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Copper Fox Metals (CUU.V) on Monday provided an overview of the planned 2026 program at Schaft Creek, "focused on addressing key aspects required in transitioning the project to the Pre-Feasibility Stage."

The company noted the Schaft Creek project is managed through the Schaft Creek Joint Venture (SCJV), while Teck Resources Limited (TECK-A.TO, TECK-B.TO) is the operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest.

Highlights of the 2026 program include planned expenditures in 2026 of C$9.1 million and preparation for the pre-feasibility study. It also includes limited camp maintenance and environmental sampling field program, as well as BC Hydro System Impact Study.

In the highlights, the company also mentioned that it addresses key aspects of the Scoping Study review including a technical review of the geological model, metallurgical testwork, tailings and mine plan options analysis and access road trade-off studies.

The company further said that the 2026 field program is focused on completing maintenance and upgrades to the camp for future programs and conducting limited environmental data collection.

"Copper Fox is pleased with the scope and direction of the 2026 budget and program," said Elmer B. Stewart, President and CEO of CUU. "The emphasis on the project is transitioning from data collection to assessing the technical status of the project and is forward-looking in terms of energy requirements. The close out of the Scoping Stage review is a critical aspect of project development in preparation for entering the Pre-Feasibility Stage."

Shares in CUU lost 3% last Thursday, ahead of the Easter holiday weekend.

Calgary, Alberta–(Newsfile Corp. – April 6, 2026) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") is pleased to provide an overview of the planned 2026 program at Schaft Creek, focused on addressing key aspects required in transitioning the project to the Pre-Feasibility Stage. The Schaft Creek project is managed through the Schaft Creek Joint Venture ("SCJV"). Teck Resources Limited ("Teck") is the Operator of the SCJV and holds a 75% interest with Copper Fox holding the remaining 25% interest. The Schaft Creek deposit, located in northwestern British Columbia, is one of the largest undeveloped porphyry copper deposits in North America that contains significant gold-molybdenum-silver by-products. Highlights of the 2026 program are:

Highlights

Planned expenditures in 2026 of C$9.1 million.
Addresses key aspects of the Scoping Study review including a technical review of the geological model, metallurgical testwork, tailings and mine plan options analysis and access road trade-off studies.
Preparation for the Pre-Feasibility Study.
Limited camp maintenance and environmental sampling field program.
BC Hydro System Impact Study.

Elmer B. Stewart, President and CEO of Copper Fox, stated, "Copper Fox is pleased with the scope and direction of the 2026 budget and program. The emphasis on the project is transitioning from data collection to assessing the technical status of the project and is forward-looking in terms of energy requirements. The close out of the Scoping Stage review is a critical aspect of project development in preparation for entering the Pre-Feasibility Stage."

Technical ReviewsSince completion of the 2021 Preliminary Economic Assessment, the SCJV has conducted a series of investigations designed to advance key project parameters of the project. The reviews planned in 2026 are focused on assessing the status of each of these key project parameters and identifying possible data gaps to determine if additional studies are required to meet the threshold for a Pre-Feasibility Study for the Schaft Creek project in accordance with industry standards.

System Impact StudyA major component of project planning is to determine its energy requirements and to ensure access to the energy required to meet operating requirements. The SCJV has retained BC Hydro to complete a System Impact Study to better understand the energy requirements of the Schaft Creek project and its impact on the British Columbia electrical grid. The study is expected to take several years to complete.

Field ProgramThe 2026 field program is focused on completing maintenance and upgrades to the camp for future programs and conducting limited environmental data collection.

Qualified PersonElmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company's non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information disclosed in this news release.

About Copper FoxCopper Fox is a Canadian resource company focused on copper development and exploration in the United States and Canada. Copper Fox and its subsidiaries own 100% of the Van Dyke ISCR project, a development stage, potential near term, mid-size copper mine in Arizona and a 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited (75% interest and Operator) which hosts the Schaft Creek copper-gold-molybdenum-silver project in British Columbia's Golden Triangle. In addition, Copper Fox owns 100% of the resource stage Eaglehead polymetallic porphyry copper project in northwestern British Columbia and the Sombrero Butte and Mineral Mountain advanced exploration stage porphyry copper projects located in the prolific Laramide age copper province in Arizona. For more information on Copper Fox's mineral properties and investments visit the Company's website at www.copperfoxmetals.com.

For additional information contact: Lynn Ball at 1-844-464-2820 or investor@copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. StewartPresident and Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking InformationThis news release contains "forward-looking information" within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "budgets", "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release includes statements regarding the 2026 budget and program; reviewing key project parameters; preparation for a Pre-Feasibility Study; camp upgrades and Baseline Environmental Program; and a Systems Impact Study.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions, regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Copper Fox's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: the 2026 budget and program may not be completed as planned or at all; the key project parameters may not be reviewed as planned or at all; preparation for a Pre-Feasibility Study may not be completed as planned or at all; camp upgrades and Baseline Environmental Program may not be completed as planned or at all; the Systems Impact Study may not be completed as planned or at all; the need to obtain additional financing; uncertainty as to the availability and terms of future financing.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox's continuous disclosure filings with Canadian securities regulatory authorities at www.sedarplus.ca. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/291028

Wheaton Precious Metals (WPM.TO) late on Wednesday said its subsidiary Wheaton Precious Metals International has completed a silver stream transaction under a precious metals purchase agreement with a BHP Group subsidiary on the Antamina mine in Peru.

From the effective date of April 1, WPMI will purchase the equivalent of BHP's 33.75% of the payable silver from the Antamina mine until a total of 100 million ounces has been delivered. At that point, WPMI will purchase the equivalent of 22.5% of the payable silver for the life of mine.

In exchange, WPMI made an upfront payment of US$4.3 billion and will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver.

Separately, also late Wednesday, Wheaton said WPMI has entered into a precious metals purchase agreement with a subsidiary of KGL Resources for a portion of the gold and silver produced at the Jervois project in Australia.

WPMI will pay KGL total upfront cash consideration of US$275 million. Two installments of $16 million each will be made as early deposit payments, once certain conditions are satisfied, to be paid in the second and third calendar quarters of 2026.

The remaining balance of $243 million will be paid in four equal installments over the construction period as various conditions are satisfied.

WPMI will purchase 75% of the payable gold until a total of 45,000 ounces has been delivered. At this point, Wheaton will purchase 37.5% of the payable gold until an additional 15 Koz has been delivered. Afterwards, WPMI will purchase 25% of the payable gold for the life of mine.

WPMI will also purchase 75% of the payable silver until a total of about 4.3 million ounces has been delivered. At this point, Wheaton will purchase 37.5% of the payable silver until an additional 1.7 Moz has been delivered. Afterwards, WPMI will purchase 25% of the payable silver for the life of mine.

WPMI will make ongoing payments for the gold and silver ounces delivered equal to 20% of the spot price of gold and silver.

The company will fund most of the upfront payment from operating cash flows as construction advances throughout 2027.

VANCOUVER, BC, April 1, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") ("Lundin Mining" or the "Company") announces that its Annual Meeting will be held on Thursday, May 7, 2026 (the "Meeting") at 1:30 p.m. Vancouver time as a hybrid format. The Meeting will be held in person at 1055 Dunsmuir Street, Suite 2800, Bentall IV Centre, Vancouver, British Columbia, Canada, and online via live audio webcast online at www.virtualshareholdermeeting.com/LUN2026. The Notice of Meeting, the accompanying Management Proxy Circular (the "Circular") and related meeting materials are available under the Company's profile on SEDAR+ at www.sedarplus.com and on the Company's website at www.lundinmining.com/investors/corporate-filings/.

To facilitate increased shareholder attendance and participation, the Company has made arrangements to enable shareholders and proxyholders to attend and vote virtually and in-person at this year's Meeting. The record date for the Meeting was March 9, 2026. Eligible shareholders are encouraged to vote online, by telephone or by proxy. Detailed information on how shareholders can participate in the Meeting and vote is available in the Circular. The Circular provides additional information relating to the below items for consideration at the Meeting.

The Meeting is being held for the following purposes:

To receive the audited consolidated financial statements of the Corporation for the year ended December 31, 2025 and the report of the auditors thereon;
To elect the directors for the ensuing year;
To appoint PricewaterhouseCoopers LLP, Chartered Professional Accountants, as auditors of the Corporation for the ensuing year, and to authorize the directors to fix the remuneration to be paid to the auditors;
To provide shareholders with an advisory vote on the Corporation's approach to executive compensation;
To vote on the shareholder proposal contained in the Circular; and
To transact such further and other business as may properly be brought before the Meeting or any adjournment or postponement thereof.

Notice and Access

Lundin Mining will provide shareholders with electronic access to meeting materials rather than mailing paper copies. Electronic copies of the Circular, other meeting materials and copies of the Company's audited consolidated financial statements for the year ended December 31, 2025, the auditor's report on those statements and the associated management's discussion and analysis are available online at the Company's website at https://www.lundinmining.com/investors/corporate-filings and under the Company's profile on SEDAR+ at www.sedarplus.com. The notice shareholders receive will include information on how to obtain a paper copy of the Circular or associated materials if preferred.

How to Vote if Your Securities Trade on the Nasdaq Stockholm Exchange

The information in this section is of significance to shareholders who hold their securities ("Euroclear Registered Securities") through Euroclear Sweden AB, which securities trade on the Nasdaq Stockholm Exchange. Shareholders who hold Euroclear Registered Securities are not registered holders of voting securities for the purposes of voting at the Meeting. Instead, Euroclear Registered Securities are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear Registered Securities will receive a Form of Proxy (the "Swedish Proxy") by mail directly from Computershare AB ("Computershare Sweden"). The Swedish Proxy cannot be used to vote securities directly at the Meeting. Instead, the Swedish Proxy must be completed and returned to Computershare Sweden, strictly in accordance with the instructions and deadlines that will be described in the instructions provided with the Swedish Proxy.

Modern Slavery Report

Lundin Mining has filed its Modern Slavery Report for the year ended December 31, 2025, which can be found on the Company's website at https://lundinmining.com/investors/corporate-filings/.

First Quarter 2026 Results Conference Call and Webcast

The Company will release its first quarter 2026 operational and financial results after market close on Wednesday, May 6, 2026, and will hold a webcast and conference call on Thursday, May 7, 2026 to present the results. Webcast and conference call details are provided below.

Webcast / Conference Call Details:

Date: Thursday, May 7, 2026Time: 7:00 AM PT | 10:00 AM ETListen Only Webcast: WEBCAST LINKDial In for Investor & Analyst Q&A: DIAL IN LINK

To participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will receive the dial-in information and a unique PIN to join the call and ask questions.

A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company's website for a limited period of time.

About Lundin Mining

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with three operating mines in Brazil and Chile. We produce commodities that support modern infrastructure and electrification. Our strategic vision is to become a top ten global copper producer. To get there, we are executing a clear growth strategy, which includes advancing one of the world's largest copper, gold, and silver projects in the Vicuña District on the border of Argentina and Chile, where we hold a 50% interest. Lundin Mining has a proven track record of value creation through resource growth, operational excellence, and responsible development. The Company's shares trade on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Learn more at www.lundinmining.com.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on April 1, 2026 at 6:00 PM Pacific Time.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2026/01/c4113.html

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BHP Group (ASX:BHP), through a subsidiary, has completed a long term silver streaming agreement with Wheaton Precious Metals International.
The deal covers BHP's share of silver production from the Antamina Mine in Peru.
Wheaton is making an upfront cash payment of US$4.3b in exchange for a future share of silver output.

For you as an investor, this move sits at the intersection of mining operations and financing choices. BHP Group is best known for large scale iron ore, copper and other commodities, while Antamina in Peru is a major source of copper and byproduct metals such as silver. Streaming agreements like this convert a portion of future byproduct output into upfront cash, which can influence how a diversified miner funds projects or manages its balance sheet.

This silver stream is one of the larger transactions of its kind for ASX:BHP and indicates a different way of handling non core metals that come with copper production. Investors watching BHP may focus on how this upfront US$4.3b interacts with future capital allocation, debt levels and any shifts in exposure to byproduct price swings. It also provides another perspective on how large miners approach long term contracts tied to specific mines and metals.

Stay updated on the most important news stories for BHP Group by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on BHP Group.

ASX:BHP Earnings & Revenue Growth as at Apr 2026

2 things going right for BHP Group that this headline doesn't cover.

This silver stream effectively trades a slice of BHP’s future Antamina byproduct silver for US$4.3b in upfront cash plus ongoing payments at 20% of the silver spot price. For you, that means BHP is locking in funding that is not tied to new equity or traditional debt, while giving up part of a non core revenue line from a copper focused asset. Because settlement is via metal credits rather than physical delivery, Antamina’s operating flows stay unchanged, which can make this cleaner from a cost and logistics angle. The agreement also caps BHP’s direct exposure to silver price swings on the streamed volume, which can smooth cash flows relative to a fully unhedged position.

How This Fits Into The BHP Group Narrative

The deal supports the narrative that BHP is concentrating on long life, low cost core commodities like copper and potash by monetising a byproduct stream to fund broader growth and capital plans.
It may challenge assumptions about future margin expansion if analysts had previously treated Antamina’s full silver exposure as an ongoing upside lever that now partly shifts to Wheaton Precious Metals instead.
The use of streaming as a financing tool and the long term transfer of 33.75% then 22.5% of silver output may not be fully reflected in existing cash flow and risk discussions in the narrative.

Knowing what a company is worth starts with understanding its story.
Check out one of the top narratives in the Simply Wall St Community for BHP Group to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

⚠️ The stream ties BHP to a long running obligation on Antamina’s silver, so if silver prices move well ahead of expectations, more of that upside on streamed volumes will sit with Wheaton rather than BHP.
⚠️ Analysts have flagged an unstable dividend track record, and committing Antamina silver to a stream could constrain flexibility if future project costs at Jansen or major copper assets come in higher than planned.
🎁 The US$4.3b upfront payment gives BHP additional funding capacity that can be put toward copper and potash projects without relying solely on traditional borrowing or internal cash generation.
🎁 Converting a byproduct into contracted cash flows can reduce exposure to silver price volatility on that portion of output and simplify how BHP manages commodity risk versus peers like Rio Tinto and Vale.

What To Watch Going Forward

From here, focus on how BHP explains the use of the US$4.3b, including any links to Jansen, Escondida or other copper growth projects, and whether management sets out clear capital allocation priorities. It is also worth tracking Antamina production disclosures to understand how the 100 million ounce threshold and life of mine 22.5% stream translate into annual volumes over time. Finally, compare BHP’s approach to funding and byproduct monetisation with other diversified miners such as Rio Tinto and Glencore, especially if streaming or royalty style deals become a bigger part of how large projects are financed.

To ensure you're always in the loop on how the latest news impacts the investment narrative for BHP Group, head to the
community page for BHP Group to never miss an update on the top community narratives.

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and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
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VANCOUVER, BC, March 31, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act.

The number of issued and outstanding shares of the Company increased by 692,674 to 855,359,839 common shares with voting rights as of March 31, 2026. The increase in the number of issued and outstanding shares from February 27, 2026 to date is the result of the exercise of employee stock options or the vesting of employee share units, offset by share buybacks completed under the normal course issuer bid ("NCIB").

Normal Course Issuer Bid

Under the Company's shareholder distribution policy, the Company is committed to allocating up to US$150 million in annual share buybacks through the NCIB program. So far during 2026, Lundin Mining has acquired 1,447,194 common shares at a cost of approximately US$40 million.

About Lundin Mining

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2026/31/c7210.html

Wednesday, April 1, 2026The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including American Express Co. (AXP), Intuitive Surgical, Inc. (ISRG) and Shopify Inc. (SHOP), as well as a micro-cap stock Utah Medical Products, Inc. (UTMD). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.You can see all of today’s research reports here >>>Ahead of Wall StreetThe daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.You can read today's AWS here >>> No Foolin': ADP Jobs Led by Small Companies

Today's Featured Research ReportsAmerican Express’ shares have outperformed the Zacks Financial – Miscellaneous Services industry over the past year (+11.1% vs. -17.2%). The company is benefiting from strong spending growth, particularly from Millennials and Gen Z, supported by experience-driven rewards, travel and dining platforms and expanding digital capabilities. Strategic acquisitions and partnerships across travel, lifestyle and small-business ecosystems further strengthen engagement and transaction volumes. Investments in AI, digital payments and B2B solutions are also enhancing long-term growth prospects. Strong cash generation and steady capital returns remain supportive. However, rising expense intensity, elevated credit-loss provisions amid weakening consumer credit trends and relatively high leverage could pressure margins and earnings stability if macro conditions remain challenging. AXP’s fourth-quarter earnings missed estimates. The Zacks analyst reiterates our Neutral recommendation on the stock.(You can read the full research report on American Express here >>>)Shares of Intuitive Surgical have outperformed the Zacks Medical – Instruments industry over the past six months (+4% vs. -2.6%). The company delivered a strong fourth-quarter, beating revenue and EPS estimates. The da Vinci 5 system gained momentum with 303 placements, raising its installed base to 1,232, alongside approvals in Europe and Japan for a phased rollout. Utilization surpassed the Xi platform, supported by force feedback and Case Insights, while rising trade-ins highlighted upgrade demand. Global procedures grew 19% year over year, with 16% growth in the U.S. and 24% OUS, driven by benign general and non-urology surgeries in India, Korea, and distributor markets. System placements totaled 427, showing strong demand. However, gross margin slipped on higher costs and tariffs, while OUS markets remain pressured by budget constraints. Medicaid policy uncertainty is a risk, but ISRG issued 2026 growth guidance to 13–15% and margins to 67–68%.(You can read the full research report on Intuitive Surgical here >>>)Shopify’s shares have gained +17.9% over the past year against the Zacks Internet – Services industry’s gain of +72.6%. The company’s prospects are benefiting from an expanding merchant base. New merchant-friendly tools like Shop Minis, Shop Cash, and Sign in with Shop — along with Shop Pay solutions — is helping SHOP win merchants regularly. Shopify’s investment in AI-driven tools, such as Catalog, Universal Cart, and Sidekick, is helping merchants improve customer engagement and streamline operations. Shopify’s expanding international footprint with strong growth in Europe is a key catalyst. A rich partner base is helping SHOP expand its merchant base. Strong free cash flow margin reflects solid liquidity and supports share repurchase programs. However, Shopify faces gross margin pressure due to higher hosting costs, the three-month paid trial program, and the expanded PayPal partnership, which carries lower margins. (You can read the full research report on Shopify here >>>)Shares of Utah Medical Products have outperformed the Zacks Medical – Products industry over the past year (+13.5% vs. -21.1%). This microcap company with a market capitalization of $197.44 million enters 2026 with a fortress balance sheet (~$86 million cash, no debt), providing exceptional flexibility for dividends, buybacks, and potential acquisitions without dilution. Despite a weak 2025, structural tailwinds support earnings recovery, including ~$1.6 million in G&A savings from amortization roll-off and a shift toward higher-margin direct biopharma sales. Its diversified specialty device portfolio and strong regulatory track record underpin stable, high-quality cash flows. Consistent shareholder returns further enhance per-share value. However, near-term risks persist: ~$2.5 million (~6%) revenue loss from OEM/China exits, weak backlog, and softness in international markets create uncertainty around revenue replacement. Margin pressure remains due to limited pricing power, operating leverage, and tariff headwinds. Valuation remains below historical averages and modestly below peers.(You can read the full research report on Utah Medical Products here >>>)Other noteworthy reports we are featuring today include Petróleo Brasileiro S.A. – Petrobras (PBR), Southern Copper Corp. (SCCO) and Agnico Eagle Mines Ltd. (AEM).Mark VickerySenior EditorNote: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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BHP Group (ASX:BHP) is pushing ahead with the Jansen potash project in Canada as a key growth pillar.
The company is scaling up copper output, including the Escondida expansion and progress at the Resolution Copper joint venture in the US.
Brandon Craig is stepping into the CEO role, with an emphasis on organic growth in core future facing commodities.
Governments are increasing stockpiles of critical minerals, supporting long term demand visibility for large miners such as BHP.

For investors watching ASX:BHP, the current focus is on potash and copper, two areas closely tied to food security and electrification. Projects such as Jansen, Escondida and Resolution Copper keep BHP closely aligned with themes like grid build out, electric vehicles and fertilizer demand, rather than shorter term price moves.

At the same time, growing government interest in securing supplies of critical minerals adds another layer of support for producers with large, diversified resource bases. The CEO transition to Brandon Craig puts more attention on how BHP sequences capital between these projects and existing operations, which will be important for assessing risk, timelines and cash flow resilience through future commodity cycles.

Stay updated on the most important news stories for BHP Group by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on BHP Group.

ASX:BHP Earnings & Revenue Growth as at Apr 2026

1 thing going right for BHP Group that this headline doesn't cover.

BHP’s push into potash and additional copper capacity, alongside rising government stockpiles of critical minerals, points to a business model that leans harder into “future facing” commodities tied to food security and electrification. For you, that concentrates attention on execution quality at Jansen and major copper hubs such as Escondida and Resolution Copper, while traditional iron ore exposure remains a key earnings driver. Brandon Craig’s arrival as CEO with a focus on organic growth and government relationships also matters for how consistently these long dated projects are funded and sequenced within an A$11b FY26 capex plan. The flip side is higher project and regulatory complexity, where delays, cost inflation or permitting hurdles can affect returns over time, especially as peers like Rio Tinto and Glencore also chase critical mineral projects.

How This Fits Into The BHP Group Narrative

The emphasis on copper and potash growth directly supports the narrative that BHP is skewing its portfolio toward future facing commodities linked to electrification and long term infrastructure demand.
Execution risk at Jansen and large copper projects, together with inflation and ESG pressures, challenges the assumption that margins and cash generation will simply track the growth in these commodities.
Growing government stockpiles of critical minerals and the focus on relationship building with policymakers are only loosely reflected in the narrative and could influence contract terms, pricing structures and volume visibility.

Knowing what a company is worth starts with understanding its story.
Check out one of the top narratives in the Simply Wall St Community for BHP Group to help decide what it's worth to you.

The Risks and Rewards Investors Should Consider

⚠️ Analysts highlight an unstable dividend track record, which could matter if higher capex on potash and copper or decarbonisation spending absorbs more free cash flow.
⚠️ Large, multi year projects in Canada, Chile and the US carry timing, cost and permitting risks that could weigh on returns if inflation, labour or regulatory issues persist.
🎁 Earnings are forecast to grow 4.7% per year, which aligns with BHP’s focus on long life, low cost assets in commodities that are central to food security and electrification.
🎁 Government stockpiling of critical minerals may provide a more stable demand base for BHP’s copper and potash output, potentially supporting longer term offtake visibility and utilisation of new capacity.

What To Watch Going Forward

From here, keep an eye on updated capex guidance and milestones at Jansen, Escondida and Resolution Copper, including any changes to cost or timing. Track how Brandon Craig frames capital allocation between growth projects and shareholder returns, especially with only one flagged risk currently focused on dividend stability. It is also worth watching how government stockpiling policies evolve and whether BHP secures long term contracts that link its copper and potash exposure more tightly to these programs, particularly as other large miners such as Rio Tinto and Glencore compete for similar opportunities.

Companies discussed in this article include BHP.AX.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

VANCOUVER, BC, April 1, 2026 /CNW/ – Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. ("WPMI") has completed the previously announced silver stream transaction under its Precious Metals Purchase Agreement with a wholly-owned subsidiary of BHP Group Limited ("BHP"), in respect of the Antamina Mine in Peru ("BHP Antamina PMPA").

Under the BHP Antamina PMPA, from the effective date of April 1, 2026, WPMI will purchase the equivalent of BHP's 33.75% of the payable silver from the Antamina mine until a total of 100 million ounces has been delivered, at which point WPMI will purchase the equivalent of 22.5% of the payable silver for the life of mine. Payable silver will be calculated using a fixed payable factor of 90.0%. In exchange, WPMI has made the upfront payment of US$4.3 billion and will make ongoing payments for the silver ounces delivered equal to 20% of the spot price of silver.

Full details of the transaction can be found in Wheaton's news release titled "Wheaton Precious Metals Announces Acquisition of Additional Silver Stream on Antamina Through New Partnership with BHP" dated February 16, 2026.

About Wheaton Precious Metals Corp.Wheaton Precious Metals is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors leverage to commodity prices and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's Precious Metals Purchase Agreement ("PMPA") counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:

the satisfaction of each party's obligations in accordance with the BHP Antamina PMPA;
the receipt by the Company of silver production in respect of the Antamina mine under the BHP Antamina PMPA;
the future price of commodities;
the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential);
the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations);
the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's precious metal purchase agreement ("PMPA") counterparties at Mining Operations or other payments under royalty arrangements;
the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs;
the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton;
future payments by the Company in accordance with PMPAs, including any acceleration of payments;
the costs of future production;
the estimation of produced but not yet delivered ounces;
continued listing of the Common Shares on the LSE, NYSE and TSX;
any statements as to future dividends;
the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs;
projected increases to Wheaton's production and cash flow profile;
projected changes to Wheaton's production mix;
the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company;
the ability to sell precious metals and cobalt production;
confidence in the Company's business structure;
the Company's assessment of taxes payable, and the Company's ability to pay its taxes;
possible CRA domestic and international audits;
the Company's assessment of the impact of any tax reassessments;
the Company's climate change and environmental commitments; and
assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

risks relating to the satisfaction of each party's obligations in accordance with the terms of the BHP Antamina PMPA;
risks relating to the Company's ability to meet the conditions of, and the satisfaction of each party's obligations under, the existing RCF and the new Term Loan;
risks relating to the generation of sufficient cash flow to repay the existing RCF and the new Term Loan;
risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all);
risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansions and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined);
absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business;
risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation;
risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential;
risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations;
Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, or the ability to pay such taxes as and when due;
any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings;
risks in assessing the impact of the CRA Settlement;
risks related to any changes to the Income Tax Act (Canada) that may result in a material change to the amount of future taxes payable;
counterparty credit and liquidity risks;
mine operator and counterparty concentration risks;
indebtedness and guarantees risks;
hedging risk;
competition in the streaming industry risk;
risks relating to security over underlying assets;
risks relating to third-party PMPAs;
risks relating to revenue from royalty interests;
risks related to Wheaton's acquisition strategy;
risks relating to third-party rights under PMPAs;
risks relating to future financings and security issuances;
risks relating to unknown defects and impairments;
risks related to governmental regulations;
risks related to international operations of Wheaton and the Mining Operations;
risks relating to exploration, development, operating, expansions and improvements at the Mining Operations;
risks related to environmental regulations;
the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings;
the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements;
lack of suitable supplies, infrastructure and employees to support the Mining Operations;
risks related to underinsured Mining Operations;
inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries);
uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations;
the ability of Wheaton and the Mining Operations to obtain adequate financing;
the ability of the Mining Operations to complete permitting, construction, development and expansion;
challenges related to global financial conditions;
risks associated with sustainability-related matters;
risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt;
risks related to claims and legal proceedings against Wheaton or the Mining Operations;
risks related to the market price of the Common Shares of Wheaton;
the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel;
risks related to interest rates;
risks related to the declaration, timing and payment of dividends;
risks related to access to confidential information regarding Mining Operations;
risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX;
risks associated with a possible suspension of trading of Common Shares;
equity price risks related to Wheaton's holding of long-term investments in other companies;
risks relating to activist shareholders;
risks relating to reputational damage;
risks relating to expression of views by industry analysts;
risks related to the impacts of climate change and the transition to a low-carbon economy;
risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations;
risks related to ensuring the security and safety of information systems, including cyber security risks;
risks relating to artificial intelligence;
risks relating to compliance with anti-corruption and anti-bribery laws;
risks relating to corporate governance and public disclosure compliance;
risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic;
risks related to the adequacy of internal control over financial reporting; and
other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ at www.sedarplus.ca and Wheaton's Form 40-F for the year ended December 31, 2025 on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure").

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

that each party's obligations in accordance with the terms of the BHP Antamina PMPA will be satisfied;
that the Company will be able to repay the existing RCF and new Term Loan;
that there will be no material adverse change in the market price of commodities;
that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates;
that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate;
that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete;
that the production estimates from Mining Operations are accurate;
that each party will satisfy their obligations in accordance with the PMPAs;
that Wheaton will continue to be able to fund or obtain funding for outstanding commitments;
that Wheaton will be able to source and obtain accretive PMPAs;
that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company;
that Wheaton has fully considered the value and impact of any third-party interests in PMPAs;
that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company);
that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due;
that Wheaton has filed its tax returns and paid applicable taxes in compliance with applicable tax laws;
that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE;
that the trading of the Company's Common Shares will not be suspended;
the estimate of the recoverable amount for any PMPA with an indicator of impairment;
that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and
such other assumptions and factors as set out in the Disclosure.

Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward‑looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing readers with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward-looking statement speaks only as of the date on which it is made, reflects Wheaton's management's current beliefs based on current information and will not be updated except in accordance with applicable securities laws.

View original content:https://www.prnewswire.com/news-releases/wheaton-precious-metals-announces-closing-of-silver-stream-with-bhp-on-antamina-302732063.html

View original content: http://www.newswire.ca/en/releases/archive/April2026/01/c9851.html

RTP Global leads the $25 million round as Apple, JPMorgan Chase, Toyota, Deutsche Telekom, BHP and Crédit Agricole turn to Kestra to orchestrate mission-critical workflows across data, AI and infrastructure.

NEW YORK, March 31, 2026 /PRNewswire/ — Kestra, the open-source orchestration platform unifying data, AI, infrastructure and business workflows, today announced a $25 million Series A funding round led by RTP Global, with continued participation from Alven, ISAI and Axeleo. The round brings Kestra's total funding to $36 million.

Since its seed round 18 months ago, Kestra has grown enterprise revenue 25× and executed over 2 billion workflows in 2025, up 20× year over year. With 26,000+ GitHub stars across 30,000+ organizations worldwide, Kestra is the fastest-growing open-source orchestration platform in the industry.

The funding will accelerate the launch of Kestra 2.0, the company's most significant product milestone, and expand go-to-market operations across North America and Europe.

The Orchestration Crisis at the Heart of the Enterprise

Enterprise automation has reached a breaking point. Organizations run workflows across cloud and on-prem infrastructure, AI agents, real-time data pipelines and microservices, stitched together with schedulers and scripts never designed for today's complexity. The result: silent failures, lengthy compliance reviews and undocumented business-critical logic.

Kestra addresses this with a unified orchestration control plane: declarative by design, extensible across 1,200+ plugins, and built for hybrid and air-gapped environments.

"As workflows become more distributed and AI-native, legacy schedulers and fragmented tooling can't keep up, and the cost of that gap is no longer theoretical. Kestra is emerging as the orchestration layer modern enterprises need. Emmanuel, Ludovic and the team have combined deep technical vision with impressive enterprise traction, and we believe Kestra is positioned to become the global standard for workflow orchestration," said Thomas Cuvelier, Partner at RTP Global.

Proven Where It Matters Most

Engineers choose Kestra because it works in production, and enterprises standardize on it once that value becomes strategic.

At Apple, hundreds of AI engineers orchestrate pipelines between their data warehouse and AI platform without managing the infrastructure underneath.
At Toyota, Kestra unified previously siloed data and AI pipelines, creating a single governed control plane across platforms and environments.
At JPMorgan Chase, security teams orchestrate cybersecurity analytics workflows, processing billions of rows and triggering automated remediation across platforms.
At BHP, Kestra replaced a VMware vRA environment across global mining facilities. Infrastructure provisioning went from six months to six days.
At Crédit Agricole, infrastructure teams replaced fragmented scripts and cron jobs with a single orchestration layer, secure and manageable across multiple teams.

"Most enterprise software companies try to sell top-down and hope developers adopt. We inverted that model. Engineers didn't adopt Kestra because we marketed to them — they adopted it because they were frustrated, and Kestra worked. Everything we've built since flows from that trust. That's the only way to build durable enterprise infrastructure in 2026," said Emmanuel Darras, CEO and Co-founder of Kestra.

What Comes Next

The funding will accelerate four priorities:

Kestra 2.0: A new distributed execution engine built for mission-critical reliability at scale, with real-time observability and native agentic orchestration.
Kestra Cloud: A fully managed SaaS experience with usage-based pricing, empowering teams that want to move fast without self-hosting.
Go-to-market expansion: Deepen Kestra's presence in North America and Europe, including growth across field engineering, partnerships and customer success.
Open-source investment: Continued focus on developer experience, expanding the plugin ecosystem and strengthening the path from experimentation to enterprise deployment.

About Kestra

Kestra Technologies is the company behind Kestra, the open-source orchestration platform redefining how enterprises automate complex systems. Founded in 2021 by Emmanuel Darras and Ludovic Dehon, Kestra unifies data pipelines, AI workflows, infrastructure automation and business processes into a single orchestration control plane designed for modern distributed architectures.

The platform is trusted by 30,000+ organizations worldwide — including Bloomberg, Toyota, BHP, Crédit Agricole, JPMorgan Chase, Apple, and Xiaomi — and executed over 2 billion workflows in 2025.

kestra.io

About RTP Global

RTP Global is an early-stage venture capital firm backing founders who use technology to reimagine how the world works. Since 2000, RTP Global has made over 110 investments worldwide, with one in ten becoming multi-billion-dollar companies. Notable investments include Datadog, DeliveryHero, Cred, and SumUp. RTP Global has offices in New York, London, Paris, and Bangalore.

rtp.vc

About Alven

Alven is an early stage venture capital firm with a unique instinct for allying ourselves with high potential category defining companies and guiding entrepreneurs from seed to growth.With over $2 billion under management, we operate from Paris and London and have backed over 170 teams across Europe & US in the last 2 decades, including many success stories such as Stripe, Algolia, Dataiku, Qonto, Datadog (Sqreen), Trainline (CaptainTrain), OpenClassrooms, Jobteaser, and Sézane.

alven.co

About ISAI

ISAI Gestion ("ISAI") is one of the pioneers in the French Tech ecosystem. Co-founded in 2009 " by and for " Tech entrepreneurs, ISAI gathers today more than 500 Entrepreneurs-LPs alongside major Institutional Investors.With offices in Paris and NYC, ISAI manages €1.1bn across four investment strategies: Early-Stage Venture, Corporate Venture, Growth Lending and Tech Buyout.The company is a UNPRI signatory and a committed player in inclusive and low-carbon Tech.

www.isai.vc

View original content to download multimedia:https://www.prnewswire.com/news-releases/kestra-raises-25-million-series-a-to-become-the-orchestration-standard-for-enterprises-302729018.html

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2026/31/c2616.html

REalloys (NASDAQ: ALOY) is assembling the only non-Chinese supply chain for a component powering nearly everything the modern economy runs on — but one that almost nobody outside the industry pays attention to.

A single F-35 carries roughly 435 kilograms of these materials. MRI machines need them to power today's medical imaging. They’re in the guidance systems on missiles, the haptic feedback in your phone, the motors inside surgical robots, and the cooling systems that keep data centers running.

Today, the rare earth magnet market itself is worth roughly $20 billion and heading toward $30 billion by 2030. But the products that depend on those magnets — everything from fighter jets and medical systems to smartphones, robots, and wind turbines — represent an economy worth trillions of dollars.

And roughly 90% of rare earth processing, and 93% of magnet manufacturing, takes place in China.

We already know what happens when that supply gets squeezed. When China tightened export controls on rare earths in 2025, Ford had to shut down Explorer production because it couldn’t get the magnets it needed.

Ford CEO Jim Farley said the company’s magnet supply was “day to day” and “hand to mouth.” European auto suppliers (CLEPA) reported factory lines going dark across the continent for the same reason.

As REalloys’ Head of R&D Andy Sherman put it in a recent interview: “If alloy supply is disrupted, production lines do not slow gracefully. They stop. Substitutions are rarely possible, requalification takes years, and readiness gaps appear immediately.”

And there’s no substitute waiting in the wings. That’s because the magnetic properties of elements like neodymium, dysprosium, and terbium are tied to where they sit on the periodic table — nothing else delivers the same performance. Which means whoever controls the processing controls everything downstream. That’s the position REalloys has been building toward.

The Bottleneck That Actually Matters

There’s a common assumption that the rare earth problem is about mining — that if the West just dug more rock out of the ground, the dependency would go away.

But as Sherman put it: “You can have rock in the ground and still be dependent if you don’t control what happens after extraction.”

In the global commodities market, raw rare earth concentrates are often treated as a rounding error compared to the massive volumes of iron and nickel moved by Vale (NYSE:VALE) or BHP (NYSE:BHP). However, the Pentagon and major aerospace manufacturers do not buy "rock"; they require finished metals and alloys—materials with exact, repeatable specifications that can pass years of rigorous qualification testing.

Raw rare earth concentrates trade on the open market. But what the Pentagon and major manufacturers actually need are finished metals and alloys — materials with exact, repeatable specs that can pass years of qualification testing.

That final step — taking rare earth metals, combining them with other elements in precise ratios, producing alloys with specific properties, and doing it the same way batch after batch at scale — is where the real bottleneck sits. Almost nobody outside China can do it today.

That’s why REalloys (NASDAQ: ALOY) acquired PMT Critical Metals with a metallization facility in Euclid, Ohio, and nearly a decade of rare earth and magnet R&D with the U.S. Department of Defense and Energy. And it has locked in an exclusive offtake covering 80% of production from the Saskatchewan Research Council’s Rare Earth Processing Facility — the only operational, fully non-Chinese processing plant in North America.

Feedstock comes from North America, Brazil, Kazakhstan, and Greenland. In a world where China controls the vast majority of rare earth processing, REalloys has ensured they don’t depend on Chinese inputs at any stage — not in the technology, the chemicals, the equipment, or the capital.

That matters because defense qualification isn't something you can rush. Testing and certification can take years — and there are no shortcuts.

Once you're qualified into a program, you've built a moat that compounds over time. In other words, REalloys has already cleared a barrier that takes others three to seven years to even attempt.

The urgency of this timeline is not lost on the broader industry. Even as Rio Tinto (NYSE:RIO) and Vale (NYSE:VALE) scramble to expand their critical mineral portfolios to include lithium and copper for the energy transition, the "refined" end of the magnet funnel remains dangerously narrow. Starting from scratch in this environment is a multi-year gamble that most industrial players are not yet equipped to win.

Why the Window Is Closing

Starting next year, every defense contractor in the country is about to face the same question: where do your rare earths actually come from?

On January 1, 2027, the Pentagon’s DFARS rules will require defense contractors to prove where every rare earth input comes from — Chinese-sourced materials will be banned at every step, from the mine through to the finished magnet.

Any contractor that can’t show a clean, non-Chinese supply chain risks losing its contracts.

At the same time, the demand side is accelerating. McKinsey projects that global demand for the rare earths used in magnets will nearly triple by 2035. The IEA expects a 50–60% jump in total rare earth demand by 2040, driven by electric vehicles and wind power.

So the picture is this: a regulatory deadline that forces contractors to find non-Chinese sources, demand that’s set to triple, and a competitive landscape where starting from scratch takes three to seven years. Only one Western company is already in the pipeline.

What REalloys Controls

When Ford’s Explorer line went dark and European factories followed, the missing piece wasn’t ore in the ground or even processed metals as most people think.

It was finished magnets — components with exact, repeatable specifications that took years to qualify into those production lines. That’s the chokepoint REalloys has built around.

The Saskatchewan plant that supplies REalloys is expected to reach full production in 2027, starting at roughly 400 tonnes of refined rare earth metals per year and scaling to 600 tonnes by late 2028.

REalloys controls the vast majority of that output through its exclusive offtake agreement — and its Ohio facility converts those metals into the alloys and magnets that defense and industrial customers actually buy.

What makes REalloys’ position particularly hard to replicate is which rare earths it has locked in. Dysprosium and Terbium are the elements that keep magnets functioning under extreme heat and stress — the difference between a magnet that works inside a washing machine and one that holds up inside a jet turbine or missile guidance system.

They’re among the scarcest materials in the supply chain, almost entirely controlled by China, and they’re exactly what REalloys’ Phase 2 expansion is built to deliver at scale — targeting 20,000 tonnes per year of heavy rare earth permanent magnets, which would make the company the largest non-Chinese supplier of these materials by a wide margin.

At that scale, the supply chain starts to look different. Every F-35 engine, every MRI scanner, every guided missile, and every industrial robot on a factory floor depends on a component most people will never see. And right now, nearly all of those components come from one country. REalloys is building the alternative — and the clock is already running.

By. Charles Kennedy

The AI boom is triggering an unexpected and unprecedented bull run in natural gas and power stocks. If you aren't paying attention to the energy demands of data centers, you will miss the biggest energy story of the decade. The smart money is already quietly moving into the few companies prepared to power the trillion-dollar AI machine.

Oilprice Intelligence brings you the inside view on where the next gains will come from, breaking down the market's biggest growth driver with analysis from veteran oilmen and experts. Click here to get this crucial intel for free

Important Disclosure: The owner of Oilprice.com owns shares and/or stock options of the company and therefore has an incentive to see the company’s stock perform well. We encourage you to conduct your own due diligence and seek the advice of your financial advisor or broker before investing.FORWARD LOOKING STATEMENTSThis publication contains forward-looking statements, including statements regarding expected continual growth of the featured companies and/or industry. The Publisher notes that statements contained herein that look forward in time, which include everything other than historical information, involve risks and uncertainties that may affect the companies’ actual results of operations. Factors that could cause actual results to differ include, but are not limited to, changing governmental laws and policies concerning, among other things, recreational and medical cannabis sales, success of the company’s proprietary technology, the size and growth of the market for the company’s products and services, the company’s ability to fund its capital requirements in the near term and long term, pricing pressures, etc.

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BHP Group Ltd (NYSE:BHP) is among the best potash stocks to invest in right now. On March 25, BHP Group Ltd (NYSE:BHP) flagged tightening potash supply as demand grows 2–3% annually and new projects remain limited. The company sees the market moving into deficit by 2035, with geopolitical risks adding pressure. Its Jansen project in Saskatchewan is key, set to start in mid‑2027 and ramp to 4.1 million tons within two years, with a second phase lifting output to 8.5 million tons early next decade.

Brazil, which accounts for about 20% of global demand, is a major target market, alongside Asia, India, and the US. BHP admitted costs for Jansen’s first phase rose to $8.4 billion, but still views potash as a long‑term growth pillar, calling it “the iron ore of the future.”

On March 18, Reuters reported that BHP Group’s newly appointed CEO, Brandon Craig, plans to focus on organic growth of the company’s four main businesses: copper, iron ore, potash, and coal. Craig’s appointment takes effect on July 1.

According to the report, Craig has been leading BHP Group’s Americas division, which is seen as the company’s most important business in the years ahead. The report further noted that tensions with China have made Western governments more supportive of mining for critical materials. Looking ahead, Craig wants to focus on strengthening relationships with governments and customers.

BHP Group Ltd (NYSE:BHP) is an Australian multinational mining company. It mines and sells iron ore, copper, coal, and other materials. It’s also engaged in the production of nickel, uranium, and a variety of other minerals. The company is diversifying into the potash business to capitalize on the huge demand in that market.

BHP is making potash a core growth focus through its massive Jansen project in Saskatchewan. The company is investing $10.5 billion to build a capacity of up to 8.5 million tons annually when fully developed. Jansen is being built in stages, with the first phase (JS1) already 75% complete and expected to start production by mid‑2027, while the second phase (JS2), now 14% complete, is slated for first output in 2031.

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VANCOUVER, BC, March 30, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces that, further to its news release dated February 16, 2026, announcing the results of the Vicuña Integrated Technical Study (the "PEA" or "Study"), the Company has filed a technical report entitled "Vicuña Project, Argentina and Chile NI 43-101 Technical Report on Preliminary Economic Assessment" with an effective date of February 16, 2026 (the "Technical Report"). There are no material differences in the results reported in the Technical Report and those contained in the February 16, 2026 news release. A copy of the Technical Report can be found on the Company's website at www.lundinmining.com and on the Company's profile on SEDAR+ at www.sedarplus.ca.

The Vicuña project (the "Vicuña Project" or "Project") is comprised of the Filo del Sol deposit and the Josemaria deposit and is held by Vicuña Corp. ("Vicuña"), a 50/50 joint arrangement between Lundin Mining and BHP. Unless otherwise indicated, all dollar amounts are stated in United States dollars ("$") and presented on a 100% basis.

Study Highlights:

The Vicuña district is planned to be developed in a staged approach, with Stage 1 focused on the construction of a sulphide mill and the development of the Josemaría deposit, establishing an initial open-pit mine and concentrator specifically designed to allow for future expansion and deliver accelerated first production and early cash flow. Stage 2 builds on this foundation by developing the Filo del Sol leachable oxides and a corresponding SX/EW plant for copper, gold and silver recovery. Stage 3 represents the long-term maturation of the district through expansion of the concentrator and development of the Filo del Sol sulphide deposit, enabling peak, sustained production, positioning the Vicuña Project as a long-life, high-quality and large scale mining operation. Stage 3 also integrates key district infrastructure, including a desalination plant and associated pipeline, and return concentrate slurry pipeline, to support expansion of the district.

Potential to be a top five copper, gold, and silver mine: Average annual production of 400,000 tonnes copper, 700,000 ounces ("oz") gold and 22 million ounces ("Moz") silver over the first 25 full years of operation.
Peak production of +500 ktpa copper: Average production over a ten-year period of over 500,000 tonnes copper, 800,000 oz gold and 20 Moz silver or 800,000 tonnes copper equivalent1 ("CuEq").
Multi-generational asset: Initial +70-year life of mine ("LOM"), producing approximately 22.3 million tonnes ("Mt") of copper, 37.2 Moz of gold and 763 Moz of silver.
First quartile cost profile: Average cash cost2 (net of by-product credits) per pound of copper of negative ($0.20/lb) and an all-in sustaining cost2 ("AISC") per pound of copper of $0.47/lb (net of by-product credits) over the first 25 full years of operation.
Staged development: Enables Vicuña to incorporate ongoing optimization for the later stages of the project, manage development risk and fund future development through operating cash flow.
Significant free cash flow: Average annual free cash flow2 of $2.2 billion per year (after expansionary capital) during the first 25 full years of operation.
Leveraged to copper and gold: LOM revenue contribution of approximately 60% copper, 32% gold and 8% silver.
Capital intensity below $30,000/tonne CuEq: Stage 1 capital of $7.1 billion with an after-tax payback period of 8.4 years3.
Robust after-tax internal rate of return ("IRR"): IRR of 14.8% which includes all project stages over the life of the mine.
Base-case scenario that establishes a globally ranked project: Net present value ("NPV8%") of $9.5 billion after-tax at $4.60/lb copper, $3,300/oz gold and $40/oz silver.
- Stage 1 provides a detailed blueprint for near-term development, while ongoing optimization studies on Stages 2 and 3 are expected to drive additional upside and long-term value creation.
At recent spot copper, gold and silver prices ($6.00/lb copper, $5,000/oz gold and $80/oz silver), the NPV8% increases to $28.8 billion and the IRR to 25.5% with a payback of 5.4 years.

_________________________________

1 Copper equivalent (CuEq) based on production after recoveries and metal prices of $4.60/lb Cu, $3,300/oz Au and $40/oz Ag. Recoveries for production are disclosed within the Technical Report for reference.

2 Cash Cost (net of by-product credits), all-in sustaining cost and free cash flow are Non-GAAP measures, please see the section "Cautionary Note Regarding Non-GAAP Measures" below. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.

3 Initial capital from the start of 2027 and payback period from the start of 2030.

The Study and filing of the Technical Report marks a significant milestone for the Company and our partner BHP, positioning us to make a potential sanctioning decision as early as year-end. As per the 2026 Vicuña Project budget, next steps include detailed design and engineering for Stage 1, ramp up of project readiness activities and upgrades to the site access road, all of which will advance the Project toward long-life, high-quality copper production while unlocking value across the broader district.

The Study is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

About Lundin Mining

Qualified Person Statements and Related Disclosure

The Technical Report summarizing the results of the Study was prepared by the Qualified Persons (as defined under NI 43-101) named below, who have reviewed and verified the scientific and technical information and approve the written disclosure of such information. Each of the Qualified Persons named below, other than Dustin Smiley, is independent of Lundin Mining.

The Qualified Persons are:

Mr. Luke Evans, P.Eng., Global Technical Director, Geology Group Leader, SLR Consulting (Canada) Ltd.Mr. Paul Daigle, P.Geo., Principal Resource Geologist, AGP Mining Consultants Inc.Mr. Sean Horan, P.Geo., Director of Resource Modelling, Resource Modelling Solutions Ltd.Mr. Jeffery Austin, P.Eng., President, International Metallurgical and Environmental Inc.Mr. Rod Clary, P.Eng., Director – Design Engineering, Fluor Enterprises Inc.Mr. Kirk Hanson, P.E., Managing Member, KH Mining LLCMr. Dustin Smiley, P.Eng., Area Director – Phase II, Vicuña Corp.Mr. Daniel Ruane, P.Eng., Senior Engineer, Knight Piesold Ltd.

The Technical Report has been prepared pursuant to Canadian Securities Administrator's NI 43-101 requirements and may be found on the Company's SEDAR+ profile at www.sedarplus.ca and on the Company's website at www.lundinmining.com.

For more information, including with respect to data verification, assumptions, parameters and methods used to estimate Mineral Resources and Mineral Reserves, and associated risks, please refer to the news release dated February 16, 2026 as well as the Technical Report.

The reader is advised that the PEA results summarized in this news release is a conceptual study of the potential viability of the Vicuña Project, and the economic and technical viability of the Vicuña Project and its estimated Mineral Resources has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Vicuña Project's potential and design options; there is no certainty that the PEA will be realized. The PEA conceptual mine plan and economic model include numerous assumptions and Mineral Resource estimates including Inferred Mineral Resource estimates. Inferred Mineral Resource estimates are considered to be too speculative geologically to have any economic considerations applied to such estimates. There is no guarantee that Inferred Mineral Resource estimates will be converted to Indicated or Measured Mineral Resources, or that Indicated or Measured Mineral Resources can be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and as such there is no guarantee the Vicuña Project economics described herein will be achieved. Mineral Resource estimates may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant risks, uncertainties and other factors, as more particularly described in the Technical Report.

Cautionary Note Regarding Non-GAAP Measures

The Company has included herein certain performance measures ("Non-GAAP measures") further described below. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar data presented by other mining companies. While there is no standardized meaning of each Non-GAAP measure across the industry, the Company believes that each such measure is useful to external users in assessing operating performance. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Vicuña Project does not currently have operations and therefore does not have historical equivalent measures to compare to. As such, the Company cannot perform a reconciliation of these Non-GAAP measures.

Cash Cost (Net of By-Product Credits) per pound sold

Cash cost includes costs directly attributable to mining operations (including mining, processing and administration), treatment, refining and transportation charges and royalties. Cash Cost includes offsite infrastructure to be funded by a third party and is included in operating costs. Revenue from sales of by-products reduce cash cost. Cash cost per pound sold is calculated by dividend cash cost by the copper sales volume.

All-In Sustaining Cost (Net of By-Product Credits) per pound sold

All-In Sustaining Cost includes cash cost (as defined above), sustaining capital expenditure (including deferred stripping), reclamation costs and lease payments (cash basis). All-In Sustaining Cost per pound sold is calculated by dividing AISC by the copper sales volume.

Sustaining capital expenditure

Sustaining capital expenditure is a supplementary financial measure and defined as cash-basis expenditures which maintain operations and sustain production levels.

Expansionary capital expenditures

Expansionary capital expenditure is defined as cash-basis expenditures which increase production capacity, cash flow or earnings potential and are reported excluding capitalized interest. Where an expenditure both maintains and expands current operations, classification would be based on the primary decision for which the expenditure is being made.

Free cash flow

Free cash flow is defined as cash flow provided by operating activities, deducting sustaining capital expenditures and expansionary capital expenditures (both as defined above).

Operating costs per tonne milled

Operating costs per tonne milled is a supplementary financial measure calculated as operating costs divided by tonnes milled.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies and strategic vision and aspirations and their achievement and timing; the results of the Vicuña Project PEA, including but not limited to the Mineral Resource estimate and the parameters and assumptions used to estimate the Mineral Resources, future expansion of the Mineral Resource estimate and the Project, the life of mine, the life of mine plan, commencement of production, mining methods, estimated workforce and equipment requirements, production estimates and production profile, processing estimates, mining rates, metal grades and production and recovery rates, process flowsheet, costs and expenditures (including capital, sustaining and operating costs, cash costs and AISC) and the timing thereof, economic metrics and sensitivities, estimated economic results (including Project economics, economic metrics, financial performance, revenues, cash flows, earnings, NPV and IRR) and the parameters and assumptions used to estimate the economic results, geological and mineralization interpretations, exploration and development activities, timelines and similar statements relating to the economic viability of the Project, tailings management, Project infrastructure requirements (including tailings storage facilities, water, power, copper concentrate roasting facilities, pipelines, transportation systems, and desalination plant and pipeline), Project development and construction plans (including staged development, Project Stages, sequencing, timing, costs and the effects and benefits), Project permitting (including timelines and expected receipts of approvals, consents and permits, and the effects thereof), sanctioning of the Project and the timing thereof, community and social engagement and corporate social responsibility matters, economic, fiscal and other benefits of the Project to local communities, host-countries, shareholders and other stakeholders, the Vicuña Project Technical Report and the contents thereof; Project studies (including technical, environmental and social studies); the RIGI application and the timing and benefits thereof; the size and scale of the Vicuña Project, and the potential for the Vicuña Project to be a world-class project ranking among the top five copper, gold and silver mines globally; the Company's credit facility and the amendments thereto, including upsizing, expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended credit facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; the use of the credit facility; Project funding and the Company's expectations regarding its funding strategy and its work with BHP; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected financial performance, including expected earnings, revenue, cash flow, costs, expenditures and other financial metrics; permitting requirements and timelines; the Company's ability to comply with contractual and permitting or other regulatory requirements; timing and possible outcome of pending litigation and disputes, including tax disputes; the timing and expectations of future studies; the results of any Preliminary Economic Assessment, Pre- Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the Company's growth and optimization initiatives and expansionary projects, and the potential costs, outcomes, results and impacts thereof and timing thereof; the realization of synergies and economies of scale in the Vicuña district; the potential for resource expansion; the operation of the Vicuña Project with BHP; expected processing capacities and infrastructure development; the timing and expectations for future regulatory applications; the anticipated economic and fiscal benefits to Argentina and Chile, including expected tax, royalty, employment and infrastructure impacts and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including with respect to the Company's business, operations, strategies and growth and expansion plans; that no significant event will occur outside of the Company's normal course of business and operations (other than as set out herein); assumed and future prices of copper, gold, silver and other metals; anticipated costs; commodity prices; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits (including the RIGI application) and their renewals; the geopolitical, economic, permitting and legal climate that the Company operates in; legal and regulatory requirements; positive relations with local groups; sanctioning, construction, development, commissioning and ramp-up timelines; access to sufficient infrastructure (including water and power), equipment and labour; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; assumptions underlying economic analyses (including economic analysis of the Study); the Company's ability to comply with contractual and permitting or other regulatory requirements; operating conditions, capital and operating cost estimates; production and processing estimates; the results, costs and timing of future exploration activities; economic viability of the Company's operations and development projects; the Company's ability to satisfy the terms and conditions of its debt obligations; the adequacy of the Company's financial resources, and its ability to raise any necessary additional capital on reasonable terms; favourable equity and debt capital markets; stability in financial capital markets; the completion of the amended credit facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended credit facility; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project and commencement of production; successful completion of the Company's projects and initiatives (including the Project) within budget and expected timelines; and such other assumptions as set out herein, in the Project Technical Report when filed, and in other applicable public disclosure documents of the Company, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties and contingencies that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking information. The Company cautions that the foregoing list of assumptions is not exhaustive. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; uncertainty with respect to the fiscal, geopolitical, economic, permitting and legal climate that the Company operates in; risks related to the RIGI application, including if the Project is not designated under the RIGI PEELP regime in a timely manner or at all, or if the RIGI regime does not function as expected and risks arising from such circumstances; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; geotechnical incidents; risks relating to the development, permitting, construction, commissioning and ramp-up of the Company's projects and operations (including the Vicuña Project); risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; risks relating to project financing; the Company's ability to access capital on acceptable terms if at all; risks related to the credit facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance, the ability to reach timely decisions on material matters affecting the Vicuña Project, and the ability to fund cash calls when due; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Brazil or Argentina; reputational risks related to negative publicity with respect to the Company, its joint venture partner or the mining industry in general; the impact of global financial conditions, market volatility and inflation; pricing and availability of key supplies, equipment, labour and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure of information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time (including tax disputes); risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to Inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; potential for the allegation of fraud and corruption involving the Company, its respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risk and Uncertainties" section of the Company's MD&A for the year ended December 31, 2025, and the "Risk and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2025, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

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Toronto, Ontario–(Newsfile Corp. – March 31, 2026) – Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) ("Honey Badger" or the "Company") is pleased to announce that its common shares are now listed for trading on the Frankfurt Stock Exchange ("FSE") and the Tradegate Exchange ("Tradegate") under the ticker symbol 1QA.

The listing provides Honey Badger with increased visibility and accessibility to European investors, particularly within Germany, one of the largest and most active markets for precious metals investors. The Frankfurt Stock Exchange is one of the world's largest trading centers for securities, while Tradegate Exchange is a leading electronic trading platform widely used by German and European retail investors.

Honey Badger believes the additional listings will enhance the Company's global investor reach, improve liquidity, and broaden its shareholder base as it continues to advance its portfolio of silver projects and pursue opportunities in the silver royalty and streaming sector.

This listing involves no cost, no issuance of new common shares, and no dilution to existing shareholders, as the listing simply provides an additional trading venue for the Company's existing shares. Honey Badger Silver will continue to trade on the Toronto Venture Exchange (TSXV), its primary exchange in Canada and the OTCQB Venture Market in the U.S under the symbol HBEIF.

Option Grant

The Company also announces that it has granted 1 million stock options (the "Options") to Ron Halas, the Company's newly appointed Chief Operating Officer, in accordance with its stock option plan, to satisfy contractual obligations associated with his appointment. Each Option is exercisable to acquire one common share of the Company at a price of $0.22 per share and will vest in accordance with the terms of the Company's stock option plan and applicable agreements.

About Honey Badger Silver Inc.

Honey Badger Silver is a unique silver company. The company is led by a highly experienced leadership team with a track record of value-creation, backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred(2) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc(3). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002(4). We own 10,000 ozs of silver yielding 12% per annum. In each instance, the reliability of the historical resource estimates (the "Historical Estimates") are considered reasonable, but a qualified person has not done sufficient work to classify the foregoing Historical Estimates as current mineral resources, and the Company is not treating the estimates as current mineral resources. There is no technical report associated with the Historical Estimates. The Historical Estimate contains categories that are not consistent with current CIM definitions. The Company considers the Historical Estimates to be relevant for the proper understanding of its mineral properties, however, significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the Historical Estimates to be in accordance with NI 43-101 standards and to verify the Historical Estimates as current mineral resources. No more recent estimates of the mineral resources or other data are available to the Company. There can be no certainty, following further evaluation and/or exploration work, that the historical estimates can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101.

1) Khorshidi, N. (2025). Antimony in Canada: Challenges and opportunities in critical mineral supply and demand. FACETS, 10, 1-18. https://doi.org/10.1139/facets-2025-0079

2) Sunrise Lake historic resource (2000-2003): Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold. The resource estimate for the Sunrise Deposit was carried out by Silver Standard Resources Inc. (SSR) using a classical polygonal method that relied on 72 diamond drillholes and an average density of 4 t/m3. Drill hole intercepts were taken directly from the drill logs (CBA 1998). Polygons were created within AutoCAD and AutoCAD calculated the areas. Horizontal widths were calculated using the ratio of core length to the width used by CBA in their 1998 estimate. Intercepts not used by CBA were measured on the cross sections. The intercepts were composited primarily using a geological cut-off based on the sulphide content and a nominal 30 g/t Ag grade. Internal values below 30 g/t were included for geological continuity if the composite remained above cut-off. Stringer mineralization was included where silver grades were above 30 g/t and occasionally lower if base metal grades were high. It is assumed the upper 100 m could be mined by open pit methods and the stringer mineralization would have to be removed to access the massive sulphides. The classification of the mineralization is based on the number of drill holes on a section and the continuity of the mineralization. The main massive sulphide horizon has been drilled on sections spaced 40 m apart, and above the -280 m elevation, the down dip continuity of the horizon has been tested with holes 25 to 30 m apart down dip. All mineralization in the massive sulphide horizon above 280 m is considered an Indicated Resource while the near surface stringer mineralization and the massive sulphides below 280 m are considered to be Inferred Resources. Forty holes define the massive sulphide Indicated Resource horizon. In a 2003 report to SSR, Roscoe Postle Associates Inc. (RPA) concluded SSR's resource estimate was reasonable based on approximating a NSR using typical smelter contracts, assuming metallurgical recoveries based on the limited metallurgical testing and on the following price assumptions: USD$ 5.50 per ounce silver, USD$ 400 per ounce gold, USD$ 0.45 per pound zinc, USD$ 0.25 per pound lead, and USD$ 0.80 per pound copper, as well as a USD$ 75 transportation cost, and a CDN$ 1.45:USD$ 1.00 exchange rate.

3) Clear Lake historic Resource (2010): Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead. In 2010 SRK was engaged to complete a NI 43-101 compliant resource estimate for the Clear Lake deposit for Copper Ridge Explorations Inc. The estimate was made utilizing 1,842 assays from within the deposit, from a total of 13,168 m of drilling in 63 historical drill holes. An average density of 4.07 gm/cc was used, based on a limited number of field measurements that were confirmed in the laboratory, and with a minimum thickness of 2 m. Mineral resources were estimated by ordinary kriging in 12m by 12m by 9m blocks. The mineral resources are reported at a 4% (Pb+Zn) cut-off. Pb grades have been capped at 1.5% and Ag grades were capped at 60 g/t. Although SRK placed this resource in the inferred category due to uncertainties related to the historical nature of the available data, they noted that most of the resource has been drilled at a sufficiently close enough spacing to support indicated classification. The above information has been taken from a news release by Copper Ridge dated January 18th, 2010, as no technical report is publicly available.

4) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."

ON BEHALF OF THE BOARD

CHAD WILLIAMS, Executive Chairman and CEO

Sonya Pekar Investor Relationsinvestors@honeybadgersilver.com | +1 (647) 498-8244

Forward-Looking Statements

Certain statements in this release constitute "forward-looking statements" within the meaning of applicable securities laws, including but not limited to, the potential of the Project, the timing of the completion of the Acquisition and the Offering, the third party approvals and consents (including the stock exchange approvals) required to complete the Acquisition and the Offering, the conditions required to be satisfied to complete the Acquisition, the abilities of the companies to complete the Acquisition on the terms announced (if at all), the intentions, plans and future actions of Honey Badger described herein, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits / resources / reserves, geological interpretation, the timing for completing the Acquisition, the Company's ability to satisfy the Escrow Release Conditions on or before the Escrow Release Deadline, the potential merits of Prairie Creek, and Honey Badger’s strategic objective. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Although the Company believe that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290677

USA Rare Earth, Inc. USAR and Teck Resources Limited TECK are both major players operating in the Zacks Mining – Miscellaneous industry. As peers, each company is engaged in the extraction and development of important minerals that support electrification, clean energy technologies and advanced manufacturing.Both companies operate in capital-intensive mining industries that involve long development cycles, regulatory clearances and significant investments in infrastructure and advanced technologies. At the same time, rising demand for minerals and metals essential for electric vehicles and renewable energy is creating strong growth prospects for these companies, with the ongoing Iran-Israel conflict further tightening global markets by disrupting supply chains and reducing oil supply.

The Case for USAR

USA Rare Earth is advancing its Stillwater magnet manufacturing facility in Oklahoma closer to commercial production. The plant will produce Neodymium Iron Boron (NdFeB) magnets, which are essential for defense, aviation, automotive and other high-growth applications. The Stillwater facility is expected to become one of the first large-scale magnet plants in the United States, supporting the country’s efforts to build a domestic rare earth supply chain.USA Rare Earth is installing key equipment, assembling Line 1a and completing final preparations at the Stillwater facility for commissioning in early 2026. It is worth noting that the company started hiring and training engineers and technicians to operate the facility.USA Rare Earth also bolstered its balance sheet through PIPE financing and warrant exercises. It is worth noting that the company completed the $1.5 billion PIPE financing in January 2026. This funding is being used to make upgrades at the Stillwater plant, expand magnet finishing capabilities and complete Line 1b to increase total NdFeB magnet-producing capacity to roughly 1,200 metric tons.USAR completed the acquisition of Less Common Metals in November 2025, which will supply critical metal and alloy feedstock for the Stillwater plant. In December 2025, LCM partnered with Solvay and Arnold Magnetic Technologies Corp. (Arnold) to provide a stable and premium-quality source of rare-earth materials.Also, in January 2026, USA Rare Earth entered into a non-binding Letter of Intent (the LOI) with the U.S. Department of Commerce and announced collaboration with the U.S. Department of Energy (DOE). The Department of Commerce’s CHIPS Program has provided an LOI entailing $277 million in proposed federal funding and a $1.3 billion senior secured loan under the CHIPS Act, a total of $1.6 billion. However, since its inception, USA Rare Earth has remained in the exploration and research stages, incurring losses while yet to generate any revenues. Amid its project development phase, the company has been grappling with rising operational expenses, adversely impacting its margins and profitability. In fourth-quarter 2025, USAR’s selling, general and administrative expenses increased to $18.5 million from $4.5 million in the year-ago quarter due to a rise in legal and consulting costs.Research and development expenses rose to $15.9 million compared with $6.3 million reported in the year-ago quarter due to an increase in employee-related expenses. The lack of revenues and elevated expenses resulted in a loss of 19 cents per share in the fourth quarter.

The Case for TECK

Teck Resources is undergoing a significant strategic transformation to position itself for long-term growth, with an increased focus on copper and other critical minerals essential for the global energy transition. The company has entered into a merger agreement with Anglo American plc to create the Anglo Teck group, which will be one of the world’s leading copper producers with more than 70% of its portfolio in copper. The combined company will feature six top-tier copper assets, along with premium iron ore and zinc operations. Its annual copper production is projected at 1.2 million tons, expected to rise 10% to 1.35 million tons by 2027.Anglo Teck is expected to rank among the world’s largest zinc producers, operating major assets like the Red Dog mine in Alaska and the Trail Operations in British Columbia. The merger is expected to generate approximately $800 million in annual pre-tax synergies within four years, with around 80% of that to be achieved within the first two years through operational efficiencies and economies of scale. The company’s Zafranal copper-gold project has an expected mine life of 19 years and will produce copper-gold concentrates through open-pit mining and conventional concentration process. The mine and concentrator are expected to produce an average of 126,000 tons of copper contained in the concentrate during their first five years of production.The Highland Valley Mine Life Extension is likely to extend the mine’s life from 2028 to 2046. Expected average annual copper production will likely be 132,000 tons over the life of the mine. The San Nicolas project’s annual estimated production (on a 100% basis) is 63,000 tons of copper and 147,000 tons of zinc in the first five years. It is progressing through engineering, procurement and site mobilization, with early and permanent works including infrastructure setup, pipeline relocations, tree clearing and earthworks. The company expects to increase copper production to around 800,000 tons before the end of this decade.However, at Quebrada Blanca (QB), total production in 2025 was down 8.6% year over year to 190 thousand tons, impacted by the ongoing TMF development at the mine. This has caused additional downtime of the concentrator.Also, for 2026, the company expects total cash unit costs for the zinc segment to be $0.80-$0.90 per pound, higher than $0.60 per pound in 2025. The net cash unit cost for the segment is anticipated to be $0.65-$0.75 per pound compared with $0.33 in 2025.

How Does the Zacks Consensus Estimate Compare for USAR & TECK?

The Zacks Consensus Estimate for USAR’s 2026 bottom line is pegged at a loss of 24 cents per share. Also, the company’s consensus estimate for the 2027 bottom line is pegged at a loss of 66 cents per share.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for TECK’s 2026 bottom line is pegged at 2.19 per share. Also, the company’s consensus estimate for 2027 bottom line is pegged at 2.31 cents per share.

Image Source: Zacks Investment Research

Price Performance and Valuation of USAR & TECK

In the past six months, USAR’s shares have declined 22.7%, while TECK stock has gained 9.5%.

Image Source: Zacks Investment Research

USA Rare Earth is trading at a forward 12-month price-to-earnings ratio of negative 41.57X while Teck Resources’ forward earnings multiple sits at 21.82X.

Image Source: Zacks Investment Research

Final Take

While USA Rare Earth remains in the development stage, its Stillwater magnet facility positions it well to capitalize on the long-term demand for NdFeB magnets. Recent financing activities and the acquisition of Less Common Metals have strengthened its strategic positioning. However, the company has yet to generate revenues and continues to face rising operating expenses, resulting in sustained losses in 2025.In contrast, Teck Resources’ strong performance in the coming quarters is supported by its scale of operation, asset diversity and strategic transformation. The planned merger with Anglo American will create a global copper and critical minerals leader, with more than 70% exposure to copper and strong zinc operations. Though near-term production at Quebrada Blanca has been impacted by operational issues, TECK’s long-life assets, growth projects and expected cost and operational synergies are expected to generate stronger cash flow and lower execution risk.Teck Resources’ strong earnings outlook and diversified asset base make it a more attractive pick for investors compared with USA Rare Earth at present. Also, TECK stock outperformed USAR in the past six months, reflecting stronger investor confidence. Both Teck Resources and USA Rare Earth currently have a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Highlights:

The 2026 exploration season is to commence in April, with more than 50,000 metres of drilling planned
Over $55 million in proforma cash to fund NAK's exploration
Four cornerstone investors: South32, Teck Resources Limited ("Teck"), Eric Sprott, and Ore Group currently hold over 50 percent of American Eagle's outstanding shares
Mineral Resource Estimate and Preliminary Economic Assessment to begin in 2027

Toronto, Ontario–(Newsfile Corp. – March 31, 2026) – American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to provide a preliminary plan for the upcoming 2026 exploration program at NAK, the Company's 100% owned copper gold porphyry project near Smithers, British Columbia.

"We believe the project has now achieved the critical mass necessary to begin planning for a maiden mineral resource estimate and a preliminary economic assessment, both of which could be targeted for 2027 following the upcoming field season. The South Zone already hosts a well-defined, high-grade, near-surface centre of gravity, while the broader scale of the NAK system became increasingly apparent through our 2025 drilling. With over $55 million on a proforma basis, we are well-positioned to continue advancing the project. Areas once thought to be less prospective or barren are now proving to host continuous mineralization, materially expanding our view of the system and its potential.

The Company has no shortage of compelling targets as we continue to define and expand the South Zone and step out across the broader system. Our goal is to demonstrate to shareholders the true scale and significance of this mineralized system.

Our 2026 drill program will be the largest and most ambitious ever undertaken in the region, with more than 50,000 metres planned over the next year to expand known zones and test for additional high-grade centres that we believe remain to be discovered," says Anthony Moreau, CEO of American Eagle.

NAK's 2026 Drilling and Exploration Plans

The 2026 exploration season is expected to commence in April. Drilling will begin with three rigs, with a fourth rig expected to be added once seasonal operations are fully stabilized. The program is designed to continue through 2027 and is expected to comprise more than 50,000 metres of drilling.

VIEW IMAGE: NAK Plan Map Depicting the Seven Target Zones for the 2026 Drill Season

With mineralization now defined across an approximate 1.5 x 1.7-kilometre surface footprint and extending from surface to depths exceeding 800 metres, the NAK system remains open to significant expansion. The 2026-2027 campaign is designed not only to support substantial step-out and exploration drilling, but also to further define the overall scale of the mineralized system.

The geological team is continuing to refine its lithological, alteration, and mineralization models by integrating the expanded dataset generated from all work completed to date at NAK. Geochemical, structural, and geophysical data are being analyzed alongside field observations to sharpen targeting and optimize drill planning. The Company looks forward to providing a detailed drill plan and an in-depth technical preview of the 2026 drill season in the coming weeks.

A significant portion of the program will also be directed toward improving the size, continuity, and confidence of known high-grade zones, while advancing metallurgical drilling across the various mineralized zones and alteration domains. Work completed in 2026 and early 2027 is expected to inform an initial resource model and support the commencement of a preliminary economic assessment in the second half of 2027.

WATCH VIDEO: VPX Neil Prowse Discusses the Seven Target Zones for the 2026 Drill Season

Following the closing of Eric Sprott's investment and with the Teck and South32 investments expected to close on April 9, the Company anticipates having more than $55 million to fund a significant expansion of its 2026 drill campaign.

About American Eagle's NAK Project

The NAK Project lies within the Babine copper-gold porphyry district of central British Columbia, in Lake Babine Nation traditional territory. It has excellent infrastructure through all-season roads and is close to the towns of Smithers, Houston, and Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and geophysical, geological, and geochemical work at NAK, which began in the 1960's revealed a very large near-surface copper-gold system that measured over 1.5 km x 1.5 km. Historical work however, only sparsely tested the system to shallow depths, leaving a compelling exploration target. Drilling initiated by American Eagle in 2022 returned significant intervals of high-grade copper-gold mineralization that reached much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system. Subsequent exploration seasons have continued to advance the scale, grade, and tenor of mineralization at NAK, leading to continued support from strategic shareholders Teck and South32.

For the latest videos from American Eagle, Ore Group, and all things mining, subscribe to our YouTube Channel: youtube.com/@theoregroup.

About American Eagle Gold Corp.American Eagle is dedicated to advancing its NAK copper-gold porphyry project in west-central British Columbia, Canada. The Company will benefit from over $55 million following the April 9th closing, bolstered by four key shareholders, including major mining companies Teck Resources Limited and South32, and large strategic investors Eric Sprott and Ore Group. With substantial financial and technical resources, American Eagle Gold is well-positioned to drill, de-risk, and define the full potential of the NAK copper-gold porphyry project.

Anthony Moreau, Chief Executive Officer

416.644.1567amoreau@oregroup.ca www.americaneaglegold.ca

Q.P. Statement

Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified Professional Geologist and independent 'qualified person' for the purposes of Canada's National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.

Forward-Looking Statements

Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to: including statements relating to the closing of the financing with Teck and South32, the shareholdings of certain investors, the expected financial resources, the 2026-2027 drilling and exploration program or its anticipated results at the Company's NAK project, and other matters ancillary or incidental to the foregoing. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, actual results might differ materially from those suggested in forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedarplus.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290612

BHP Group Limited BHP and Southern Copper Corporation SCCO both offer meaningful exposure to copper, a key metal underpinning electrification, renewable energy expansion and long-term infrastructure growth.

BHP, with a market capitalization of $177 billion, is a diversified mining giant producing iron ore, copper, uranium, gold, zinc, lead, molybdenum, silver, cobalt, and both metallurgical and energy coal. In comparison, Southern Copper, valued at roughly $134 billion, is more copper-focused, with additional output of molybdenum, zinc, silver, gold and lead.

The long-term outlook for copper remains constructive, supported by rising demand from electric vehicles, renewable energy systems and infrastructure development. Against this backdrop, investors are evaluating which stock is better positioned, BHP or SCCO? To make an informed decision, let us analyze their fundamentals, growth potential and key challenges.

The Case for BHP Group

BHP is actively reshaping its portfolio toward future-facing commodities, particularly copper and potash, which together account for nearly 70% of its medium-term capital allocation. BHP has achieved 30% growth in copper production in the last four years.

Copper production reached 984 kt in the first half of fiscal 2026. Escondida achieved record concentrator throughput and improved recoveries, aided by operational enhancements. Copper SA delivered a record amount of material mined. Copper output is targeted at 1,900-2,000 kt in fiscal 2026.

The company recently submitted the "Escondida New Concentrator" project to the Environmental Assessment System as part of its ongoing efforts to grow the business. The new concentrator, with a likely investment of $4.4-$5.9 billion, will replace the historic Los Colorados plant, which is approaching the end of its operating life. BHP plans to install new capacity to produce 220 – 260 kt of copper annually.

Resolution Copper, a joint venture owned by BHP (45%) and Rio Tinto (55%), and the United States Forest Service (USFS) have announced the completion of a Federal land exchange. This milestone enables the next phase of technical work and development planning for the Resolution Copper project, which is one of the most significant undeveloped copper resources in the United States.

BHP has copper projects under execution and a pipeline that could deliver around 2 Mtpa of attributable copper production by the 2030s.

BHP is also advancing the Jansen Stage 1 potash project, a large-scale, low-cost, high-grade resource with a mine life exceeding 100 years. BHP is working toward its first production by mid-2027. Meanwhile, the company is also investing in growing its iron ore business. Over the medium term, WAIO production is expected to exceed 305 Mt annually, supported by expanded rail operation capacity unlocked by RTP1 and the Western Ridge Crusher Project. BHP is investing in a sixth car dumper and related infrastructure at Port Hedland.

The Case for SCCO

Southern Copper has the largest copper reserves in the industry and operates high-quality, world-class assets in investment-grade countries, such as Mexico and Peru.

Copper production was 956,270 tons in 2025, reflecting a modest 1.8% year-over-year decline and falling 1% short of its guidance. Lower output at Buenavista and the Peruvian mines, partially offset by a rise in production at IMMSA and La Caridad mines, led to decreased numbers for the year.

Expecting weaker ore grades at its Peruvian mines, SCCO projects 2026 copper production at around 911,400 tons, suggesting a 4.7% decline from 2025 levels.Despite these near-term headwinds, Southern Copper maintains a strong long-term outlook, targeting a significant ramp-up in output to roughly 1.6 million tons by 2035. This implies a compound annual growth rate (CAGR) of approximately 5.3% from 2025 levels.

To support this growth plan, the company intends to invest nearly $19.9 billion over the next decade, with the bulk of the capital allocated to projects in Peru. A substantial portion of this spending is scheduled through 2031 as key development projects progress.

Production is expected to increase to about 1.15 million tons by 2031, surge to roughly 1.476 million tons in 2032 and continue rising steadily to reach the above-mentioned 1.6 million ton target by 2035. This trajectory highlights SCCO’s confidence in its robust and diversified project pipeline spanning Peru and Mexico.Key growth catalysts include the Tía María, Los Chancas and Michiquillay projects in Peru, along with El Pilar and El Arco in Mexico, all of which underpin SCCO’s long-term expansion pipeline.

How Does the Zacks Consensus Estimate Compare for BHP & SCCO?

The Zacks Consensus Estimate for BHP’s fiscal 2026 earnings per share of $4.94 indicates growth of 35.7%. The same for fiscal 2027 suggests a 0.3% dip.

The Zacks Consensus Estimate for SCCO’s fiscal 2026 EPS of $6.57 implies year-over-year growth of 25.4%. The company’s EPS estimates for fiscal 2027 imply a decline of 4.95%.

Image Source: Zacks Investment Research

The estimates for BHP for both fiscal 2026 and 2027 has moved up in the past 60 days. The estimate for SCCO for both 2026 and 2027 has also moved up in the past 60 days.

Image Source: Zacks Investment Research

Price Performance and Valuation of RIO & BHP

In the past year, BHP shares have risen 43.2%, while SCCO stock has surged 73.4%. Image Source: Zacks Investment Research

BHP is trading at a forward 12-month price-to-earnings ratio of 14.11X, while Southern Copper’s forward earnings multiple sits at 24.97X. BHP has a Value Score of B, while SCCO has a Value Score of D.

Image Source: Zacks Investment Research

Final Take

Both stocks currently carry a Zacks Rank #3 (Hold), so choosing one is difficult. Both are poised to benefit from strong momentum in the copper market, supported by strong asset bases and expanding production pipelines. However, SCCO faces near-term production headwinds and offers a more expensive valuation. BHP’s diversified earnings base and more attractive valuation give it an edge.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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Wondering if BHP Group at around A$50.43 is offering value right now, or if the share price already reflects most of the opportunity.
The stock has had a mixed run, with a 7.0% return over the last week, a 13.7% decline over the past month, and longer term returns of 10.2% year to date and 37.5% over the past year.
Recent news coverage has focused on BHP Group’s role in global commodities markets and how shifts in demand and sentiment can affect large diversified miners. This backdrop helps explain why the share price can move sharply over shorter periods even when the long term story appears more stable.
BHP Group currently has a value score of 2 out of 6. The next sections will compare what different valuation methods suggest about the stock, and then finish with a way of looking at valuation that can give a more complete picture.

BHP Group scores just 2/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

Approach 1: BHP Group Discounted Cash Flow (DCF) Analysis

A Discounted Cash Flow, or DCF, model projects a company’s future cash flows and then discounts them back to today using a required rate of return, aiming to estimate what the business might be worth in dollar terms at present.

For BHP Group, the model used here is a 2 Stage Free Cash Flow to Equity approach based on cash flow projections. The latest twelve-month free cash flow is about $10.33b. Analysts provide forecasts out to 2030, with projected free cash flow for that year of $11.15b. Beyond the initial analyst window, further annual cash flows out to 2035 are extrapolated by Simply Wall St, rather than based on additional analyst estimates.

When all those projected cash flows are discounted back to today, the DCF model gives an estimated intrinsic value of $39.60 per share. Compared with the current share price of around A$50.43, this output implies BHP Group is about 27.4% overvalued on this measure.

Result: OVERVALUED

Our Discounted Cash Flow (DCF) analysis suggests BHP Group may be overvalued by 27.4%. Discover 8 high quality undervalued stocks or create your own screener to find better value opportunities.

BHP Discounted Cash Flow as at Mar 2026

Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for BHP Group.

Approach 2: BHP Group Price vs Earnings

For a profitable company like BHP Group, the P/E ratio is a useful way to think about value because it links what you pay today to the earnings the business is currently generating. You can think of a “normal” or “fair” P/E as the level that reflects the market’s view of a company’s growth prospects and risk profile, with higher growth or lower perceived risk often justifying a higher multiple.

BHP Group currently trades on a P/E of 17.17x. That sits above the Metals and Mining industry average P/E of 12.51x, but below the peer group average of 28.02x. On its own, that comparison can be hard to interpret because peers can differ in size, growth outlook, margins and exposure to different commodities.

Simply Wall St’s “Fair Ratio” aims to solve this by estimating the P/E that might be appropriate for BHP Group based on factors such as its earnings growth profile, industry, profit margins, market capitalization and company specific risks. This tailored Fair Ratio of 24.51x is designed to be more relevant than a simple industry or peer average comparison. Because BHP Group’s current P/E of 17.17x is below this Fair Ratio, the stock is described as undervalued using this approach.

Result: UNDERVALUED

ASX:BHP P/E Ratio as at Mar 2026

P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 4 top founder-led companies.

Upgrade Your Decision Making: Choose your BHP Group Narrative

Earlier we mentioned that there is an even better way to understand valuation. On Simply Wall St this takes the form of Narratives, where you set a clear story for BHP Group, link that story to specific forecasts for revenue, earnings and margins, and arrive at a Fair Value that can be compared directly to today’s share price. This can help you judge whether the stock looks attractive or expensive, with everything updating automatically as new news or earnings arrive. Different investors openly share very different views, such as a low fair value of about A$31.79 built on modest revenue growth and an A$38.25 fair value built on revenue declining 4.9% a year, through to higher fair values like A$55.50, A$57.64, A$62.55 or even A$121.48 that reflect higher assumed growth, stronger margins or different P/E expectations. All of these are available to explore on the BHP Group Community page.

For BHP Group however we will make it really easy for you with previews of two leading BHP Group Narratives:

Together they show how different investors can look at the same company, use credible data, and still reach very different conclusions about what the shares are worth today.

🐂 BHP Group Bull Case

Fair value in this narrative: A$52.50 per share

Valuation gap vs last close of A$50.43: about 4.1% undervalued

Revenue growth assumption: 0.90%

Analysts in this camp see BHP Group supported by demand for critical minerals, ongoing infrastructure build in Asia and India, and a focus on long life, low cost assets that can support resilient earnings and cash flow.
They anchor on relatively steady revenues, higher forecast profit margins and a P/E of 17.6x by 2029, which together underpin a consensus fair value of A$52.50 that sits close to the current share price.
Key watchpoints are iron ore concentration, project execution at assets like Jansen, regulatory and ESG pressures, and inflationary costs, all of which could challenge this more constructive view if they bite harder than expected.

🐻 BHP Group Bear Case

Fair value in this narrative: A$31.79 per share

Valuation gap vs last close of A$50.43: about 58.6% overvalued

Revenue growth assumption: 1.41%

The more cautious narrative stresses that BHP Group is heavily exposed to iron ore and therefore to long term steel demand in China, and questions how much of the copper and potash opportunity is already reflected in the share price.
This view highlights risks around structural changes in Chinese steel demand, possible oversupply in future facing commodities and the potential for cost or timing issues on major projects to erode returns.
It also flags regulatory and sovereign risks, higher potential government take and evolving environmental requirements as factors that could weigh on free cash flow conversion and justify a much lower fair value than the current market price.

These two narratives sit alongside several others, and together they frame a wide debate on BHP Group’s earnings power, risk profile and fair value. If you want to see how that full range of views translates into numbers and price targets, head over to the Community Narratives for BHP Group where all of these assumptions are laid out and updated as new data comes through.

Do you think there’s more to the story for BHP Group? Head over to our Community to see what others are saying!

ASX:BHP 1-Year Stock Price Chart

Companies discussed in this article include BHP.AX.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Halo Minerals begins trading after £20m AIM float Proactive uses images sourced from Shutterstock

Halo Minerals, a company looking to extract copper from legacy mining waste in northern Chile, has raised £4 million and listed on London's AIM.

The shares started trading on Monday, dropping 2.8% to 17.5p from the 18p issue price of the initial public offering.

At the IPO price, Halo had a market capitalisation of around £20 million.

Operations are focused on processing tailings, the material left behind after ore has been mined and processed, at the Playa Verde project in the Atacama region, the prolific copper-producing area where BHP's Escondida mine is based, along with state-owned giant Codelco that has partnerships with Antofagasta, Freeport-McMoRan and Rio Tinto.

The Playa Verde project holds a JORC-compliant mineral resource of 53 million tonnes at 0.24% copper, with ore reserves of 32.2 million tonnes at 0.25% copper containing an estimated 79,359 tonnes of fine copper.

Based on a copper price of $5.30 per pound, the reserves carry an estimated net present value of $154 million.

The funds raised will be used to advance the project towards a final investment decision, or to a point at which outside project financing becomes available.

Chief executive Andrew Dennan said admission to AIM "represents a significant milestone for Halo", which he said is "well-positioned to support the global transition to sustainable energy through the extraction of critical minerals, delivering both environmental and economic value".

"Listing on AIM strengthens our ability to grow as a company by enhancing our visibility, broadening our shareholder base and providing a platform from which to pursue our long-term strategy."

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Why Lundin Mining Is Drawing Investor Attention Now

Lundin Mining (TSX:LUN) has seen mixed recent share performance, with a small gain over the past week contrasted with a decline over the past month and a positive move over the past three months. This combination is keeping investors focused on fundamentals.

See our latest analysis for Lundin Mining.

At a share price of CA$32.04, Lundin Mining has seen its short term momentum fade, with a 26.28% decline in its 1 month share price return. However, its 1 year total shareholder return is very large, which points to a much stronger longer term picture.

If you are comparing Lundin Mining with other copper names, this could be a good moment to scan for producers using the 8 top copper producer stocks

With Lundin Mining trading at CA$32.04, an estimated 22% below some analyst price targets and showing an indicated intrinsic discount of 64.4%, you have to ask: is this a genuine value opportunity, or is the market already baking in future growth?

Most Popular Narrative: 8.4% Overvalued

Southern Copper’s most followed narrative points to a fair value of $149.54, which sits below the current $162.07 share price and frames the latest pullback in a different light.

Southern Copper has announced substantial capital investments totaling over $15 billion, including projects in Mexico and Peru, which are expected to drive future production growth and potentially boost revenue significantly. The company’s Buenavista zinc concentrator is now operating at full capacity, anticipated to drive a 31% increase in zinc production in 2025, likely enhancing revenues and improving net margins due to efficient operations.

Read the complete narrative.

Want to see what kind of revenue trajectory and margin profile need to line up with those investments to support that fair value? The narrative leans on specific growth rates, profitability assumptions and a future earnings multiple that is compared directly with the broader US metals and mining group, all filtered through a single discount rate to bring those cash flows back to today.

Result: Fair Value of $149.54 (OVERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, investors still need to watch for rising operating costs and potential project or community disruptions that could pressure margins and delay expected cash generation.

Find out about the key risks to this Southern Copper narrative.

Another View: Cash Flows Paint a Different Picture

The narrative fair value of $149.54 suggests Southern Copper looks 8.4% overvalued against the $162.07 share price. However, the SWS DCF model points the other way, with a future cash flow value of $176.81 implying the shares trade at an 8.3% discount. So which story do you trust more: earnings multiples or long term cash flows?

Look into how the SWS DCF model arrives at its fair value.

SCCO Discounted Cash Flow as at Mar 2026

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Southern Copper for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 62 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Next Steps

Uncertain about whether the current enthusiasm or caution resonates more with you? Take a closer look at the underlying data, weigh both sides, and let the balance of risks and rewards guide your own view with 3 key rewards and 2 important warning signs.

Looking for more investment ideas?

Do not stop your research with Southern Copper alone; broaden your watchlist with other focused ideas that match different goals, risk levels, and income needs.

Target potential mispricings by scanning for companies that combine quality with valuation support using the 62 high quality undervalued stocks.
Strengthen your income stream by searching for companies that offer higher yields and robust payouts through the 12 dividend fortresses.
Cut down portfolio stress by filtering for companies with more resilient profiles and steadier risk scores via the 64 resilient stocks with low risk scores.

Companies discussed in this article include SCCO.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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Why Teck Resources stock is on investors’ radar today

Teck Resources (TSX:TECK.B) is back in focus after recent share price moves, with the stock up about 8.3% over the past week but showing a 15.8% decline over the past month.

See our latest analysis for Teck Resources.

The recent rebound in Teck’s share price, now at about CA$67.47 after an 8.3% 7 day share price return but a 15.8% 30 day share price decline, sits against a stronger backdrop, with 1 year total shareholder return of 26.9% and 5 year total shareholder return of 194.9%. This suggests longer term momentum has been positive even as short term sentiment has cooled.

If this kind of volatility has you looking beyond a single miner, it could be a good moment to scan the top producers highlighted in our copper stock ideas via the 8 top copper producer stocks

With Teck trading at about CA$67.47 and sitting close to analysts’ price targets and an intrinsic value estimate, the key question now is simple: is there still a buying opportunity here, or is future growth already priced in?

Most Popular Narrative: 16.5% Undervalued

Teck Resources is trading at about CA$67.47, while the most followed narrative anchors fair value closer to CA$80.82, framing the recent moves through a longer term lens.

The company’s strong balance sheet and robust liquidity ($4.8B in cash and $8.9B total liquidity) provide capacity to execute large-scale copper growth investments and shareholder returns (buybacks/dividends), supporting sustained increases in per-share earnings and capital returns. Teck’s ongoing investment in ESG initiatives, safety culture, and sustainable mining (19 consecutive years recognized as a top Canadian corporate citizen) enhances its access to premium customers and capital, reduces regulatory and reputational risk, and should help support higher realized prices and better long-term margin resilience.

Read the complete narrative.

Want to understand why this narrative still points above today’s price? It hinges on measured revenue gains, wider margins, and a richer earnings multiple. The full story connects production targets, buybacks, and profitability into one valuation roadmap.

Result: Fair Value of CA$80.82 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, investors still need to watch for project delays and cost inflation on large copper developments, as well as any setbacks on merger approvals.

Find out about the key risks to this Teck Resources narrative.

Another way to look at Teck’s valuation

The fair value narrative points to Teck being about 16.5% undervalued at CA$80.82, but the current P/E of 23.6x tells a more mixed story. It is slightly above the fair ratio of 23.2x and above the Canadian metals and mining average of 15.7x, yet below the peer average of 40.4x, raising a simple question: is the market underpaying for quality or overpaying for comfort?

See what the numbers say about this price — find out in our valuation breakdown.

TSX:TECK.B P/E Ratio as at Mar 2026

Next Steps

Given the mixed signals so far, it makes sense to look at the numbers yourself and decide if the optimism holds up. To see what investors are focusing on, review the 2 key rewards

Looking for more investment ideas?

Before you move on, broaden your watchlist with a few focused stock ideas that could sharpen your portfolio thinking and highlight opportunities you might otherwise miss.

Target potential mispricing by scanning companies that appear attractively valued with the help of the 9 high quality undervalued stocks.
Strengthen your income stream by reviewing businesses offering robust yields and payout profiles through the 5 dividend fortresses.
Prioritize resilience by checking companies that show healthy finances and solid fundamentals via the solid balance sheet and fundamentals stocks screener (9 results).

Companies discussed in this article include TECK-B.TO.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Southern Copper (SCCO) ended the recent trading session at $159.76, demonstrating a -3.46% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 1.74% for the day. Elsewhere, the Dow saw a downswing of 1.01%, while the tech-heavy Nasdaq depreciated by 2.38%.

Prior to today's trading, shares of the miner had lost 23.1% lagged the Basic Materials sector's loss of 13.13% and the S&P 500's loss of 4.99%.

The investment community will be closely monitoring the performance of Southern Copper in its forthcoming earnings report. In that report, analysts expect Southern Copper to post earnings of $1.88 per share. This would mark year-over-year growth of 57.98%. At the same time, our most recent consensus estimate is projecting a revenue of $3.87 billion, reflecting a 23.93% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $6.57 per share and a revenue of $14.56 billion, indicating changes of +25.38% and +8.5%, respectively, from the former year.

Any recent changes to analyst estimates for Southern Copper should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 3.3% increase. Southern Copper currently has a Zacks Rank of #3 (Hold).

Digging into valuation, Southern Copper currently has a Forward P/E ratio of 25.19. This represents a premium compared to its industry average Forward P/E of 23.98.

Also, we should mention that SCCO has a PEG ratio of 1.71. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Mining – Non Ferrous industry held an average PEG ratio of 1.3.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 162, which puts it in the bottom 34% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow SCCO in the coming trading sessions, be sure to utilize Zacks.com.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Southern Copper (SCCO) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Over the past month, shares of this miner have returned -23.1%, compared to the Zacks S&P 500 composite's -5% change. During this period, the Zacks Mining – Non Ferrous industry, which Southern Copper falls in, has lost 21.2%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate Revisions

Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Southern Copper is expected to post earnings of $1.88 per share for the current quarter, representing a year-over-year change of +58%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

For the current fiscal year, the consensus earnings estimate of $6.57 points to a change of +25.4% from the prior year. Over the last 30 days, this estimate has changed +3.3%.

For the next fiscal year, the consensus earnings estimate of $6.25 indicates a change of -5% from what Southern Copper is expected to report a year ago. Over the past month, the estimate has changed +12.4%.

With an impressive externally audited track record, our proprietary stock rating tool — the Zacks Rank — is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Southern Copper.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth Forecast

Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Southern Copper, the consensus sales estimate for the current quarter of $3.87 billion indicates a year-over-year change of +23.9%. For the current and next fiscal years, $14.56 billion and $12.99 billion estimates indicate +8.5% and -10.8% changes, respectively.

Last Reported Results and Surprise History

Southern Copper reported revenues of $3.87 billion in the last reported quarter, representing a year-over-year change of +39%. EPS of $1.56 for the same period compares with $1.01 a year ago.

Compared to the Zacks Consensus Estimate of $3.62 billion, the reported revenues represent a surprise of +6.88%. The EPS surprise was +6.85%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

Valuation

Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Southern Copper is graded D on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom Line

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Southern Copper. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Juan Andrés Morel Appointed Chairman; Henri van Rooyen Steps Down Following Years of Service

Tamarack, Minnesota–(Newsfile Corp. – March 26, 2026) – Talon Metals Corp. (TSX: TLO) (OTCID: TLOFF) ("Talon" or the "Company") announced that, effective today, its Board of Directors has appointed Juan Andrés Morel as Chairman of the Board. Mr. Morel succeeds Henri van Rooyen, who is stepping down from the role following many years of leadership and service to Talon. Mr. Morel joined Talon's Board in connection with the closing of Talon's acquisition of Eagle Mine and the associated Humboldt Mill in January 2026.

Mr. Morel brings more than 30 years of mining industry experience spanning operations, engineering, project development, and executive leadership. He is Executive Vice President and Chief Operating Officer at Lundin Mining, overseeing global operations and project development. Prior to joining Lundin Mining in 2022, he held senior operating and technical leadership roles at BHP, Antofagasta Minerals, and CODELCO.

Mr. van Rooyen has led Talon's development for more than a decade. Since being appointed Chief Executive Officer in 2012, he has shaped the Company's strategic direction, advancing the Tamarack Nickel-Copper Project from concept through expansion and into environmental review in tandem with the progression of the U.S. Department of Energy-funded North Dakota Battery Minerals Processing Facility. He also led the acquisition of the Eagle Mine and Humboldt Mill to establish a U.S. nickel-copper platform.

"Henri's contributions in guiding Talon to where it is today cannot be quantified," said Darby Stacey, CEO of Talon. "He has led tirelessly through both exciting and challenging times and has shaped the company through important stages of its development, including the recent transformational acquisition of the Eagle Mine and Humboldt Mill. Under Henri's leadership, the transition has advanced exceptionally well and ahead of schedule, leaving Talon well prepared for Juan Andrés to assume the role of Chairman. Juan Andrés brings extensive operating experience, strong technical and strategic insight, and a clear understanding of our business and industry. We look forward to working closely with him as we continue advancing Talon's strategy and building on the progress already underway."

Mr. Morel said, "I am honored to assume the role of Chairman of the Board at this important time for Talon. I want to thank Henri for his years of leadership and service. Through my role at Lundin Mining and my involvement in Talon's acquisition of the Eagle Mine and Humboldt Mill, I have had the opportunity to get to know these operations and the broader business well. Talon has a strong asset base, a clear strategic direction, and an experienced leadership team. I look forward to working closely with the Board and management team to support Talon's continued progress and long-term success."

Mr. van Rooyen said, "It has been the greatest privilege to lead Talon for the past 14 years. When we started at Tamarack, we were a small team with a dream and a highly prospective land position in the 11-mile Tamarack Intrusive Complex. Today, thanks to the extraordinary combination of unique skills, tenacity, and innovation demonstrated by our incredible Talon team, as well as the support of the Department of War, the Defense Logistics Agency, and the Department of Energy, Talon has delivered multiple discoveries, including the Vault Zone and Boulderdash, 8 miles from Eagle. During this time, the iterative Minnesota environmental review process resulted in an innovative Tamarack Nickel-Copper Project that addressed stakeholder concerns. Having long admired the achievements of the Eagle team, it is a privilege to see the pieces of a U.S. nickel-copper platform coming together at an important time for U.S. critical minerals. I have full confidence in Darby, Juan Andrés, and the entire unified 505-person Talon team to execute on the Company's strategy. Thank you to every member of the Talon family for your dedication and unwavering belief in our vision."

ABOUT TALONTalon is a TSX-listed base metals company advancing and operating high-grade nickel-copper assets in the United States, including 100% ownership of the Eagle Mine and Humboldt Mill in Michigan, the only primary nickel mine currently operating in the United States, and the Tamarack Nickel-Copper-Cobalt Project in Minnesota. Talon is in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel-Copper-Cobalt Project comprises a large land position (18 km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel-Copper-Cobalt Project and currently owns 51%. Talon has a neutrality and workforce development agreement in place with the United Steelworkers union. Talon's Beulah Mineral Processing Facility in Mercer County was selected by the US Department of Energy for a US$114.8 million funding grant from the Bipartisan Infrastructure Law and the US Department of War awarded Talon a grant of US$20.6 million to support and accelerate Talon's exploration efforts in both Minnesota and Michigan. Talon has well-qualified and experienced exploration, mine permitting, mine development, operations, and community relations teams.

For additional information on Talon, please visit the Company's website at www.talonmetals.com or contact:

Media Contact:Jen Heikkila(906) 236-2580jen.heikkila@talonmetals.com

Investor Contact:Mike Kicis(647) 968-0060kicis@talonmetals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290158

Vancouver, British Columbia–(Newsfile Corp. – March 25, 2026) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) is advancing a portfolio of copper-focused projects across North America, with key milestones including an economic study in Arizona, exploration drilling near one of the world's largest copper deposits, and potential development decisions with with Teck Resources Limited.

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU)https://copperfoxmetals.com/

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About BTV – Business Television:

For over 25 years, BTV has been a capital markets focused TV production and Digital Marketing Agency. BTV helps companies increase their brand awareness to a national retail and institutional investor audience, combining unique content creation and major distribution services on top tier networks including Bloomberg, CNBC, FOX Business News and financial sites. The BTV suite of strategic products include: BTV- Business Television Show, CEO Clips™, TV Branding Ads, Digital, Lead Gen, Social and Direct Email Marketing Campaigns that reach investors where they research and live on-air and online.

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About CEO Clips:CEO Clips – are short company video profiles broadcast to a large audience of investors on TV and 15+ financial sites including Reuters, Yahoo!Finance, and Wall Street Journal.

Contact: Trina Schlingmann (604) 664-7401 x 5 trina@b-tv.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289792

Vancouver, British Columbia–(Newsfile Corp. – March 24, 2026) – Highway 50 Gold Corp. (TSXV: HWY) ("Highway 50" or the "Company") is pleased to announce the appointment of Brian D. Edgar and Peter Schloo to Highway 50's Board of Directors, effective immediately.

Mr. Edgar has broad experience working in junior and mid-size natural resource companies. Mr. Edgar has served as Chairman of Arras Minerals Corp. since its inception in 2021 and as Chairman of the Board of Silver Bull Resources since 2010. He served as President and CEO of Dome Ventures Corporation from 2005 to 2010, when Dome was acquired by Silver Bull. Further, Mr. Edgar served as a director of Dome (1998 to 2010), Lundin Mining Corp. (1994-2015), Lucara Diamond Corp. (2007-2020), BlackPearl Resources Inc. (2006-2018), ShaMaran Petroleum Corp. (2007-2019), Denison Mines Corp. (2005-2025) and of numerous public resource companies over the last 40+ years. Mr. Edgar practiced corporate/securities law in Canada for 16 years.

Peter Schloo holds the CPA, CA and CFA designations with 10+ years of progressive experience in capital markets, operations and assurance. Mr. Schloo is a Dealing Representative at Corton Capital as well as a licensed Diamond Driller and Prospector in Ontario, Canada. Currently President, CEO and Director at Heritage Mining Ltd., Director at Silver Crown Royalties Inc. (SCRI), Ramp Metals Inc. (RAMP) and Pacific Empire Minerals Corp (PEMC). Mr. Schloo has held Senior Executive positions in a number of private/public companies, with the majority in the Precious Metals sector.  Mr. Schloo's successes include over C$100 M in associated capital raising opportunities in addition to building an in-house diamond drilling operation for Heritage Mining Ltd.

Mr. Edwin Rees has resigned from the Board of Directors of the Company, effective March 23, 2026. The Board thanks Mr. Rees for his contributions during his tenure.

The Company also announces a grant of 1,811,000 incentive stock options (the "Options") and 1,545,000 restricted share units (the "RSUs") to certain directors, officers and consultants to the Company.

Each Option is exercisable to acquire one common share of the Company (a "Share") at a price of $0.47 per Share, for a period of five years from the date of grant. The Options will vest over a one-year period. The RSUs shall vest in two equal tranches, with one-half vesting on each of the second and third anniversaries of the date of grant. Upon vesting, each RSU shall entitle the holder to receive one Share. All grants of Options and RSUs are pursuant to the Company's Stock Option and Equity Incentive plans.

Gordon P. Leask, P.Eng. Chief Executive OfficerTel: 604.681.4462 Email: gord@highway50gold.com

About Highway 50 Gold Corp.

Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and mine finders. The Company is executing an exploration plan refined over 35 years of experience in Nevada. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada's crustal architecture.

Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289615

Toronto, Ontario–(Newsfile Corp. – March 24, 2026) – Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) ("Honey Badger" or the "Company") is pleased to announce that, further to its press release dated March 19, 2026 announcing a brokered private placement offering of subscription receipts (the "Offering"), SCP Resource Finance LP, as lead agent on behalf of a syndicate of agents (collectively, the "Agents") has fully exercised the Agents' option (the "Agents Option"), resulting in gross proceeds of up to approximately C$11.5 million, for a total of up to 71,875,000 subscription receipts of the Company (the "Subscription Receipts"), pursuant to the Offering.

Each Subscription Receipt will be issued at a price of C$0.16 and will convert into one unit (a "Unit") of the Company upon satisfaction of the Escrow Release Conditions (as defined herein). Each Unit will consist of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share for a period of three years at an exercise price of C$0.24 per Common Share.

The Company is also pleased to announce that the Company's management team, board of directors and its advisors are expected to purchase over 10% of the Offering, further demonstrating strong support for Honey Badger's strategy and proposed acquisition of the Prairie Creek Project (the "PC Silver Project" or the "Project").

Proceeds to Advance Transformational Prairie Creek Acquisition

As announced on March 19, 2026, Honey Badger entered into a definitive agreement dated March 13, 2026 to acquire all of the issued and outstanding shares of Canadian Zinc Corporation ("CZC"), 100% owner of the PC Silver Project from Resource Capital Fund VI L.P. ("RCF"), an arm's length party to the Company, for C$10 million in cash plus C$2 million in Honey Badger shares and warrants (the "Acquisition").

The PC Silver Project is a permitted[1] underground silver-zinc-lead project, hosting a large, high-grade historical resource base with significant existing underground and development infrastructure, located in the Northwest Territories. The net proceeds of the Offering (including the Agents Option) are expected to be used to fund the cash portion of the purchase price associated with the Acquisition and the expenses related to the Acquisition.

The Acquisition is expected to close in Q2 2026 and will be completed on a cash-free and debt-free basis, subject to customary closing conditions, including the receipt of TSX Venture Exchange ("TSXV") acceptance.

The Project hosts a historical resource estimate[2] of:

9.8 Mt of Measured & Indicated Resources, grading 139 g/t Ag, 9.7% Zn and 8.8% Pb for a total of 240 Mozs of silver equivalent at a silver equivalent grade of 766 g/t; and
6.4 Mt of Inferred Resources grading 150 g/t Ag, 12.9% Zn, and 6.7% Pb, hosting 167 Mozs of silver equivalent at a silver equivalent grade of 813 g/t.[3]

The Company believes that the key aspects of the of the Project include:

Key permits and regulatory approvals in place for development;
Support from local Indigenous Governments, with multiple agreements in place;
Multiple economic studies previously completed further support the potential of the PC Silver Project;
Excellent regional exploration potential on the large and under-explored 7,485 hectare land position.

Chad Williams, Executive Chairman of Honey Badger, commented "We are very pleased to see strong demand for this financing, including the participation of certain insiders of the Company. The agents' exercise of the over-allotment option reflects a recognition of the pivotal nature of the PC Silver Project acquisition for Honey Badger. We believe this is one of the most compelling silver development opportunities globally, particularly in the context of current silver prices."

Offering Details

The Offering is expected to close on or about April 15, 2026, and remains subject to customary closing conditions, including approval of the TSXV.

The gross proceeds of the Offering less certain expenses and a portion of the Agents' fees, will be deposited into escrow with a subscription receipt agent pending satisfaction of the Escrow Release Conditions (such amount being the "Escrowed Funds"), which includes the completion, satisfaction or waiver of all conditions precedent to the closing of the Acquisition other than the payment of the purchase price and receipt of final approval of the TSXV (the "Escrow Release Conditions"). If the Escrow Release Conditions are satisfied on or before June 15, 2026 (the "Escrow Release Deadline"), the Escrowed Funds (less the balance of the Agents' fees) will be released to the Company and the Subscription Receipts will automatically convert into Units. If the Escrow Release Conditions are not satisfied on or before the Escrow Release Deadline, the Subscription Receipts will be canceled, and the Escrowed Funds will be returned to holders of Subscription Receipts on a pro rata basis.

In consideration for their services, the Agents will receive a cash commission equal to 6% of the gross proceeds of the Offering and such number of compensation warrants equal to 6% of the number of Units issued pursuant to the Offering; in each case, subject to a reduction to 3% in respect of sales of Subscription Receipts to purchasers included on a president's list to be formed by the Company in connection with the Offering. Each compensation warrant will entitle the holder to acquire one Common Share at the issue price for a period of two years. As described above, 50% of the Agents' cash commission will be deposited into escrow pending the satisfaction of the Escrow Release Conditions.

The securities issued pursuant to the Offering will be subject to a statutory four-month hold period in accordance with applicable securities laws in Canada.

Silver Equivalent Calculations

Silver equivalent ("AgEq") is calculated using metal prices from the Project's most recent mineral resource estimate in 2021 of US$20/oz silver, US$1.15/lb zinc, and US$1.00/lb lead. Average processing recoveries assumed are 95.1% for silver, 81.5% for zinc, and 84.3% for lead. Average payables assumed are 85% for silver, 85% for zinc, and 95% for lead. AgEq is calculated as follows: AgEq (g/t) = Ag (g/t) + Zn (%) * 33.79 + Pb (%) * 33.97. AgEq (ozs) = AgEq (g/t) * (Tonnes of Measured & Indicated Resources or Inferred Resources).

Qualified Person

The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Benjamin Kuzmich, who is an independent consultant and "qualified person" within the meaning of NI 43-101.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws, and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Honey Badger Silver Inc.

Honey Badger Silver is a unique silver company. The Company is led by a highly experienced leadership team with a track record of value-creation, backed by a skilled technical team. Our existing projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver at a grade of 262 g/t silver (and 201.3 million pounds of zinc at a grade of 6% zinc) Indicated and 13.9 Moz of silver at a grade of 169 g/t silver (and 247.8 million pounds of zinc at a grade of 4.4% zinc) Inferred(1) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has an unclassified historic resource of 5.5 Moz of silver at a grade of 22 g/t silver and 1.3 billion pounds of zinc at a grade of 7.6% zinc(2). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002(3). In addition, we own 10,000 ozs of physical silver yielding 12% per annum. In each instance, the reliability of the historical resource estimates (the "Historical Estimates") are considered reasonable, but a qualified person has not done sufficient work to classify the foregoing Historical Estimates as current mineral resources, and the Company is not treating the estimates as current mineral resources. There is no technical report associated with the Historical Estimates. The Historical Estimate contains categories that are not consistent with current CIM definitions. The Company considers the Historical Estimates to be relevant for the proper understanding of its mineral properties, however, significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the Historical Estimates to be in accordance with NI 43-101 standards and to verify the Historical Estimates as current mineral resources. No more recent estimates of the mineral resources or other data are available to the Company. There can be no certainty, following further evaluation and/or exploration work, that the historical estimates can be upgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101.

Sunrise Lake historic resource (2000-2003): Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold. The resource estimate for the Sunrise Deposit was carried out by Silver Standard Resources Inc. (SSR) using a classical polygonal method that relied on 72 diamond drillholes and an average density of 4 t/m3. Drill hole intercepts were taken directly from the drill logs (CBA 1998). Polygons were created within AutoCAD and AutoCAD calculated the areas. Horizontal widths were calculated using the ratio of core length to the width used by CBA in their 1998 estimate. Intercepts not used by CBA were measured on the cross sections. The intercepts were composited primarily using a geological cut-off based on the sulphide content and a nominal 30 g/t Ag grade. Internal values below 30 g/t were included for geological continuity if the composite remained above cut-off. Stringer mineralization was included where silver grades were above 30 g/t and occasionally lower if base metal grades were high. It is assumed the upper 100 m could be mined by open pit methods and the stringer mineralization would have to be removed to access the massive sulphides. The classification of the mineralization is based on the number of drill holes on a section and the continuity of the mineralization. The main massive sulphide horizon has been drilled on sections spaced 40 m apart, and above the -280 m elevation, the down dip continuity of the horizon has been tested with holes 25 to 30 m apart down dip. All mineralization in the massive sulphide horizon above 280 m is considered an Indicated Resource while the near surface stringer mineralization and the massive sulphides below 280 m are considered to be Inferred Resources. Forty holes define the massive sulphide Indicated Resource horizon. In a 2003 report to SSR, Roscoe Postle Associates Inc. (RPA) concluded SSR's resource estimate was reasonable based on approximating a NSR using typical smelter contracts, assuming metallurgical recoveries based on the limited metallurgical testing and on the following price assumptions: USD$ 5.50 per ounce silver, USD$ 400 per ounce gold, USD$ 0.45 per pound zinc, USD$ 0.25 per pound lead, and USD$ 0.80 per pound copper, as well as a USD$ 75 transportation cost, and a CDN$ 1.45:USD$ 1.00 exchange rate.

Clear Lake historic Resource (2010): Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead. In 2010 SRK was engaged to complete a NI 43-101 compliant resource estimate for the Clear Lake deposit for Copper Ridge Explorations Inc. The estimate was made utilizing 1,842 assays from within the deposit, from a total of 13,168 m of drilling in 63 historical drill holes. An average density of 4.07 gm/cc was used, based on a limited number of field measurements that were confirmed in the laboratory, and with a minimum thickness of 2 m. Mineral resources were estimated by ordinary kriging in 12m by 12m by 9m blocks. The mineral resources are reported at a 4% (Pb+Zn) cut-off. Pb grades have been capped at 1.5% and Ag grades were capped at 60 g/t. Although SRK placed this resource in the inferred category due to uncertainties related to the historical nature of the available data, they noted that most of the resource has been drilled at a sufficiently close enough spacing to support indicated classification. The above information has been taken from a news release by Copper Ridge dated January 18th, 2010, as no technical report is publicly available.

Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."

More information is available at honeybadgersilver.com

Chad Williams Executive Chairman, Interim CEO chadw@rogers.com | +1 (647) 498-8244

Sonya Pekar Investor Relationsspekar@honeybadgersilver.com | +1 (647) 498-8244

Forward-Looking Statements

Certain statements in this release constitute "forward-looking statements" within the meaning of applicable securities laws, including but not limited to, the potential of the Project, the timing of the completion of the Acquisition and the Offering, the third party approvals and consents (including the TSXV approvals) required to complete the Acquisition and the Offering, the conditions required to be satisfied to complete the Acquisition, the abilities of the companies to complete the Acquisition on the terms announced (if at all), the intentions, plans and future actions of Honey Badger described herein, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits / resources / reserves, geological interpretation, the timing for completing the Acquisition, the Company's ability to satisfy the Escrow Release Conditions on or before the Escrow Release Deadline, the potential merits of the Project, and Honey Badger's strategic objective. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

[1] The Project has received key regulatory approvals including a Type A Water License, Land Use Permits and Environmental Assessment approvals. As is customary with exploration and/or development stage projects, separate construction and operating permits would be required once a final investment and construction decision in made.

[2] The historical estimates for the Project is supported by a technical report dated October 15, 2021 prepared in accordance with NI 43-101, completed by Ausenco Engineering Canada Inc., for NorZinc Ltd., which is currently the parent company of CZC. The historical estimates contained in this news release have not been verified as current mineral resources. A "qualified person" (as defined in NI 43-101) has not done sufficient work to classify the historical estimate as current mineral resources, and the Company is not treating the historical estimate as current mineral resources. The Company considers the historical estimates to be relevant for the proper understanding of the Project, however, significant data compilation, re-drilling, re-sampling and data verification may be required by a Qualified Person for the historical estimates to be in accordance with NI 43-101 standards and to verify the historical estimates as current mineral resources.

[3] Historical mineral resource estimates for the PC Silver Project are based on the following key parameters and assumptions: (1) Mineral Resources are stated as of October 15, 2021; (2) Mineral Resources include those Resources converted to Mineral Reserves; (3) Stated at a cut off grade of 8% ZnEq based on prices of $1.15/lb for zinc, $1.00/lb for lead, and $20/oz for silver; (4) Average processing recovery factors of 81.5% for zinc, 84.3% for lead, and 95.1% for silver; (5) Average payables of 85% for zinc, 95% for lead, and 85% for silver; (5) ZnEq = (grade of Zn in %) + [(grade of lead in % * price of lead in $/lb * 22.046 * recovery of lead in % * payable lead in %) + (grade of silver in g/t* (price of silver in $/Troy oz/ 31.10348) * recovery of silver in % * payable silver in %)]/(price of zinc in $/lb*22.046 * recovery of zinc in % * payable zinc in %).

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289698

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