile Corp. - September 29, 2025) - Ivanhoe Mines Ltd. (TSX: IVN) (OTCQX: IVPAF) announces that the company has closed the private placement offering with Qatar Investment Authority (QIA), as previously announced on September 17, 2025.In accordance with the offering, Ivanhoe Mines has issued 57,516,666 common shares to Q ...

Financial Data and Key Metrics Changes - Group adjusted EBITDA increased by 120% compared to the same period in 2024, reaching ZAR 10 billion, and even excluding the 45X credits, it was still 51% higher [5][6] - Net debt to adjusted EBITDA ratio improved to 0.89 times, significantly below the market's earlier projections [6] - The total fair value of 45X credits is projected to increase to ZAR 12.6 billion by 2034, representing 32% of the acquisition value of the Stillwater operations [7] Business Line Data and Key Metrics Changes - South African PGM operations produced 840,400 ounces, a 4% decrease year-on-year, with underground operations consistent at 750,000 ounces [59] - South African gold operations saw a 36% increase in average gold price received, reaching slightly more than ZAR 1.8 million per kilogram, while adjusted EBITDA increased by 118% to ZAR 4.8 billion [65][66] - U.S. PGM operations produced 141,000 ounces at an all-in sustaining cost of $1,207 per ounce, reflecting a 41% decrease in costs compared to pre-restructuring [74] Market Data and Key Metrics Changes - Gold prices increased by 26% in the first half of the year, with average trading volumes reaching $329 billion per day, the highest for any half-year period on record [48] - PGM prices have rallied due to tight supply, with platinum prices outperforming driven by lower mine supplies [49] - Lithium market remains oversupplied, with average prices just over $9,000 per ton, affecting profitability for a third of lithium supply [56] Company Strategy and Development Direction - The company is focused on commodity diversification, particularly in gold and lithium, to stabilize earnings during volatile market cycles [25] - A multipolarity strategy is being implemented to enhance local supply of critical minerals, including a petition for a palladium trade remedy [8][26] - The company is investing in brownfield projects with low capital intensity to improve competitiveness and efficiency [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's increasing earnings trend and decreasing leverage, indicating a positive outlook for future performance [9] - The company acknowledges the challenges posed by geopolitical tensions and tariff impacts on market demand, particularly in the U.S. [46] - Future growth is anticipated in the PGM and lithium markets, despite current pressures, with a focus on sustainable practices and stakeholder engagement [30][57] Other Important Information - The company has launched a petition against unwrought palladium imports from Russia, addressing unfair trade practices [78] - The acquisition of Metalex is expected to enhance the company's recycling footprint and contribute to earnings [43] - The company is assessing the Burnstone project for potential future development [29] Q&A Session Summary Question: What is the outlook for dividend payments? - The company has decided not to pay dividends at the interim stage but will review this at year-end, with confidence in returning to dividend-paying territory if commodity prices remain stable [41] Question: How is the company addressing safety concerns? - The company reported three fatalities during the reporting period but noted improvements in safety frequency rates and a commitment to eliminating fatal incidents [21][22] Question: What are the expectations for the lithium market? - The lithium market is currently oversupplied, but the company remains bullish on long-term demand driven by electrification, forecasting a healthy CAGR for battery electric vehicle production [57]

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].