BHP Group Limited (NYSE:BHP) is one of the best coal mining stocks to buy right now.

On February 20, Faraday Copper Corp entered into an agreement to acquire a wholly owned subsidiary of BHP Group Limited (NYSE:BHP).

The company is to divest 100% of San Manual property in Arizona. In return, it is to receive a 30% interest in equity in Faraday and commensurate shareholder and marketing rights. In addition, BHP Group Ltd is to participate in any equity raise in Faraday over the next two years.

The divestment paves the way for Faraday to explore pathways for the restarting of the San Manuel copper mine and development of a copper hub in Arizona.

“BHP looks forward to working with Faraday to create a pathway to bring on additional US copper supply to the market. This would support the U.S. objective of greater copper supply chain resilience, as well as economic development in the Pinal County region.”

Earlier, on February 19, BHP entered into a long-term streaming agreement with Wheaton Precious Metals International. The company is to receive an upfront payment of $4.3 billion and, in return, deliver silver produced at the Antamina mine to Wheaton.

BHP Group Limited (NYSE:BHP) is a basic materials company that produces essential commodities the world needs, including iron ore, copper, steelmaking coal, and soon potash. It is also the world’s largest copper producer.

While we acknowledge the potential of BHP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 40 Most Popular Stocks Among Hedge Funds Heading Into 2026 and 12 Best Gold Stocks to Buy According to Analysts.

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• Military conflict in the Middle East has led to the closure of a key global shipping chokepoint, disrupting trade routes that affect Southern Copper Corporation (NYSE:SCCO).
• These disruptions are contributing to supply chain challenges, currency headwinds and broad sector downgrades across metals and mining names.
• At the same time, insider selling by Southern Copper directors has emerged, adding a governance angle to the current news flow.

Southern Copper is a major copper producer, so it sits squarely in the part of the market that is sensitive to trade bottlenecks and global growth questions. When shipping routes tighten and currencies move sharply, costs, delivery schedules and customer relationships can all come under pressure for companies across the metals and mining sector.

For you as an investor, the combination of geopolitical risk, sector-wide sentiment shifts and insider selling at NYSE:SCCO creates a cluster of issues to watch closely. The way management responds on operations, capital allocation and communication could be important for how the market ultimately treats this set of developments.

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

NYSE:SCCO 1-Year Stock Price Chart

See which insiders are buying and buying and selling Southern Copper following this latest news.

Quick Assessment

• ❌ Price vs Analyst Target: The current price of US$191.87 sits about 27% above the consensus target of roughly US$150.49.
• ⚖️ Simply Wall St Valuation: Simply Wall St flags NYSE:SCCO as trading close to its estimated fair value.
• ❌ Recent Momentum: The 30 day return of roughly 10.2% decline comes as geopolitical tensions and sector downgrades weigh on sentiment.

There is only one way to know the right time to buy, sell or hold Southern Copper. Head to Simply Wall St’s
company report for the latest analysis of Southern Copper’s Fair Value.

Key Considerations

• 📊 Geopolitical conflict, shipping bottlenecks and sector downgrades could all influence how the market prices NYSE:SCCO in the near term.
• 📊 Keep an eye on copper shipment volumes, unit costs, currency impacts and any management commentary on rerouting or hedging.
• ⚠️ Recent insider selling and a dividend that is not well covered by free cash flow stand out as governance and income risks to track alongside the conflict.

Dig Deeper

For the full picture including more risks and rewards, check out the
complete Southern Copper analysis. Alternatively, you can check out the
community page for Southern Copper to see how other investors believe this latest news will impact the company’s narrative.

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 SCCO.

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

Freeport-McMoRan Inc.’s FCX shares have shot up 39% in the past three months, thanks to the uptick in copper prices, driven by concerns over tighter global supply, tariff-related uncertainties and strong demand. Freeport has underperformed the Zacks Mining – Non Ferrous industry’s rise of 46.8% but topped the S&P 500’s increase of 0.1% over the same period. Its peers, Southern Copper Corporation SCCO and BHP Group Limited BHP, have rallied 36.5% and 30%, respectively.

Freeport’s 3-month Price Performance

Image Source: Zacks Investment Research

FCX has been trading above the 50-day simple moving average (SMA) and 200-day SMA since late November 2025. Following a golden crossover on July 8, 2025, the 50-day SMA is higher than the 200-day SMA, indicating a bullish trend.

FCX Stock Trades Above 50-Day SMA

Image Source: Zacks Investment Research

Let’s take a look at FCX’s fundamentals to analyze the stock better.

Freeport’s Expansion Actions to Power Future Output

Freeport continues to leverage its portfolio of high-quality copper assets, emphasizing disciplined execution and organic growth initiatives to strengthen its production profile. At its Cerro Verde operation in Peru, a large-scale concentrator expansion provided incremental annual production of around 600 million pounds of copper and 15 million pounds of molybdenum. It has completed the evaluation of a large-scale expansion at El Abra in Chile to define a large sulfide resource that could potentially support a major mill project similar to the large-scale concentrator at Cerro Verde, with an estimated resource of approximately 20 billion recoverable pounds of copper.  In Arizona, FCX is progressing with pre-feasibility studies at its Safford/Lone Star operations, with completion targeted for 2026, to assess a sizable sulfide expansion opportunity. It has expansion opportunities at Bagdad in Arizona that can more than double the concentrator capacity of the operation. Technical and economic studies have revealed the potential to build concentrating facilities to boost copper production by 200-250 million pounds annually. PT Freeport Indonesia (PT-FI) substantially completed the construction of the new greenfield smelter in Eastern Java during 2024, with the start-up of operations having commenced in the second quarter of 2025. The first production of copper anode was achieved in July 2025. PT-FI is also developing the Kucing Liar ore body within the Grasberg district with a targeted ramp-up to commence in 2030. FCX completed studies in 2025 that showed an opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and reserves by roughly 20% at low costs. Gold production also started at the new precious metals refinery in late 2024.

FCX’s Solid Balance Sheet & Capital Discipline Aid Growth

FCX has a strong liquidity profile and generates substantial cash flows, providing ample flexibility to fund expansion projects, reduce debt and enhance shareholder returns. It generated solid operating cash flows of around $5.6 billion in 2025, including $693 million in the fourth quarter. Freeport ended 2025 with strong liquidity, including roughly $3.8 billion in cash and cash equivalents, $3 billion in availability under the FCX revolving credit facility, and $1.5 billion in availability under the PT-FI credit facility.At the end of 2025, Freeport had a net debt of $2.3 billion, excluding PTFI’s new downstream processing facilities. Its net debt is below its targeted range of $3-$4 billion. Freeport has a policy of distributing 50% of the available cash to its shareholders and the balance to either reduce debt or invest in growth projects. FCX has no significant debt maturities until 2027. Its long-term debt-to-capitalization is around 22.5% compared with 37.8% for Southern Copper and 30.7% for BHP Group.FCX offers a dividend yield of roughly 0.5% at the current stock price. Its payout ratio is 17% (a ratio below 60% is a good indicator that the dividend will be sustainable). Backed by strong financial health, the company's dividend is perceived to be safe and reliable.

Favorable Copper Prices Augur Well for Freeport

Prices of copper, the backbone of electrification, were volatile yet mostly favorable last year due to global economic and trade uncertainties. Prices, for the most part, remained above $5 per pound in the fourth quarter of 2025. Copper prices started 2026 on a strong note, underpinned by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, data-center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand are supporting the red metal. Supply risks have also increased amid worries over lower output and potential disruptions at major global mining operations. Prices of the red metal are currently hovering near $6 per pound.   Freeport’s average realized copper price climbed around 28% year over year to $5.33 per pound in the fourth quarter. Favorable prices are expected to continue to support its performance.

Higher Unit Costs Weigh on FCX’s Margins

Freeport faces headwinds from higher costs. FCX saw a sharp increase in its average unit net cash cost per pound of copper in the fourth quarter of 2025 to $2.22 from $1.40 in the prior quarter, marking a roughly 59% spike. It also climbed 34% year over year. The increase was due to a decline in copper sales volumes.  Freeport's outlook for the first quarter of 2026 suggests higher costs on a sequential basis. It expects unit net cash costs to rise to $2.60 per pound, while projecting a full-year average of roughly $1.75. Lower expected sales volumes are likely to adversely impact costs in the quarter. Higher costs are expected to weigh on the company's margins.   

Lower Expected Volumes Dampen FCX’s Prospects

Freeport’s copper sales volumes tumbled approximately 29% year over year in the fourth quarter to 709 million pounds, and fell from 977 million pounds in the prior quarter. The company sold 80,000 ounces of gold in the fourth quarter, down around 77% year over year. The downside primarily resulted from the temporary suspension of operations since the mud rush incident at the Grasberg Block Cave mine in Indonesia in September 2025, which led to the suspension of operations. Freeport’s outlook for copper sales volumes for the first quarter of 2026 assumes minimal contribution from its Indonesian operations due to the Grasberg mine incident. FCX expects copper sales volumes of 640 million pounds, indicating a 10% sequential and 27% year-over-year decline. The company has issued weaker guidance for gold sales volume of 60,000 ounces, suggesting sequential and year-over-year decreases. Lower sales volumes are expected to weigh on its top line in the first quarter. FCX remains on track for a phased restart of the Grasberg Block Cave underground mine beginning in second-quarter 2026.

FCX’s Earnings Estimates Northbound

Freeport’s earnings estimates have been going up over the past 60 days. The Zacks Consensus Estimate for 2026 and 2027 earnings has been revised up over the same time frame.

Image Source: Zacks Investment Research

A Look at FCX’s Valuation

FCX is currently trading at a forward price/earnings of 24.87X, a 4.6% discount to the industry average of 26.06X. The FCX stock is trading at a discount to Southern Copper and at a premium to BHP Group.

FCX’s P/E F12M Vs. Industry, SCCO and BHP

Image Source: Zacks Investment Research

Final Thoughts: Hold Onto FCX Shares

Freeport is poised to gain from advancements in its expansion initiatives, which are expected to enhance production capacity. A strong balance sheet provides flexibility to fund growth projects while maintaining shareholder returns. Upward revisions in earnings estimates and favorable copper prices add to the positives. However, weaker sales volume projections and anticipated increases in unit costs warrant a measured approach. Investors who already hold this Zacks Rank #3 (Hold) stock may find it prudent to maintain their positions.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

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Rio Tinto Group RIO reported solid growth in copper production in the fourth quarter of 2025. Per the production results, the company’s consolidated copper output increased 5% year over year in the fourth quarter. The results were supported by strong performance across its operating assets.The company is making steady progress across its growth pipeline. In December 2025, it achieved its first copper production at the Johnson Camp mine in Arizona using its proprietary Nuton technology. This marks a significant milestone for Rio Tinto, as Nuton enables cleaner, faster and more efficient copper recovery at an industrial scale.The Johnson Camp deployment includes the design and delivery of a heap leach technology package, targeting approximately 30,000 tons of refined copper over a four-year demonstration period. Through the use of Nuton technology, Rio Tinto aims to produce copper with the lowest carbon footprint in the United States at the Johnson Camp.Also, the company is actively collaborating with U.S. customers to strengthen the domestic copper supply. Rio Tinto’s total copper production reached 883 kilotonne (kt) in 2025, up 11% on a year-over-year basis. The results were supported by the solid ramp-up at the Oyu Tolgoi site and strong performance at the Kennecott mine.

Performance of RIO's Peers

Among its major peers, Southern Copper Corporation SCCO has the largest copper reserves in the industry and operates high-quality, world-class assets in investment-grade countries, such as Mexico and Peru. Southern Copper recorded 242,172 tons of copper production in the fourth quarter of 2025, representing a marginal year-over-year increase. In 2025, Southern Copper generated 956,270 tons of copper, about 1.8% lower year over year.Another peer, Ero Copper Corp. ERO delivered strong operational performance in the fourth quarter of 2025, with record consolidated copper production reflecting the continued ramp-up of its Brazilian mining portfolio and progress across key assets. During the quarter, Ero Copper produced 19,706 tons of copper in concentrate, with 10,431 tons coming from its established Caraíba Operations. Ero Copper’s mill throughput increased around 15% from the prior quarter, although lower mined grades modestly pressured costs.

RIO's Price Performance, Valuation and Estimates

Shares of Rio Tinto have gained 51.1% in the past six months compared with the industry’s growth of 39.6%.

Image Source: Zacks Investment Research

From a valuation standpoint, RIO is trading at a forward price-to-earnings ratio of 11.54X, below the industry’s average of 15.5X. Rio Tinto carries a Value Score of A.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for RIO’s 2026 earnings has increased 13.9% over the past 60 days.

Image Source: Zacks Investment Research

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

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Rio Tinto PLC (RIO) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

Ero Copper Corp. (ERO) : Free Stock Analysis Report

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

Zacks Investment Research

Freeport-McMoRan Inc. FCX saw a sharp increase in its average unit net cash cost per pound of copper in the fourth quarter of 2025 to $2.22 from $1.40 in the prior quarter, marking a roughly 59% spike. It also climbed 34% year over year. The increase was fueled by a decline in copper sales volumes.   Freeport’s copper sales volumes tumbled approximately 29% year over year in the fourth quarter to 709 million pounds, and fell from 977 million pounds in the prior quarter. The downside primarily resulted from the temporary suspension of operations since the mud rush incident at the Grasberg Block Cave mine in Indonesia in September 2025.Freeport's outlook for the first quarter of 2026 suggests higher costs on a sequential basis. It expects unit net cash costs to rise to $2.60 per pound, while projecting a full-year average of roughly $1.75. Lower expected sales volumes are likely to adversely impact costs in the quarter. Higher costs are expected to weigh on the company's margins. Among FCX’s peers, Southern Copper Corporation SCCO reported lower unit costs in the fourth quarter. Southern Copper’s operating cash cost per pound of copper, net of by-product revenue credits, was 52 cents, marking a roughly 46% decline from 96 cents per pound reported in the prior-year quarter. SCCO’s operating cash cost per pound of copper also declined roughly 34% year over year in 2025.BHP Group Limited BHP saw lower unit costs across its Escondida and Copper South Australia operations in the first half of fiscal 2026 (ended Dec. 31, 2025), partly offset by an increase at Spence. BHP expects the unit cost for Escondida to be in the band of $1.20-$1.50 per pound for fiscal 2026. BHP also projects Copper South Australia’s unit cost to be between $1 and $1.50 per pound. Unit costs at Spence are expected to be between $2.10 and $2.40 per pound for fiscal 2026.

The Zacks Rundown for FCX

Shares of Freeport are up 41.3% in the past six months against the Zacks Mining – Non Ferrous industry’s rise of 73.5%.

Image Source: Zacks Investment Research

From a valuation standpoint, FCX is currently trading at a forward 12-month earnings multiple of 24.88, a 4.3% discount to the industry average of 26X. It carries a Value Score of B.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for FCX’s 2026 and 2027 earnings implies a year-over-year rise of 44.1% and 22.3%, respectively. The EPS estimates for 2026 and 2027 have been trending higher over the past 30 days.

Image Source: Zacks Investment Research

FCX stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

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• If you are wondering whether Teck Resources at about $75.78 a share is offering fair value or a stretched price, you are not alone. This article is built to help you frame that question clearly.
• The stock has seen mixed short term moves, with a 9.8% decline over the last 7 days, a 1.6% gain over 30 days, and longer term returns of 14.8% year to date, 28.2% over 1 year, 46.5% over 3 years, and 201.4% over 5 years.
• Recent attention on Teck Resources has focused on how its share price behaviour fits into broader materials and commodities sentiment, as investors reassess both risk and potential opportunity in the sector. This backdrop provides helpful context when you think about whether the current price is attractive or demanding.
• Despite that track record, Teck Resources currently has a valuation score of 1 out of 6. This means it screens as undervalued on only one of six checks. Next we will look at what different valuation approaches say about the stock, and finish with an even more practical way to think about its value in your portfolio.

Teck Resources scores just 1/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

Approach 1: Teck Resources Discounted Cash Flow (DCF) Analysis

A Discounted Cash Flow, or DCF, model takes estimates of the cash Teck Resources could generate in the future, then discounts those cash flows back into today’s CA$ to arrive at an intrinsic value per share.

On the latest figures, Teck Resources shows last twelve month free cash flow of about CA$2.2b outflow, which means cash usage rather than cash generation over that period. Analysts and model estimates then project free cash flow turning positive and reaching CA$2.1b by 2030, with a series of annual projections between 2026 and 2035 that Simply Wall St extrapolates once published analyst estimates run out.

Pulling those forecast cash flows together, the 2 Stage Free Cash Flow to Equity model arrives at an estimated intrinsic value of about CA$63.72 per share. Compared with a current price around CA$75.78, the model implies Teck Resources is about 18.9% overvalued on this cash flow view.

Result: OVERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Teck Resources may be overvalued by 18.9%. Discover 8 high quality undervalued stocks or create your own screener to find better value opportunities.

TECK.B Discounted Cash Flow as at Mar 2026

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

Approach 2: Teck Resources Price vs Earnings

For a profitable company, the P/E ratio is a straightforward way to link what you pay for each share to the earnings that support that price. It helps you see how many dollars investors are currently willing to pay for each dollar of earnings.

What counts as a “normal” P/E depends on how the market views a company’s growth outlook and risk. Higher growth or lower perceived risk can justify a higher multiple, while slower growth or higher risk usually points to a lower, more conservative P/E.

Teck Resources currently trades on a P/E of about 26.46x. That is above the Metals and Mining industry average of roughly 19.71x, yet below the peer group average of about 35.59x. Simply Wall St’s Fair Ratio for Teck Resources is 23.50x, which is its proprietary view of what a reasonable P/E could look like given variables such as earnings growth, industry, profit margins, market cap and company specific risks.

The Fair Ratio is more tailored than a simple peer or industry comparison because it aims to adjust for those business specific factors rather than just averaging what others trade on. On this basis, Teck Resources current P/E of 26.46x sits above the 23.50x Fair Ratio, which points to the shares screening as somewhat expensive on this earnings multiple view.

Result: OVERVALUED

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

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Upgrade Your Decision Making: Choose your Teck Resources Narrative

Earlier we mentioned that there is an even better way to think about valuation, so let us introduce you to Narratives, a simple tool on Simply Wall St’s Community page that lets you write the story you believe about a company, link that story to explicit forecasts for revenue, earnings and margins, and see the fair value those assumptions produce. You can then compare this with the current price to help you decide whether to buy, hold or sell. The Narrative updates when fresh information like news or earnings is added. For Teck Resources, one investor might lean toward a cautious view with a fair value around CA$50.00, while another could align with a more optimistic view closer to CA$90.00. Narratives lays out those different stories side by side so you can quickly see which one best matches your own expectations and risk comfort.

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

🐂 Teck Resources Bull Case

Fair value in this bullish Narrative: CA$90.00

Implied pricing vs fair value: about 15.7% below this fair value based on the CA$75.78 last close

Revenue growth assumption: 7.53% a year

• The bullish view focuses on copper growth, critical minerals policy support, and low carbon operations as potential drivers of higher earnings and margins over time.
• It assumes Teck can use its balance sheet and liquidity to build out copper projects and improve earnings per share while maintaining access to ESG focused supply chains.
• On this view, a future P/E in the low 20s is treated as reasonable if Teck reaches revenue of about CA$12.6b and earnings of about CA$2.0b by 2028.

🐻 Teck Resources Bear Case

Fair value in this bearish Narrative: CA$57.90

Implied pricing vs fair value: about 30.9% above this fair value based on the CA$75.78 last close

Revenue growth assumption: 3.62% annual decline

• The bearish view focuses on softer long term demand for newly mined metals, higher operating and ESG compliance costs, and ongoing project and permitting challenges.
• It assumes Teck faces sustained cost pressure, operational disruptions, and merger execution risk that could limit free cash flow and keep earnings sensitive to setbacks.
• On this view, even with earnings growth, a required future P/E in the 40s is treated as demanding given the assumed revenue decline and integration risks.

Both Narratives use the same current share price and similar financial inputs, but they describe very different possibilities for how Teck Resources might balance growth, costs, and project execution over time. Comparing them side by side may help you assess which set of assumptions is closer to your own expectations and risk comfort before you act.

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

TSX:TECK.B 1-Year Stock Price Chart

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 TECK-B.TO.

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

FEATURE

Dr. Copper has a bit of a cold.

The industrial metal has taken a hit due to worries about the war in Iran and top mining stocks such as Freeport Mc-Mo-Ran have tumbled as well. But copper, given the Doctor nickname by traders who joke that it has a PhD in economics due to its close correlation to demand for key industrial and tech goods, may be about to perk up again.

Copper prices are down nearly 3% in the past five days to around $5.91 a pound in New York, or $12,910 a metric ton on the London Metal Exchange. The metal is still up about 4% for the year though.

Mining stocks have been even more volatile, with the

and

exchange-traded funds each down between 7% and 8% in the last five trading sessions. These ETFs have all surged about 20% in 2026, however.

But the prices of the metal, as well as key copper mining stocks and funds, rebounded Wednesday after their steep selloff Tuesday. (The same was true for precious metals such as gold and silver as well as their mining stocks.)

The comeback may not be over yet. Analysts at Citi argue that copper prices in London could bounce back to a range of $13,500 to $14,000 a metric ton within a matter of weeks. That is based on the belief that the Iran conflict will soon dissipate. But the volatility is likely to persist until there are further signs that the fighting will end.

In fact, the Citi analysts argued that copper prices could dip below $12,000 a metric ton before finally hitting bottom. They noted that worries about the conflict in the Middle East may boost inflation worries and lead to a strengthening dollar. That would reduce the odds of interest rate cuts by the Federal Reserve in the coming months. All of that is negative for copper in the near-term.

But the Citi analysts noted in another report from late February that demand for copper from both manufacturing companies as well as the increased buildout of data centers for artifiical-intelligence should steadily increase throughout the year. That’s bullish for copper prices and is a reason why investors should treat any further declines as a good buying opportunity.

And if that’s the case, copper mining stocks would benefit as well. Analysts at

Bank of America

said in a report Tuesday that “everybody seems to want more ‘future facing commodities,’ copper in particular.”

The BofA team said that the continued energy transition trend, including more electrification, as well as strong demand for AI and data centers, are reasons to be bullish on copper. Expectations for strong economic growth in India should lead to even more demand for copper.

As such, the BofA analysts think copper prices could hit $16,000 a metric ton, or $7.26 a pound, by the second half of next year. That’s nearly 25% higher than current prices.

Copper miners would benefit as well. BofA recommends pure play copper miners

Freeport-McMoRan

the London-listed and Chilean-based Antofagasta, Canada’s

Lundin Mining
Ivanhoe Mines

and

HudBay Minerals

as buys.

But the analysts also say investors should look for larger, more diversified mining companies that may have “very valuable ‘hidden’ copper businesses,” such as Anglo American, BHP, Glencore and Rio Tinto.

So go ahead and make an appointment to see Dr. Copper. Once the Iran-fueled volatility is over and the economy and stock market get back on more solid footing, copper prices and mining stocks should resume their climb.

Write to Paul R. La Monica at paul.lamonica@barrons.com

Southern Copper (SCCO) ended the recent trading session at $206.23, demonstrating a -5.77% change from the preceding day's closing price. The stock fell short of the S&P 500, which registered a loss of 0.94% for the day. Meanwhile, the Dow lost 0.83%, and the Nasdaq, a tech-heavy index, lost 1.02%.

The stock of miner has risen by 13.51% in the past month, leading the Basic Materials sector's gain of 12.9% and the S&P 500's loss of 1.3%.

Analysts and investors alike will be keeping a close eye on the performance of Southern Copper in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.88, reflecting a 57.98% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $3.87 billion, indicating a 23.93% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $6.57 per share and revenue of $14.56 billion, which would represent changes of +25.38% and +8.5%, respectively, from the prior year.

Any recent changes to analyst estimates for Southern Copper should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.1% higher. At present, Southern Copper boasts a Zacks Rank of #3 (Hold).

In terms of valuation, Southern Copper is currently trading at a Forward P/E ratio of 33.31. This represents a premium compared to its industry average Forward P/E of 29.74.

One should further note that SCCO currently holds a PEG ratio of 2.26. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Mining – Non Ferrous industry had an average PEG ratio of 2.26.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 90, which puts it in the top 37% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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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

FEATURE

Freeport McMoRan

stock plummeted Tuesday, along with shares of other metals and mining companies, as commodities declined in a risk-off trade tied to U.S. military action in Iran.

Shares of the copper miner traded as low as $60.84 and closed at $65.57, down 4%. The

and

were down more than 2% at points in the day and closed down 0.9% and 0.8%, respectively.

Benchmark oil prices jumped about 4% by the end of the stock trading day, stoking fears of inflation and reduced economic activity. That is helping push down commodity prices. Copper was off 1.7% at $5.84 per pound. Gold and silver prices were down 3.8% and 6.8%, respectively.

Gold and silver are often considered haven assets, rising in times of stress. But the U.S. dollar is rising, which can take some of the momentum from commodities.

Whatever the reasons, it’s a perfect setup for mining stock declines.

Southern Copper

stock dropped 5.8%. Shares of gold miner

Newmont

lost 7.8%.

Starting points help explain the severity of the selloff. Coming into Tuesday trading, shares of Southern Copper, Freeport, and Newmont were up an average of almost 150% over the past 12 months. Investors might be protecting profits as geopolitical tensions ratchet higher.

There isn’t much company-specific news to pin declines on. And not everyone believes the selloff is justified.

Jefferies wrote Monday that metals and mining stocks should continue to outperform as the conflict creates supply chain risks, necessitating stockpiling of metals.

Stockpiling means extra demand.

That might help down the road, but for now, investors are thinking about risks, not rewards, arising from the conflict with Iran.

Write to Al Root at allen.root@dowjones.com

• In recent days, an escalating military conflict in the Middle East, including US and Israeli airstrikes on Iran and Iran’s declaration that the Strait of Hormuz is closed, has unsettled global markets and weighed on materials and mining companies such as Southern Copper.
• The conflict has strengthened the US dollar and pressured commodity prices, which can compress realized metal prices for Southern Copper and influence investor sentiment toward its longer-term growth plans.
• We’ll now examine how the stronger US dollar and geopolitical tension could affect Southern Copper’s investment narrative and risk profile.

Find 50 companies with promising cash flow potential yet trading below their fair value.

Southern Copper Investment Narrative Recap

To own Southern Copper today, you need to be comfortable with a copper-focused miner whose fortunes are closely tied to global trade, cost control, and disciplined capital spending. In the near term, the key catalyst is how the company manages pricing and margins after a very strong 2025, while the biggest current risk is that geopolitical shocks, like the Middle East conflict and a stronger US dollar, further pressure realized metal prices without a corresponding drop in operating costs.

The recent Middle East turmoil coincides with fresh skepticism from parts of Wall Street, highlighted by BofA’s February downgrade to Underperform on concerns about valuation and a weaker near term operating outlook. That caution now sits beside Southern Copper’s robust 2025 results, with full year sales of US$13,420.0 million and net income of US$4,334.9 million, and its decision to keep returning cash through a US$1.00 per share quarterly dividend plus a small stock dividend.

Yet, behind this strong recent performance, investors should be aware of how rising capital spending and community issues could suddenly change the risk profile…

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.

Uncover how Southern Copper's forecasts yield a $149.54 fair value, a 27% downside to its current price.

Exploring Other PerspectivesSCCO 1-Year Stock Price Chart

Some of the most optimistic analysts were penciling in roughly US$13.7 billion of revenue and US$4.9 billion of earnings by 2028, yet recent geopolitical shocks and project specific risks like Tía María and Los Chancas show how differently you might view Southern Copper’s future, and why it can help to compare several viewpoints before deciding what you believe.

Explore 6 other fair value estimates on Southern Copper – why the stock might be worth less than half the current price!

Decide For Yourself

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Southern Copper research is our analysis highlighting 2 key rewards and 2 important warning signs 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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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 SCCO.

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

TORONTO — Critical mineral projects got increased support from government during a major mining conference on Monday as the rush to secure supplies accelerates.

At the Prospectors and Developers Association of Canada conference in Toronto, the federal government announced a new round of project funding while the Ontario government announced accelerated development of an access road in the north of the province.

The support comes as countries look to secure supply chains amid rising trade tension, as well as benefit from the rising demand for key metals like copper, nickel and lithium needed for priorities like electrification and defence.

It also comes as the mining industry itself gets swept up in the wider challenges, said Don Lindsay, former CEO of Teck Resources Ltd., said in a keynote speech Monday.

"The industry faces real challenges, serious ones, geopolitical risk. The world is more fragmented than it has been in decades," said Lindsay.

"We're seeing supply chain vulnerability, we're seeing countries trying to secure critical minerals for themselves. We're exposed to geopolitical risk like we've never been before."

The trends have led politicians to get onside, he said.

"Prime ministers and presidents talk about accelerating permits and development. They get it, finally."

At the conference Monday, Ontario Premier Doug Ford released an accelerated schedule for construction of a road to develop the so-called Ring of Fire critical minerals region of northern Ontario.

The plan is to start construction in June to have the roads completed by 2031, several years ahead of the previous schedule.

"With President Trump's tariffs causing so much uncertainty, we don't have a second to waste," Ford said.

Federal Natural Resources Minister Tim Hodgson announced 30 critical minerals partnerships and investments at the conference under the Critical Minerals Production Alliance.

Deals include up to $7 million to Greenland Resources' Malmbjerg project in Greenland, $9.1 million to Cyclic Materials Inc.'s rare earths elements recycling centre in Kingston, Ont. and $16.7 million for First Phosphate's Bégin-Lamarche demonstration and feasibility project in Saguenay–Lac-Saint-Jean, Que.

"Canada and our allies abroad are putting real capital behind the secure, sustainable supply chains that our economies and our defence industries depend on," said Hodgson in a statement.

Prime Minister Mark Carney's joint statement released Monday with India's Prime Minister Narendra Modi also underscored a commitment to deepening partnerships in resource sectors.

The announcement included the two countries signing a memorandum of understanding on critical minerals value chains, and noted India's presence at the PDAC conference in Toronto.

The push to develop critical minerals will, however, likely need continued government support because of private funding shortfalls, said an RBC report out Friday.

The report noted there's a lack of patient risk capital, in part because of the past hollowing out of Canada's mining industry that has limited the number of national champions.

It said that between 2005 and 2012, more than $119 billion in Canadian base metals and steel assets were transferred to foreign ownership, including the likes of Inco, Alcan and Falconbridge.

Anglo American plc. is meanwhile working to close its takeover of Teck Resources Ltd., though the two have billed it as a merger of equals that will create a Vancouver-based critical minerals champion.

The RBC report said the federal government needs to scale the use of sovereign capital across the full value chain, noting Ottawa’s $2-billion Critical Minerals Sovereign Fund lacks heft.

It also advocated for more public spending on infrastructure to help projects, noting the $2.4 billion in road and transmission funding needed to get Ontario's Ring of Fire going.

Clustering critical minerals processing, attracting foreign major miners, and cautiously forging closer ties with U.S. supply chains are also important, the report said.

Canada considers 34 minerals and metals to be part of its official critical minerals list, which includes a range of resources from aluminum to zinc.

This report by The Canadian Press was first published March 2, 2026.

Ian Bickis, The Canadian Press

TORONTO, Feb. 27, 2026 /CNW/ – Blue Moon Metals Inc. ("Blue Moon" or the "Company") (TSXV: MOON) (NASDAQ: BMM) is pleased to announce that Teck American Incorporated, a subsidiary of Teck Resources Limited ("Teck"), has agreed to vend 100% of the past-producing Apex germanium (Ge), gallium (Ga) and copper (Cu) mine located in Utah into Blue Moon (the "Transaction"), becoming a key stakeholder to support an integrated pipeline of US critical mineral projects to secure North American supply. The Transaction adds to an already strong working relationship with key shareholder Hartree Partners LP, an important partner with the US government on their recently announced US$12B critical metals stockpile. Immediate synergies from the Transaction include:

a)	The ability to process zinc concentrates from Blue Moon's Blue Moon Mine in California (the "Blue Moon Mine"), where underground development commenced last year, at Teck's Trail Operations, providing the final piece to solidify a fully integrated North American sourced value chain;
b)	A path to redevelop the Apex mine in Utah to potentially unlock an important onshore source of Ge and Ga;
c)	Possible restart of the permitted Springer tungsten mine in Nevada with the potential to supply a sizable portion of US domestic requirements; and
d)	Redevelopment of the larger Springer complex to build critical mineral processing capacity to support the Blue Moon Mine and other mines in the Western US, with logistical connections to Trail as required.

Christian Kargl-Simard, CEO of Blue Moon states, "Underground development at the Blue Moon Mine is advancing well, which together with the acquisition of the Apex Mine and our redevelopment of the Springer metallurgical complex and Springer tungsten mine provides a unique hub and spoke platform for US critical metals growth. Teck and Blue Moon are logical partners, combining Blue Moon's US project pipeline and processing capacity at Teck's Trail Operations. We are excited to leverage our combined infrastructure, industry leading technical knowhow, and financing depth to advance our US domestic copper, zinc, tungsten and now germanium and gallium projects to provide long-term feed for our Springer complex."

Ian Anderson, Teck Executive Vice President & Chief Commercial Officer commented, "Following our cornerstone investments to rebuild zinc, lead, and silver capacity in Idaho's Silver Valley, revitalizing the long-standing connection between US miners and our smelting and refining complex in Trail, this transaction with Blue Moon marks another important step to develop new US sources of critical minerals. As a supportive stakeholder, we look forward to working with Blue Moon as they advance their mines and processing complex in California, Utah, and Nevada, as well as to exploring other ways to strengthen North American supply chains together."

Blue Moon Mine, California (Gold, Zinc, Silver, Copper, Lead, Barite)

Blue Moon's advanced-stage 100%-owned Blue Moon zinc-copper-gold-silver project is located in east-central California in Mariposa County, with direct access to roads and power. Originally mined by Hecla Mining Company from 1943-1945, the mine produced 55,656 tons grading 12.3% zinc, 0.36% copper, 0.48% lead, 3.75 oz/ton silver and 0.062 oz/ton gold. The property was later actively explored and advanced during 1980s and 1990s by Imperial Metals, Boliden and Lac Minerals (now Barrick).

Since the new management team and board started in November 2024, Blue Moon has completed a modern review, verification, and analysis of the historical data, and in March 2025 published a NI 43-101 compliant resource estimate and a preliminary economic assessment to support a mine restart, demonstrating potential for annual average production of 22,566 oz gold, 62.3M lbs of zinc, 681,784 oz silver and 7.2 Mlbs copper over a +10 year mine life (see press release dated March 3, 2025).

The Company received permits in April 2025 and began construction of an exploration decline on October 6, 2025. The decline is progressing well with over 140 meters advanced to date and underground diamond drilling is underway in an effort to upgrade resources to reserves. Production is forecasted to begin in 2028 and technical work is ongoing to support processing the material at Blue Moon's Springer complex in Nevada to produce copper and zinc concentrates with appreciable gold and silver by-product credits, as well as potentially a lead concentrate and clean pyrite and barite products.

By combining the Blue Moon Mine in California, with processing at the Springer Complex in Nevada and smelting of the zinc concentrate at Teck's Trail Operations in Canada, Blue Moon and Teck are building a fully integrated North American value chain.

Apex Mine, Utah (Germanium, Gallium, Copper)

Apex is a historic underground mine in southwest Utah, which was previously mined for copper oxide, and later for Ge and Ga. This underground mine became the primary producer of gallium and germanium in the United States when Musto Explorations Ltd. brought it into production in the mid 1980's and again with Hecla Mining Company in the 1990's. During its peak year of operations, Apex produced 10,270 tons yielding 1,645 lb Ga, 5,634 lbs of Ge, and 224,800 lbs of Cu.

Hecla completed a feasibility study in 1989, reporting a reserve of 230,200 tons of 0.100% Ge, 0.046% Ga and 1.6% Cu. A historical reserve estimate1 by Ken Krahulec in 2018 estimated 1 MT @ 0.087% Ge, 0.033% Ga, 1.8% Cu and 41 g/t Ag. The Ge and Ga are 10-100x higher grade than most Ge and Ga deposits, with in-situ value per ton similar to 0.5 oz/T gold ores. Beyond the historical reserves, Hecla also identified several additional breccia bodies as prospective exploration targets, including the Paymaster, Cavern, and 500 North pipes, along with further oxide zones in the immediate mine area. 

1As at the date of this news release, a qualified person has not completed sufficient work to classify the historical estimates above as current mineral resources or mineral reserves in accordance with NI 43-101 and Blue Moon is not treating the historical estimate as current mineral resources or mineral reserves. In order to verify the historical estimates, the Company needs to engage a qualified person to review the historical data, review any work completed on the property since and complete a new technical report. Blue Moon views this historical data as an indicator of the potential size and grade of the mineralized deposits, and this data is relevant to Company's future plans with respect to the property.

Subject to renewed permits and with the intent to reopen the mine, the Company plans to fast track efforts to advance the technical studies, metallurgical testing, process flowsheets, permitting and community engagement to support a final investment decision. In parallel, Blue Moon is evaluating options for a new processing line at the Company's Springer complex to process the Apex material and provide an integrated United States Ge and Ga value chain.

Springer Complex, Nevada (Multi-commodity Processing Hub)

The Springer property is located on the east flank of the Eugene Mountains, approximately 25 miles southwest of the city of Winnemucca, and 125 miles northeast of the city of Reno, in Pershing County, Nevada. The mine site is approximately 8 miles from Interstate 80, serviced by paved/gravel road, over owned land. The Springer tungsten milling facility is located entirely on private fee lands.

Springer is a former tungsten production facility consisting of a 1,360-ft vertical shaft and underground workings, a 1,200 ton per day mill with automated rod/ball mill grinding and flotation circuits, plus all water rights, and most permits necessary for operation of the facility.

The Springer tungsten property was the site of continuous underground tungsten mining between 1918 and 1958, much of that time controlled first by the Segerstrom family, and later by the Nevada-Massachusetts Mining Company ("NMC"). The General Electric Company ("GE") acquired the property in the 1970's, interested in securing long term tungsten supply assets to support its lighting and industrial tools businesses. The current mine and mill were constructed by Utah International Inc. ("UII", later became BHP Minerals Group) for GE in the mid 1970's, and was subsequently commissioned and operated by GE for 8 months in 1982. The property has not been actively mined since October 1982, and the underground workings are currently flooded to a depth of approximately 375 feet. EMC Metals Corp. acquired the Springer mine and associated properties from GE in 2006. Between that purchase date and today, considerable refurbishment and renewal has been undertaken to the mill, control systems, hoist house, and an up-rating of the mill throughput from a nominal 950 tpd to a current 1,350 tpd capacity, and an estimated 1,200 tpd throughput after availabilities (89%).

Centrally located with access to diverse mineral sources and existing road and rail infrastructure, the Springer Mine and Mill is well situated to become a regional metallurgical complex. With established tailings and water management systems, the brownfield site provides significant opportunities to reduce capital and permitting timelines compared to a greenfield development.

The Company purchased the site in February 2026 to provide processing capacity to support the development of the Blue Moon Mine and to establish a regional processing hub. Sitting on a large land package, Blue Moon believes there is significant room to expand the mill layout and add additional buildings to process multiple ore types and improve economies of scale to unlock and maximize the value of resources that would otherwise not support stand-alone processing facilities. Located only a few miles from both Interstate 80 and the Union Pacific rail line, the Springer complex is well connected to the transportation and logistics infrastructure to integrate with other operations, including Teck's Trail Operations.

The Company is presently advancing analysis and engineering to process the Blue Moon Mine material, including updating permitting requirements and changes required to the mill and tailings management system.

Springer Mine, Nevada (Tungsten)

Located on the larger Springer Complex, the Springer Mine as discussed above was one of the most important mines for US-sourced tungsten production. A historic resource estimate was in place at the time of construction and ownership by GE/Utah International Inc.

A historical resource estimate of 10.7 MT at 0.45% tungsten is based on data and reports prepared by the previous operators, General Electric and Utah International Inc in 1984. The company has not completed the work necessary to have the historical estimate verified by a QP. The company is not treating the estimate as a current 43-101 defined resource and the historical estimate should not be relied upon. 

The company intends on initiating a drill program in 2026 to update the resource model and assess the conditions underground to help further additional technical studies going forward. The company also sees potential to assay for molybdenum, copper, silver and gold, which was not done historically.

Transaction Terms

Blue Moon is acquiring 100% of the Apex mine, consisting of 26 patented and 9 unpatented claims for a total 250 Ha (the "Property"), all subject to a royalty capped at US$1M free and clear of all other encumbrances for the following consideration:

a)	The issuance by Blue Moon to Teck of 7,031,959 common shares representing 8.0% of Blue Moon's issued and outstanding common shares on an undiluted basis on the date of this announcement;
b)	A 0.5% net smelter returns royalty in favour of Teck on the Property;
c)	Life of mine zinc concentrate offtake rights in favour of Teck for the Blue Moon Mine. This offtake is on what Blue Moon believes to be preferential market terms due to the proximal location to Teck's Trail Operations;
d)	Marketing rights in favour of Teck in respect of products produced from Apex or the area extending 1-km from the outermost boundary of the Property; and
e)	Investor rights in favour of Teck including, without limitation, equity participation rights, top up rights, and information rights.

Key conditions precedent to completion of the Transaction is TSXV approval, negotiated definitive agreements acceptable to both parties, and other customary items customary to an asset sale transaction. A purchase and sale agreement has been executed by Teck and Blue Moon on February 27, 2026, and completion is expected to happen in March. No finders fees are being paid on this Transaction.

Qualified Persons

The technical and scientific information of this news release has been reviewed and approved by Mrs. Boi Linh Doig, P.Eng., a Blue Moon Officer, and a non-Independent Qualified Person, as defined by NI 43-101.

About Blue Moon

Blue Moon is advancing 4 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway, the Blue Moon zinc-gold-silver-copper project in the United States and the Springer tungsten-molybdenum project in the United States. All 4 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the USGS and EU list of metals critical to the global economy and national security. Major shareholders include funds managed by Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company's website (www.bluemoonmetals.com).

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

CAUTIONARY DISCLAIMER – FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian and United States securities laws. All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.

Without limiting the generality of the foregoing, this news release contains forward looking information pertaining to the following: the expected benefits and synergies from the Transaction; production estimates and growth in reserve and resources of the Springer Mine and Mill; successful operation of the Springer Mine and Mill; continued testing, exploration, mining and advancement of Blue Moon's operations across multiple jurisdictions; conversion of the Springer Mine and Mill to support Blue Moon mining operations; mineral price expectations; and other matters ancillary or incidental to the foregoing.

A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company's current objectives, strategies and intentions to change. These risks and uncertainties include but are not limited to: the inability of Blue Moon to complete and integrate the Transaction risks associated with the integration of Springer Mine and Mill operations; risks associated with mining operations in Nevada; regulatory and permitting risks at the state and federal level including with respect to the development of the Blue Moon Mine; and management's ability to anticipate and manage the factors and risks referred to herein. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at www.sedarplus.ca and on the website of the U.S. Securities and Exchange Commission at www.sec.gov.

The forward-looking information is based on certain key expectations and assumptions made by Blue Moon's management, including but not limited to: expectations concerning prevailing commodity prices; the ability to obtain, renew and extend permits as required; estimates of reserves and resources various sites; the integration of the Springer Mine and Mill operations; the completion and subsequent realization of expected synergies and benefits from the Transaction.

Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management and are subject to change after the date of this news release. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans.

The Company cannot guarantee that any forward-looking information will materialize and readers are cautioned not to place undue reliance on this forward-looking information. Except as required by applicable securities laws, the Company is under no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.

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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2026/02/c1294.html

VANCOUVER, BC / ACCESS Newswire / March 2, 2026 / Marimaca Copper Corp. ("Marimaca Copper" or the "Company") (TSX:MARI)(ASX:MC2) is pleased to announce the appointment of Joshua Watson as Project Director, leading the development of the Company's Marimaca Oxide Deposit ("MOD") in Chile. This further strengthens Marimaca's technical and project execution capabilities as the Company transitions to the next phase of development at the MOD. In addition, Nico Cookson has been appointed President of the Company, effective March 1st, 2026, following his role as Head of Corporate Development and Strategy.

Mr. Watson is an experienced mining and projects executive with more than two decades of project leadership, delivering major capital projects for world-class global mining companies across the Americas, Australia, and Asia. He has held senior leadership roles with Teck Resources, Barrick, Vale, and Rio Tinto, with responsibility for multi-billion-dollar capital portfolios spanning studies, execution, sustaining capital, and operational readiness.

Most recently, Mr. Watson served as Vice President Projects, Studies and Sustaining at Teck Resources, where he was accountable for project studies and sustaining capital programs including multiple strategic Joint Venture projects. Previously, he was Head of Technical and Capital Projects for Barrick's North American operations, overseeing a multi-billion-dollar project portfolio across processing, energy, metallurgy, tailings, and water management. Earlier in his career Mr. Watson spent four years at Oyu Tolgoi with Rio Tinto, where he held progressively more senior roles, ultimately managing key infrastructure projects and the construction of one of the largest underground materials handling systems globally. Mr. Watson has demonstrated a strong track record of safely delivering complex mining projects on time and within budget, leading large multidisciplinary teams, and establishing high-performance project governance frameworks. He is a Chartered Professional Engineer and holds first-class honours degrees in Civil Engineering and Mathematics.

Mr. Cookson will continue to oversee corporate development, strategy, and investor relation functions, supporting Hayden Locke as Chief Executive Officer of Marimaca. Jose Antonio Merino will remain Managing Director, Chile and Chief Financial Officer, responsible for the oversight and leadership of all Chilean operations of Marimaca.

Hayden Locke, Chief Executive Officer of Marimaca Copper, commented:

"We are excited to welcome Josh to the Marimaca team where he will provide deep technical expertise and a proven track record of delivering large-scale capital projects on time and on budget at tier-one mining operations globally. His experience across detailed engineering, execution, and operational optimisation will be instrumental as he helps lead and further build out our Owner's Team, positioning the Company strongly as we advance the MOD toward a construction decision and deliver the next major copper mine in Chile.

Nico's appointment as President reflects the critical role he has played in shaping Marimaca's corporate strategy and growth over the past several years, and his commitment to our journey toward first copper.

The Company is focused on building out the organisational capability, systems, and execution discipline required to deliver a low capital intensity oxide project in Chile, in line with the development strategy outlined in the DFS. We are excited for what is to be a pivotal year ahead."

Contact Information

For further information please visit www.marimaca.com or contact:

Tavistock+44 (0) 207 920 3150Emily Mossmarimaca@tavistock.co.uk

Forward Looking Statements

This news release includes certain "forward-looking statements" under (without limitation) applicable Canadian securities legislation, including, without limitation, statements regarding the development activities at the MOD. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Marimaca Copper, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: risks that the development activities at the MOD will not progress as anticipated, or at all, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, uncertainties related to the necessity of financing, uncertainties relating to regulatory procedure and timing for permitting submissions and reviews, the availability of and costs of financing needed in the future as well as those factors disclosed in the annual information form of the Company dated March 27, 2025 and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedar.com). Readers should not place undue reliance on forward-looking statements. Marimaca Copper undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.

None of the TSX, ASX or the Canadian Investment Regulatory Organization accepts responsibility for the adequacy or accuracy of this release.

This announcement was authorised for release to the ASX by the Board of Directors of the Company.

SOURCE: Marimaca Copper Corp.

View the original press release on ACCESS Newswire

Vancouver, British Columbia–(Newsfile Corp. – March 2, 2026) – Perseverance Metals Inc. (TSXV: PMI) ("Perseverance", "PMI" or the "Company") is pleased to announce that it has expanded its previously announced private placement of units (see PMI NR Feb 11, 2026 and Feb 23, 2026) from C$3,500,000 to up to C$7,500,000 (the "Offering").

Teck Resources Limited ("Teck"), a leading Canadian resource company and existing investor in Perseverance Metals, and NQ Investissement Minier ("NQIM"), a regional institutional mining investment fund created to support the development of the mining industry in Northern Quebec, have both confirmed their intention to participate in the offering.

The Offering will be comprised of:

up to 4,615,385 hard dollar units of the Company (the "HD Units") priced at C$0.65 per HD Unit for gross proceeds of up to C$3,000,000; and

up to 641,026 Ontario flow-through units of the Company (the "Ontario FT Units") priced at C$0.78 per Ontario FT Unit for gross proceeds of up to C$500,000,

up to 3,921,569 Québec flow-through units of the Company (the "Québec FT Units") priced at C$1.02 per Québec FT Unit for gross proceeds of up to C$4,000,000.

(collectively, the "Units").

Each Unit will be comprised of one common share of the Company (a "Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share of the Company (a "Warrant Share") at a price of C$0.95 for a period of 36 months from the date of issuance. The expiry date of the Warrants will be subject to acceleration such that, should the closing price of the Shares on the TSX Venture Exchange (the "TSXV") equal or exceed C$1.30 for ten consecutive trading days, the Company may, within 15 business days of such event, accelerate the expiry date of the Warrants to a date that is 30 calendar days following the date on which notice of such acceleration is given by news release, with the new expiry date specified in such news release.

The Shares and Warrants comprising the Ontario FT Units and the Québec FT Units, but not the underlying Warrant Shares, will each qualify as a "flow-through share" within the meaning of the Income Tax Act (Canada). Each Share and Warrant (i) underlying the Québec FT Units will each qualify as a "flow-through share" within the meaning of section 359.1 of the Taxation Act (Québec) (the "Québec Tax Act"); and (ii) underlying the Ontario FT Units will qualify as an "Ontario focused flow-through share" within the meaning of subsection 103(7) of the Taxation Act (Ontario) (the "Ontario Tax Act").

The Company intends to use the proceeds from the sale of the HD Units to fund the inaugural diamond drill campaign on the Voyageur project in the Upper Peninsula of Michigan, continued exploration of the Lac Gayot Project in Québec, and for general corporate purposes.

The gross proceeds from the sale of the Québec FT Units and the Ontario FT Units will be used by the Company to fund "Canadian exploration expenses" related to the Lac Gayot Project in Québec and the Armit Lake Project in Ontario that will qualify as"flow-through critical mineral mining expenditures", as such terms are defined in the Income Tax Act (Canada), and as applicable, will also qualify: (i) in the case of the Ontario FT Units, as "eligible Ontario exploration expenditures" for the purposes of subsection 103(4) of the Ontario Tax Act; and (ii) in the case of the Québec FT Units, for inclusion in the "exploration base relating to certain Québec exploration expenses" within the meaning of Section 726.4.10 of the Québec Tax Act and for inclusion in the "exploration base relating to certain Québec surface mining exploration expenses" within the meaning of Section 726.4.17.2 of the Québec Tax Act (collectively, the "Qualifying Expenditures"). All Qualifying Expenditures will be incurred on or before December 31, 2027, and renounced in favour of the subscribers effective no later than December 31, 2026.

The Company may pay finder's fees in connection with the Offering. All securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day in accordance with applicable securities laws. The Offering is subject to the approval of the TSXV.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Perseverance Metals

Perseverance Metals is a critical minerals explorer with a project portfolio that is strategically located in key North American Ni-Cu-Co-PGE and hard rock lithium regions, including Québec's prolific James Bay district and Michigan's productive Mid-Continent Rift.

Our strict science-driven approach and extensive track record of discovery as leveraged via an exceptional technical advisory board, coupled with an industry-leading team armed with next-generation exploration tools, provide us with a distinct competitive advantage. This offers a unique opportunity for investors to be exposed to a portfolio of projects with the potential for multiple discoveries. Perseverance's exploration assets include:

the Lac Gayot high-grade Ni-Cu-Co-PGE and lithium pegmatite project, which covers the entirety of the 30km Venus Greenstone Belt in Québec, featuring multiple, very high-grade Ni-Cu-Co-PGE showings and zones along with numerous large spodumene-bearing pegmatites with consistent high lithium grades in channel sampling;

the Voyageur Ni-Cu-Co-PGE project which covers 680 km2 of the Upper Peninsula in Michigan, 65 kilometres west of the only producing nickel mine in the United States is drill-ready, and;

the Armit Lake Ni-Cu-Co project, which is the consolidated and underexplored western half of the nickel- and gold-rich Savant Lake Greenstone Belt in Ontario.

Additional information about Perseverance Metals can be found at www.perseverancemetals.com.

On Behalf of the Board,

Michael J. TuckerCEO and Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Perseverance Metals Inc.Michael J. Tucker, CEO+1 (778) 834-3528mtucker@perseverancemetals.com

Perseverance Metals Inc.John Foulkes, President+1 (604) 614-2999jfoulkes@perseverancemetals.com

 

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

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the anticipated timing and completion of the Offering; the securities offered pursuant to the Offering, the potential payment of finders' fees in connection with the Offering; the intended use of proceeds from the Offering, including the timing of incurring all Qualifying Expenditures; the tax treatment of the securities issued under the Offering; and the receipt of regulatory approvals, including acceptance by the TSXV.

Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, assumptions that the Offering will close as anticipated; that the Company will pay finders' fees as anticipated; that the Company will use proceeds from the Offering as anticipated; that all requisite approvals, including that of the TSXV, will be received; and the renunciation and related tax treatment in respect of the securities underlying the Ontario FT Units and Québec FT Units.

Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks that the Offering will not close as anticipated or at all; that the Company will not use proceeds of the Offering as anticipated; that the Company will encounter unforeseen delays; that the Company will not receive all requisite regulatory approvals, including that of the TSXV.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285889

Southern Copper Corporation (NYSE:SCCO) is included among the 13 Best Performing Long Term Stocks to Invest in.

On February 26, BofA downgraded Southern Copper Corporation (NYSE:SCCO) to Underperform from Neutral. It raised its price target on the stock to $175 from $162. The firm said the downgrade reflects concerns about the stock’s “stretched” valuation and weaker near-term operating outlook.BofA said the company’s valuation has become “difficult to justify” following the recent rally in its shares. The firm expects Southern Copper’s production to decline by 3% through 2027. It also said the stock appears to reflect a more optimistic scenario that may not materialize.

Earlier, on January 30, Morgan Stanley raised its price recommendation on Southern Copper to $156 from $137. The firm reiterated an Underweight rating on the shares. The update came after the firm revised its estimates to reflect current commodity prices, foreign exchange assumptions, and the company’s latest guidance following its Q4 earnings report.

Southern Copper Corporation (NYSE:SCCO) operates as an integrated copper producer. The company produces copper, molybdenum, silver, and zinc. Its mining, smelting, and refining operations are based in Peru and Mexico, and it also conducts exploration activities in Argentina, Chile, and Ecuador.

While we acknowledge the potential of SCCO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 14 Value Stocks to Buy With High Dividend Yields and 13 Best March Dividend Stocks to Buy

Disclosure: None.  Follow Insider Monkey on Google News.

What you should know as your mortgage comes up for renewal. (Credit: National Post)

This week FP Video looks at the Canadian airline WestJet on its’ 30th anniversary of taking to the skies, what’s behind the recent rush for copper, what investors can expect from volatile markets, and some important tips for renewing your mortgage.

Mortgage myths you need to know before renewal

Victor Tran, Rates.ca mortgage and real estate expert, talks about what homeowners can expect when their mortgage comes up for renewal.

WestJet at 30: The airline’s next stage of growth

30 years on, WestJet is still cruising. It has flown five billion kilometres and carried 400 million passengers to nearly 150 destinations on four continents.

Lundin on 5 forces pushing copper demand higher

Jack Lundin, chief executive of Lundin Mining Corp., talks with Financial Post’s Larysa Harapyn about the five forces driving copper demand right now and how its Vicuña project in South America could make it one of the top producers in the world.

Trump tariffs have likely peaked, says CIO

Laura Lau, chief investment officer at Brompton Funds, talks about the major forces affecting markets this year, including Donald Trump’s tariffs and the AI scare trade, and how investors can position their portfolios.

• Expect used EV prices to fall as imports climb: FP Video
• Millions in Toys 'R' Us gift cards remain unspent: FP Video

Make better investment decisions with Simply Wall St’s easy, visual tools that give you a competitive edge.

Lundin Mining (TSX:LUN) is back in focus after reporting full year 2025 results, with sales of US$4,053.2 million and net income of US$1,283 million following a prior year net loss.

See our latest analysis for Lundin Mining.

The strong full year earnings rebound, new mineral resource estimates and progress around the Vicuña copper project have coincided with very strong momentum, including a 30 day share price return of 20.12% and a 1 year total shareholder return of 279.40%.

If Lundin Mining’s run has you looking for other resource names, this could be a good time to scan 8 top copper producer stocks and see what else fits your watchlist.

With the share price up strongly over the past year and the stock trading above the current analyst price target, plus an indicated intrinsic discount of about 29%, you have to ask: is there still a buying opportunity here, or is the market already pricing in future growth?

Most Popular Narrative: 20.6% Overvalued

The most followed narrative pegs Lundin Mining’s fair value at CA$36.05, well below the CA$43.46 last close, framing the current premium in clear numerical terms.

Lundin Mining is advancing multiple organic growth initiatives, such as the Vicuña project and brownfield expansions at existing operations, that are expected to significantly increase copper and gold production volumes over the coming years, positioning the company to benefit from rising global demand for electrification metals; these developments are set to drive higher future revenue and EBITDA.

Read the complete narrative.

Curious what sits underneath that growth story and still results in a lower fair value than today’s share price? Revenue assumptions, margin profiles and valuation multiples all pull in different directions. The full narrative lays out how those moving parts add up.

Result: Fair Value of CA$36.05 (OVERVALUED)

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

However, you still need to keep an eye on Lundin’s heavy reliance on South American copper operations, as well as the legal overhang from the Candelaria securities class action.

Find out about the key risks to this Lundin Mining narrative.

Another Lens On Value

Those narrative fair value estimates of CA$36.05 suggest Lundin Mining looks expensive at CA$43.46, but our DCF model points the other way, with a fair value of CA$61.58. One view indicates a premium risk; the other implies a discount. Which set of assumptions do you find more reasonable?

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

LUN Discounted Cash Flow as at Feb 2026

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Lundin Mining for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 8 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Next Steps

With mixed signals across valuation models and sentiment, this is a good moment to review the numbers yourself and move quickly to your own view, starting with 2 key rewards and 1 important warning sign.

Looking for more investment ideas?

If Lundin Mining has sharpened your focus, do not stop here. Fresh ideas from our screeners can help you pressure test your thinking and spot new angles.

• Target long term compounding by reviewing 8 high quality undervalued stocks that combine quality fundamentals with prices that may not fully reflect their financial profile.
• Build a more resilient income stream by scanning 5 dividend fortresses to see which companies currently offer higher yields with supporting fundamentals.
• Lower portfolio stress by checking 8 resilient stocks with low risk scores that score well on balance sheet strength and business risk factors.

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 LUN.TO.

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

VANCOUVER, BC, Feb. 27, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act.

The number of issued and outstanding shares of the Company has increased by 299,188 to 854,667,165 common shares with voting rights as of February 27, 2026. The increase in the number of issued and outstanding shares from January 31, 2026 to date is a result of the exercise of employee stock options or the vesting of employee share units. During this period, the Company did not purchase any shares for cancelation under its Normal Course Issuer Bid program.

About Lundin Mining

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

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 27, 2026 at 3:30 Pacific Time.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2026/27/c1679.html

It has been about a month since the last earnings report for Southern Copper (SCCO). Shares have added about 3.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Southern Copper due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Southern Copper Corporation before we dive into how investors and analysts have reacted as of late.

Southern Copper Q3 Earnings Beat Estimates, Sales Up Y/Y

Southern Copper reported third-quarter 2025 earnings of $1.35 per share, which beat the Zacks Consensus Estimate of $1.25. The bottom line marked a 21% increase year over year.

Southern Copper’s Sales & Margins Rise

The company’s sales increased 15% year over year to $3.38 billion, beating the Zacks Consensus Estimate of $3.16 billion.

Higher sales volumes for silver, zinc and molybdenum, and elevated metal prices were offset by lower sales volumes of copper.

The cost of sales was up 11% year over year to $1.36 billion. Operating profit in the third quarter was $1.77 billion, up 22% year over year. The operating margin in the reported quarter was 52.4% compared with 49.5% in the year-ago quarter.

Adjusted EBITDA rose 17.3% year over year to $1.97 billion in third-quarter 2025. The adjusted EBITDA margin was 58.5% compared with the year-ago quarter’s 57.5%.

SCCO’s Production Details

Copper: Southern Copper mined 234,892 tons of copper in the reported quarter, down 6.9% year over year. This was due to a 7.3% decline in output in Peru operation, namely at Toquepala and Cuajone mines. Production at Mexican operations fell 6.5%, attributed to lower output at the Buenavista mine due to lower ore grades. Also, the new Buenavista concentrator has been utilized to maximize zinc and silver production to leverage the favorable ore grades identified in an important segment of the mine.Copper sales were down 3.6% year over year to 234,300 tons.

Molybdenum: The company mined 7,874 tons of molybdenum in the reported quarter, reflecting year-over-year growth of 8.3%, attributed to higher production at La Caridad and Toquepala, which was partially offset by lower production at Buenavista and Cuajone mines. 

Sales were 7,908 tons in the quarter under review, up 7.9% from the third quarter of 2024.

Zinc: The company’s zinc production surged 46% year over year to 45,482 tons in the quarter mainly due to increased production at the Buenavista zinc concentrator. Zinc sales increased 7% year over year to 40,081 tons in the third quarter of 2025.

Silver: Southern Copper’s silver production improved 16.4% year over year to 6.21 million attributed to higher output at Mexican operations, partially offset by lower production from the Peruvian mines. Sales rose 21.9% year over year to 6.32 million ounces.

Southern Copper’s Cash Flow & Balance Sheet

SCCO generated net cash from operating activities of $1.56 billion in the third quarter of 2025, up from $1.44 billion in the third quarter of 2024. Cash and cash equivalents were $3.95 billion at the end of the third quarter of 2025 compared with $3.26 billion as of the end of 2024. Long-term debt was $6.75 billion as of Sep. 30, 2025, higher than the debt balance of $5.76 billion as of Dec. 31, 2024.

Southern Copper’s Guidance for 2025

Southern Copper targets copper production around 958,800 tons for 2025, a 2% dip from last year. The company’s zinc production is projected at 174,700 tons for 2025, which indicates a 34% growth year over year. The increase will be driven by the Buenavista zinc concentrator. Silver production is likely to be around 23 million ounces, 10% higher than in 2024. The company expects to produce 30,000 tons of molybdenum in 2025, which represents a 4% increase from the 2024 output.  

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in fresh estimates.

The consensus estimate has shifted 27.03% due to these changes.

VGM Scores

Currently, Southern Copper has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Southern Copper has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Southern Copper belongs to the Zacks Mining – Non Ferrous industry. Another stock from the same industry, Freeport-McMoRan (FCX), has gained 5% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Freeport-McMoRan reported revenues of $5.63 billion in the last reported quarter, representing a year-over-year change of -1.5%. EPS of $0.47 for the same period compares with $0.31 a year ago.

For the current quarter, Freeport-McMoRan is expected to post earnings of $0.52 per share, indicating a change of +116.7% from the year-ago quarter. The Zacks Consensus Estimate has changed +11.6% over the last 30 days.

Freeport-McMoRan has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.

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

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

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

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• Lundin Mining (TSX:LUN) has launched a major rebranding alongside updates to its copper focused growth plan following recent portfolio changes.
• The company reported significant progress at its flagship Vicuña copper project, including an updated resource estimate that positions it among the leading global development projects.
• Lundin Mining also secured an expanded credit facility, with access tied to meeting project milestones at Vicuña.

Lundin Mining, a diversified base metals producer listed on the TSX under the ticker LUN, is sharpening its focus on copper at a time when the metal is central to long term electrification and infrastructure themes. The refreshed brand and project update provide investors with clearer visibility into how the company is aligning its portfolio and identity with that copper centric direction.

For you as an investor, the combination of a new corporate identity, progress at Vicuña and added credit capacity outlines a more defined path for how Lundin Mining intends to advance its strategy. How management executes on Vicuña and uses the expanded financing will be key factors to monitor as the copper narrative evolves.

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

TSX:LUN Earnings & Revenue Growth as at Feb 2026

We’ve flagged 1 risk for Lundin Mining. See which could impact your investment.

Quick Assessment

• ❌ Price vs Analyst Target: At CA$43.31, Lundin Mining trades about 18% above the CA$36.63 analyst target range midpoint.
• ✅ Simply Wall St Valuation: The model suggests the shares are trading at roughly 22.3% below estimated fair value.
• ✅ Recent Momentum: The stock has returned about 21.2% over the last 30 days.

The timing of any decision to buy, sell or hold Lundin Mining depends on individual objectives and risk tolerance. For more detail, see Simply Wall St’s
company report for the latest analysis of Lundin Mining’s fair value.

Key Considerations

• 📊 The rebranding and Vicuña update indicate that Lundin Mining is emphasizing its copper-focused strategy and long term project pipeline.
• 📊 Investors may want to monitor progress against Vicuña milestones, the use of the expanded credit facility, and how the share price compares with both analyst targets and estimated fair value.
• ⚠️ Forecasts pointing to earnings declining on average by 8.3% per year over the next 3 years underline execution risk if Vicuña does not contribute to stronger profitability.

Dig Deeper

For a fuller picture, including additional risks and potential rewards, review the
complete Lundin Mining analysis. You can also visit the
community page for Lundin Mining to see how other investors believe this latest news may influence the company’s narrative.

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 LUN.TO.

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

Toronto, Ontario–(Newsfile Corp. – February 27, 2026) – Visit Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) at Booth #2147 at the Prospectors & Developers Association of Canada’s (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 1 to Wednesday, March 4, 2026.

About Honey Badger Silver Inc.

Honey Badger Silver is a unique Canadian-focused silver company led by an experienced leadership and technical team with a strong track record of value creation. The Company holds a portfolio of projects in historic mining districts across the Northwest Territories, Yukon, and Nunavut, including Sunrise Lake, Plata, Clear Lake, and the past-producing Nanisivik Mine area. These assets host significant historic silver and zinc resources and offer exposure to high-grade silver exploration potential. Honey Badger also holds a silver investment generating a 12% annual yield.

About PDAC

The World’s Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 26,000 attendees in person in 2024, participants could also attend programming, courses and networking events.

The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world’s mineral industry.

For more information and/or to register for the conference please visit: https://www.pdac.ca/convention.

We look forward to seeing you there.

For further information:

Honey Badger Silver Inc.Sonya Pekar(647)498-8244Spekar@honeybadgersilver.comwww.honeybadgersilver.com

Highlights:

• The investment adds a third strategic investor, when combined with investments by mining companies South32 Group Operations PTY Ltd. and Teck Resources Limited
• The Offering funds significantly expanded drill programs for 2026 and 2027 at the Company's NAK copper-gold porphyry project (the "Nak") near Smithers, BC
• No warrants will be issued in connection with the Offering
• American Eagle will issue these shares at $1.20 CAD

Toronto, Ontario–(Newsfile Corp. – February 27, 2026) – American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to announce that it intends to complete a financing for aggregate gross proceeds up to C$34,540,000, consisting of approximately: (i) up to 19,200,000 common shares to be issued on a premium flow-through basis (each, an "FT Share") at a price of C$1.20 per FT Share ("Charity FT Offering") for proceeds of C$23,040,000; and (ii) up to 14,935,065 common shares (each, a "Share") at a price of C$0.77 per Share for proceeds of up to C$11,500,000 (the "Concurrent Offering" and with the Charity FT Offering are the "Offering").

Eric Sprott, through a 2176423 Ontrio Ltd., a corporation beneficially owned and controlled by him, has agreed to acquire an approximate 9.9% equity interest in the Company, prior to the decisions of Teck and South32 who have certain equity participaton rights as detailed below, through the purchase of 19,200,000 common shares underlying the Charity FT Offering at a back-end price of $0.77 per share. The investment represents C$23,040,000 of the Charity FT Offering gross proceeds.

"We're very pleased to welcome Eric Sprott as another strategic, long-term investor on the register. What makes his participation particularly notable is that it's rare for him to back copper stories. We're proud to have him alongside Teck, South32, and Orecap as foundational, long-term shareholders," state Anthony Moreau, CEO of American Eagle.

"NAK has truly caught my attention. I believe the grade and length of the intervals are exceptional, and the gold grade is the icing on the cake. I believe this is one of the best undeveloped porphyrys in Canada," stated Eric Sprott.

Participation Rights for Teck and South32

American Eagle has previously agreed to grant South32 and Teck certain investor rights, including an equity participation right in equity financings as well as dilutive events to maintain its pro-rata ownership in the Company. Should these shareholders choose to maintain their rights, American Eagle would complete up to a $11.5 million concurrent offering. The Concurrent Offering is to accommodate these rights and additional subscribers and it not a committed amount. Further information will be provided when South 32 and Teck have confirmed their participation intentions to the Company. There is no assurance that either South 32 or Teck will participate in the Offering, or maintain their proportionate equity ownership in the Company.

American Eagle will use the proceeds to thoroughly test its thesis at NAK and build on the successes of its 2026 and 2027 drill program, which expanded NAK's scale and identified additional high-grade zones, as well as for general corporate purposes and working capital.

The FT Shares will qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada) (the "Tax Act"). An amount equal to the gross proceeds from the issuance of the FT Shares will be used to incur, on the Company's Canadian mineral exploration properties, eligible resource exploration expenses that will qualify as (i) "Canadian exploration expenses" (as defined in the Tax Act), (ii) "flow-through critical mineral mining expenditures" (as defined in subsection 127(9) of the Tax Act), and (iii) "BC flow-through mining expenditures" for purchasers in British Columbia (collectively, the "Qualifying Expenditures"). The Qualifying Expenditures, in an aggregate amount not less than the gross proceeds raised from the issuance of the FT Shares, will be incurred on or before December 31, 2027 and will be renounced by the Company to the initial purchasers of the FT Shares with an effective date no later than December 31, 2026. In the event that the Company is unable to renounce the full issue price of the FT Shares on or prior to December 31, 2026 and/or if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each initial purchaser for the additional taxes payable by such subscriber to the extent permitted by the Tax Act as a result of the Company's failure to renounce the Qualifying Expenditures as agreed.

Upon closing this Offering (assuming both the Charity FT Offering and Concurrent Offering are completed), American Eagle will have over C$50 million in cash on its balance sheet, and the Company will be fully funded for substantial drill program expansions in 2026 and 2027.

No warrants are included in the Offering. The Company will pay a commission or finder's fee of up to 1% in connection with the Offering. The Company reserves the right to alter the Concurrent Offering to include a premium flow-through component. Closing of the Offering is expected to occur on, or about, March 20, 2026 (the "Closing Date"), subject to satisfaction of the closing conditions for the benefit of the parties, the receipt of all necessary regulatory approvals and acceptance of the TSX Venture Exchange. The Shares will be subject to a statutory hold period of four months plus a day following the Closing Date.

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

About American Eagle's NAK Project

The NAK Project lies within the Babine copper-gold porphyry district of central British Columbia. It has excellent infrastructure through all-season roads and is close to the towns of Smithers, Houston, and Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and geophysical, geological, and geochemical work at NAK, which began in the 1960's, tested only to shallow depths. Still, the work revealed a very large near-surface copper-gold system that measures over 1.5 km x 1.5 km. Drilling completed by American Eagle in 2022, 2023, and 2024 returned significant intervals of high-grade copper-gold mineralization that reached beyond and much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system. American Eagle Gold completed an aggressive 31,500 metre drill program in 2025 designed to expand and improve the mineral footprint; assays are currently being received.

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

About American Eagle Gold Corp.

American Eagle is focused on exploring its NAK copper-gold porphyry project in west-central British Columbia, Canada.

American Eagle Gold CorpToronto, Ontario

Anthony Moreau, Chief Executive Officer

416.644.1567amoreau@oregroup.cawww.americaneaglegold.ca

Q.P. Statement

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

Forward-Looking Statements

Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding whether the Company will be able to complete the Offering as anticipated, the receipt of regulatory approval, including the approval of the TSX Venture Exchange, to complete the Offering, the intended use of proceeds and intended drill program or its anticipated results at the Company's NAK project, the ability of the Company to make the qualifying expenditures as anticipated by management, and other matters ancillary or incidental to the foregoing. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, actual results might differ materially from those suggested in forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedarplus.ca.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285744

Source: Getty Images

Written by Amy Legate-Wolfe at The Motley Fool Canada

Over the last year, a quiet “not America” investing approach has crept back into investor thinking. U.S. markets kept grabbing headlines, but also felt crowded, expensive, and dominated by a handful of mega-cap names. Meanwhile, investors started paying more attention to places that look less stretched and more diversified by sector. Canada sits in a sweet spot in that conversation because it offers real-economy exposure, a stronger dividend culture, and a market that does not hinge on a single theme staying hot forever.

Anything but

Being “not America” helps Canadian stocks right now since the TSX does not live or die by the same narrow leadership. U.S. indexes can feel like a referendum on a small group of tech giants. Canada spreads its weight across banks, energy infrastructure, utilities, industrials, and materials. That mix can dampen the damage when one crowded trade unwinds, and the Canadian portfolio can still participate if global growth holds up.

It also helps that Canada tends to look more reasonably priced when U.S. valuations get lofty. You don’t need Canada to outperform every year for this to matter. You just need a starting point that does not demand perfection. When you buy a market with more cash-flow businesses and fewer hype multiples, your return path can rely more on earnings, dividends, and buybacks, and less on the market handing you a richer valuation.

There is also a practical geopolitical edge to being “not America.” Canada can benefit from supply chain shifts, resource security, and a global push for critical minerals without sitting at the centre of every trade fight. It still feels the splash when the U.S. changes policy, but it is not always the target. In an environment where companies and governments want stable suppliers, Canada’s reputation as a reliable producer of commodities, power, and infrastructure can matter more than it did a few years ago. So, how can investors get in on the action?

TECK

Teck Resources (TSX:TECK.B) shows how this “not America” advantage can translate into a real investment case. The Canadian stock is a major Canadian miner with a growing copper focus, plus zinc and other by-products. The last year of news around Teck has largely revolved around operational execution and copper leverage. Copper prices strengthened, and Teck’s results quickly reflected that.

It also gave investors a clearer roadmap heading into 2026. Teck reaffirmed a wide but meaningful copper production outlook for 2026 of 455,000 to 530,000 tonnes. Teck also published unit cost guidance that investors should watch closely, with copper net cash unit costs guided at about US$1.85 to US$2.20 per pound. Furthermore, in the fourth quarter of 2025, Teck reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.5 billion, which rose by $678 million from the prior-year quarter. Adjusted profit from continuing operations attributable to shareholders came in at $671 million, or $1.37 per share.

If you want a mid-cycle check-in, the second quarter of 2025 showed the business can still earn through less exciting pricing. Teck reported adjusted EBITDA of $722 million in Q2 2025, slightly higher than the same quarter a year earlier, and profit from continuing operations before taxes of $125 million. The Canadian stock highlighted improved profitability at its Trail Operations as support, even as copper and zinc prices ran lower than the year before.

Bottom line

Being “not America” is not about anti-U.S. thinking, but about balance. Canada offers a different mix, often a different valuation starting point, and real exposure to the materials and infrastructure the world still needs. Teck captures that idea in one Canadian stock. It gives you copper torque, a clearer 2026 production roadmap, and earnings power that can expand fast when the cycle cooperates. If you want a practical way to diversify away from crowded U.S. positioning without wandering into the unknown, this is the kind of Canadian name that can make the “not America” case feel very real.

The post Why Being “Not America” Is Actually an Advantage for Canadian Stocks Right Now appeared first on The Motley Fool Canada.

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More reading

• 5 Top Motley Fool Stocks to Buy in December
• 3 Canadian Companies Powering the AI Revolution

Fool contributor Amy Legate-Wolfe 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

Highlights:

• NIV's initial drill program scheduled to begin in June.
• First phase between 4,000 and 8,000 metres of drilling.
• Multiple deposit-scale target areas outlined.
• Fully funded for 2026 with approximately $10 million cash.
• Centerra Gold and Teck Resources each own 9.9% of Metal Energy.

Toronto, Ontario–(Newsfile Corp. – February 26, 2026) – Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) (the "Company" or "Metal Energy") is pleased to provide the following update on its 2026 exploration program at its fully permitted NIV copper-gold-molybdenum project ("NIV" or the "Project") located in the Toodoggone District, British Columbia.

NIV Background

NIV covers 12,500 hectares of highly prospective ground, across two claim blocks, NIV and West NIV, within the prolific Toodoggone District of north-central British Columbia, approximately 32km south of Centerra Gold's Kemess mine complex. The Project is largely underlain by the same Triassic-Jurassic geology that hosts nearby copper-gold porphyry deposits, including those held by Centerra, by Amarc Resources, and by TDG Gold. The NIV property displays strongly anomalous soil geochemistry (>100 ppm copper, >75 ppb gold, >4 ppm molybdenum) over broad areas along a five kilometre long trend that are coincident with similarly strongly anomalous geophysical responses (IP (Induced Polarization) chargeability and resistivity, airborne MT (Magnetotellurics) which stretch to depths of several hundreds of metres or more. Such coincident anomalies are suggestive of the potential for a large scale porphyry copper-gold system at depth, with scale to accommodate multiple porphyry centers. Neither the NIV nor West NIV property has been drill-tested previously.

Initial Drill Program Set for June

The initial drill program in planning for the NIV property will be designed to test multiple porphyry Cu-Au-Mo targets along the length of the NIV property's 5 km long trend of coincident geochemical and geophysical anomalies. Each target will be tested by multiple drill holes. The initial drilling will likely consist of a total of between 4,000 and 8,000 metres.

CLICK HERE to View NIV Target Areas

Final drill site selection will be informed by ongoing compilation and interpretation of all geological, geochemical and geophysical data. Geological ground-truthing and possible additional geophysics (ground AMT surveys; completion of the West NIV airborne geophysical survey) may be conducted to further refine drill sites concurrent with initiation of the drill program.

Metal Energy intends to mobilize drill crews in June 2026, with contractors engaged and logistical planning well underway.

Fully Capitalized and Backed by Majors

The Company enters 2026 fully capitalized, with approximately $10 million in cash, and with the backing of two major mining companies, Centerra Gold ("Centerra") and Teck Resources ("Teck") (refer to December 17, 2025 news release). Centerra and Teck each hold 9.9% of Metal Energy's issued and outstanding common shares, and represent the technical and commercial validation of NIV's prospectivity–these investments were made without a single drill hole having been cored at NIV.

About Metal Energy

Metal Energy Corp. (TSXV: MERG) (OTCQB: MEEEF) is a critical metals exploration company focused on copper and gold assets in Canada.

CLICK HERE to Watch Technical Webinar on NIV

CLICK HERE to View NIV Technical Presentation

Metal Energy's portfolio now includes three high-potential projects:

• NIV Project (Cu-Au-Mo) – Toodoggone District, British Columbia
• Highland Valley Project (Cu-Mo-Ag-Au-Re) – British Columbia
• Manibridge Project (Ni-Cu-Co-PGE) – Manitoba
• CLICK HERE to Visit Projects Page

QP Statement

The technical information in this release has been reviewed and approved by Roy Greig, Ph.D., P.Geo., an independent Qualified Person as defined by National Instrument 43-101.

For further information, please contact us via email or through our website (see below), or visit us in Toronto at the Metals Investor Forum prior to PDAC:

Metal Energy Corp.MERG on the TSXVinfo@oregroup.ca www.metalenergy.ca

Reader Advisory

Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including details about the business of Metal Energy. All statements in this news release, other than statements of historical fact, that address events or developments that Metal Energy expects to occur are forward-looking statements, including, but not limited to, final TSXV approval, the use of proceeds from the Offering, and future exploration plans and timelines. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Metal Energy's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, and stock market volatility. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, such statements are based on factors and assumptions concerning future events which may prove to be inaccurate.

Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in Metal Energy's public disclosure documents available at www.sedarplus.ca. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Metal Energy does not undertake any obligation to publicly update or revise any of the forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange Inc. 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/285436

FEATURE

De Beers is becoming a symbol of how increasing sales of lab-grown stones are adversely affecting the diamond market. The company suffered a third-straight write down in 2025 as its corporate parent,

Anglo American

nears a sale of the business.

Anglo American wrote down the value of De Beers by $2.3 billion last year, the company reported Friday. This followed impairments of $2.9 billion in 2024 and $1.6 billion in 2023. The carrying value of the business is down to just $2.3 billion.

Anglo American CEO Duncan Wanblad said on the company’s conference calls that it is in “advanced stages of discussion with a select group of interested parties.”

Analysts think a sale of the business could be announced soon.

De Beers mines most of its natural stones in Botswana. The Botswana government owns 15% of De Beers and could emerge as one its buyers.

Lab-grown stones now make up an estimated 50% of the engagement ring market at prices that can be a fraction of natural stones.

An index of diamond prices tracked by BofA Global Research is at its lowest level in more than 20 years. This offers a sharp contrast with gold, which is above $5,000 an ounce and near its recent record highs.

De Beers once dominated the diamond trade and was a key part of Anglo American, now a U.K. company but with South African roots.

De Beers had a loss of $0.5 billion in 2025 as measured by earnings before interest, taxes, depreciation and amortization (Ebitda), against break-even results in 2024 and $1.4 billion of profits in 2022.

Revenue of $3.5 billion last year was just over half the $6.6 billion in 2022. Production fell 12% last year to 21.7 million carats, capping a drop from 35 million carats in 2022.

Anglo American is keen on selling De Beers even if it gets little for the business as the mining company focuses on copper, a big beneficiary of the global electrification trend. Anglo reached a merger of equals deal with

Teck Resources

to create a leading global copper company. Anglo American’s U.S. shares (NGLOY) are up over 60% in the past six months to around $25 on optimism about the deal and copper. The company is now valued at $60 billion.

Jefferies analyst Chris LaFemina wrote after the Anglo results that the stock remains one of his top mining picks as it “rerates” to more of a copper play, with copper expected to account for 70% of earnings over time. He sees the Teck deal closing this year.

His view is that exiting De Beers and other businesses such as nickel and met coal will help Anglo’s valuation. The company divested in the platinum business last year.

On the earnings call, an analyst suggested a spinoff to De Beers holders might be a better outcome given the low price the business will likely receive.

Wanblad replied that a De Beers spinoff would be a challenge given the low valuation of comparable companies.

Mined diamonds have rarely been more out of favor with investors. The apparent fear is that cheap lab-grown stones are killing the profitability of the overall market. That may allow buyers of De Beers to buy the storied company for a cheap price.

Write to Andrew Bary at andrew.bary@barrons.com

Copper has morphed from a cyclical industrial metal into the backbone of a structural super theme, with prices recently hovering near record territory after jumping more than 40% in 2025 and staying above roughly $13,000 per metric ton on London futures early this year.

To this end, the S&P Global projects global copper demand to surge 50% by 2040, jumping to an estimated 42 million metric tons (as cited in a Forbes report).

Such a robust demand, combined with constrained mine growth, is causing a structural supply deficit, underpinning spot prices and strengthening the long-term outlook for copper. For investors seeking to position themselves for this multi-decade theme without being exposed to single-stock-specific risks, targeted copper exchange-traded funds (ETFs) provide a straightforward way to gain diversified exposure to the red metal’s upside.

Before adding such ETFs to your portfolio, it is important to understand the specific catalysts behind this “Copper Crunch” and why a basket approach may be a prudent strategy. Doing so will help you make a more informed investment decision.

What’s Driving Copper Demand?

The primary engine driving this demand is undoubtedly the global energy transition. Copper is the metal of electrification, with everything from electric vehicles (EVs) to solar farms requiring it in vast quantities.

For example, S&P Global Vice Chairman Daniel Yergin highlighted in a recent interview with CNBC Television that an electric car uses significantly more copper (roughly 2.9% more) than a conventional internal combustion engine vehicle.

The second most important catalyst reshaping the demand pool for Copper is the humongous demand for electricity generated from the skyrocketing number of artificial intelligence (AI) models being built.  AI-driven data centers require immense amounts of power, and that power must be transmitted and managed using extensive copper-intensive electrical infrastructure.

This dual demand from electrification and AI is creating a powerful tailwind for demand, reinforcing copper's critical role in the modern economy as well as reshaping the mining industry's hierarchy. Evidently, BHP Group BHP, one of the world’s largest mining companies, recently reported that copper has officially displaced iron ore as its primary profit driver, accounting for 51% of its total underlying earnings in its latest half-year results.

Other pure-play copper miners like Freeport McMoRan FCX and Southern Copper SCCO have also witnessed a strong rally in their share prices lately, reflecting Wall Street’s favorable reaction to rising copper prices.

Why ETFs & Not Individual Miners?

Considering the aforementioned discussion, investing directly in a copper miner can be lucrative, but it comes with company-specific risks. For instance, a miner might face a sudden regulatory hurdle in a key jurisdiction, a labor strike at a primary mine, or significant cost overruns on a new expansion project—all of which can hammer the stock price even if copper prices remain strong. Thus, a single operational setback can wipe out an investor's gains.

A copper ETF effectively sidesteps this "single-stock risk." By holding a diversified basket of miners — from global giants to smaller developers — and potentially copper futures contracts, the ETF helps smooth out volatility caused by issues at any single company.

Copper ETFs to Consider

For investors looking to capitalize on the anticipated demand surge of copper, here are a few ETFs to consider:

Global X Copper Miners ETF COPX

This fund, with assets worth $7.49 billion, provides exposure to 41 copper mining companies. Its top three holdings include Lundin Mining LUNMF (6.11%), Sumitomo Metal Mining SMMYY (5.73%), and Boliden AB (5.43%).

COPX has surged a solid 24.1% year to date. The fund charges 65 basis points (bps) as fees. It traded at a good volume of 3.99 million shares in the last trading session.

iShares Copper and Metals Mining ETF ICOP

This fund, with net assets worth $455.7 million, provides exposure to 47 global copper and metal ore miners. Its top three holdings include FCX (8.42%), BHP (7.91%) and Anglo American NGLOY (7.90%).

ICOP has soared 22.3% year to date. The fund charges 47 bps as fees. It traded at a volume of 0.16 million shares in the last trading session.

United States Copper ETF (CPER

This fund, with net assets worth $875.5 million, reflects the performance of the investment returns from a portfolio of copper futures contracts on the COMEX exchange. CPER has gained 3.4% year to date.

The fund charges 106 bps as fees. It traded at a volume of 0.59 million shares in the last trading session.

Sprott Copper Miners ETF COPP

This fund, with net assets worth $288.8 million, provides exposure to physical copper and 63 copper miners. Its top three holdings include FCX (25.70%), Teck Resources TECK (9.90%) and Antofagasta plc (9.40%).

COPP has rallied 19.3% year to date. The fund charges 65 bps as fees. It traded at a volume of 0.31 million shares in the last trading session.

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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

Global X Copper Miners ETF (COPX): ETF Research Reports

Lundin Mining Corp. (LUNMF) : Free Stock Analysis Report

Teck Resources Ltd (TECK) : Free Stock Analysis Report

Anglo American (NGLOY) : Free Stock Analysis Report

iShares Copper and Metals Mining ETF (ICOP): ETF Research Reports

Sprott Copper Miners ETF (COPP): ETF Research Reports

Sumitomo Metal Mining Co., Ltd. – Unsponsored ADR (SMMYY) : Free Stock Analysis Report

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

Zacks Investment Research

This article first appeared on GuruFocus.

Anglo American (NGLOY) has taken another step deeper into the diamond downturn, booking a further $2.3 billion impairment on De Beers as one of the industry's most prolonged crises continues to weigh on performance. The latest charge marks the third writedown in two years, bringing total impairments on the unit to $6.8 billion and reducing its carrying value to $2.3 billion. De Beers reported a $511 million underlying loss, reflecting pressure from weaker Chinese luxury demand and the rising popularity of synthetic stones. The strain has been compounded by US tariffs on India the world's largest diamond exporter after President Donald Trump imposed 50% levies in August, though he has said a rollback could be in place by April. Chief Executive Officer Duncan Wanblad said on a call with reporters that he hopes this represents a low point.

• Warning! GuruFocus has detected 9 Warning Signs with NGLOY.
• Is NGLOY fairly valued? Test your thesis with our free DCF calculator.

Against that backdrop, Anglo's core operations delivered a steadier performance. Underlying earnings from continuing operations rose 2% to $6.4 billion, supported by stronger copper and iron ore results, while the company cut its final dividend by 27% from the same period last year. Net debt declined to $8.6 billion. The restructuring plan first unveiled in 2024 to fend off an approach from BHP Group (NYSE:BHP) remains central to the equity story, with Anglo moving to exit diamonds, coal and platinum and reposition itself around copper. It has already spun off its South African platinum assets, though the divestments of De Beers and its coal business are still in progress. Wanblad said the company expects final bids for the coal unit in the second quarter and remains optimistic that a deal to sell De Beers could be reached this year.

Investor focus, however, appears anchored on copper and the agreed acquisition of Teck Resources Ltd. (NYSE:TECK), a transaction that would establish Anglo as one of the world's largest copper producers. The deal would add Teck's portfolio of copper mines, including the Quebrada Blanca mine in northern Chile, which neighbors Anglo's Collahuasi project. Shareholders of both companies have approved the transaction, and Anglo is working through regulatory approvals, with no positive or negative indications from China and an expected conclusion between September and March, Wanblad told Bloomberg TV. The company's shares have rallied more than 50% over the past year as copper prices surged to record highs. Anglo also announced an investment agreement with Mitsubishi Corporation that could lead to the Japanese firm taking a 25% stake in the Woodsmith fertilizer project, potentially supporting its future development as the portfolio reshaping continues.

This article first appeared on GuruFocus.

• EBITDA: $6.4 billion from continuing operations.
• Underlying Earnings: $1.6 billion for the simplified portfolio.
• EBITDA Margin: 44% for the simplified business focused on copper and premium iron ore.
• Cost Savings: $1.8 billion cost out program achieved, with $1.6 billion realized in 2025.
• Net Debt: Reduced by $2 billion to $8.6 billion.
• Dividend: $0.23 per share, in line with a 40% payout policy.
• De Beers EBITDA: Negative $0.5 billion.
• Capital Expenditure: $3.3 billion for continuing operations, a 16% decrease.
• Free Cash Flow: $1.4 billion sustaining attributable free cash flow.
• Production Guidance: Copper business met its 2025 production guidance.
• Iron Ore Production: Expected to be down by 4 million tons during UHDMS tie-in at Khumba.
• Special Dividend: $4.5 billion payable to Anglo American shareholders upon merger completion.

• Warning! GuruFocus has detected 9 Warning Signs with AAUKF.
• Is AAUKF fairly valued? Test your thesis with our free DCF calculator.

Release Date: February 20, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Anglo American PLC (AAUKF) recorded its lowest ever total recordable injury frequency rate, indicating significant progress in safety measures.
• The company executed major portfolio changes, unlocking substantial value for shareholders and paving the way for strategic growth.
• Successful demerger of Volterra and the full sell-down of a 19.99% stake raised approximately $2.5 billion, aiding in balance sheet improvement.
• The merger with tech is expected to create a global critical minerals champion, positioning the company as a leading copper producer.
• Strong operational performance in the copper and iron ore businesses, with effective cost control and delivery on production guidance.

Negative Points

• Despite safety improvements, the company reported two workplace fatalities, highlighting ongoing safety challenges.
• De Beers reported a negative EBITDA of half a billion dollars, reflecting challenging market conditions and lower diamond prices.
• The company's effective tax rate for continuing operations was high at 52%, influenced by De Beers' performance.
• Copper unit costs are expected to increase due to stronger currencies and changes in production mix, impacting profitability.
• The company faces regulatory hurdles in completing the merger with tech, with approvals still pending from South Korea and China.

Q & A Highlights

Q: Can you provide an update on the timing and process for the Kolosi and QB projects, and the potential partnership with Glencore? A: Duncan Wanblad, CEO, explained that the key milestone for growth at Kolosi is the development of the fourth line by the end of 2027. The combined QB option is more attractive due to lower complexity and capital intensity. Discussions with Glencore are ongoing, and while no visits have been made since the due diligence, technical assistance has been provided to QB.

Q: What is the status of the Woodsmith feasibility study and the potential partnership with Mitsubishi? A: Duncan Wanblad, CEO, stated that the feasibility study is progressing well, with significant tunnel progress. Mitsubishi has an option for a 25% stake, and the focus is on understanding the ore body to develop a mining plan. The project is running as per the slowdown plan, with no final investment decision expected before 2028.

Q: How do you plan to manage De Beers' cash flow in a challenging market, and what is the strategy for its sale? A: Duncan Wanblad, CEO, noted that while working capital release helped in 2025, other cash preservation mechanisms are being explored for 2026. The divestment process involves strategic buyers who understand the diamond market, and the sale structure may include upfront and contingent payments based on market recovery.

Q: What are the potential regulatory hurdles for the Anglo tech merger, particularly with Chinese regulators? A: Duncan Wanblad, CEO, indicated that the regulatory process with China is proceeding as expected, with no unusual requests. The merger is anticipated to take 12 to 18 months, with no changes to this timeline currently expected.

Q: Can you elaborate on the potential for streaming or other financial optimizations within the portfolio? A: Duncan Wanblad, CEO, mentioned that while streaming opportunities are limited due to the lack of precious metals in their resources, the company continuously evaluates value-accretive opportunities within the portfolio, including infrastructure optimization.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Walmart (WMT)

Shares in Walmart (WMT) were flat in pre-market trading after the retailer reported stronger than expected fourth quarter sales, driven by resilient grocery demand and rapid online growth, as newly appointed chief executive John Furner began his tenure with a cautious outlook for the year ahead.

Revenue rose 5.6% to $190.7bn (£141.7bn) in the quarter ended in January, slightly ahead of analyst estimates, according to Reuters. US comparable sales increased 4.6%, above forecasts of about 4.2%, helped by a 27% rise in US online sales.

Global e-commerce sales climbed 24% year on year, as the company continued to attract higher income households with faster delivery options and an expanded third party marketplace.

For the full year, revenue reached a record $713.2bn. However, the Financial Times noted that the figure was surpassed for the first time by Amazon (AMZN), which reported annual revenue of $716.9bn.

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Walmart’s shares have more than doubled over the past two years, lifting its market capitalisation above $1tn, as it benefited from inflation weary consumers trading down and from investments in automation and AI.

Quarterly operating profit rose 10.8% to $8.7bn, slightly below analyst expectations of $8.9bn, while net income fell 19.4% to $4.2bn, reflecting changes in the fair value of certain investments.

The group’s dominance in groceries, which account for about 60% of US sales, continued to underpin performance.

Super Micro Computer (SMCI)

Shares in Super Micro Computer (SMCI) were the top trending ticker on Yahoo Finance on Friday morning after a strong quarterly earnings report and a series of analyst upgrades rekindled investor sentiment.

The San Jose-based provider of server and storage systems reported net revenue of $12.68bn and net profit of $400.56m for the quarter earlier this month, a performance that helped drive the latest rally in the shares.

Analysts moved the stock to a “strong buy” following the results, pointing to the company’s Data Center Building Block Solutions platform as a key driver of potential margin improvement and the principal rationale for owning the shares. The consensus rating on Wall Street for SMCI stands at “Moderate Buy”, with a mean price target of about $43, implying roughly 35% upside from current levels.

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Options traders also increased activity, with a surge in call buying as the stock climbed back above its 50 day moving average, a closely watched technical threshold for momentum investors. Trading volume reached 42.1 million shares, about 47% above the three month average of 28.6 million.

Opendoor Technologies (OPEN)

For the three months to December, the company posted revenue of $736m, ahead of analysts’ estimates of $594.9m. Adjusted EBITDA came in at a loss of $43m, narrower than the consensus forecast of a $47.5m loss and ahead of company guidance for a loss “in the high $40m to mid $50m”.

Opendoor (OPEN) exceeded its own operating targets during the quarter. The number of homes purchased rose 46% quarter on quarter, compared with management’s goal of at least 35% growth. The 1,978 homes sold in the period were almost 20% above Wall Street’s expectations.

“This quarter demonstrates we are executing on that plan,” said chief executive Kaz Nejatian. “These results reflect structural improvements in how we operate with more accurate pricing, faster inventory turns, and disciplined selection.”

Looking ahead, the company said it expects a first quarter adjusted EBITDA loss “in the low to mid $30m,” an improvement on the anticipated $37.7m deficit. However, its revenue outlook disappointed investors, with management projecting a decline of about 10% quarter on quarter, compared with analysts’ expectations of a sharp increase.

Klarna (KLAR)

Shares in Klarna (KLAR) edged up 1% in pre-market trading after plunging 27% in the previous session, as the buy now pay later group reported a $273m net loss for 2025 and raised provisions for loans it expects customers will be unable to repay.

For the year to the end of December, the company swung to a net loss of $273m from a profit of $21m a year earlier, while total revenue increased to $3.5bn from $2.8bn.

In the fourth quarter, the Stockholm based group reported a net loss of $26m, compared with a profit of $40m in the same period last year. Revenue for the quarter rose 38% to $1.1bn, marking the company’s first billion dollar quarter and coming in above guidance. However, analysts had been expecting a fourth quarter loss closer to $10m.

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The shares had already halved since the Swedish group secured a $15bn valuation in a New York listing in September. Thursday’s 27% fall to $13.85 extended the post IPO decline to almost 68% and reduced its market value to $5.3bn. The company said it had set aside $250m for credit losses in the fourth quarter, up almost 60% from the same period in 2024.

Klarna primarily offers interest free consumer loans for retail purchases, allowing customers to pay in several instalments.

Anglo American (AAL.L)

Shares in Anglo American (AAL.L) hovered around flat in London trading after the miner wrote down the value of its troubled De Beers unit by a further $2.3bn, weighing on annual earnings.

The mining group is seeking to sell De Beers amid weak demand from China and the rapid growth of synthetic diamonds. It reported impairments of $2.9bn in 2025 and $1.6bn the previous year in relation to the business. 

Underlying group core earnings rose 2% to $6.4bn, as higher copper prices offset a 10% decline in production of the metal, reflecting lower grades and plant maintenance.

The final dividend was cut by 27% to 16 cents a share, bringing the total payout for the year to 23 cents a share, down 64%.

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Adam Vettese, market analyst for eToro, said: “Anglo American’s full year results tell a story of steady stabilisation for a miner in transition, showing gritty operational progress amid portfolio pruning, setting the stage for bigger ambitions via the advancing Teck (TECK) merger. Earnings from continuing operations edged up with EBITDA up 2%, powered by stellar 49% copper margins and 43% from premium iron ore, while nailing $1.8bn in cost savings and strong 107% cash conversion trimmed net debt to $8.6bn.

“That said, the group’s total earnings remain well below 2023 peaks after shedding coal and nickel, capex eats over $2.5bn in cash yearly, and fresh De Beers writedowns highlight past allocation missteps. These numbers now bridge to the Teck deal, post Canadian approval and shareholder backing, which will promise $800m synergies, a top-tier copper giant, and a Vancouver HQ to turbocharge growth.

“For investors, it’s a leveraged copper bet, though merger execution and commodity swings will decide the fate. Shares have opened positively this morning and could be primed for further upside if Teck seals smoothly in 12-18 months and copper rallies, although any China jitters could stall that.”

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Mining giant Anglo American has written down the value of its troubled De Beers diamond business by another 2.3 billion US dollars (£1.7 billion) amid a slump in demand for the precious gems.

The FTSE 100 firm reported net losses of 3.7 billion dollars (£2.8 billion) in 2025 due largely to the massive impairment charge on De Beers, which marked its third such write down in three years.

On an underlying basis, Anglo’s earnings edged 2% higher to 6.4 billion dollars (£4.8 billion).

Anglo has been trying to sell De Beers – in which it has an 85% stake – due to a lengthy downturn in the diamond market and amid the rise in synthetic lab-grown diamonds.

Anglo boss Duncan Wanblad said the firm is ‘progressing the separation of De Beers’ (PA)

Annual figures showed underlying losses at De Beers widened to 511 million dollars (£380 million) from 25 million dollars of losses (£19 million) in 2024 as it said “rough diamond trading conditions remained challenging”.

It cut its diamond production by 12% last year.

The latest write downs follow impairments of 2.9 billion dollars (£2.2 billion) and 1.6 billion dollars (£1.2 billion) in 2024 and 2023 respectively.

Chief executive Duncan Wanblad said in full-year results that the firm was “progressing the separation of De Beers”.

Anglo is preparing to merge with Canada’s Teck Resources in a mammoth 50 billion dollar (£37.2 billion) merger between the mining groups.

The deal will create one of the world’s largest copper producers, with the combined firm becoming Anglo Teck.

The deal received shareholder approval at the end of December and the firms are working to secure regulatory approval in different jurisdictions over the course of 2026.