Base Metals Archives - Page 10 of 101

Talon Metals also provides details on upcoming share consolidation

Tamarack, Minnesota and L'Anse, Michigan–(Newsfile Corp. – January 9, 2026) – Talon Metals Corp. (TSX: TLO) (OTCID: TLOFF) (together with its subsidiaries, "Talon" or the "Company") is pleased to announce the completion of its previously announced transaction with Lundin Mining Corporation (TSX: LUN) (Stockholm: LUMI) ("Lundin Mining") pursuant to which it acquired the producing Eagle Mine and associated Humboldt Mill (the "Transaction"). On closing of the Transaction, Lundin Mining was issued 275,152,232 common shares ("Talon Shares") and granted a production payment royalty on ore from sources other than the Eagle Mine that is processed through the Humboldt Mill at a rate of US$1.00 per tonne, up to a maximum aggregate payment of US$20.0 million (representing 20 million tonnes of ore). See Talon's December 18, 2025 press release for additional information.

"The completion of the Eagle Mine and Humboldt Mill acquisition is a defining moment for Talon. I am pleased to welcome Darby Stacey as Chief Executive Officer, along with the Eagle and Humboldt mining and processing team, to Talon. This transaction has brought together the positive cash-flow-generating Eagle Mine and Humboldt Mill, the proven operating experience of the Eagle and Humboldt teams, and Talon's in-house exploration, environmental and permitting capabilities to create the only operating primary nickel-copper company in the United States with meaningful expansion potential. With the transaction now complete, our combined team is positioned to advance our four strategic priorities in parallel – materially extending the Eagle Mine life, accelerating exploration in Michigan and Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Battery Minerals Processing Facility, and progressing engineering toward feasibility study and construction – at a time when it is vitally important to drive decisively toward U.S. critical minerals self-sufficiency," said Henri van Rooyen, Executive Chairman of Talon.

DIRECTOR AND OFFICER CHANGES

In connection with closing of the Transaction, Jack Lundin and Juan Andrés Morel, the CEO and COO, respectively, of Lundin Mining, were appointed to the board of directors of Talon (the "Talon Board"). Darby Stacey, the General Manager of the Eagle Mine under Lundin Mining, has been appointed as CEO of Talon and has also joined the Talon Board. In addition, Warren Newfield has stepped down from the Talon Board and Henri van Rooyen has been appointed Executive Chairman.

CONCURRENT PRIVATE PLACEMENT

As previously announced, Talon entered into a subscription agreement concurrently with entering into the definitive agreement in respect of the Transaction pursuant to which it agreed to issue 18,555,783 Talon Shares (the "Concurrent Private Placement") to a trust settled by the late Adolf H. Lundin (the "Lundin Family Trust"). The Toronto Stock Exchange ("TSX") requires shareholder approval of the Concurrent Private Placement in accordance with Section 604(a)(i) of the TSX Company Manual and the Company intends to call a special meeting (the "Meeting") as soon as practicable to seek such approval. Further details will be contained in a management information circular to be sent to holders of Talon Shares in connection with the Meeting.

SHARE CONSOLIDATION

The Talon Board has determined that the previously announced consolidation of the Talon Shares (the "Consolidation") on the basis of one post-consolidation Talon Share for every ten pre-consolidation Talon Shares, will be effective on January 23, 2026 (the "Effective Date").

The Toronto Stock Exchange ("TSX") has accepted notice of the Consolidation, and the Talon Shares are expected to begin trading on the TSX on a post-Consolidation basis on or about January 27, 2026. The post-Consolidation Talon Shares will continue to trade on TSX under the symbol "TLO" but with a new CUSIP number (G86659201) and new ISIN (VGG866592014).

As a result of the Consolidation, the number of outstanding Talon Shares will be reduced from approximately 1,478,254,002 pre-Consolidation Talon Shares currently outstanding to approximately 147,825,400 post-Consolidation Talon Shares as at the Effective Date, subject to adjustment for the rounding down of fractions as outlined below.

The Consolidation will also result in proportionate adjustments to the exercise price and number of Talon Shares issuable pursuant to the Company's outstanding share purchase warrants and stock options in accordance with the terms of the warrant indenture between the Company and Computershare Trust Company of Canada ("Computershare") dated June 18, 2025, the Company's Stock Option Plan and other documents governing such securities.

Registered shareholders of Talon holding their Talon Shares in certificated form will be sent a letter of transmittal with instructions for the surrender of certificates representing their pre-Consolidation common shares. Such shareholders will need to return to Computershare, as registrar and transfer agent for the Talon Shares, a completed letter of transmittal in order to receive a certificate or direct registration system (DRS) advice statement for their post-Consolidation Talon Shares. The form of letter of transmittal will also be available electronically under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and from the Talon website at www.talonmetals.com. Registered shareholders whose pre-Consolidation Talon Shares are represented by a DRS advice statement will not be required to return a completed letter of transmittal to Computershare and will instead be automatically issued a new DRS advice statement for the number of post-Consolidation Talon Shares held.

Non-registered shareholders who hold their Talon Shares through a broker, financial institution or other intermediary should note that the intermediary's procedures for processing the Consolidation, in respect of pre-Consolidation Talon Shares held for the non-registered owner's account, may differ from those applicable to registered shareholders. Non-registered shareholders with questions should contact their intermediary for more information.

The Consolidation will not result in any fractional Talon Shares. If the Consolidation would otherwise result in a shareholder holding a fraction of a post-Consolidation common share, the number of post-Consolidation common shares held by such holder will be rounded down to the nearest whole number, and the fractional interest will be cancelled without consideration.

Further details regarding the Consolidation are contained in the Company's information circular dated May 14, 2025 for the annual and special meeting of shareholders of Talon held June 25, 2025, a copy of which is available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on the Talon website at www.talonmetals.com.

ADVISORS

Canaccord Genuity Corp. was engaged as financial advisor to the Company. Cassels Brock & Blackwell LLP and Dorsey & Whitney LLP acted as legal counsel to the Company.

ABOUT TALON

Talon 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 (18km 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 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 experienced exploration, mine development, external affairs and mine permitting teams.

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

Media Contact:Jessica Johnson(218) 460-9345johnson@talonmetals.com

Investor Contact:Mike Kicis1 (647) 968-0060kicis@talonmetals.com

FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include statements relating to the impact and anticipated benefits of the Transaction; the completion of Talon's four strategic priorities, including materially extending the Eagle Mine life, accelerating exploration in Michigan and Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Battery Minerals Processing Facility, and progressing engineering toward feasibility study and construction; the anticipated timing of the Meeting and completion of the Concurrent Private Placement; the Consolidation and the effective date thereof; the effect of the Consolidation on the Company's capital structure, including the number of Talon Shares outstanding after the Consolidation; the treatment of fractional Talon Shares; and the expected trading date of the post-Consolidation Talon Shares on the TSX. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/279891

Source: Getty Images

Written by Amy Legate-Wolfe at The Motley Fool Canada

Mining stocks can keep momentum into January 2026 for a pretty simple reason. These sit at the crossroads of the real-world economy and investor psychology. When markets start sniffing out lower interest rates, money often rotates toward areas that were held back by high rates, higher discounting, and recession worries. At the same time, many mined commodities have supply constraints that don’t fix themselves quickly, as it takes years to permit, build, and expand a mine. Put those together and you can get a January where miners surprise investors even after a strong prior year. Not because they’re safe, but because they’re leveraged to improving sentiment, improving demand expectations, and still-tight supply.

LUN

Lundin Mining (TSX:LUN) is the kind of name that can still surprise because it’s a working miner with meaningful operational leverage. If metal prices hold up or improve, the cash flow can quickly rebound; and if prices soften, the same leverage works in reverse. What matters for new investors is that Lundin’s Q3 2025 results show it’s still generating real earnings power in the current environment, not just promising it. In the company’s MD&A, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter was about $489.7 million, with adjusted earnings around $152.3 million.

Income is the part that beginners often misunderstand with miners. Lundin does pay a dividend, but it’s typically not the main reason to own it, and it won’t behave like a classic Canadian dividend stalwart. For example, Lundin declared a quarterly dividend of $0.09 per share around its Q3 2025 reporting, alongside net sales of about $1.1 billion and adjusted EBITDA of about $429.5 million. The key takeaway is that the dividend exists, but the real engine is the cycle.

LIF

Labrador Iron Ore Royalty (TSX:LIF) is a different kind of mining exposure, and it can absolutely surprise investors, but for a different reason. You’re not buying a miner that has to constantly fund big expansions. You’re buying a royalty-style cash flow stream tied to iron ore economics, which can translate into chunky dividends when iron ore pricing and shipments are strong.

If you’re thinking about January 2026 specifically, LIF’s surprise potential usually comes from the market underestimating how long a strong iron ore environment can last, or from dividend expectations resetting higher when results come in better than feared. But you have to hold two truths at once. This can be a high-income name in good times, and it can also be as volatile as the commodity.

Bottom line

Lundin’s surprise factor is operational and cyclical leverage in a diversified base-metals miner, whereby a better tape and decent pricing can unlock outsized upside. Labrador’s surprise factor is the dividend and cash-flow torque you can get from an iron ore royalty-style structure when the commodity stays stronger than expected. Together, here’s how much $7,000 could bring in for both mining stocks in dividends alone.

COMPANY	RECENT PRICE	NUMBER OF SHARES	DIVIDEND	TOTAL ANNUALPAYOUT	FREQUENCY	TOTAL INVESTMENT
LIF	$30.01	233	$1.55	$361.15	Quarterly	$6,992.33
LUN	$31.70	220	$0.11	$24.20	Quarterly	$6,974.00

For a new investor, the smartest way to use either is as a controlled slice alongside a boring core like a broad exchange-traded fund (ETF) or diversified blue-chips so you get the excitement without letting one commodity cycle dictate your whole financial mood.

The post Mining Momentum: 2 TSX Stocks That Could Surprise Investors This January appeared first on The Motley Fool Canada.

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* Returns as of January 5th, 2026

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Fool contributor Demetris Afxentiou has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

2026

Lundin Mining's (TSE:LUN) stock is up by a considerable 43% over the past three months. However, we decided to pay close attention to its weak financials as we are doubtful that the current momentum will keep up, given the scenario. Particularly, we will be paying attention to Lundin Mining's ROE today.

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In simpler terms, it measures the profitability of a company in relation to shareholder's equity.

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How Is ROE Calculated?

Return on equity can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Lundin Mining is:

5.2% = US$366m ÷ US$7.0b (Based on the trailing twelve months to September 2025).

The 'return' is the profit over the last twelve months. That means that for every CA$1 worth of shareholders' equity, the company generated CA$0.05 in profit.

See our latest analysis for Lundin Mining

What Has ROE Got To Do With Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.

A Side By Side comparison of Lundin Mining's Earnings Growth And 5.2% ROE

On the face of it, Lundin Mining's ROE is not much to talk about. Next, when compared to the average industry ROE of 14%, the company's ROE leaves us feeling even less enthusiastic. Therefore, it might not be wrong to say that the five year net income decline of 26% seen by Lundin Mining was probably the result of it having a lower ROE. However, there could also be other factors causing the earnings to decline. For instance, the company has a very high payout ratio, or is faced with competitive pressures.

However, when we compared Lundin Mining's growth with the industry we found that while the company's earnings have been shrinking, the industry has seen an earnings growth of 18% in the same period. This is quite worrisome.

TSX:LUN Past Earnings Growth January 5th 2026

Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is Lundin Mining fairly valued compared to other companies? These 3 valuation measures might help you decide.

Is Lundin Mining Using Its Retained Earnings Effectively?

With a three-year median payout ratio as high as 102%,Lundin Mining's shrinking earnings don't come as a surprise as the company is paying a dividend which is beyond its means. Its usually very hard to sustain dividend payments that are higher than reported profits.

In addition, Lundin Mining has been paying dividends over a period of nine years suggesting that keeping up dividend payments is preferred by the management even though earnings have been in decline. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to drop to 9.3% over the next three years. Accordingly, the expected drop in the payout ratio explains the expected increase in the company's ROE to 8.4%, over the same period.

Conclusion

On the whole, Lundin Mining's performance is quite a big let-down. The low ROE, combined with the fact that the company is paying out almost if not all, of its profits as dividends, has resulted in the lack or absence of growth in its earnings. With that said, we studied the latest analyst forecasts and found that while the company has shrunk its earnings in the past, analysts expect its earnings to grow in the future. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data 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 financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Company Logo

The Canadian metals & mining industry offers opportunities in aluminum, steel, and precious metals. Despite past volume decline, the market saw 8.9% growth in 2024, supported by key players and competitive dynamics. The industry's evolution presents avenues for strategic entry and expansion in upcoming years.

Dublin, Jan. 05, 2026 (GLOBE NEWSWIRE) — The "Metals & Mining in Canada" report has been added to ResearchAndMarkets.com's offering.Metals & Mining in Canada industry profile provides top-line qualitative and quantitative summary information including: market size (value 2019-24, and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.Key Highlights

The metals & mining industry includes aluminum, steel, iron ore, coal, base metals, and precious metals. Market volume represents production volume, and market value is calculated by multiplying market volume by production price.
The Canadian metals & mining industry recorded revenues of $54.89 billion in 2024, representing a compound annual growth rate (CAGR) of 6.2% between 2019 and 2024.
The production volumes declined with a negative CAGR of 1.0% between 2019 and 2024, reaching a total of 128.63 million tonnes in 2024.
In 2024, the Canadian metals & mining industry experienced annual growth of 8.9%.

Scope

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Reasons to Buy

What was the size of the Canada metals & mining market by value in 2024?
What will be the size of the Canada metals & mining market in 2029?
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Key Topics Covered: 1 Executive Summary1.1. Market value1.2. Market value forecast1.3. Market volume1.4. Market volume forecast1.5. Category segmentation1.6. Geography segmentation1.7. Market rivalry1.8. Competitive landscape2 Market Overview2.1. Market definition2.2. Market analysis3 Market Data3.1. Market value3.2. Market volume4 Market Segmentation4.1. Category segmentation4.2. Geography segmentation5 Market Outlook5.1. Market value forecast5.2. Market volume forecast6 Five Forces Analysis6.1. Summary6.2. Buyer power6.3. Supplier power6.4. New entrants6.5. Threat of substitutes6.6. Degree of rivalry7 Competitive Landscape7.1. Who are the leading players?7.2. What strategies do the leading players follow?7.3. What have been the most recent market developments?8 Company Profiles8.1. Teck Resources Ltd8.2. Agnico Eagle Mines Ltd8.3. First Quantum Minerals Ltd9 Macroeconomic Indicators

For more information about this report visit https://www.researchandmarkets.com/r/nyekts

About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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Record gold and silver prices got all the publicity, but metals across the board, from uranium to copper to cobalt, took off this year and look likely to climb next year, too. Here’s why.

As the Australian market winds down for the holiday season, with a slight dip of 0.2% attributed to profit-taking before the break, investors are keeping an eye on precious metals and commodities. For those willing to explore beyond established names, penny stocks—despite their vintage moniker—remain a relevant investment area that can offer unique opportunities. This article highlights three standout penny stocks on the ASX that demonstrate financial strength and potential for long-term success in today’s market conditions.

Top 10 Penny Stocks In Australia

Name	Share Price	Market Cap	Financial Health Rating
Alfabs Australia (ASX:AAL)	A$0.405	A$116.07M	★★★★★☆
EZZ Life Science Holdings (ASX:EZZ)	A$1.39	A$65.57M	★★★★★★
Dusk Group (ASX:DSK)	A$0.78	A$48.57M	★★★★★★
IVE Group (ASX:IGL)	A$3.00	A$461.07M	★★★★★☆
MotorCycle Holdings (ASX:MTO)	A$3.14	A$231.93M	★★★★★★
Veris (ASX:VRS)	A$0.074	A$39.99M	★★★★★★
West African Resources (ASX:WAF)	A$3.14	A$3.59B	★★★★★★
Service Stream (ASX:SSM)	A$2.26	A$1.38B	★★★★★★
EDU Holdings (ASX:EDU)	A$0.825	A$118.74M	★★★★★☆
MaxiPARTS (ASX:MXI)	A$2.26	A$125.53M	★★★★★★

Click here to see the full list of 429 stocks from our ASX Penny Stocks screener.

Let’s review some notable picks from our screened stocks.

BKI Investment

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: BKI Investment Company Limited is a publicly owned investment manager with a market cap of A$1.38 billion.

Operations: The company generates revenue of A$69.33 million from the securities industry segment.

Market Cap: A$1.38B

BKI Investment Company Limited, with a market cap of A$1.38 billion, is debt-free and has stable weekly volatility at 2%. Its short-term assets of A$108.9 million comfortably cover its short-term liabilities but fall short against long-term liabilities of A$137.2 million. Despite high-quality earnings, BKI has faced negative earnings growth recently and offers a low return on equity at 4.3%. While the dividend yield stands at 4.61%, it isn’t well covered by current earnings or cash flows. The board is experienced with an average tenure of 22.2 years, yet management’s experience remains unclear due to insufficient data.

ASX:BKI Financial Position Analysis as at Dec 2025Legacy Iron Ore

Simply Wall St Financial Health Rating: ★★★★☆☆

Overview: Legacy Iron Ore Limited is an Australian company focused on the exploration, evaluation, and development of mineral properties, with a market cap of A$78.10 million.

Operations: Legacy Iron Ore’s revenue primarily comes from its gold segment, which generated A$56.16 million.

Market Cap: A$78.1M

Legacy Iron Ore Limited, with a market cap of A$78.10 million, has seen an improvement in revenue, reporting A$40.4 million for the half year ended September 2025 compared to A$26.9 million the previous year. Despite this growth, the company remains unprofitable with a net loss of A$2.18 million and negative return on equity at -49.68%. While its short-term assets exceed liabilities and it is debt-free, Legacy Iron Ore faces challenges with high share price volatility and less than a year of cash runway based on current free cash flow trends. The board’s average tenure is 1.3 years, indicating limited experience compared to its seasoned management team averaging 7.1 years in tenure.

ASX:LCY Debt to Equity History and Analysis as at Dec 2025Service Stream

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Service Stream Limited operates in Australia, providing design, construction, operation, and maintenance services for infrastructure networks in the telecommunications, utilities, and transport sectors with a market cap of A$1.38 billion.

Operations: Service Stream generates revenue from three main segments: Telecommunications (A$1.17 billion), Utilities (A$1.01 billion), and Transport (A$154.23 million).

Market Cap: A$1.38B

Service Stream Limited, with a market cap of A$1.38 billion, demonstrates financial stability and growth potential despite being categorized as a penny stock. The company is debt-free and has seen impressive earnings growth of 83.2% over the past year, surpassing industry averages. Its short-term assets comfortably cover both short- and long-term liabilities, indicating sound liquidity management. While trading at 51.4% below estimated fair value suggests potential undervaluation, significant insider selling in recent months may warrant caution for investors. The company’s seasoned management team supports its strategic direction amidst stable weekly volatility and improved profit margins year-on-year.

ASX:SSM Debt to Equity History and Analysis as at Dec 2025Seize The Opportunity

Investigate our full lineup of 429 ASX Penny Stocks right here.
Curious About Other Options? The latest GPUs need a type of rare earth metal called Neodymium and there are only 37 companies in the world exploring or producing it. Find the list for free.

This article by Simply Wall St is general in nature. We provide commentary based on historical data 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 financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ASX:BKI ASX:LCY and ASX:SSM.

This article was originally published by Simply Wall St.

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

US markets headed into the green by late-morning on Tuesday as delayed data showed the US economy had grown far more quickly than anticipated in the third quarter. The FTSE 100 (^FTSE) also rallied to end the day higher in London, while European stocks were mixed.

The session saw the last piece of important US data ahead of the Christmas holiday. Wall Street got its first look at third quarter GDP, which showed the US economy grew at a 4.3% annualised rate, much higher than the 3.3% forecast by analysts, and signalling continued economic resilience.

The report has tempered bets on Federal Reserve interest rate cuts. The shutdown-delayed report showed that consumer spending remains strong, though experts caution that the federal stoppage is likely to have slowed growth in Q4.

Around 85% of bets are now on the Fed pausing its string of rate cuts, up by nearly 10 percentage points from last week. Still, the majority of wagers remain on two cuts by the end of next year.

Movement on major indices was muted as traders wind down for Christmas, with the vast majority of important data and central bank decisions now in the rearview mirror.

London's premier index gained 0.3% by the end of the session. Miners Antofagasta (ANTO.L) and Anglo American (AAL.L) were among the top gainers in the index, with precious metals a market bright spot.
Germany's DAX (^GDAXI) ticked up 0.2%.
Over in Paris the CAC 40 (^FCHI) was 0.2% lower.
The pan-European STOXX 600 (^STOXX) gained 0.4%.
The pound (GBPUSD=X) rallied almost 0.1% against the dollar just below the $1.35 mark. Sterling had pulled lower unexpectedly earlier in the week as data showed inflation unexpectedly fell sharply in November.
The S&P 500 (^GSPC) and the blue chip-heavy Dow Jones Industrial Average (^DJI) traded up 0.3% and 0.2% respectively. The Nasdaq Composite (^IXIC), meanwhile, regained earlier losses to trade 0.3% higher.

In the latest trading session, Southern Copper (SCCO) closed at $144.00, marking a +1.21% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.88%. Elsewhere, the Dow saw an upswing of 0.38%, while the tech-heavy Nasdaq appreciated by 1.31%.

Heading into today, shares of the miner had gained 18.55% over the past month, outpacing the Basic Materials sector's gain of 8.3% and the S&P 500's gain of 2.48%.

Investors will be eagerly watching for the performance of Southern Copper in its upcoming earnings disclosure. The company is forecasted to report an EPS of $1.54, showcasing a 52.48% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $3.68 billion, reflecting a 32.06% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.27 per share and a revenue of $13.12 billion, indicating changes of +21.71% and +14.78%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for Southern Copper. These revisions help to show the ever-changing nature of near-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 utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.39% increase. Right now, Southern Copper possesses a Zacks Rank of #1 (Strong Buy).

In terms of valuation, Southern Copper is presently being traded at a Forward P/E ratio of 26.98. This represents a discount compared to its industry average Forward P/E of 30.35.

Investors should also note that SCCO has a PEG ratio of 1.31 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Mining – Non Ferrous industry had an average PEG ratio of 1.08 as trading concluded yesterday.

The Mining – Non Ferrous industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 103, placing it within the top 42% of over 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

Thursday, December 18, 2025The 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 NVIDIA Corp. (NVDA), Netflix, Inc. (NFLX) and Merck & Co., Inc. (MRK), as well as two micro-cap stocks The Monarch Cement Co. (MCEM) and Cumberland Pharmaceuticals Inc. (CPIX). 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 >>> CPI, Jobless Claims in Very Agreeable RangesToday's Featured Research ReportsShares of NVIDIA have outperformed the Zacks Semiconductor – General industry over the past year (+30.9% vs. +28.9%). The company is benefiting from the strong growth of artificial intelligence (AI) and high-performance accelerated computing. The growing demand for generative AI and large language models using graphics processing units (GPUs) based on NVIDIA’s Hopper and Blackwell architectures is aiding data center revenues.The continued ramp-up of Ada RTX GPU workstations in the ProViz end market, following the normalization of channel inventory, is acting as a tailwind. Collaborations with more than 320 automakers and tier-one suppliers are likely to advance its presence in the autonomous vehicle space. The Zacks analyst expect NVIDIA’s revenues to witness a CAGR of 40.7% through fiscal 2026-2028. However, a limited supply of Blackwell GPUs may hinder its ability to meet demand. Rising costs associated with the production of more complex AI systems will hurt margins.(You can read the full research report on NVIDIA here >>>)Netflix’s shares have gained +5% over the past year against the Zacks Broadcast Radio and Television industry’s gain of +16.2%. The company is benefiting from its growing subscriber base, thanks to a robust localized and foreign-language content portfolio and healthy engagement levels with about two hours of viewing per member per day, indicating strong member retention. NFLX's advertising tier now accounts for more than 55% of new sign-ups in available markets. NFLX has set an ambitious target to double its revenues by 2030 and reach a $1 trillion market capitalization, supported by a diversified content strategy, including international programming, live events, and gaming initiatives.NFLX raised its full-year free cash flow forecast to $9 billion from $8-8.5 billion. For the fourth-quarter, Netflix projects $11.96 billion in revenue with 16.7% growth and a 23.9% operating margin, featuring major releases including Stranger Things' final season and NFL Christmas games.(You can read the full research report on Netflix here >>>)Shares of Merck have gained +3.4% over the past year against the Zacks Large Cap Pharmaceuticals industry’s gain of +16.7%. The company’s blockbuster drug, Keytruda, and new products have been driving sales. With label expansion into new indications, particularly earlier-stage launches, Keytruda is expected to see continued growth. Animal health is also contributing to growth. Merck has been making meaningful pipeline progress across areas like oncology, vaccines and infectious diseases. Moreover, it is actively pursuing M&A deals to enhance its pipeline and diversify away from Keytruda. However, rising competitive and generic pressure on some drugs and persistent challenges for Gardasil in China remain overhangs. There are concerns about Merck’s ability to successfully navigate the Keytruda loss of exclusivity period and potential competition for the drug. (You can read the full research report on Merck here >>>)Monarch Cement’s shares have gained +5.9% over the past year against the Zacks Building Products – Concrete and Aggregates industry’s gain of +18.5%. This microcap company with a market capitalization of $805.78 million offers a compelling income-plus-stability profile, anchored by strong balance sheet discipline, margin leadership and capital flexibility. Monarch Cement’s significantly increased dividends and buybacks in 2025 while maintaining $56.8 million in cash and no long-term debt. Retained earnings and equity continue to grow, enabling $25.5 million in self-funded capex. The Cement segment delivers dominant profitability, generating more than 94% of operating income with a 46% gross margin, reinforced by ongoing investment in long-life assets and a vertically integrated plant with >50 years of reserves. A capital-efficient JV provides steady earnings without full volatility, while timely asset monetization and a diversified equity portfolio enhance cash flow and earnings quality. Strong working capital and seasonality-aligned liquidity further support dividends, reinvestment and downside resilience.(You can read the full research report on Monarch Cement here >>>)Shares of Cumberland Pharmaceuticals have outperformed the Zacks Medical – Drugs industry over the past year (+67.7% vs. +4.4%). This microcap company with a market capitalization of $58.18 million offers a differentiated specialty pharma investment anchored by a scalable commercial platform and disciplined acquisition strategy. Cumberland Pharmaceuticals’ established hospital, GI, and oncology sales infrastructure enables efficient integration of under-promoted, FDA-approved brands, supporting operating leverage and accretive growth. The Talicia partnership adds de-risked, long-duration revenue, combining existing sales momentum with patent and exclusivity protection through 2042 at modest capital commitment. Longer term, ifetroban provides meaningful upside, with positive Phase II data in Duchenne muscular dystrophy cardiomyopathy and multiple ongoing Phase II programs that reduce binary pipeline risk. Approximately $53 million in NOLs enhance future cash flow conversion, while partner-led international launches offer low-cost growth optionality.(You can read the full research report on Cumberland Pharmaceuticals here >>>)Other noteworthy reports we are featuring today include UBS Group AG (UBS), Medtronic plc (MDT) and Southern Copper Corp. (SCCO).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>>>

Today's Must Read

NVIDIA's (NVDA) Data Center Biz Gains From Growing Adoption of GPUs

Netflix (NFLX) Banks on Original Content to Boost User Base

Keytruda Drives Merck (MRK) Sales Amid Gardasil Issues

Featured Reports

Medtronic (MDT) Gains in Market Share, MedSurg Growth RobustThe Zacks analyst is impressed that despite the macro-economic issues, Medtronic is reporting market share gains across its core businesses lines. MedSurg global expansion remains strong.

Expansion Actions to Drive Southern Copper (SCCO), Costs AilThe Zacks analyst believes Southern Copper is poised well to gain from its industry-leading copper reserves and expansion actions. However, higher labor costs will hurt margins.

Fee-based Earnings, Rising Natural Gas Demand Aid Energy Transfer (ET)Per to the Zacks analyst, ET's performance is expected to be driven by its high share of earnings from fee-based contracts and its exposure to rising demand for natural gas.

Aggregates Business Aids Vulcan (VMC) Amid Residential WeaknessPer the Zacks analyst, Vulcan is gaining from its aggregates business amid favorable public spending trends. However, a soft residential market and other macro risks mar prospects.

BCE's Growth Story Hinges on Buyout Synergies, Bell Media StrugglesPer the Zacks analyst, Ziply Fiber acquisition boosts BCE's U.S. fiber reach, while a $1.5 billion AI portfolio powers enterprise growth. Weak advertising and subscriber revenues hurt Bell Media.

Assurant (AIZ) Gains on Solid Premiums Amid Escalating CostsPer the Zacks analyst, Assurant is set to grow on solid Global Lifestyle and Global Lifestyle segments, which will drive improvement in earned premiums and fees. However, high costs remain a concern.

Investments and Key Acquisitions Aid National Fuel Gas (NFG)Per the Zacks analyst, National Fuel Gas expands through strategic acquisitions. Its disciplined capital investments to enhance natural gas and oil operations is boosting total production.

New Upgrades

Inorganic Growth and Cost Reduction Supports UBS Group AG (UBS)Per the Zacks analyst, UBS Group's expanded operations through strategic partnerships and acquisitions reflects strong inorganic growth. Cost reduction initiatives further strengthen its financials.

Expeditors (EXPD) Continues to Gain From E-commerce GrowthPer the Zacks Analyst, e-commerce demand strength acts as a tailwind for growth of companies like Expeditors. Expeditors' strong financial position supports its growth-by-acquisition strategy.

Vista Energy (VISTA) Banks on Newly Completed Oil WellsThe Zacks analyst favors Vista Energy as its newly completed oil and gas wells are producing above expectations and are set to strengthen the company's overall performance.

New Downgrades

Lower Volumes, Higher Expenses Hurt Silgan's (SLGN) MarginsPer the Zacks analyst, lower volume will impact Silgan's top-line. Higher interest expenses are also concerning for the company.

Lower Volumes Weigh on TreeHouse Foods' (THS) Top LinePer the Zacks analyst, TreeHouse Foods is impacted by macroeconomic consumption trends, driving an 11.6% year-over-year decline in volume and mix in the third quarter of 2025.

Sluggishness in China Commerce Business Ails Alibaba (BABA)Per the Zacks analyst, Alibaba is suffering from weakening China Commerce business due to sluggish growth in online physical goods GMV at Taobao and Tmall marketplaces, and pandemic-led uncertainties.

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Merck & Co., Inc. (MRK) : Free Stock Analysis Report

Netflix, Inc. (NFLX) : Free Stock Analysis Report

Medtronic PLC (MDT) : Free Stock Analysis Report

UBS Group AG (UBS) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Cumberland Pharmaceuticals Inc. (CPIX) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

The Monarch Cement Co. (MCEM): Free Stock Analysis Report

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

Zacks Investment Research

Canada's main stock index opened higher on Friday, with technology shares leading the gains, as investors assessed the domestic retail sales data.

The TSX leaped 223.08 points to open Friday at 31,663.93.

The Canadian dollar poked up 0.1 cents to 72.67 cents U.S.

BlackBerry raised the lower end of its fiscal 2026 revenue forecast on strong demand for its cybersecurity software, while posting third-quarter revenue above analyst estimates. BlackBerry shares shed 63 cents, or 10.5%, to $5.40.

Lundin Mining said it planned to sell its Eagle nickel-copper mine and Humboldt Mill to Talon Metals in a deal worth about $84 million. Lundin shares began Friday up 76 cents, or 2.7%. to $28.58.

On the economic scene, Statistics Canada said its new housing price index was unchanged in November, in contrast with a 0.4% decrease the month before, while retail sales decreased 0.2% to $69.4 billion in October.

Sales were down in four of nine subsectors, led by decreases at food and beverage retailers.

ON BAYSTREET

The TSX Venture Exchanged prospered 12.17 points, or 1.3%, to 954.25.

Seven of the 12 TSX subgroups were positive, with materials up 2%, gold better by 1.8%, and health-care ahead 1.1%.

The five laggards were weighed most by real-estate, consumer discretionary and industrials stocks, each down 0.1%.

ON WALLSTREET

The NASDAQ Composite rose on Friday, lifted by Oracle, as the artificial intelligence trade looks to regain its footing after experiencing volatility.

The Dow Jones Industrials ballooned 288.14 points by the end of the day, to 48,239.99

Read:

The S&P 500 index hiked 55.11 points to 6,829.87

The NASDAQ spiked 239.02 points to 23,245.38.

Oracle shares up more than 7% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

The jump marks a turnaround the for the stock, which has been a focal point of concern among investors this week after a report revealed that the cloud infrastructure company lost a key backer of one of its data center projects.

That dragged down other stocks linked to AI, including names such as Broadcom and Advanced Micro Devices.Elsewhere in the space, shares of AI chip darling Nvidia rose more than 3% after Reuters reported that the Trump administration is reviewing the prospect of the company selling its advanced AI chips to China.

Earlier this month, President Donald Trump said that he will allow Nvidia to ship its H200 AI chips to “approved customers” in the country.

Additionally, Micron Technology shares extended their gains from the previous session, rising more than 7%. The stock surged 10% on Thursday the company gave robust guidance for revenues in the current quarter, saying that “demand is substantially higher than supply for the foreseeable future.”

The results reassured investors after recent sessions were swamped with jitters over the AI trade, which is now looking to score a strong finish to the year.

Prices for the 10-year Treasury gained ground, lowering yields to 4.15% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.

Oil prices gained 43 cents to $56.58.

Gold prices slid $1.70 to $4,362.80.

Canada's main stock index notched a record intraday high on Friday, boosted by commodity-linked shares, while investors assessed data on domestic retail sales.

The TSX leaped 344.93 points, or 0.1%, to stop for lunch Friday at 31,663.93.

The Canadian dollar slid 0.01 cents to 72.56 cents U.S.

Lundin Mining said it planned to sell its Eagle nickel-copper mine and Humboldt Mill to Talon Metals in a deal worth about $84 million. Lundin shares remained up 15 cents, or 2.7%. to $27.97.

Energy Fuels popped $1.70, or 8.8%, to $20.96. after the miner's rare earth oxide qualified for magnet production.

Sales were down in four of nine subsectors, led by decreases at food and beverage retailers.

ON BAYSTREET

The TSX Venture Exchanged prospered 25.98 points, or 2.8%, to 968.06

All but three of the 12 TSX subgroups were positive, with gold better by 2.9%, materials surging 2.6% and information technology ahead 1.9%.

The three laggards were consumer staples, down 0.4%, real-estate, off 0.2%, consumer discretionary down 0.1%.

ON WALLSTREET

U.S. stocks rose on Friday, lifted by Oracle, as the artificial intelligence trade looks to regain its footing after experiencing volatility.

The Dow Jones Industrials ballooned 287.66 points by midday, to 48,239.51

Read:

The S&P 500 index hiked 60.32 points to 6,835.08

The NASDAQ spiked 272.20 points to 23,278.56.

Oracle shares were up more than 7% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

The jump marks a turnaround for the stock, which has been a focal point of concern among investors this week after a report revealed that the cloud infrastructure company lost a key backer of one of its data center projects.

That dragged down other stocks linked to AI, including names such as Broadcom and Advanced Micro Devices.

Elsewhere in the space, shares of AI chip darling Nvidia rose more than 3% after Reuters, citing sources familiar with the matter, reported that the Trump administration is reviewing the prospect of the company selling its advanced AI chips to China.

Earlier this month, President Donald Trump said that he will allow Nvidia to ship its H200 AI chips to “approved customers” in the country.

Additionally, Micron Technology shares extended their gains from the previous session, rising more than 6%. The stock surged 10% on Thursday the company gave robust guidance for revenues in the current quarter, saying that “demand is substantially higher than supply for the foreseeable future.” The results reassured investors after recent sessions were swamped with jitters over the AI trade, which is now looking to score a strong finish to the year.

Prices for the 10-year Treasury gained ground, lowering yields to 4.15% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.

Oil prices gained 41 cents to $56.56.

Gold prices improved $21.50 to $4,386.00.

Equities in Canada’s largest centre ascended to a new all-time high Friday, with gold and other resource stocks leading the way.

The TSX leaped 314.92 points, or 1%, end Friday’s session at 31,755.77. On the week, the gain was 228 points, or 0.7%,

The Canadian dollar slid 0.1 cents to 72.47 cents U.S.

Lundin Mining said it planned to sell its Eagle nickel-copper mine and Humboldt Mill to Talon Metals in a deal worth about $84 million. Lundin shares gained 48 cents, or 1.7%. to $28.30.

Energy Fuels popped $1.56, or 8.1%, to $20.82. after the miner's rare earth oxide qualified for magnet production.

Gold led the parade of winners, with New Gold towering 77 cents, or 6.8%, to $12.24, while Centerra Gold captured 80 cents, or 4.2%, to $20.04.

In materials, Agnico Eagle Mines increased $8.41, or 3.6%, to $240.88, while First Majestic Silver climbed 82 cents, or 3.7%, to $23.08.

In tech stocks, Bitfarms gained 37 cents, or 11.9%, to $3.49. whjle Celestica ballooned $34.35, or 9.2%, to $407.37.

Health-care stocks put a damper on everything, as Curaleaf faded 13 cents, or 1.4%, to $9.53, while Chartwell Retirement Residence lots seven cents to $20.62.

In consumer staples, Canada Packers dipped 32 cents, or 2.1%, to $15.28, while Metro dropped $2.90, or 1.9%, to $97.86.

In real-estate, Boardwalk REIT slid 97 cents, or 1.5%, to $63.89, while FirstService drained $2.95, or 1.4%, to $214.62.

Sales were down in four of nine subsectors, led by decreases at food and beverage retailers.

ON BAYSTREET

The TSX Venture Exchanged prospered 35.9 points, or 3.8%, to 977.98, picking up 22.6 points, or 2.38% on the week.

Eight of the 12 TSX subgroups were positive on the day, with gold better by 3%, information technology ahead 2.6%, and materials up 2.2%.

The four laggards were weighed most by health-care stocks, sagging 1.3%, consumer staples, down 0.7%, and real-estate, off 0.4%.

Read:

ON WALLSTREET

U.S. stocks rose on Friday, lifted by Oracle, as the artificial intelligence trade regained its footing after experiencing volatility.

The Dow Jones Industrials ballooned 182.24 points, to close Friday at 48,134.09

The S&P 500 index hiked 59.95 points to 6,834.71.

The NASDAQ spiked 301.26 points, or 0.1%, to 23,278.56.

Oracle shares were up 6.6% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

The jump marks a turnaround for the stock, which came under pressure this week after a report revealed that the cloud infrastructure company lost a key backer of one of its data center projects over worries about the company’s debt and AI spending levels. That dragged down other stocks linked to AI, including Broadcom and Advanced Micro Devices.

Elsewhere, shares of AI chip darling Nvidia rose about 4% after Reuters, citing sources familiar with the matter, reported that the Trump administration is reviewing the prospect of the company selling its advanced AI chips to China.

Earlier this month, President Donald Trump said that he will allow Nvidia to ship its H200 AI chips to “approved customers” in the country.

Additionally, Micron Technology shares extended their gains from the previous session, rising around 7%.

Nike was among the day’s losers, as shares slid 10.5% after the sports apparel giant saw revenue in its Greater China market decline during the fiscal second quarter.

The company is also feeling the pain of tariff increases, noting a hit to its gross margins due to the levies.

Prices for the 10-year Treasury gained ground, lowering yields to 4.15% from Thursday’s 4.12%. Treasury prices and yields move in opposite directions.

Oil prices gained 50 cents to $56.65.

Gold prices improved five dollars to $4,369.50.

VANCOUVER — Lundin Mining Corp. has signed a deal to sell its Eagle Mine and Humboldt Mill in Michigan to Talon Metals Corp. in an all-stock deal valued at about US$83.7 million.

Under the agreement, Lundin Mining will receive 275.2 million Talon shares, representing an 18.4 per cent stake in the company.

The deal will increase Lundin Mining's interest in Talon to 19.99 per cent once the deal is complete.

Lundin acquired the Eagle project from Rio Tinto in 2013 and began commercial production at the operation in 2014.

The company says the deal helps streamline its portfolio to focus on its larger scale primary copper mining operations in Brazil and Chile.

The sale is expected to close in early January, subject to the approval by the Toronto Stock Exchange and other customary closing conditions.

This report by The Canadian Press was first published Dec. 19, 2025.

Companies in this story: (TSX:LUN, TSX:TLO)

The Canadian Press

Futures for Canada's main stock index inched higher on Friday, as investors awaited retail sales figures that could offer fresh signals on the economy.

The TSX leaped 190.83 points to close Thursday at 31,440.85.

The Canadian dollar hesitated 0.05 cents to 72.53 cents U.S.

Futures were up 0.2% Friday.

BlackBerry raised the lower end of its fiscal 2026 revenue forecast on strong demand for its cybersecurity software, while posting third-quarter revenue above analyst estimates.

Lundin Mining said it planned to sell its Eagle nickel-copper mine and Humboldt Mill to Talon Metals in a deal worth about $84 million.

Sales were down in four of nine subsectors, led by decreases at food and beverage retailers.

ON BAYSTREET

The TSX Venture Exchanged prospered 9.62 points, or 1%, Thursday to 942.08.

ON WALLSTREET

S&P 500 futures fell slightly Friday after major U.S. indexes closed higher, buoyed by cool inflation data.

Futures for the Dow Jones Industrials docked 39 points, or 0.1%, to 48,282.

Futures for the broader index fell 4.25 points, or 0.1%, to 6,834.75.

Futures for the NASDAQ climbed 40 points, or 0.2%, to 25,301.75.

In premarket trading, Oracle was a winner, with shares up more than 4% after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private equity investor Silver Lake.

Read:

In contrast, Nike shares slid 10% as the sports apparel giant saw revenue in its Greater China market decline during the fiscal second quarter. The company is also feeling the pain of tariff increases, noting a hit to its gross margins due to the levies.

The S&P 500 and the Dow both snapped their four-day losing streaks in the previous session.

The NASDAQ Composite also rose, gaining 1.4%, as several tech stocks recouped losses from the day before.

This week, the S&P 500 is down 0.8% and 30-stock Dow sagged 1%. The NASDAQ is down 0.8% week to date.

Friday could see volatile market activity as options on four types of securities are set to expire on the same day, an event known as “quadruple witching.”

More than $7.1 trillion in notional options exposure is set to expire this Friday, making it the largest options expiration on record, according to Goldman Sachs.

Stocks on Thursday climbed after a lighter-than-expected inflation reading from November’s consumer price index report and gains in the market’s tech leaders.

The CPI data — which reflected a 2.7% year-over-year jump in consumer prices, lower than expected — gave investors hope that the Federal Reserve will lower interest rates in 2026.

To be sure, some economists warned that the methodology used in the data release — which was the first CPI report since the government shutdown this fall — could lead to a reacceleration in December’s inflation report.

Overseas, the Nikkei 225 in Japan gained 1% Friday, while in Hong Kong, the Hang Seng Index tacked on 0.8%.

Oil prices added 34 cents to $56.49

Gold prices backpedaled $10.70 to $4,353.80.

Lundin Mining (LUN.TO) late on Thursday said it has agreed to sell its subsidiary Lundin Mining US, which indirectly holds the Eagle Mine and Humboldt Mill, to Talon Metals.

In exchange, Talon will issue 275.2 million of its shares to Lundin, representing 18.4% of Talon's issued and outstanding shares. The implied valuation of the share consideration is about US$83.7 million, based on the five-day volume-weighted average trading price of Talon shares up to Dec. 18.

The combination of Talon and Eagle will create a pure-play U.S. nickel-copper producer. The Eagle Mine is the only primary nickel mine currently operating in the U.S.

At deal closing, Lundin will have increased its total holding in Talon to 19.99% of the issued and outstanding Talon shares.

Talon's board will also be reconstituted to 10 directors with two nominees from Lundin, being Jack Lundin and Juan Andres Morel. Darby Stacey, the managing director of Eagle Mine, and Humboldt Mill, will be named CEO and director of Talon.

Talon will continue to be publicly listed on the Toronto Stock Exchange under the symbol TLO after deal closing.

The deal is expected to close in early January 2026, subject to receipt of TSX approval and the satisfaction of other customary closing conditions.

VANCOUVER, BC, Dec. 18, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce that it has signed a definitive agreement (the "Share Purchase Agreement") to sell its subsidiary Lundin Mining US Ltd. ("Lundin Mining US") which indirectly holds the Eagle mine ("Eagle Mine" or "Eagle") and Humboldt Mill to Talon Metals Corp. ("Talon") in return for 275.2 million Talon shares, representing 18.4% of Talon's issued and outstanding shares upon completion of the transaction (the "Share Exchange" or "Transaction"). The implied valuation of the share consideration is approximately US$83.7 million, based on the five-day volume-weighted average trading price of the common shares of Talon on the Toronto Stock Exchange (the "TSX") up to December 18, 2025. Talon will continue to be publicly listed on the TSX under the symbol TLO following closing of the Transaction.

Following the completion of the Transaction, Lundin Mining will have increased its total holding in Talon to 19.99% of the total issued and outstanding common shares of Talon on a non-diluted basis. At closing, the Board of Directors of Talon will be reconstituted to be comprised of ten Directors with two nominees from Lundin Mining being Jack Lundin and Juan Andrés Morel. Additionally, Darby Stacey, the current Managing Director of the Eagle Mine and Humboldt Mill, will be appointed as CEO and Director of Talon. Mr. Stacey was part of the team that designed, constructed and commissioned the Eagle Mine and has been responsible for the overall operations for the last five years.

Jack Lundin, President and CEO, commented "The combination of Talon and Eagle will create a pure-play U.S. nickel company anchored by the Eagle Mine, the only primary nickel mine currently operating in the United States. This transaction unlocks meaningful synergies, including the opportunity to leverage the Humboldt Mill as a shared, centralized processing facility. We are pleased to see this consolidation come to fruition and believe that the combination of our complementary capabilities will drive long-term value for shareholders while supporting sustained economic growth in the local community.

"Lundin Mining acquired the Eagle Mine in 2013, and since the start of operations it has produced more than 194,000 tonnes of nickel and 185,000 tonnes of copper, generating over US$3.2 billion in revenue as of Q3 2025, while delivering significant economic benefits to the region. This track record reflects the dedication, professionalism, and strong safety culture of the Eagle team, and we extend our sincere thanks to everyone for their commitment and lasting contributions to the organization."

Strategic Rationale

The combination of assets immediately creates a new pure play American nickel-copper producer with significant exploration upside.

Aligned with Lundin Mining's strategy:

Further streamlines Lundin Mining's portfolio to enable the Company to focus on delivering value at its larger scale primary copper mining operations in Brazil and Chile in addition to advancing the prolific Vicuña District.
Creates additional value for Lundin Mining shareholders through potential mine life extension at Eagle from exploration opportunities at Talon.
Lundin Mining will maintain a meaningful ownership (19.99%) and upside in Talon post Transaction.

New development opportunity:

Significant upside through the development of Tamarack and further exploration opportunities at Boulderdash and the Tamarack Vault zone.
The Transaction is expected to unlock value through shared infrastructure (Humboldt Mill) and additional Mineral Resources (Tamarack). Tamarack currently contains 8.6 million tonnes at 1.73% Ni in the indicated category and 8.5 million tonnes at 0.83% in the inferred category (see Talon press release dated October 19, 2022, LINK).
Recent drilling at Tamarack has outlined a new high-grade zone (the "Vault Zone") below the existing Mineral Resource that has intercepted 47.33 metres of 11.01% Ni and 11.40% Cu along with other PGM's (see Talon press release dated June 5, 2025, LINK).
Talon's large land package and exploration expertise adds further exploration potential to a combined set of assets.
Complementary skill sets, combines the operational and construction expertise of the Eagle team and the exploration knowledge and talent of Talon.

Domestic supply and government support:

Post Transaction Talon will have the potential to process critical minerals from multiple facilities, operating both the Humboldt Mill in Michigan and the future proposed Beulah minerals processing facility in North Dakota.
Talon has received significant U.S. federal grant funding to support the expansion of domestic critical mineral resources. Following the closing of the Transaction, the team expects to continue to progress these projects to benefit domestic supply demands.

Based on Lundin Mining's 3-year production guidance (see press release dated January 16, 2025 entitled "Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance"), Eagle's forecast copper production is currently guided to account for approximately 2% of the 2026 and 2027 consolidated copper production of the Company. Upon completion of the Transaction, Eagle's production will no longer be included in the Company's guidance.

Transaction Summary

Talon will acquire 100% of the outstanding shares of Lundin Mining US, a wholly-owned subsidiary of Lundin Mining which owns the Eagle Mine and Humboldt Mill, in exchange for 275,152,232 Talon shares that will result in Lundin Mining owning 19.99% of the outstanding shares of Talon on a post-closing non-diluted basis (inclusive of the shares of Talon that Lundin Mining currently owns). Lundin Mining expects to use the equity accounting method for its shareholding in Talon.

Lundin Mining and Lundin Mining US will also enter into a Production Payment Agreement for ore that is processed through the Humboldt Mill that was not mined or produced from the Eagle Mine. Lundin Mining US will make ore delivery payments of US$1.00 per metric tonne of non-Eagle ore processed through the Humboldt Mill to Lundin Mining until the aggregate ore delivery payments equal the capped amount of US$20 million.

In addition, Lundin Mining and Talon will enter into an Investor Rights Agreement pursuant to which Lundin Mining will be entitled to certain rights relating to: (i) director nomination; (ii) anti-dilution; and (iii) pro-rata participation in future equity financing activities of Talon. Lundin Mining will also enter into a Lock-Up Agreement pursuant to which the acquisition, sale or disposition of Talon shares by Lundin Mining will be restricted, subject to certain customary exceptions, for a period of up to 24 months.

Lundin Mining and Talon will also enter into a Transitional Services Agreement in relation to the provision of transitional services to be provided by Lundin Mining to Talon during a transitional period following closing.

Indicative Timeline

The Share Exchange and certain other transactions contemplated by the Share Purchase Agreement is not required to be approved by the shareholders of Talon. The transaction is expected to close in early January 2026, subject to receipt of the approval of the TSX and the satisfaction of other customary closing conditions.

About Lundin Mining

Lundin Mining is a Canadian mining company headquartered in Vancouver, Canada with four operating mines in Brazil, Chile and the USA. 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 December 18, 2025 at 17:00 Pacific Time.

Technical Information

The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Hamilton Matias, Registered Member of SME, Director, Resource Geology, a "Qualified Person" within the meaning of NI 43-101. Mr. Matias has verified the data disclosed in this release and no limitations were imposed on his verification process.

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 and Talon's respective plans, prospects and business strategies; statements regarding the Transaction, including the completion and timing thereof; the implied estimated aggregate consideration payable to Lundin Mining pursuant to the Transaction and Lundin Mining's ownership interest in Talon following closing of the Transaction; the conditions to closing the Transaction, including the satisfaction and timing thereof; the expectation that Lundin Mining will enter into a Production Payment Agreement, Investor Rights Agreement, Lock-Up Agreement, Transition Services Agreement and other agreements ancillary to the Transaction, as well as the expected terms thereof; the expected benefits of the Transaction for the Company and Talon, including the capacity and developmental opportunities, the potential to extend the mine life at Eagle and the anticipated synergies associated with the Transaction; funding opportunities and the ability to capitalize on such opportunities; the anticipated benefit of the Transaction to Lundin Mining's shareholders and the local economy; reconstitution of the Talon Board and changes to management; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; the Company's accounting for the transaction; 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 that the respective conditions to closing of the Transaction will be satisfied in a timely manner and substantially on the terms set forth in the Share Purchase Agreement; that Talon's post-closing results of operations will be consistent with past performance and management expectations in relation thereto; the ability of Talon to achieve post-closing goals and identify and realize post-closing opportunities; that the political environment in which the Company and Talon operate will continue to support the development and operation of mining projects; that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; 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 and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; and such other assumptions as set out herein 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, economic, political, regulatory and competitive uncertainties and contingencies. 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: the failure to obtain required approvals for, and to satisfy the other closing conditions to, the Transaction in a timely manner; the failure to realize the anticipated benefits of the Transaction; reputation risks related to negative publicity with respect to the Company, Talon or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Company's and Talon's respective projects; 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; 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; 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; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; 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 information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; 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; payment of dividends in the future; 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; potential for the allegation of fraud and corruption involving the Company or Talon, their respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; 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; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the 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 "Risks and Uncertainties" section of the Company's MD&A for the three and nine months ended September 30, 2025, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

All of the forward-looking information in this document is 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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Copper prices have lately demonstrated renewed momentum and are heading into 2026 with stronger price expectations, supported by tightening global supply, lingering uncertainty around potential U.S. trade tariffs, amid solid demand.

Copper consumption is expected to accelerate manifold in the coming years, driven by traditional industrial demand as well as the energy transition trend and the rapid expansion of digital infrastructure. Meanwhile, declining ore grades and the lengthy timelines to bring new mines online are fueling concerns over a looming supply deficit, creating a supportive backdrop for structurally higher copper prices. Against this backdrop, stocks such as BHP Group Limited (BHP), Southern Copper Corporation SCCO and Teck Resources Limited TECK stand out as compelling opportunities for investors seeking exposure to copper’s cyclical upswing and attractive long-term fundamentals.

Copper Price Trend in 2025 and the Outlook for 2026

So far this year, copper has ranged from a low of $4.01 per pound in January to an all-time high of $5.96 per pound in July. Copper is currently trading around $5.47 per pound, with the year-to-date average hovering near $4.84 per pound.

Prices have picked up steam recently, supported by solid demand from China and the United States. In China, electric vehicles and energy infrastructure projects continue to drive consumption, while an AI-led investment boom has led to higher demand in the United States. In addition, the prospect of U.S. tariffs on refined metals has prompted traders to redirect shipments into the country, leading to tightening supply conditions. Supply-related fears have also intensified, with concerns around lower output or disruptions at major global mining operations, including Quebrada Blanca, Grasberg and Constancia.

Adding to the bullish narrative, the U.S. Geological Survey included the red metal in its 2025 List of Critical Minerals, underscoring its strategic importance in U.S. energy independence and national security. This is also expected to unlock policy support, faster permitting and efforts to strengthen domestic supply chains. Copper prices are up roughly 35.8% this year, and are likely to finish the year with the highest gain since 2009.

Analysts are projecting higher prices on expectations that the impending demand-supply imbalance will keep prices well supported next year.

Copper “Charging Ahead”: Solid Demand Amid Supply Constraints

One of the key reasons behind copper’s resurgence is surging demand across a wide range of sectors. Copper is the third most consumed industrial metal in the world, according to the U.S. Geological Survey. Given its widespread use, copper has long been considered a bellwether for the global economy.

Copper demand has increased nearly fourfold in the last five decades, supported by sectors such as electrical and electronic products, building construction, industrial machinery and equipment, transportation equipment, and consumer and general products.

The metal is also indispensable in the energy transition. Electric Vehicles require significantly more copper than traditional internal combustion engine vehicles, while renewable energy systems, power grids, and charging networks also rely heavily on copper supply. The rapid expansion of data centers to support Artificial Intelligence workload is a key growth area. Per the International Energy Agency, clean energy technologies are expected to account for around 36% of copper demand in 2040, up from 24% in 2021.

This combination of traditional needs, decarbonization efforts and digitalization will push copper demand to new highs. However, the mining industry struggles to keep pace due to declining ore grades, higher capital costs, a shortage of high-quality future development opportunities and lengthy timelines involved. Environmental scrutiny and social challenges are also intensifying, particularly in Peru, where community opposition to mining projects is becoming an increasing risk. This demand-supply imbalance will push copper prices north, which bodes well for copper miners.

3 Copper Stocks to Buy Now

We recommend adding the following copper-mining stocks to your portfolio. We have handpicked three stocks that have a Zacks Rank #1 (Strong Buy) or Rank #2 (Buy) and upbeat earnings growth projections. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Image Source: Zacks Investment Research

BHP Group: Supported by strong cash flows, the company reduced its long-term debt in recent years, strengthening its balance sheet and financial flexibility. The company continues to improve operational efficiency through technology adoption across its value chain, helping lower costs and expand margins. Copper has become a central pillar of BHP’s portfolio, now contributing 39% of EBITDA, one of the highest exposures among diversified miners. BHP has projects under execution and a robust pipeline that could deliver around 2 million tons per annum of attributable copper production by the 2030s.

In Chile, it has a solid pipeline of organic growth options with attractive returns across its Escondida and Pampa Norte assets. The company expects this will enable copper production in Chile to average 1.4 Mtpa through the 2030s. Optimization efforts at Escondida will generate an incremental 400 kt of cumulative production over fiscal 2027-31, weighted to the later years. In South Australia, BHP is targeting copper output of more than 500 ktpa, with the potential to scale up to 650 ktpa longer term. Antamina has received environmental approval to continue mining to 2036. BHP and Lundin Mining have formed a 50-50 joint venture, Vicuña Corp., to develop the Josemaria and Filo del Sol copper deposits located in the Vicuña district of Argentina and Chile. The latter is one of the largest copper deposit discoveries in the last three decades. BHP also has a 45% interest in the Resolution Copper Project in the United States, one of the largest undeveloped copper projects in the world.

BHP has a long-term estimated earnings growth rate of 6.94%. The Zacks Consensus Estimate for the company’s fiscal 2026 and 2027 earnings indicates year-over-year growth of 26% growth of 2.7%, respectively. Both the estimates have moved up over the past 60 days. BHP shares have gained 28.5% in the past six months.

Southern Copper: The company has the largest copper reserve in the industry and operates world-class assets in investment-grade countries, such as Mexico and Peru. SCCO’s capital investment program for this decade runs to more than $15 billion. The major portion (around $10.3 billion) is earmarked for Peru as the country is the second-largest producer of copper. This includes investments in Tia Maria – Arequipa, Los Chancas – Apurimac and Michiquillay – Cajamarca projects in Peru.

The Tía María project is expected to produce 120,000 tons of SX- EW copper cathodes annually. The Los Chancas project is an open-pit mine with a combined operation of a concentrator and SX-EW processes. It is expected to produce 130,000 tons of copper and 7,500 tons of molybdenum annually, and is expected to start in 2030-2031. SCCO’s Michiquillay is expected to become one of Peru's largest copper mines and will produce 225,000 tons of copper per year (along with by-products of molybdenum, gold and silver) for an expected mine life of more than 25 years. Given its constant commitment to increasing low-cost production and growth investments, SCCO is well-positioned to continue delivering an enhanced performance. The Zacks Consensus Estimate for Southern Copper’s earnings for 2025 and 2026 have moved north in the past 60 days. The estimate for 2025 and 2026 indicates year-over-year growth of 21.7% and 16.4%, respectively. SCCO has a long-term estimated earnings growth rate of 20.6%. SCCO shares have gained 52% in the past six months the company currently sports a Zacks Rank of 1. Teck Resources: In September, Teck Resources entered into a merger agreement with Anglo American to form the Anglo Teck group. With the Supreme Court of British Columbia recently approving the deal, it is now moving closer to completion with only satisfaction or waiver of customary closing conditions remaining. Anglo Teck will have more than 70% exposure to copper and is set to be among the top five global copper producers. The new company will boast an industry-leading portfolio, consisting of six world-class copper assets, and premium iron ore and zinc operations. The combined annual copper production of 1.2 million tons is projected to grow 10% to 1.35 million tons by 2027.

Within four years of completion, the deal is expected to yield $800 million in annual pre-tax synergies. Around 80% of this is expected to be achieved within two years through economies of scale and operational efficiencies. The merger is also expected to generate an additional $1.4 billion in EBITDA synergies from 2030 to 2049 by optimizing adjacent assets, Collahuasi and Quebrada Blanca, through operational integration.

The Zacks Consensus Estimate for Teck Resources’ earnings for fiscal 2025 and 2026 indicates year-over-year growth of 73.5% and 13.6%, respectively. TECK has a long-term estimated earnings growth rate of 37.8%. TECK currently carries a Zacks Rank #2 (Buy).

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

Zacks Investment Research

Morgan Stanley analyst Carlos De Alba recently downgraded Southern Copper to Sell, with the move adding to already cautious analyst views on the miner and coinciding with negative insider sentiment driven by increased executive share sales over the past quarter.
For investors, the combination of a downgrade from a major bank and rising insider selling raises fresh questions about how management views Southern Copper’s risk-reward balance at current levels.
We’ll now examine how Morgan Stanley’s downgrade, alongside growing insider selling, could reshape Southern Copper’s existing investment narrative and risk profile.

Uncover the next big thing with financially sound penny stocks that balance risk and reward.

Southern Copper Investment Narrative Recap

To own Southern Copper, you generally have to believe in sustained copper demand, the company’s high margins and its ability to execute on large capex plans without eroding returns. Morgan Stanley’s Sell downgrade and the backdrop of insider selling sharpen near term focus on valuation risk, but they do not fundamentally alter the key catalyst of how well Southern Copper manages cost inflation and margins, or the broader macro risk around trade tensions and tariffs that could hit copper demand.

The most relevant recent development in this context is Southern Copper’s Q3 2025 earnings, with sales of US$3,377.3 million and net income of US$1,107.6 million. These results highlight that, despite cautious analyst sentiment, the business is still producing high earnings and strong margins, which matters for supporting its heavy capital expenditure agenda and maintaining flexibility if a U.S. and China trade conflict or tariffs pressure copper pricing and demand.

Yet, while results look solid today, investors should be aware of how a renewed U.S. China commercial conflict could…

Read the full narrative on Southern Copper (it's free!)

Southern Copper's narrative projects $13.0 billion revenue and $4.3 billion earnings by 2028. This requires 3.1% yearly revenue growth and about a $0.7 billion earnings increase from $3.6 billion today.

Uncover how Southern Copper's forecasts yield a $118.29 fair value, a 17% downside to its current price.

Exploring Other PerspectivesSCCO 1-Year Stock Price Chart

Four fair value estimates from the Simply Wall St Community span roughly US$100 to US$172 per share, showing how far apart individual views can be. Against that backdrop, the recent Sell rating and insider sales place extra attention on Southern Copper’s sensitivity to trade tensions and copper demand, so it makes sense to weigh several perspectives before forming an opinion.

Explore 4 other fair value estimates on Southern Copper – why the stock might be worth 30% less than the current price!

Build Your Own Southern Copper Narrative

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

A great starting point for your Southern Copper research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.
Our free Southern Copper research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Southern Copper's overall financial health at a glance.

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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

Tamarack, Minnesota and L'Anse, Michigan–(Newsfile Corp. – December 18, 2025) – Talon Metals Corp. (TSX: TLO) (OTCID: TLOFF) (together with its subsidiaries, "Talon" or the "Company") is pleased to announce the signing of a share purchase agreement (the "Share Purchase Agreement") with Lundin Mining Corporation (TSX: LUN) (Stockholm: LUMI) ("Lundin Mining"). The Share Purchase Agreement provides for a transaction (the "Transaction") that will result in the combination of Lundin Mining's producing Eagle Mine and associated Humboldt Mill with Talon's interest in the Tamarack Nickel-Copper-Cobalt Project (the "Tamarack Nickel-Copper Project") and a prospective exploration land package of over 400,000 acres in Michigan, which includes the Boulderdash nickel/copper discovery 8-miles from the Eagle Mine, and Talon's proposed North Dakota Beulah Minerals Processing Facility (the "BMPF").

KEY TRANSACTION HIGHLIGHTS

Talon will acquire 100% of the Eagle Mine and Humboldt Mill operations.
Talon will issue 275,152,232 common shares to Lundin Mining, representing 18.73% of the Company on a non-diluted basis after the Concurrent Private Placement by the Lundin Family Trust. Together with Lundin Mining's ownership interest in Talon before the Transaction, Lundin Mining will own 19.99% of Talon after closing of the Transaction on a non-diluted basis.
A concurrent Private Placement with the Lundin Family Trust for approximately US$5.6 million in gross proceeds, will result in the Lundin Family Trust owning approximately 1.26% of Talon after closing of the Transaction on a non-diluted basis.
Jack Lundin and Juan Andrés Morel, the CEO and COO, respectively, of Lundin Mining will join the Talon Board.
Lundin Mining will maintain all financial assurances for the Eagle Mine and Humboldt Mill reclamation until Talon's Board approves development of a new mine, provided that Talon uses commercially reasonable efforts to amend or replace such financial assurances.

CREATING A UNIFIED, MULTI-ASSET U.S. NICKEL PLATFORM

"This transaction brings together the positive cash-flow-generating Eagle Mine and Humboldt Mill, the proven operating experience of the Eagle and Humboldt teams, and Talon's in-house exploration capabilities to create the only operating primary nickel-copper company in the United States with expansion potential," said Henri van Rooyen, Chief Executive Officer of Talon. "The integration enables our combined team to advance our four strategic priorities in parallel – extending the Eagle mine life, accelerating exploration in Michigan and in Minnesota, advancing permitting at the Tamarack Nickel-Copper Project and the Beulah Minerals Processing Facility, and progressing engineering towards feasibility study and construction."

The unified Talon team will deploy the positive cash flow from the Eagle Mine and Humboldt Mill, together with an estimated US$27 million of cash and cash equivalents, towards:

Extending Eagle Mine Life Through Modern Practices

The Eagle Mine and Humboldt Mill exemplify modern mining, built and operated to the highest standards of safety and environmental responsibility in Michigan's Upper Peninsula. Ongoing efficiency improvements and optimizations has the potential to extend the mine's life to maintain full capacity at the Humboldt Mill.

Accelerating Exploration in Michigan and at Tamarack

With the Humboldt Mill ideally positioned to process ore from Talon's Michigan discoveries such as Boulderdash – just 8 miles from the Eagle Mine – Talon's in-house exploration team, responsible for five discoveries in five years, plans to execute its most ambitious exploration program to date in 2026.

Advancing Tamarack and BMPF Environmental Review and Permitting

Building on the successful permitting and exemplary environmental performance of the Eagle Mine and Humboldt Mill, the unified team combines Eagle's operational experience with Talon's environmental specialists to advance the Tamarack Nickel-Copper Project through environmental review and permitting towards construction.

Progressing Engineering for the Future Tamarack Mine and BMPF

Following the iterative design process of the proposed Tamarack mine, driven by two years of collaboration with the Minnesota Department of Natural Resources and participating Tribal governments, Talon is proposing a "mine of the future" with all potential environmental impacts expected to be controlled within one fully enclosed facility. The proven Eagle team, with its track record in mine design, engineering, construction, and operations, will now integrate with the Talon team to complete the feasibility study in conjunction with environmental review and permitting, improving confidence in the design and long-term operability of these assets.

"Over the last decade, American policymakers have recognized that dependence on foreign sources for critical minerals is a national security risk," said Henri van Rooyen, Talon CEO. "This transaction is a direct response, uniting modern nickel mining and processing operations with the Tamarack Nickel-Copper Project and exploration assets, including the Boulderdash discovery 8-miles from the Eagle mine, to ensure a domestic supply of nickel and other critical minerals for defense, energy and advanced technology manufacturing."

ABOUT THE TRANSACTION

Pursuant to the terms of the Share Purchase Agreement, Talon will acquire 100% of the outstanding shares of Lundin Mining US Ltd. ("Lundin SubCo"), a wholly-owned subsidiary of Lundin Mining, which owns the Eagle Mine and Humboldt Mill, in exchange for: (i) 275,152,232 Talon Shares which will result in Lundin Mining increasing its interest in Talon from 1.57% to 19.99% of the outstanding Talon Shares on a non-diluted basis, based on the number of Talon Shares that are issued and outstanding as of the date of the Share Purchase Agreement (and assuming the issuance of Talon Shares pursuant to the Concurrent Private Placement); and (ii) the grant of a production payment royalty (the "Production Payment Royalty") on ore from sources other than the Eagle Mine that is processed through the Humboldt Mill at a rate of US$1.00 per tonne, up to a maximum aggregate payment of US$20.0 million, representing 20 million tonnes of ore.

The Share Purchase Agreement also provides that, concurrently with closing of the Transaction, Talon and Lundin Mining will enter into an investor rights agreement (the "Investor Rights Agreement") and a lock-up agreement (the "Lock-Up Agreement"). The Investor Rights Agreement will provide Lundin Mining with certain board nomination rights, as well as participation rights in respect of future equity issuances by Talon to allow it to maintain its ownership interest, for so long as Lundin Mining has beneficial ownership of at least 10% of the Talon Shares. The Lock-Up Agreement will provide for limitations on sales of Talon Shares by Lundin Mining during the two-year period following the date of the Lock-Up Agreement. The Lock-Up Agreement will also provide that Lundin Mining will not acquire beneficial ownership of more than 19.99% of the Talon Shares during the one-year period following the date of the Lock-Up Agreement, subject to certain exceptions.

In addition, Lundin Mining has agreed to maintain and bear the cost of all financial assurances provided in respect of mining and reclamation operations of the Eagle Mine and Humboldt Mill until the board of directors of Talon (the "Talon Board") makes a "Positive Final Investment Decision" in respect of developing a mine on any of Talon's properties, provided that Talon uses commercially reasonable efforts to amend or replace such financial assurances.

Director and Officer Changes

At closing of the Transaction, the Talon Board will be reconstituted to consist of ten directors, including Jack Lundin and Juan Andrés Morel, the CEO and COO, respectively, of Lundin Mining and seven of the eight directors currently on the Talon Board. Darby Stacey, the current Managing Director of Eagle Mine, will be appointed to the Talon Board and appointed as CEO of Talon, overseeing the operations of the combined assets, with Henri van Rooyen being appointed Executive Chairman. On closing of the Transaction, Warren Newfield will be stepping down from the Talon Board and as Executive Chairman of Talon.

Henri van Rooyen, Talon CEO said: "On behalf of Talon, I would like to sincerely thank Warren Newfield for his many years of support as Executive Chairman, during which Talon achieved numerous important milestones that created significant value for shareholders."

Concurrent Private Placement

Concurrently with the signing of the Share Purchase Agreement, Talon signed a subscription agreement with a trust settled by the late Adolf H. Lundin (the "Lundin Family Trust") pursuant to which the Lundin Family Trust agreed to purchase 18,555,783 Talon Shares, at a price of C$0.4194 per Talon Share (the "Issue Price"), which is the deemed value of the Talon Shares to be issued to Lundin Mining in connection with the Transaction, on a private placement basis for gross proceeds of approximately C$7.8 million or US$5.6 million (the "Concurrent Private Placement").

The gross proceeds of the Concurrent Private Placement will be used to fund transition costs, due diligence costs, acquisition costs, and integration costs.

The Concurrent Private Placement is expected to close concurrently with the closing of the Transaction. It is also expected that Talon and the Lundin Family Trust will enter into an agreement in connection with the closing of the Concurrent Private Placement that provides the Lundin Family Trust with a contractual right in respect of future equity offerings by Talon, so it has the ability to maintain its ownership interest in Talon.

Share Consolidation

Under the terms of the Share Purchase Agreement, Talon agreed to complete a consolidation of the Talon Shares (the "Consolidation") as soon as practicable after the closing of the Transaction. The Consolidation would be on the basis of one post-consolidation Talon Share for every ten pre-consolidation Talon Shares, as approved by the shareholders of Talon at the annual and special meeting of shareholders held on June 25, 2025. The Talon Board has approved the Consolidation and the date the Talon Board has determined to implement the Consolidation will be announced in connection with closing of the Transaction, together with additional details about the Consolidation.

Additional Transaction Details

The Transaction and the Concurrent Private Placement are anticipated to close in early January, subject to the approval of the Toronto Stock Exchange (the "TSX"), as well as the satisfaction or waiver of other customary closing conditions.

Further information regarding the terms of the Transaction are set out in the Share Purchase Agreement, which will be publicly filed by the Company under its SEDAR+ profile at www.sedarplus.ca.

Advisors

Canaccord Genuity Corp. was engaged as financial advisor to the Company. Cassels Brock & Blackwell LLP and Dorsey & Whitney LLP are acting as legal counsel to the Company.

ABOUT TALON

Talon is a TSX-listed base metals company 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 Project comprises a large land position (18km 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 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 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 experienced exploration, mine development, external affairs and mine permitting teams.

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

Media Contact:Jessica Johnson(218) 460-9345johnson@talonmetals.com

Investor Contact:Mike Kicis1 (647) 968-0060kicis@talonmetals.com

FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include statements relating to the Transaction and Concurrent Private Placement, including the impact and anticipated benefits of the Transaction; the anticipated timing of the completion of the Transaction and the Concurrent Private Placement; the grant of the Production Payment Royalty, entering into the Investor Rights Agreement, the Lock-Up Agreement, and the agreement in connection with the Concurrent Private Placement, and the terms thereunder, and the timing thereof; changes to the Talon Board; the use of proceeds of the Concurrent Private Placement; implementing the Consolidation and the effective date thereof; future exploration work, including future drill holes, drill results, assays, geophysics and geological interpretations. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278652

Anglo-Teck was a test of Canada as a market economy, and it passed the test over the heads of Industry Minister Mélanie Joly and the Carney Liberals, writes Terence Corcoran. (Credit: Cole Burston/Bloomberg files)

In a global world seemingly dominated by big government economic interventions and industrial policies fabricated out of the fantasies of politicians and bureaucrats — known as state capitalism — there are developments that suggest markets still prevail.

Two such occasions, one Canadian and the other international, stand out as welcome signs that market realities dominate. In Ottawa, Industry Minister Mélanie Joly’s major — even embarrassing — backtrack on the $70-billion merger of Teck Resources and Anglo American shows that when the cards are on the table, governments must bow to private markets.

Another victory for market reality over government central-planning fantasies is the political backtracking on electric vehicles and, more broadly, on climate policies in general.

Ottawa ramps up Anglo-Teck approval

A few weeks ago, Joly’s staff made a point of correcting a media report that the government’s Investment Act decision on the Anglo-Teck merger would be coming “next month.” Not true, said the minister’s staff. What Joly had said is that the decision would come “in the next months,” thereby pushing the deadline deep into 2026.

So why was the decision suddenly released this week, essentially within days rather than months? And, more importantly, what happened to all the minister’s blither about how the announced merger deal was not “enough” and that the new company should, among other things, move its primary stock listing to Toronto rather than London?

Based on information released Tuesday by the companies, nothing significant has changed since Joly launched her not-enough statements. The new company has committed to a 15-year series of targets and spending plans, but nothing on the list would amount to a meaningful change in corporate intentions and strategy. For example, it commits to spending $4.5 billion in Canada over the next five years. Was Teck not planning such spending before this week?

The sudden appearance of Ottawa’s decision follows the Supreme Court of British Columbia’s final approval of the merger on Dec. 12 and a massive majority vote by Teck shareholders approving the merger on Dec. 9.

Ottawa’s sudden approval of the merger confirms the primacy of a market-driven investment environment over a planning-driven environment. Anglo-Teck was a test of Canada as a market economy, and it passed the test over the heads of Joly and the Carney Liberals.

EV and climate policies face market forces

Around the world, the speeding electric vehicle market is slowing down as market reality begins to overtake automobile sales. The biggest hit is taking place in the United States, where EV sales fell 42 per cent in November following the removal of government tax credits. Left to the mercy of market prices, sales inevitably declined.

Globally, EV sales grew last month at their slowest pace (six per cent) since February 2024. At the same time, the European Commission this week unveiled a plan to relax the EU’s ban on new internal combustion-engine (ICE) cars beginning in 2035. The proposal was described by activists as the region’s “biggest retreat from its green policies in recent years.” EU automakers, however, argue the reduced target does not go far enough in light of market realities.

The EV market in Canada has also been tilted by the inability of governments to overcome the challenge of completely replacing ICE vehicles with electric automobiles — much to the distress of activists. New statistics released this week show new Canadian EV registrations dropped from 18 per cent to nine per cent of sales in the third quarter while ICE sales rose.

Clean Energy Canada, a Simon Fraser University think-tank, blamed the decline in Canada’s EV market on Ottawa for having “made a number of decisions that have collectively broken Canada’s EV market over this past year.” The opposite is true. In reality, it is the market that has broken another part of the federal government’s industrial plan to remake the automobile industry. Electric vehicles may well be the way of the future, but the future cannot be driven by massive government interventions. It takes a market. As Ford CEO Jim Farley said this week: “We can’t allocate money for things that will not make money.”

EV market troubles are only one part of a shifting global reality. Industrial strategies and state planning cannot overcome and crush the market economy. Even corporations cannot break the market reality they are dealing with. A Financial Times feature last week documented how two British oil giants — Shell and BP — failed to transform their companies into pioneers of the green energy transition away from fossil fuels.

In 2021, the two companies set out to become transition leaders by investing billions in electric and other non-emitting energy sources. The plan failed as BP and Shell confronted internal operational turmoil, unco-operative markets and unhappy shareholders. Both companies had to write off billions of dollars in misguided investments.

The BP-Shell fiasco highlights a bigger trend. Wall Street Journal columnist Greg Ip last weekend raised the question: “Whatever happened to the climate crisis?” Activists such as Bill Gates have pulled back, for example. But Ip writes that the real cause of change in the climate debate is “affordability, and affordability won.”

By definition, that means the reality of the market won. May it always be so.

• Email: tcorcoran@postmedia.com

Vancouver, British Columbia–(Newsfile Corp. – December 19, 2025) – Pacific Bay Minerals Ltd. (TSXV: PBM) "Pacific Bay" or the "Company") reports that the Company's proposed acquisition of the Pereira Velho project in Alagoas State, Brazil, as initially disclosed on January 7th, 2025, will not be proceeding. The vendor, Appian Capital Advisory LLP, has optioned the property to another buyer.

"Pacific Bay remains upbeat on Brazil and continues to look for quality gold properties to acquire in that country," said PBM President & CEO David H. Brett. "We have assembled a highly skilled and experienced Brazil team and look forward to looking at new opportunities as they arise."

"The Company is also pleased with renewed investment interest in BC's Critical Minerals sector, particularly in the northwestern part of the province," continued David Brett. "PBM's 100% owned Haskins-Reed Critical Minerals project along Highway 37 in northwest BC positions the Company well to leverage surging metal prices and regional focus."

The Company also announces that the financing announced September 25, 2025 will not be proceeding.

About Pacific Bay Minerals Ltd.

Pacific Bay's flagship, 100% owned Haskins-Reed Critical Minerals Project in northwestern BC is one of the leading exploration projects in the Cassiar Region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead, and zinc in multiple high-grade polymetallic zones, over 125 drill holes, underground workings, and significant exploration potential. The Company also owns 100% of the Weaver Gold project in southern BC and is seeking to acquire gold projects in Brazil.

The technical disclosures in this news release were reviewed and approved by David Bridge, P.Geo., a Qualified Person, as defined by National Instrument 43-101.

David H. Brett, MBAPresident & CEOTelephone: (604) 682-2421Email: dbrett@pacificbayminerals.com

www.pacificbayminerals.com

This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the Weaver Gold, Haskins-Reed property and acquiring projects in Brazil. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Pacific Bay will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition, results of exploration activities, and the ability of the Company to raise equity financing. Although Pacific Bay has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Pacific Bay does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.

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 release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278728

BHP (BHP) Chief Executive Mike Henry said that copper supply is going to get tighter until the end o

Vancouver, British Columbia–(Newsfile Corp. – December 18, 2025) – Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to announce that Teck Resources Limited ("Teck") has agreed to acquire, on a non-brokered private placement basis, 8,800,000 common shares in the capital of the Company (the "Common Shares") at a price of $0.45 per Common Share (the "Issue Price") for gross proceeds to the Company of $3,960,000 (the "Offering"), representing 9.9% of the Company's outstanding shares on a pro forma basis. The Offering constitutes a binding commitment by Teck, subject to customary conditions precedent, including receipt of all required regulatory approvals. The Issue Price represents a premium of 13% to the trailing 20-day volume weighted average price of the Company on the TSX Venture Exchange (the "Exchange") as of today's date.

"I look forward to welcoming Teck as a new shareholder and strategic partner of Intrepid," said Mark J. Morabito, Chief Executive Officer of Intrepid. "Teck's decision to make a cornerstone investment in the Company reflects the quality, scale potential and strategic relevance of our Corral Copper Project in Cochise County, Arizona. Corral has already delivered multiple broad, near-surface copper-gold-silver intercepts with locally high-grade intervals, and our ongoing work continues to refine and expand the Ringo, Earp, Holliday and Clanton zones while advancing our understanding of the broader mineral system and porphyry potential. With a committed, well-funded exploration program and the benefit of Teck's technical engagement through the technical committee, Intrepid will be positioned to systematically advance Corral and build long-term value for shareholders."

Proceeds from the Offering will be used to complete an initial 24-month exploration and development program at Corral (the "Committed Program"). The Committed Program is expected to include, among other work programs, a 50 line-kilometre induced polarization ("IP") survey, geological mapping and geochemical sampling, metallurgical and permitting work, and follow-up drilling designed to expand known zones and test new targets identified by Intrepid's integrated, multi-dataset targeting. Intrepid anticipates additional mapping, geophysics, geochemical sampling and drilling at Corral in H2 2026.

Upon closing of the Offering, the Company and Teck will enter into an investor rights agreement (the "Investor Rights Agreement"). Pursuant to the Investor Rights Agreement, and subject to customary conditions and ownership thresholds, Teck will have, among other rights: (i) participation rights in future equity financings to enable Teck to maintain its pro-rata interest in the Company for up to three years and, if exercised, to increase its ownership interest to up to 15% of the Company; (ii) the right to nominate two representatives to a four-person technical committee to provide technical oversight and collaboration with respect to the Corral Copper Project, with Teck holding a tie-breaking vote; (iii) certain information rights relating to the Corral Copper Project; and (iv) a right of first refusal, for a period of 30 months, on any proposed transfer of the Company's interest in the Corral Copper Project, subject to customary exclusions.

The Offering is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the conditional approval of the Exchange. The Offering will close upon receipt of Exchange approval expected to be before the end of the year (the "Closing").

The Common Shares issued under the Offering will be subject to a statutory hold period under applicable securities laws in Canada expiring four months and one day from Closing.

Haywood Securities Inc. is acting as financial advisor and Farris LLP is acting as legal counsel to the Company.

About Corral Copper

The Corral Copper Property, located near historical mining areas, is an advanced exploration and development opportunity in Cochise County, Arizona. Corral is located 15 miles east of the famous mining town of Tombstone and 22 miles north of the historic Bisbee mining camp which has produced more than 8 billion pounds of copper1. Production from the Bisbee mining camp, or within the district as disclosed in the next paragraph, is not necessarily indicative of the mineral potential at Corral.

The district has a mining history dating back to the late 1800s, with several small mines extracting copper from the area in the early 1900s, producing several thousand tons. Between 1950 and 2008, various companies explored parts of the district, but the effort was uncoordinated, non-synergistic and focused on discrete land positions and commodities due to the fragmented ownership. There is over 50,000m of historical drilling at Corral mainly centered on the Ringo, Earp and Holliday Zones and although this core has been destroyed, Intrepid has a historical digital drill hole archive database which the Company uses for the purposes of exploration targeting and drill hole planning. Intrepid, through ongoing exploration drilling and surface geological mapping, sampling and prospecting is increasing confidence in the validity of this data.

Intrepid is confident that by combining modern exploration techniques with historical data and with a clear focus on responsible development, the Corral Copper Property can quickly become an advanced exploration stage project and move towards development studies.

About Intrepid Metals Corp.

Intrepid Metals Corp. is a Canadian company focused on exploring for high-grade essential metals such as copper, silver, and zinc mineral projects in proximity to established mining jurisdictions in southeastern Arizona, USA. The Company has acquired or has agreements to acquire several drill ready projects, including the Corral Copper Project (a district scale advanced exploration and development opportunity with significant shallow historical drill results), the Tombstone South Project (within the historical Tombstone mining district with geological similarities to the Taylor Deposit, which was purchased for $1.3B in 20182, though mineralization at the Taylor Deposit is not necessarily indicative of the mineral potential at the Tombstone South Project) both of which are located in Cochise County, Arizona and the Mesa Well Project (located in the Laramide Copper Porphyry Belt in Arizona). Intrepid has assembled an exceptional team with considerable experience with exploration, developing, and permitting new projects within North America. Intrepid is traded on the TSX Venture Exchange (TSXV) under the symbol "INTR" and on the OTCQB Venture Market under the symbol "IMTCF". For more information, visit www.intrepidmetals.com.

INTREPID METALS CORP.On behalf of the Company"Mark Morabito"Chairman & CEO

For further information regarding this news release, please contact:

Mark Morabito, Chairman & CEO604-306-3835info@intrepidmetals.com

Notes

1 Information disclosed in this news release regarding the historic Bisbee Camp can be found on the Copper Queen Mine website, on the City of Bisbee website (www.bisbeeaz.gov/2174/Bisbee-History) and from Briggs, D.F., 2015, History of the Warren (Bisbee) Mining District, Arizona Geological Survey Contributed Report CR-15-b, 8 p.

2 Details regarding the sale of the Taylor Deposit can be found in South32 News Release dated October 8, 2018 (South32 completes acquisition of Arizona Mining).

Cautionary Note Regarding Forward-Looking Information

Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to: the potential of Corral; the closing of the Offering; the timing of the closing of the Offering; the potential of Corral as an emerging copper asset in a highly prospective district; the potential for a porphyry discovery; the potential for previously unrecognized bulk-tonnage porphyry copper-gold discoveries close by; the exploration potential of the Corral Copper Property and the Company's other mineral projects; and potential future production.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of all necessary approvals for the Offering, including approval of the TSX Venture Exchange; the Company can raise additional financing to continue operations; the results of exploration activities, commodity prices, the timing and amount of future exploration and development expenditures, the availability of labour and materials, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to the ability to access infrastructure, risks relating to the failure to access financing, risks relating to changes in commodity prices, risk related to unanticipated geological or structural formations and characteristics risks related to current global financial conditions, risks related to current global financial conditions and the impact of any future global pandemic on the Company's business, reliance on key personnel, operational risks inherent in the conduct of exploration and development activities, including the risk of accidents, labour disputes and cave-ins, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or 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/278459

This article first appeared on GuruFocus.

Market participants are weighing a cautiously constructive signal from iron ore prices against increasingly soft demand data from China, with BHP Group (NYSE:BHP) sitting at the center of the narrative. Futures edged higher for a second straight session, with Singapore iron ore contracts rising 0.5% to $103.05 a ton at 11:30 a.m. local time, while yuan-denominated contracts in Dalian advanced and Shanghai steel futures delivered mixed signals. The recent price action suggests iron ore has been holding within a relatively tight range, even as seasonal softness begins to emerge across the steel complex.

That resilience contrasts with demand indicators that continue to weaken. China's steel consumption remains pressured by sluggish construction activity, with new property starts which account for roughly a third of total steel demand down about 21% over the first 11 months of the year. Infrastructure spending, another important source of steel demand, edged lower on a month-on-month basis in November. These dynamics point to a challenging backdrop for consumption, raising questions about how long prices can remain supported without a meaningful improvement in end-user demand.

Support so far appears to be coming from the supply side rather than demand fundamentals. An ongoing pricing dispute between state-backed trader China Mineral Resources Group Co. and BHP Group has fueled concerns around near-term market tightness, helping iron ore prices remain relatively resilient. Even so, expectations for downside risks persist, particularly as demand headwinds intensify and additional supply is expected from Guinea's Simandou project. Australia's Westpac Banking Corp. noted that the gap between rising Australian steelmaking input costs and falling Chinese steel prices has widened to its largest level since mid-2024, a configuration that could increase the probability of a broader price correction over time.

It is not surprising that before an earnings season, every investor looks for stocks that can beat market expectations. This is because investors always try to position themselves ahead of time and look to tap stocks that are high-quality in nature.

In this regard, we ran a screener that yielded stocks Dollar Tree DLTR, Teck Resources TECK, Allstate ALL, Ciena CIEN and Robinhood Markets HOOD as the likely winners on the earnings beat potential.

Why Is a Positive Earnings Surprise So Important?

Historically, stocks of companies with solid quarterly earnings (on a nominal basis) tank if they miss or merely meet market expectations. After all, a 20% earnings rise (though apparently looks good) doesn’t tell you if earnings growth has been exhibiting a decelerating trend.

Also, seasonal fluctuations come into play sometimes. If a company’s Q1 is seasonally weak and Q4 strong, then it is likely to report a sequential earnings decline. In such cases, growth rates are misleading while judging the true health of a company.

On the other hand, after much brainstorming and analysis of companies’ financials and initiatives, Wall Street analysts project the earnings of companies. They, in fact, club their insights and a company’s guidance when deriving an earnings estimate.

Thus, outperforming that estimate is almost equivalent to beating the company’s own expectation as well as the market perception. And if the margin of earnings surprise is big, it typically drives the stock higher right after the release. Thus, more than anything else, an earnings surprise can push a stock higher.

How to Find Stocks that Can Beat?

Now, finding stocks that have the potential to beat on the bottom line may be investors’ dream but not an easy job. One way to do this is to look at the earnings surprise history of the company.

An impressive track in this regard generally acts as a catalyst in sending a stock higher. It indicates the company’s ability to surpass estimates. And investors generally believe that the company will apply the same secret sauce to execute yet another earnings beat in its next release.

The Winning Strategy

In order to shortlist stocks that are likely to come up with an earnings surprise, we chose the following as our primary screening parameters.

Last EPS Surprise greater than or equal to 10%: Stocks delivering positive surprise in the last quarter tend to surprise again.

Average EPS Surprise in the last four quarters greater than 20%: We lifted the bar for outperformance slight higher by setting the average earnings surprise for the last four quarters at 20%.

Average EPS Surprise in the last two quarters greater than 20%: This points to a more consistent surprise history and makes the case for another surprise even stronger.

In addition, we place a few other criteria that push up the chance of a positive surprise.

Zacks Rank less than or equal to 2: Only companies with a Zacks Rank #1 (Strong Buy) or 2 (Buy) rating can get through.

Earnings ESP greater than zero: A stock needs to have both a positive Earnings ESP and a Zacks Rank of #1, 2 or 3 for an earnings beat to happen, as per our proven model.

In order to zero in on those that have long-term growth potential and high trading liquidity we have added the following parameters too:

Next 3–5 Years Estimated EPS Growth (Per Year) greater than 10%: Solid expected earnings growth exhibits the stock’s long-term growth prospects.

Average 20-day Volume greater than 100,000: High trading volume implies that the stocks have adequate liquidity.

A handful of criteria has narrowed down the universe from over 7,700 stocks to only 11.

Here are five out of 11 stocks:

Dollar Tree: The Zacks Rank #2 company is an operator of discount variety stores offering merchandise and other assortments. You can see the complete list of today’s Zacks #1 Rank stocks here.

The average earnings surprise of DLTR for the past four quarters is 29.08%.

Teck Resources: The Zacks Rank #2 company is committed to mining and mineral development with business units focused on copper and zinc. The TECK stock has a Zacks Rank #2.

The average earnings surprise of TECK for the past four quarters is 50.26%.

Allstate: The Zacks Rank #1 company is the third-largest property-casualty insurer and the largest publicly held personal lines carrier in the United States.

The average earnings surprise of ALL for the past four quarters is 47.29%.

Ciena: Ciena Corporation is a leading provider of optical networking equipment, software and services. The stock has a Zacks Rank #1.

The average earnings surprise of CIEN for the past four quarters is 22.98%.

Robinhood Markets: The company is a financial services company. It offers trading services in crypto, stocks, options, exchange-traded funds, cash management, margin and securities lending, and Robinhood Gold.The stock has a Zacks Rank #1.

The average earnings surprise of HOOD for the past four quarters is 25.75%.

You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your own trading. Further, you can also create your own strategies and test them first before taking the investment plunge.

The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.

Click here to sign up for a free trial to the Research Wizard today.

Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.

Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.

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

Dollar Tree, Inc. (DLTR) : Free Stock Analysis Report

Ciena Corporation (CIEN) : Free Stock Analysis Report

The Allstate Corporation (ALL) : Free Stock Analysis Report

Teck Resources Ltd (TECK) : Free Stock Analysis Report

Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report

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

Zacks Investment Research

Calgary, Alberta–(Newsfile Corp. – December 17, 2025) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") is pleased to share that Teck Resources Limited ("Teck") and Anglo American plc ("Anglo") have received regulatory approval from the Government of Canada under the Investment Canada Act for the "merger of equals."

Industry Minister Mélanie Joly has approved the $53-billion Anglo Teck mega-merger, clearing the way for the creation of one of the world's largest copper producers following the overwhelming endorsement of both Teck's and Anglo's shareholders last week. The merger previously received approval under national security grounds in November, and lawmakers still needed to conclude that the deal would deliver a net economic benefit to Canada under tightened takeover rules.

Elmer B. Stewart, President and CEO of Copper Fox said: "The Government of Canada's approval is an important step forward in the formation of Anglo Teck which will be headquartered in British Columbia, a strong mining jurisdiction in Canada. With Anglo Teck committing to investments of at least C$4.5 billion in Canada within 5 years and within those investments including advancing the development of the Schaft Creek copper project, a project which Copper Fox holds a 25% carried interest in with Teck, the Company looks forward to the potential benefits for communities, Indigenous Peoples, employees and all stakeholders."

While the merger has secured key approvals in Canada and Australia, regulatory reviews continue elsewhere and the full approval process could take up to 18 months. Regulators in Europe, Japan, South Korea, the US, Chile and China are examining the deal over antitrust concerns, including whether too much market power would be concentrated in one company. Anglo Teck would control just under 5% of the global copper market.

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, expected to transition from the Scoping to the PFS stage in 2026, 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; investor@copperfoxmetals.com.

On behalf of the Board of Directors

Elmer B. StewartPresident and Chief Executive Officer

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 about: the Teck/Anglo merger; advancing the development of the Schaft Creek copper project.

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; the speed of field studies; and the stability of economic and market conditions. 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 Teck/Anglo merger may not happen; advancing the development of the Schaft Creek project may not happen; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.

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/278233

Wall Street futures were declining premarket Tuesday pending the release of key US economic data, in

This article first appeared on GuruFocus.

Canadian authorities have moved the Anglo AmericanTeck Resources (NYSE:TECK) transaction another step closer to completion, approving the deal under the Investment Canada Act and reinforcing the path toward the creation of a roughly $50 billion copper-focused mining group. The decision formalizes commitments first outlined in September and follows shareholder approval from both companies within the past week. Teck Chief Executive Officer Jonathan Price characterized the approval as a meaningful milestone in establishing Anglo Teck as a new global critical minerals platform headquartered in Canada.

The agreement, reached around three months ago, would provide Anglo American (AAL) with expanded exposure to Teck's copper assets in Chile and Peru at a time when copper prices are hovering near record levels. Anglo's copper portfolio has already attracted industry attention, with the company having previously turned away two approaches from BHP Group earlier this year. While Teck's copper base has long been viewed as strategically valuable, its Quebrada Blanca mine in northern Chile has faced operational issues, alongside Anglo's nearby Collahuasi operation.

As part of the approval process, the companies reiterated and strengthened governance and investment commitments tied to Canada. The new headquarters will be located in Vancouver, two-thirds of senior executives will primarily reside in Canada, and the board will have 50% Canadian representation for seven years, according to Industry Minister Melanie Joly. The companies said the deal would secure roughly 4,000 domestic jobs, pursue inclusion in major Canadian stock indexes, and involve at least C$4.5 billion in Canadian spending over five years, with total investment of at least C$10 billion over 15 years linked to copper projects and existing assets. The transaction is structured as a share exchange of 1.3301 Anglo shares for each Teck share, which both companies have previously described as a zero-premium deal.

By Divya Rajagopal

TORONTO, Dec 16 (Reuters) – Canada's swift approval of the $53 billion merger between British miner Anglo American and Canada's Teck Resources signals a push to attract investment to offset the impact of U.S. tariffs, dealmakers told Reuters.

Late Monday night, Melanie Joly, Canada's Innovation, Science, and ‌Economic Development Minister, said that Canada has approved the all-share buyout of Teck Resources by Anglo American under the Investment Canada Act, ‌clearing a regulatory hurdle to create a global copper heavyweight.

Joly said in a statement that the deal benefits Canada. Her office did not respond to further requests for comment.

Canada approved the deal in about three months, much faster than normal for mergers of this size in the mining sector.

The rapid approval signals a significant shift in Ottawa's ⁠approach to foreign takeovers, particularly in ‌the sensitive critical minerals sector. Analysts say the government is prioritizing attracting capital over lengthy reviews as it contends with the challenging trade environment created by U.S. President ‍Donald Trump.

Anglo-Teck said it made a series of concessions to the government, including a commitment to spend C$4.5 billion in Canada within five years.

Canadian lawyers said the faster approval is part of Prime Minister Mark Carney's efforts to show the world that Canada is open for business.

"Business investments follow one truth – minimise uncertainty," said Calvin Goldman, the former head ‌of Canada's Competition Bureau, who now runs his own advisory firm on national security reviews and foreign investment in Canada. "And what the Canadian government is trying to signal with this assessment is that it will reduce uncertainty; it sends a good message," Goldman added.

The Investment Canada Act, which guides approvals for mergers and acquisitions in the country, established a high bar for approving deals involving critical minerals.

Canada took eight months in 2024 ⁠to approve Glencore's $7 billion acquisition of miner Teck Resources' steelmaking coal unit with strict conditions to preserve jobs.

Joly's predecessor had said Canada would approve any deals involving critical minerals only under "exceptional circumstances."

"Those statements from the previous minister were made before Canada faced the daunting economic challenges as a result of the ‍tariff war," said Sandy ⁠Walker, partner at Dentons Canada.

"This government now seems highly motivated to encourage investment and economic activity," Walker added.

However, in Canada, the popular opinion toward foreign ownership of mining companies remains contentious.

A poll conducted by ⁠Ipsos in October this year found that most Canadians believed that the federal government should ensure foreign buyers are not able to ‌purchase Canadian companies in the natural resources sector, such as mining, oil and gas.

(Divya Rajagopal ‌in Toronto; Editing by Caroline Stauffer and Lisa Shumaker)

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