MONTREAL, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; “BRW” or the “Company”) is pleased to announce it has identified three new high priority lithium targets (area A, B and C in Figure 1) at the Anatacau Main Project, where drilling is currently underway, located in the Eeyou-Istchee James Bay region of Quebec. The Project is strategically situated 22 kilometers east and along strike of a major proven lithium-bearing structural corridor also hostin ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net sales of $1.4 billion, a 16% increase year-over-year, with adjusted EBITDA of $269 million, up 7% year-over-year [5][9] - Full-year net sales reached $5.1 billion, with adjusted EBITDA of $1.1 billion, meeting or exceeding previous outlook considerations [5][6] - The adjusted EBITDA margin decreased by approximately 150 basis points compared to last year, influenced by unfavorable foreign exchange and lower specialties margins [9] Business Line Data and Key Metrics Changes - Energy storage segment saw a 14% increase in full-year volumes to 235,000 tons LCE, with Q4 net sales up 23% year-over-year and adjusted EBITDA up 25% [19] - Ketjen's net sales increased by 14% year-over-year, with adjusted EBITDA growing 39%, driven by higher sales volumes [16] - Specialties business experienced a 5% increase in net sales but a 6% decline in adjusted EBITDA due to margin compression [18] Market Data and Key Metrics Changes - Global lithium demand for 2025 was 1.6 million tons, up more than 30% year-over-year, with expectations for 2026 demand to rise to 1.8-2.2 million tons, a 15%-40% increase [23][24] - Stationary storage demand grew over 80% in 2025, with significant increases in shipments across all geographies [25] - European EV demand increased by 34%, while U.S. EV demand slowed due to the removal of consumer tax credits [24] Company Strategy and Development Direction - The company is focusing on cost and productivity improvements, targeting an additional $100 million-$150 million in 2026 [6][33] - Strategic decisions include idling operations at the Kemerton lithium hydroxide plant to improve financial flexibility [7][32] - Investments in top-tier mining resources and exploration interests remain a priority, with a focus on maintaining a competitive position [8][28] Management's Comments on Operating Environment and Future Outlook - Management noted that recent lithium price improvements are insufficient to offset challenges in Western hard rock lithium conversion operations [7] - The company anticipates meaningful positive free cash flow potential if current lithium pricing persists [6][22] - Management expressed confidence in the long-term growth opportunities driven by energy resilience and electric vehicle demand [34] Other Important Information - The company closed the sale of its stake in the Eurocat joint venture and expects to close the sale of a majority stake in Ketjen, generating approximately $660 million in pretax proceeds [7][16] - The company ended 2025 with $1.6 billion in cash and expects to maintain an investment-grade credit profile [26][28] Q&A Session Summary Question: What is the outlook for lithium volumes beyond 2027? - Management indicated that growth opportunities exist at Greenbushes and Wodgina, with a continued growth profile expected after 2027 [38] Question: How does the cost structure of Kemerton compare to Chinese assets? - The cost structure of Kemerton is approximately $4-$5 higher than Chinese conversion assets, influenced by factors such as labor and power costs [41] Question: What is the impact of Chinese lithium capacity closures? - Management noted that about 30,000-50,000 tons of capacity came offline in 2025, influenced by regulatory actions and demand growth [44][46] Question: What factors are driving the decrease in Specialties adjusted EBITDA for 2026? - The decrease is attributed to lack of demand growth in certain markets and a decline in lithium specialties prices following previous peaks [48] Question: How does the company plan to approach investments in the current cycle? - The company plans to be more conservative with capital spending, focusing on smaller, incremental projects with quick returns [52]

Financial Data and Key Metrics Changes - The company reported net sales of $1.4 billion for Q4 2025, a 16% increase year-over-year, with adjusted EBITDA of $269 million, up 7% year-over-year [5][9] - For the full year 2025, net sales reached $5.1 billion and adjusted EBITDA was $1.1 billion, meeting or exceeding previous outlook considerations [5][6] - The adjusted EBITDA margin decreased by approximately 150 basis points compared to the previous year, influenced by unfavorable foreign exchange and lower specialties margins [9] Business Line Data and Key Metrics Changes - Energy storage segment saw a 14% increase in full-year volumes to 235,000 tons LCE, with Q4 net sales up 23% year-over-year and adjusted EBITDA up 25% [19] - Ketjen's net sales increased by 14% year-over-year, with adjusted EBITDA growing 39%, driven by higher sales volumes [16] - Specialties business experienced a 5% increase in net sales but a 6% decline in adjusted EBITDA due to margin compression in lithium specialties [17] Market Data and Key Metrics Changes - Global lithium demand for 2025 was 1.6 million tons, up more than 30% year-over-year, with expectations for 2026 demand to rise to 1.8-2.2 million tons, a 15%-40% increase [23][24] - Stationary storage demand grew over 80% in 2025, with significant contributions from China and North America [25][26] - European EV demand increased by 34% year-over-year, while U.S. EV demand slowed due to the removal of consumer tax credits [24] Company Strategy and Development Direction - The company is focusing on cost and productivity improvements, targeting an additional $100 million-$150 million in savings for 2026 [6][32] - Strategic decisions include idling operations at the Kemerton lithium hydroxide plant to enhance financial flexibility and preserve optionality [7][32] - Investments in top-tier mining resources and exploration interests remain critical to the company's strategy [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for differentiated pricing to support Western supply chains, particularly in comparison to Chinese operations [41] - The company anticipates continued growth opportunities at Greenbushes and Wodgina, with a cautious approach to capital spending [38][52] - The outlook for 2026 includes expectations for stable capital spending and potential for meaningful free cash flow if current lithium pricing persists [6][22] Other Important Information - The company closed the sale of its stake in the Eurecat joint venture and expects to finalize the sale of a majority stake in Ketjen, generating approximately $660 million in pretax proceeds [7][16] - The company ended 2025 with $1.6 billion in cash and expects to maintain an investment-grade credit profile [26] Q&A Session Summary Question: How should we think about volume growth beyond 2027? - Management indicated that while 2026 volumes are expected to be flat, growth opportunities remain at Greenbushes and Wodgina, with potential investments needed based on market conditions [38] Question: How much higher cost is the Kemerton asset compared to Chinese conversion assets? - The cost structure difference is approximately $4 to $5, with ongoing costs to maintain the idled asset [41] Question: Can you comment on the closure of Chinese lithium capacity? - Management noted that about 30,000-50,000 tons of capacity came offline in 2025, influenced by regulatory actions and demand dynamics [44][46] Question: What is behind the decrease in Specialties adjusted EBITDA for 2026? - The decrease is attributed to lack of demand growth in certain markets and a decline in lithium specialties prices following previous peaks [48] Question: How long do prices need to stay at $20/kg plus before considering investments? - Management indicated a more conservative approach to capital spending, focusing on smaller, incremental projects with quick returns [52]

2 Non-GAAP Measures It should be noted that adjusted net income (loss) attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, adjusted diluted (loss) earnings per share attributable to common shareholders, non-operating pension and other post- employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), ...

Summary of Australian Lithium & Gold Coverage Industry Overview - The report focuses on the Australian lithium and gold sectors, providing coverage summaries, forecasts, and spot pricing scenarios as of February 6, 2026 Key Companies and Ratings - **Buy Recommendations**: NST, NEM, CMM, BGL, RMS, WGX, PNR, WA1 [4] - **Sell Recommendations**: PLS, LTR, MIN, EVN [4] Company-Specific Insights - **IGO**: Neutral rating, Nickel/Lithium, Market cap: US$4.3 billion, Current price: A$8.21, Downside: 15%, NAV: A$5.28, NTM EV/EBITDA: 12.4x [4] - **PLS**: Sell rating, Spodumene Lithium/Specialties, Market cap: US$9.2 billion, Current price: A$4.10, Downside: 27%, NAV: A$2.68, NTM EV/EBITDA: 14.4x [4] - **LTR**: Sell rating, Spodumene, Market cap: US$3.6 billion, Current price: A$1.64, Downside: 11%, NAV: A$1.07, NTM EV/EBITDA: 19.8x [4] - **MIN**: Sell rating, Fe/Li/Crushing, Market cap: US$7.2 billion, Current price: A$52.43, Downside: 14%, NAV: A$37.40, NTM EV/EBITDA: 6.9x [4] - **NST**: Buy rating, Gold, Market cap: US$26.4 billion, Current price: A$26.57, Upside: 19%, NAV: A$30.14, NTM EV/EBITDA: 7.1x [4] - **EVN**: Sell rating, Gold/Copper, Market cap: US$20.0 billion, Current price: A$14.18, Downside: 10%, NAV: A$12.28, NTM EV/EBITDA: 7.5x [4] - **NEM**: Buy rating, Gold, Market cap: US$118.4 billion, Current price: A$154.72, Upside: 20%, NAV: A$172.72, NTM EV/EBITDA: 6.0x [4] - **CMM**: Buy rating, Gold, Market cap: US$4.2 billion, Current price: A$13.11, Upside: 34%, NAV: A$16.50, NTM EV/EBITDA: 9.7x [4] - **BGL**: Buy rating, Gold, Market cap: US$1.8 billion, Current price: A$1.65, Upside: 21%, NAV: A$1.98, NTM EV/EBITDA: 4.9x [4] - **RMS**: Buy rating, Gold, Market cap: US$5.9 billion, Current price: A$4.29, Upside: 25%, NAV: A$5.19, NTM EV/EBITDA: 9.8x [4] - **WGX**: Buy rating, Gold, Market cap: US$4.5 billion, Current price: A$6.76, Upside: 37%, NAV: A$8.85, NTM EV/EBITDA: 4.4x [4] - **PNR**: Buy rating, Gold, Market cap: US$1.3 billion, Current price: A$4.51, Upside: 67%, NAV: A$6.60, NTM EV/EBITDA: 3.1x [4] - **WA1**: Buy rating, Niobium, Market cap: US$0.8 billion, Current price: A$15.53, Upside: 69%, NAV: A$30.04 [4] Valuation Metrics - **NAV Valuation**: Companies have varying NAVs, with NST having the highest at A$30.14 and PLS the lowest at A$2.68 [4] - **NTM EV/EBITDA Multiples**: Ranges from 3.1x (PNR) to 19.8x (LTR), indicating differing market expectations and valuations across companies [4] Commodity Price Forecasts - **Lithium Carbonate (China)**: Estimated at US$18,366 per ton, down 24% from spot [8] - **Lithium Hydroxide (China)**: Estimated at US$17,856 per ton, down 24% from spot [8] - **Spodumene 6%**: Estimated at US$2,015 per ton, down 45% from spot [8] - **Gold**: Estimated at US$4,778 per ounce, down 20% from spot [8] - **Copper**: Estimated at US$5.88 per pound, down 11% from spot [8] Additional Insights - The report highlights potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [2] - Analysts emphasize the importance of considering this report as one of several factors in investment decisions [2] - The report includes a detailed analysis of market cap, price targets, and upside/downside potential for each company [4] This summary encapsulates the key points from the Australian Lithium & Gold Coverage report, providing insights into company ratings, valuations, and commodity forecasts.

Core Viewpoint - Libra Energy Materials Inc. has announced the mobilization for its first drill program at the Stimson Project, which is fully owned by the company and located in the Case Lake Lithium-Cesium District in Ontario [1][2]. Group 1: Drill Program Details - The initial drill program will test a historical unassayed hole that showed at least three intervals of possible spodumene, near the geological boundary of Power Metals' Case Lake lithium-cesium project, which is one of the largest cesium resources globally [2][4]. - The drill program is expected to be cost-effective and aims to quickly evaluate the potential for further exploration at Stimson [2]. Group 2: Geological Context - Stimson is strategically located along the strike of Power Metals' Case Lake deposit, straddling the boundary between the Quetico and Abitibi subprovinces [4]. - A historical drill log indicated three intervals of mineralization, with the largest being 39.8 meters logged as a 'granitic complex', which may contain pegmatite with possible spodumene [4]. Group 3: Company Overview - Libra Energy Materials Inc. is focused on discovering and developing critical minerals essential for the green energy transition, with multiple projects in Ontario and Quebec, as well as in Brazil [8]. - The company has a CAD $33 million earn-in deal with KoBold Metals Company for its Flanders North, Flanders South, and SBC projects [8].

Core Viewpoint - Grit Metals has successfully closed a non-brokered private placement, raising gross proceeds of $1,004,000 to advance its Pegmatite Project in Finland and for general working capital purposes [1][3]. Group 1: Offering Details - The Company issued 10,040,000 units at a price of $0.10 per unit, each consisting of one common share and one-half of a common share purchase warrant [2]. - Each warrant allows the holder to acquire an additional common share at a price of $0.25 until January 15, 2028 [2]. - The Company paid finders' fees of $50,880 and issued 714,000 non-transferable finder's warrants to certain parties who introduced subscribers to the Offering [4]. Group 2: Insider Participation - An insider of the Company subscribed for 500,000 units in the Offering, which is classified as a "related party transaction" under Multilateral Instrument 61-101 [5]. - The issuance of securities to insiders is exempt from certain requirements of MI 61-101 due to the fair market value of the consideration not exceeding twenty-five percent of the Company's market capitalization [5]. Group 3: Company Overview - Grit Metals is focused on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland, which is strategically located near the Keliber mine and production complex [6]. - The project aligns with European and Finnish legislation promoting environmentally friendly and energy-independent policies, particularly regarding access to rare earth elements (REE) and lithium [6]. - The Keliber project, backed by Sibanye-Stillwater Limited, involves a significant investment of approximately €600 million for the development of lithium mining and processing facilities [7].

Summary of Conference Call on China Battery Materials Industry Overview - The report focuses on the lithium battery materials industry, particularly lithium supply and demand dynamics as of January 2026 - Notable trends include a shift from destocking to stockpiling of lithium inventories after a five-month period of destocking [1] Key Points Lithium Inventory and Pricing - Lithium inventory has begun stockpiling, with downstream cathode makers showing resistance to rising lithium prices - Current inventory levels for downstream cathode makers have declined to approximately 36.5k tons, the lowest since March 2025, while monthly output of cathodes is about 38% higher than that time [1] - The average selling price (ASP) of lithium is expected to remain high due to supply-side concerns [1] Supply-Side Concerns - Potential delays in the resumption of JXW's mine operations due to tailing capacity issues - Geopolitical risks in Mali may impact local production and shipment of lithium [1] - Ganfeng Lithium has a spodumene capacity of approximately 500ktpa at Goulamina, while Hainan Mining has a capacity of 100ktpa at Bougouni [1] Demand Projections - An upward revision in cathode production is anticipated for January, contrasting with a previous expectation of a 10% month-over-month decline - Settlements on processing fee negotiations between major lithium iron phosphate (LFP) cathode makers and battery manufacturers are contributing to this demand increase [1] Additional Insights - The report indicates a significant shift in market dynamics, with supply constraints and geopolitical factors playing a crucial role in shaping the lithium market landscape [1] - The analysis suggests that the lithium market is entering an exciting phase as it adapts to these changes, with potential implications for pricing and production strategies in the coming months [1]

Core Viewpoint - 2025 has been a successful year for International Lithium Corp. (ILC), marked by a significant turnaround in the lithium market from June onwards, alongside strategic expansions into other critical minerals [2][3]. Company Developments - ILC completed the sale of its Avalonia property in Ireland, generating C$2.5 million, which was reinvested into the Namibian project and other initiatives [8]. - The company acquired an option to buy Lepidico's 100% interest in Lepidico Mauritius for C$975,000, which includes an 80% interest in the Karibib project in Namibia, known for its substantial rubidium and cesium resources [6][8]. - The flagship Raleigh Lake project in Ontario remains economically viable at current spodumene prices and also contains significant rubidium resources [5][10]. Market Insights - The lithium market experienced a challenging first half in 2025, with prices dropping to about 10% of 2023 highs, but saw a recovery in the second half, with spodumene prices rising over 100% and lithium carbonate prices increasing by approximately 65% from June lows [3][4]. - The rebound in lithium prices has been largely overlooked, yet it has outperformed precious metals, indicating a positive trend for the lithium sector [4]. Future Outlook - The positive developments in 2025 and the recovery in lithium prices suggest a strong potential for ILC in 2026, especially if the company exercises its option to acquire Lepidico Mauritius, which would significantly enhance its resource portfolio [9][10]. - The Karibib project could provide ILC with a world-class resource in rubidium and one of the largest cesium deposits not controlled by a Chinese company, positioning the company for substantial growth [9].

Summary of Key Points from the Conference Call Industry Overview: Lithium - **Demand Revisions**: Significant upward revisions in lithium demand forecasts, particularly driven by energy storage systems (ESS) and commercial vehicles, with a projection of 3.5 million tonnes of lithium carbonate equivalent (LCE) by 2030, aligning with the upper end of consensus estimates [2][5][38] - **Supply Dynamics**: Despite increased supply forecasts from regions like China, Africa, and Australia, the projected deficits in the near term have widened, indicating a prolonged incentive price environment [2][5][44] - **Price Forecasts**: - Spodumene prices are expected to rise to $2,000 per tonne by Q4 2026, up from approximately $1,100 per tonne [2][5][12] - Lithium carbonate prices are forecasted to reach $18,000 per tonne, compared to a current spot price of around $13,500 per tonne [2][5][12] Key Insights on Demand - **ESS Growth**: ESS production forecast for 2026 has been raised by 17% to 900 GWh, with ESS expected to represent 32% of total LCE demand in 2026, increasing to 38% by 2030 [5][38] - **EV Battery Demand**: Global forecasts for battery demand in battery electric vehicles (BEVs) have increased by 4-22% for the period 2026-2030, driven by larger battery sizes in commercial vehicles [5][40][42] - **Commercial Vehicle Adoption**: High-density truck (HDT) EV battery installations have reached a four-year high of 28%, with expectations that commercial vehicles will account for 18% of total LCE EV demand by 2026, up from 13% [5][40] Supply Forecasts - **Supply Increases**: Supply forecasts for 2026 have increased by approximately 7%, with longer-term forecasts rising by 14-18% [5][44] - **Mine Restarts**: Notable restarts include Bald Hill and Ngungaju in Australia, with Greenbushes expected to maintain throughput at approximately 9 million tonnes per annum [5][48] - **Regional Contributions**: - Australia is projected to contribute significantly to supply increases, while Chile and Argentina have seen slight reductions in long-term volumes [5][48] Stock Recommendations - **Upgrades to Ratings**: All pure-play lithium stocks have been upgraded to "Overweight" (OW), with specific price targets set for: - IGO Ltd. at A$10.20, offering approximately 50% upside [6][10][19] - Pilbara Minerals Ltd. at A$4.80, offering around 24% upside [6][10][19] - Liontown Resources at A$1.85, with a 37% upside potential [6][10][19] Market Dynamics - **Deficit Projections**: The market is expected to experience a deficit of 4-7% of demand in the medium term, necessitating price increases to incentivize new supply [5][12][52] - **Stock Performance**: Lithium miners have seen a rally of over 25% since October, closely tracking spot spodumene prices [6][21] Additional Insights - **Long-term Price Stability**: The long-term spodumene price remains unchanged at $1,300 per tonne, indicating a cautious approach to forecasting in a fluid market [12][13] - **Global Vehicle Sales**: Projections for global vehicle sales indicate a steady increase, with battery electric vehicles expected to grow significantly in market share [49] This summary encapsulates the critical insights and projections from the conference call, focusing on the lithium industry, demand and supply dynamics, stock recommendations, and market trends.