Ivanhoe Mines reports profit of $228M and adjusted EBITDA of $578M for 2025Kamoa-Kakula generates 2025 revenue of $3.28B and EBITDA of $1.45B, at a margin of 44%, despite lower production and sales since MayKamoa-Kakula cost of sales of $2.82/lb., and cash cost (C1) of $2.16/lb., achieving revised 2025 guidanceKamoa-Kakula cash cost (C1) guidance of $2.20/lb. to $2.50/lb. for 2026, decreasing to $1.90/lb. to $2.30/lb. for 2027Ramp up of Africa's largest and highest-technology copper smelter advancing ahead ...

Core Viewpoint - The precious metals market is expected to perform strongly in 2025, with prices for gold, silver, platinum, and ruthenium reaching historical highs, driven by geopolitical uncertainties and concerns over the sustainability of U.S. debt and the dollar's status as a global reserve currency [1] Gold - Gold prices have shown strong performance at the beginning of 2026, influenced by rising market risk aversion due to U.S. military actions in Venezuela, with prices reaching approximately $4,500 per ounce, just 1% below the historical high of $4,550 set in December [2] - The outlook for gold remains bullish, with expectations for new highs driven by ongoing uncertainties in U.S. policies and economic health concerns, alongside a supportive environment from continued Federal Reserve rate cuts and rising fiscal deficits [4] - Institutional investment demand is expected to be a major driver for gold prices, despite a potential increase in supply due to rising recycling and mining output [5] Silver - Silver prices surged by 147% in 2025, marking the best annual performance since 1979, with expectations for further price increases despite potential short-term corrections due to commodity index rebalancing [7] - Strong investment demand, tariff uncertainties, and structural supply-demand gaps are expected to support silver prices, with the possibility of reaching three-digit price levels [7] - The performance of silver relative to gold may improve initially, but a reversal is anticipated mid-2026 as tariff policies clarify and industrial demand adjusts [7] Platinum - Platinum prices increased by 33% in 2025, breaking out of previous trading ranges, with supply constraints from South African floods and increased demand from jewelry manufacturers contributing to price support [10] - The market is expected to remain in a supply-demand deficit for the fourth consecutive year in 2026, although the gap may narrow as supply recovers and industrial demand expands [10] Palladium - Palladium prices rebounded in 2025, with an average increase of 17%, driven by geopolitical risks and the introduction of palladium futures in Guangzhou [11] - The outlook for palladium in the first half of 2026 remains positive, with prices potentially testing $2,000 per ounce, although a correction of 10%-20% may occur later in the year as uncertainties ease [11] Rhodium - Rhodium prices strengthened in 2025, with a 37% year-on-year increase, despite a narrowing supply-demand gap [12] - The outlook for 2026 suggests further price increases, driven by renewed speculative interest and a continued supply-demand imbalance [13] Ruthenium - Ruthenium prices surged by 66% in 2025, supported by strong demand from the electronics sector and its potential to replace iridium in electrolytic applications [14] - The market is expected to remain in a supply-demand deficit for the eighth consecutive year in 2026, with continued investor interest supporting prices [14] Iridium - Iridium prices experienced an 8% decline in 2025 despite ongoing supply shortages, with resilient demand in electrochemical applications offsetting weaknesses in other sectors [16] - The outlook for 2026 indicates a significant narrowing of the supply-demand gap, with potential short-term price strength followed by a gradual decline as market fundamentals stabilize [16]

Core Viewpoint - BHP is approaching the $50/share mark, driven by a rally in metals, which is nearing its all-time high and is comparable to the Commonwealth Bank [1][3] Metals Market Overview - The metals market is experiencing a significant rally, with expectations for continued strong performance through 2026, benefiting publicly-listed companies in the sector [2] - Various metals have shown substantial month-over-month price increases, including neodymium (+15%), tin (+20%), rhodium (+30%), aluminum (+11%), and indium (+40%), indicating a broader trend in the metals market [5][7] BHP and CBA Comparison - BHP and CBA have historically been close in market capitalization, reflecting their status as the two largest companies in Australia, which is an export-driven economy [3][8] - BHP last traded at $49.63/share, indicating its proximity to the $50 mark [8] Future Outlook - Analysts suggest that the current trends may signal the onset of a new commodities supercycle, particularly in metals [5][8]

Core Viewpoint - Platinum Group Metals Ltd. reports its financial results for the first fiscal quarter of 2026, focusing on 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] Financial Results - The company incurred a net loss of $1.84 million for the three months ended November 30, 2025, consistent with the previous year [13] - General and administrative expenses were $1.08 million, down from $1.24 million in the same period last year [13] - Share-based compensation increased to $1.13 million from $0.72 million year-over-year [13] - A foreign exchange gain of $0.23 million was recognized, attributed to the U.S. Dollar's appreciation against the Canadian Dollar [13] Project Ownership - As of November 30, 2025, the Waterberg Project is owned by Waterberg JV Resources, with Platinum Group holding a 37.32% interest [4] - The ownership structure includes Mnombo (26.0%), HJ Platinum Metals Company (21.95%), and Impala Platinum Holdings (14.73%) [4] Recent Developments - A sixth stage of work was approved for the Waterberg Project, with a budget of Rand 92.1 million (approximately $5.11 million) for fiscal year 2026 [7] - The company closed a non-brokered private placement of common shares at $1.26 per share, raising $1.0 million [8] - An interim budget of Rand 42 million (approximately $2.27 million) was approved for the continuation of work programs [9] Project Expenditures - Total expenditures on the Waterberg Project for the three months ended November 30, 2025, were approximately $0.55 million [17] - Accumulated net costs capitalized to the Waterberg Project reached $51.2 million [17] - Total expenditures since inception to November 30, 2025, amount to approximately $91.6 million [17] Future Outlook - The primary objective is to advance the Waterberg Project to a development and construction decision [19] - Approximately half of the $21.0 million Pre-Construction Program remains to be completed, covering essential site facilities and initial road access [20] - The company is assessing commercial alternatives for mine development financing and concentrate offtake [21] Technical and Economic Considerations - The base case for mine development focuses on lower-cost, bulk mining of F-Zone material from the F-Central deposit [23] - The T-Zone reserves have a more favorable 4E prill split and higher grade compared to the F-Central deposit [23] - Internal studies are evaluating the financial impact of a staged development approach, potentially allowing for lower capital expenditures [25] Environmental, Social, and Governance (ESG) - The company received a BBB score in its 2025 ESG disclosure report from Digbee, indicating a commitment to improving ESG performance [28]

Core Insights - The Platreef Mine is advancing its development with the first sale of concentrate completed and significant expansions planned for both Phase 1 and Phase 2 [1][13][15] - The mine is projected to produce approximately 450,000 ounces of platinum, palladium, rhodium, and gold within 24 months, supported by a $700 million senior project finance facility [1][15][19] - The current market conditions indicate a new metals super-cycle, with rising prices for precious and base metals, which are now considered essential [3][27] Phase 1 and 2 Developments - The Phase 1 concentrator produced its first batch of concentrate on November 18, 2025, and is expected to achieve 80% of nameplate capacity by mid-2026 [7][33] - Shaft 3 is on track for completion in April 2026, which will increase hoisting capacity from 0.8 million tonnes per annum (Mtpa) to approximately 5.0 Mtpa [9][12] - The Phase 2 expansion is targeted for completion in Q4 2027, aiming to increase production significantly and is already underway with DRA Global appointed as the EPCM contractor [15][19][21] Resource and Production Estimates - The Flatreef discovery contains 59 million ounces of precious metals in Indicated Resources and 93 million ounces in Inferred Mineral Resources [2][34] - The Phase 2 expansion is expected to increase annualized production to over 460,000 ounces of platinum-group metals, with further increases anticipated in Phase 3 [23][22] - The Platreef Mine is projected to be one of the lowest-cost producers globally, with life-of-mine total cash costs estimated at $599 per ounce of platinum-group metals [22][21] Financial and Market Context - The current spot prices for platinum and palladium are significantly higher than those used in previous financial assessments, enhancing the project's value [28][29] - The net present value (NPV) of the Phase 2 feasibility study has increased by over 70% to approximately $2.7 billion due to rising metal prices [29] - The overall project value has been boosted to well over $5.0 billion, reflecting the strong market for precious metals [27][28]

Group 1 - The article presents an outlook for various precious metals, including palladium, rhodium, ruthenium, platinum, iridium, and osmium, indicating their projected prices for 2026 [1][4][5] - Specific price forecasts for palladium, rhodium, and platinum are highlighted, with palladium expected to be around 46, rhodium at 45, and platinum at 78 [1][4] - The data suggests a trend in the precious metals market, reflecting potential investment opportunities in these commodities as their values are projected to change significantly by 2026 [1][4]

Core Insights - The global commodities market, particularly metals like gold, silver, platinum, and palladium, is experiencing significant upward momentum, with gold expected to maintain high values due to increased interest as a portfolio asset and a weakening U.S. dollar [1][3][6] Metals Market Overview - Central banks are currently buying gold and selling U.S. dollars, contrasting with past trends where they were dumping gold [2] - The Bloomberg Commodities Index has risen by 13.6% this year, marking the best performance since 2021 [6] Specific Metals Analysis - Palladium and rhodium are gaining traction, with opportunities identified in the PGMs (platinum group metals) sector, despite challenges in the EV market [4][5] - Copper has seen a strong year due to anticipated U.S. tariffs and supply disruptions from mining fatalities, with a break-even price of $4.50 per pound for miners [9][10] Investment Opportunities - There is potential for mergers and acquisitions (M&A) in the copper sector, as major companies look to accelerate growth by acquiring smaller firms [11] - A specific Tier one copper mine in Ecuador, named Solaris, is highlighted as an attractive investment opportunity due to its long-term potential and lack of major off-takers [12][13]

Group 1 - Platinum prices are experiencing their strongest monthly rally in nearly four decades, driven by the EU's reversal on its 2035 combustion-engine ban, tight supply conditions, and increased investment demand for precious metals [1][2] - The EU's recent plan is seen as a significant boost for platinum group metals (PGMs), extending their use in catalytic converters and requiring higher PGM loadings due to ongoing tighter emission levels [3][4] - Platinum has risen by 33% in December, marking its largest increase since 1986, and is on track for a record yearly growth of 146%, while palladium and rhodium have increased by 80% and 95% respectively [3][4] Group 2 - Both platinum and palladium have benefited from defensive stock-building and tighter supply in regional physical markets, influenced by their inclusion on the U.S. critical minerals list [4] - The introduction of PGMs futures trading in China has attracted significant speculative flows, prompting adjustments in price limits by the Guangzhou Futures Exchange [4][5] - The market anticipates more clarity on U.S. tariffs in January, which could impact the demand for platinum group metals, especially if Chinese spot import buying remains high [5]

Core Viewpoint - Eurasia Mining has decided to sell its West Kytlim operations due to concerns over potential nationalization and regulatory risks in Russia [1][4]. Group 1: Sale Agreement Details - The company has accepted terms to divest its stake in Kosvinsky Kamen, which holds the West Kytlim alluvial platinum group metals and gold operations [1]. - The transaction values the loss-making asset at approximately $251 million, with the buyer set to pay Rbs671.2 million (around $9 million) [2]. - The significant difference between the asset's valuation and the expected proceeds is attributed to Russian regulations that limit foreign owners' returns from asset sales amid geopolitical tensions [3]. Group 2: Strategic Focus Shift - Eurasia Mining indicated that the West Kytlim asset represents only 0.3% of its total reserves, and the company aims to focus on its Arctic portfolio, which constitutes 99.7% of its reserves [4]. - The planned disposal aligns with the company's strategy to streamline its asset base and concentrate on higher-value projects in the Arctic region [5]. - The Arctic assets are supported by an agreement with the state-owned Far East and Arctic Development Corporation [5]. Group 3: Financial Implications - The sale is expected to provide non-dilutive funding for the development of the remaining Arctic portfolio, including the Tier 1 nickel-copper deposit NKT, which has an estimated net present value of $1.2 billion to $1.7 billion [6]. - As part of the deal, Kosvinsky Kamen will transfer the Travyanaya licence to Eurasia, allowing the company to retain this licence post-sale [6]. Group 4: Board Recommendations - The board of Eurasia Mining believes the sale is in the best interests of the company and has unanimously recommended that shareholders vote in favor of the transaction [7].

Group 1 - New Age Metals has a market capitalization of C$24.58 million and a P/E ratio of -61.67, indicating a negative earnings performance [2][3] - The company has a quick ratio of 17.88 and a current ratio of 52.48, suggesting strong liquidity [2][3] - The stock price of New Age Metals rose by 32.4% on a recent Friday, trading as high as C$0.48, with a significant increase in trading volume [5] Group 2 - Fundamental Research set a price target of C$0.95 for New Age Metals, with a "buy" rating from one investment analyst [1] - The stock currently has an average rating of "Buy" and a consensus price target of C$0.95 according to MarketBeat [1] - The company's 50-day moving average is C$0.36, while the 200-day moving average is C$0.29, indicating potential price trends [2]