I've long said there's a big difference between investing and speculating. The key difference between the two that I think about is the time horizon involved in each. Typically, investing for any meaningful period of time is what most investors should be after. That's because, in the words of Charlie Munger, the money made in investing comes not from the buying or selling, but the waiting. Quick Read TMC mines battery minerals from ocean floor nodules and remains pre-revenue with operations starting in ...

Financial Performance - The company reported underlying EBITDA of $1.1 billion for H1 FY2026, with a group operating margin of 28.2% [3][6] - Underlying earnings increased to $45 million, and group free cash flow improved to $57 million after a $338 million growth capital investment at the Hermosa project [6] - The balance sheet showed a net debt of $25 million, and the company declared a fully franked dividend of $175 million while increasing its capital management program by $100 million [6][7] Safety and Operational Improvements - The company is experiencing improvements in key safety measures due to its global safety improvement program, with reductions in significant hazard frequency and lag indicators [2] - Production and unit cost guidance for FY2026 remains unchanged for the company's operated assets [3] Project Developments - Construction at the Hermosa/Taylor project is progressing, with vent and main shafts approximately 56% and 41% complete, respectively, and dewatering ahead of schedule [5][10] - The company sees potential copper upside at the Peak deposit, estimating an additional capex of $50 million to $60 million for a potential copper circuit that could extend the Taylor project by roughly 10 years [5][12] Mozal Aluminium and Other Operations - Mozal Aluminium is set to enter care and maintenance in March due to high power costs, with ongoing care costs expected to be around $5 million per year [4][18] - The company reported disappointing performance in Brazil Aluminium, with production guidance of 135,000 tonnes for FY2026 compared to full capacity of 179,000 tonnes [20] Exploration and Growth Opportunities - At Sierra Gorda, an exploration target at Catabela Northeast has been defined, ranging from 1.1 billion to 2.9 billion tonnes, with further exploration planned for 2026 [14] - The feasibility study for a fourth grinding line at Sierra Gorda is nearing completion, which could increase concentrate capacity by about 20% [15]

Core Viewpoint - Sherritt International Corporation reported its financial results for the year ended December 31, 2025, and provided guidance for 2026, emphasizing its leadership in hydrometallurgical processes for nickel and cobalt mining and refining, which are critical for the energy transition [1] Financial Results - The financial results for the three months and the year ended December 31, 2025, were disclosed, with all amounts reported in Canadian dollars [1] 2026 Guidance - The company provided its guidance for 2026, indicating expectations for future performance and strategic direction [1] Leadership Commentary - Dr. Peter Hancock, the Interim Chief Executive Officer of Sherritt, commented on the results and the outlook for the company [1]

Core Insights - Eramet Grande Côte has achieved the IRMA 50 performance level, marking a significant milestone in responsible mining practices within the Eramet Group [1][6][9] Group 1: IRMA Standard and Evaluation - The IRMA Standard for Responsible Mining is recognized as one of the most comprehensive evaluation frameworks in the mining sector, distinguishing four performance levels: IRMA Transparency, IRMA 50, 75, and 100 [2] - The IRMA 50 level indicates compliance with critical requirements across four principal areas: social responsibility, environmental responsibility, business integrity, and planning for positive legacies [2] Group 2: Audit Results and Transparency - The audit of Eramet Grande Côte revealed strong environmental, social, and governance practices, with specific performance levels: Business integrity at 74%, Social responsibility at 74%, Environmental responsibility at 67%, and Planning for positive legacies at 67% [7][9] - The audit process is voluntary and based on independent external evaluation, with full publication of the audit report to ensure transparency [4][6] Group 3: Continuous Improvement and Stakeholder Engagement - Follow-up audits will be conducted every 18 months to verify ongoing compliance with the IRMA standard, with results made publicly available [5][6] - Areas for improvement have been identified, focusing on best practices, stakeholder engagement, grievance management, resettlement processes, and water quality monitoring [10][11] Group 4: Commitment to Responsible Mining - The achievement of the IRMA 50 level aligns with the State of Senegal's goals for economic sovereignty and responsible development in the mining sector [8] - The Eramet Group aims to leverage this responsible mining approach to engage stakeholders in adopting higher environmental and social standards [9]

Core Viewpoint - Manara Minerals, a joint venture between the Public Investment Fund (PIF) and Maaden, is exploring potential partnerships with major global commodity trading firms to enhance its trading activities and strengthen Saudi Arabia's position in global metals supply chains [2][3]. Group 1: Partnership Discussions - Manara is in talks with leading traders such as Glencore Plc and Mercuria Energy Group Ltd. to explore a potential partnership [3]. - The discussions include options for establishing a formal joint trading venture, entering into an agency agreement for logistics support, or cooperating on a deal-by-deal basis [3]. - Manara has reached out to over a dozen trading houses, including Javelin Global Commodities, Ocean Partners Holdings, and Trafigura Group, indicating a broad interest in expanding its trading network [4]. Group 2: Strategic Acquisitions - In 2023, Manara acquired a $2.6 billion stake in Vale SA's base metals unit, which includes offtake volumes of copper and nickel [5]. - The establishment of a trading joint venture could enable Manara to extract greater value from these supplies and secure additional raw materials for Saudi Arabia and Maaden [5].

Core Insights - The 21st century is being shaped by rare earths and critical minerals, which are essential for electric vehicles, wind turbines, solar panels, and military applications, with China controlling a significant portion of the supply chain [2][3] Company Summaries - **Rio Tinto**: A diversified mining conglomerate with a market cap of $180 billion, producing iron ore, aluminum, copper, and diamonds. It has maintained a 19% profit margin and generates $18 billion in EBITDA annually, with a forward P/E of 13x and a dividend yield of 4.3%. Revenue for the trailing twelve months reached $53.7 billion, and analysts target a price of $87, indicating a 12% upside [4][5] - **Vale**: A Brazilian company with a market cap of $69 billion, producing nickel and copper alongside iron ore. It has a profit margin of 14% and a dividend yield of 17%. Q3 2025 revenue was $10.4 billion, up 7% year over year, with a net income of $2.68 billion. The company faces risks from the 2019 Brumadinho dam disaster, which resulted in significant fines [6][7] - **Lithium Americas**: Currently not producing, but developing the Thacker Pass project in Nevada, the largest lithium deposit in the U.S. The company has a high beta of 3.5, indicating it is more volatile than the market. General Motors has invested in the project, and government support is present [8][9] - **MP Materials**: Operates the only significant rare earth mine in North America, reporting Q3 revenue of $53.6 million with a net loss of $41.8 million [9] - **Albemarle**: Survived a significant drop in lithium prices from $80,000 to $10,000 per ton, with margins collapsing from 42% to 1.6%, but recovering to 14.8% [9]

Core Insights - Zacks Premium offers tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1] Zacks Style Scores - Zacks Style Scores are indicators that help investors select stocks likely to outperform the market in the next 30 days, rated from A to F based on value, growth, and momentum characteristics [2] - The Value Score identifies attractive and discounted stocks using ratios like P/E, PEG, and Price/Sales [3] - The Growth Score focuses on a company's financial strength and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] - The Momentum Score helps investors capitalize on price trends, using factors like one-week price change and monthly earnings estimate changes [5] - The VGM Score combines the three Style Scores to identify companies with the best value, growth forecasts, and momentum [6] Zacks Rank - The Zacks Rank is a proprietary model based on earnings estimate revisions, aiding investors in building successful portfolios [7] - Stocks rated 1 (Strong Buy) have produced an average annual return of +23.9% since 1988, significantly outperforming the S&P 500 [8] - There are over 800 top-rated stocks available, making it essential to utilize Style Scores for effective selection [9] Investment Strategy - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [10] - The direction of earnings estimate revisions is crucial; stocks with lower ranks but high Style Scores may still face price declines [11] Company Spotlight: VALE S.A. - Vale S.A. is a major mining company based in Brazil with a market capitalization of approximately $61 billion, producing iron ore, copper, nickel, and more [12] - VALE holds a 1 (Strong Buy) Zacks Rank and a VGM Score of B, making it attractive for investors [12] - The company has a Momentum Style Score of A, with shares increasing by 14.9% over the past four weeks, and analysts have raised earnings estimates for fiscal 2025 [13]

Core Insights - Eramet has achieved A- scores for both Climate Change and Water Security in the 2025 disclosure cycle of the Carbon Disclosure Project (CDP), indicating strong environmental performance and transparency [2][3][9] Group 1: Environmental Performance - The recognition from CDP distinguishes Eramet among nearly 20,000 companies assessed in 2025, highlighting its commitment to environmental issues and sustainability [3] - Eramet's improvement in Water Security, moving from a B score in 2024 to an A- score in 2025, reflects significant advancements in sustainable water management [9] - The company has established water balances for all its sites, enhancing the quality and accuracy of data collected regarding water consumption [4] Group 2: Strategic Alignment - The results affirm the robustness of Eramet's environmental strategy, which is aligned with the Group's CSR roadmap "Act for Positive Mining" [3][5] - Continuous progress in environmental management, governance, and data quality is essential for maintaining high performance levels [5] Group 3: Industry Context - In 2025, over 640 financial institutions requested environmental data through CDP, representing more than a quarter of global institutional assets, indicating the growing importance of environmental transparency for investors [7] - CDP scores serve as a benchmark for extra-financial performance and are linked to long-term value creation, with companies on the CDP A List outperforming market peers by 6% in stock market performance over the past decade [10]

Group 1 - Bravo Mining Corp. has increased its bought deal of common shares to 17,050,000 shares at a price of C$4.40 per share, resulting in gross proceeds of approximately C$75 million [1] - The offering is expected to close on or about January 20, 2026, subject to customary closing conditions and approvals from the TSX Venture Exchange [1] - The underwriters have an option to purchase up to an additional 15% of the offering to cover over-allotments within 30 days following the closing [1] Group 2 - Bravo has entered into a non-binding indicative term sheet with Orion Mine Finance Management LLP for a private placement of 7,897,727 common shares at the offering price, generating gross proceeds of C$34,750,000 [2] - Orion intends to provide up to US$300 million in financing support, contingent upon the satisfaction of mutually agreed milestones [2] - The concurrent private placement is subject to customary conditions, including the completion of the offering and necessary approvals from the TSX Venture Exchange [2] Group 3 - The net proceeds from the offering and the concurrent private placement will be used to advance the Luanga PGM+Au+Ni Project, expand mineral resources, and for general working capital [3] - The company aims to complete a preliminary feasibility study and, if warranted, a feasibility study for the Luanga project [3] Group 4 - Bravo Mining Corp. is focused on advancing its PGM and copper-gold Luanga Project located in the Carajás Mineral Province, Brazil [6] - The company has a proven track record in mineral exploration and development, particularly in PGM, nickel, and copper discoveries [7] - The Luanga Project benefits from its location on mature freehold farming land with access to existing infrastructure and a mining-experienced workforce [8]

Group 1 - First Quantum Minerals Ltd. will release its fourth quarter and year-end 2025 financial and operating results on February 10, 2026, after the close of the Toronto Stock Exchange [1] - The company will also provide preliminary production and three-year guidance on January 15, 2026, after the close of the TSX [2] - A conference call and webcast to discuss the results will take place on February 11, 2026, at 9:00 am (ET) [1][3] Group 2 - First Quantum is involved in the production of copper, nickel, and gold, with operating mines in Zambia, Türkiye, and Mauritania [4] - The Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023, and the Ravensthorpe mine entered a care and maintenance process in May 2024 [4] - The company is advancing the Taca Taca copper-gold-molybdenum project in Argentina and exploring the La Granja and Haquira copper deposits in Peru [4]