Base Metals Archives - Page 4 of 97

FTSE 100 Live: London stocks recover as oil and gold climb on Iran tensions Proactive uses images sourced from Shutterstock

FTSE 100 rises 60 points to 10,687
Retail sales jump to 2-year high in January
Asian markets mostly lower on Iran tensions

9.15am: More morning movers

Chemring Group (LSE:CHG) slipped 3.5% after a slower-than-expected start to the year, hit by production hiccups at its Tennessee plant. Despite this, the defence tech firm kept its full-year outlook unchanged, with a strong £1.364bn order book and new contracts, while CEO Michael Ord flagged solid growth potential from rising Nato and allied defence budgets. Read more

Diageo PLC (LSE:DGE) jumped 1.8% to 1,813p on reports that new CEO Dave Lewis is planning a major shake-up of the executive team, trimming layers of management. The former Tesco chief, nicknamed “Drastic Dave,” faces the challenge of reviving the spirits giant amid sluggish demand and US tariff headwinds. Read more

Anglo American PLC (LSE:AAL) shares edged up 1% to 3,612p after reporting a slight rise in 2025 underlying EBITDA to $6.4bn and $1.8bn in cost savings, with copper and iron ore outperforming De Beers. CEO Duncan Wanblad hailed strong operational delivery, while the miner gears up for its proposed Anglo Teck merger with Canada’s Teck Resources. Read more

BlackRock Smaller Companies Trust jumped 4% to 1,433p after announcing a merger with Throgmorton, creating a £780m growth-focused trust—the UK’s largest in the sector. Investors can choose cash or shares, overlapping portfolios will be co-managed, fees cut to the sector’s lowest, and a five-for-one share split aims to make the trust more accessible to smaller investors. Read more

8.30am: Good news for the Chancellor

The UK public sector started 2026 on a high note, recording a £30.4 billion surplus in January, well above last year’s £14.5 billion and ahead of economists’ expectations of £24 billion.

Strong tax receipts played a big role. Self-assessed Income and Capital Gains Tax brought in £46.4 billion, £10.5 billion more than January 2025, boosted in part by the usual January rush and fears of future tax hikes.

Borrowing for the financial year to January was £112.1 billion, down 11.5% from last year, while the public sector current budget showed a £40.9 billion surplus for the month.

Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics, said: "Good news for the Chancellor, but the pressure to spend will intensify."

Indeed, much of the surplus came from lower-than-expected interest payments and underspending, while other areas of spending were higher than forecast. With the government already committing an extra £5 billion to cover council special educational needs and disabilities (SEND) deficits and signalling faster defence spending, January’s strong numbers may only offer temporary relief.

January’s figures are encouraging, but economists warn the real test for the public finances will come later in the year, as spending pressures and upcoming local elections put the government’s fiscal plans under the spotlight.

8.15am: Footsie off to a flying start

The FTSE 100 is off to a positive start, making up for some of yesterday's losses on the renewed US-Iran tensions. Shortly into the session, London's blue-chip index is up 29 points at 10,655.60, a gain of just over a quarter of a percent.

Leading the gainers are St James's Place PLC (LSE:STJ) and Burberry Group PLC (LSE:BRBY), with gains of 3.8% and 2.8% respectively. The Sage Group PLC (LSE:SGE) takes third place with a 1.7% rise.

Countering those gainers, SSE PLC (LSE:SSE) has shed 1.1% in early dealings, while BP PLC (LSE:BP.) is down 0.6% despite oil's gains.

Chemring Group (LSE:CHG) is down 4% after the defence and security technology company told shareholders its full-year outlook remains unchanged, despite a slower-than-expected start to the financial year caused by operational disruption at one of its US manufacturing sites.

7.45am: Retail sales perk up

Shoppers started the year in a confident mood, giving retailers a welcome lift.

The Office for National Statistics (ONS) said retail sales volumes jumped 1.8% in January 2026, the biggest monthly rise since May 2024. That follows a solid 0.4% increase in December, rounding off a positive start to the year.

Over the three months to January, sales nudged up 0.1% compared with the previous quarter. Volumes were 4.5% higher than a year ago and now sit level with their pre-pandemic position in February 2020.

The January bounce was driven by a pick-up in automotive fuel and firmer demand for non-food items. Commercial art galleries, computer and telecoms retailers and household goods stores all enjoyed stronger trade. That helped offset softer performances at supermarkets and department stores.

Online shopping also remained upbeat. Spending values rose 1.3% month-on-month and were up 14.7% year-on-year. Overall spending increased 1.6%. The share of sales made online dipped only slightly, from 28.3% to 28.2%, suggesting digital demand remains resilient even as shoppers return to the high street.

7.15am: FTSE set for brighter start

London’s blue-chip index is expected to claw back the majority of Thursday’s losses this morning. After retreating from recent record highs to close 59 points down at 10,627, futures suggest the FTSE 100 will open about 36 points higher.

Geopolitical tensions are back in focus amid reports that the US could be preparing for a strike on Iran. Brent crude is up 0.7% at $72.13 a barrel, a six-month high, while gold has added 0.6% to $5,026 an ounce as investors seek safety.

Wall Street weakened overnight, with the Dow Jones down 0.5% and the S&P 500 and Nasdaq both off 0.3%.

Asian markets are mostly softer this morning. Tokyo has fallen 1%, Hong Kong’s Hang Seng is down 0.6%, and Shanghai’s SSE Composite has dropped 1.3%.

South Korea’s Kospi is the outlier, rising 2.2% on strong demand for defence and shipbuilding stocks, hitting a fresh high.

In Australia, the ASX 200 closed only marginally lower.

Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.

1. Another big dividend cut from Anglo American as turnaround continues

Anglo American [LON:AAL] issued full year results this morning, with the company reporting a modest 5% uptick in revenues as the simplification process continues. Margins remained healthy at 49% for copper and 43% for iron ore but the losses reported last summer continue to mount and once again the dividend has been pared back – although maybe slightly less aggressively than was seen in the interims. The transformation plans are said to be on track and the merger with Canada’s Teck continues in a bid to unlock better shareholder value.

Is Babcock right to be confident on full year outlook?

2. Positive numbers from SEGRO as occupancy, rents tick higher

SEGRO [LON:SGRO] issued full year numbers this morning, headlining with £99m of new contracted rent commitments, a 6% uptick in like-for-like rental income and occupancy rates rose to 94.9%. Adjusted pre-tax profits added 8.3% whilst shareholders are set to benefit from a 6.1% increase in dividends.

Is Babcock right to be confident on full year outlook?

3. Forensic audit team join SkinBioTherapeutics investigation

Another note from SkinBioTherapeutics [LON:SBTX] following the rapid departure of its CEO at the end of last week. This latest update announces that FRP Advisory have now been appointed to undertake an independent forensic review to clarify the accounting situation and enable publication of half year accounts. Clearly the business wants to get on top of this but the costs will now be mounting.

Is Babcock right to be confident on full year outlook?

In case you missed it…

Today we take a look at AIM-listed Tooru which has raised £980k through a recent placing. Chief Executive, Scott Livingston sets out its next phase of growth and development.

Rio Tinto’s results yesterday showed resilience – and their high quality pipeline anchored to the copper price offers plenty of opportunity for growth.

We also take a look at the Scottish American Investment Company which has increased its dividend for the 52nd consecutive year.

Next week’s earnings include Nvidia, Rolls-Royce and IAG.

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Teck Resources reports strong Q4 earnings, advances Anglo American merger Proactive uses images sourced from Shutterstock

Teck Resources Ltd (TSX:TECK.B) reported stronger fourth quarter results for 2025, highlighted by an earnings beat, solid cash generation and continued progress on its proposed merger with Anglo American PLC (LSE:AAL).

The Vancouver-based miner posted adjusted earnings of C$1.37 per share for the quarter, ahead of consensus estimates.

Revenue was approximately C$2.79 billion in the fourth quarter, supported by higher copper prices and improved by-product revenue.

Teck’s copper business remained the primary earnings driver. The segment generated gross profit before depreciation and amortization of C$1.1 billion in the quarter, up from C$732 million a year earlier, reflecting higher copper prices and lower smelter processing charges. Copper prices averaged US$5.03 per pound during the quarter and ended the year at US$5.67 per pound. Gross profit from the copper business was C$747 million.

“Teck closed out 2025 with strong momentum, delivering robust Q4 financial performance underpinned by significantly higher copper prices and operating performance in line with plan,” CEO and president Jonathan Price said in a statement. He added that the company continued to make progress on the ramp-up at Quebrada Blanca, including improvements in production and tailings management facility development.

Teck also said the proposed merger of equals with Anglo American to form Anglo Teck advanced during the quarter. Shareholders of both companies approved the transaction on December 9 and the Government of Canada granted approval under the Investment Canada Act on December 15.

The transaction remains subject to customary closing conditions, including additional regulatory approvals in multiple jurisdictions. Teck said both parties continue to work toward securing the remaining approvals and advancing the deal to completion.

Following the report, Teck’s US-listed shares were down 1.4% at about $58, while its Canadian-listed shares were down 1.6% at about $80.

Teck Resources Ltd. reported its fourth-quarter profit and revenue rose compared with a year ago as it works to close its merger with Anglo American.

"We are working collaboratively with Anglo to secure the remaining approvals required to complete the transaction, including China and South Korea," said chief executive Jonathan Price on an earnings call Thursday.

He said the expectation is still that the deal, announced last September, will take 12 to 18 months to close, but preparations are already underway for when it does.

"While we can't start working as a combined team until closing, integration planning work is well underway to ensure day one readiness and a rapid transition following the closing," said Price.

His comments came as the miner reported a profit attributable to shareholders of $544 million or $1.11 per diluted share for the quarter ended Dec. 31, up from $399 million or 78 cents per diluted share a year earlier.

Revenue totalled $3.06 billion, up from $2.79 billion in the fourth quarter of 2024.

On an adjusted basis, Teck says its profit from continuing operations amounted to $1.37 per diluted share, up from 45 cents per diluted share a year earlier.

Analysts had on average expected earnings of 99 cents per share, according to data compiled by LSEG Data & Analytics.

National Bank analyst Shane Nagle said in a note that the results were better than expected on lower expenses and strong by-product credits, while he's also modelling for lower costs ahead as confidence increases in Teck's turnaround at its troubled Quebrada Blanca site.

Price said the company continued to make meaningful progress on a ramp‑up at the mine, with improving production and tailings management facility development.

He said the expected acceleration in production comes as copper markets are showing high demand with prices reaching record highs in the fourth quarter, averaging more than US$5 per pound for the first time.

"Looking longer term, the outlook for copper market fundamentals remain very strong. We see copper as key to global electrification and the shift toward a clean energy future."

Teck's deal with Anglo American has received shareholder approval and cleared its Investment Canada Act review by Ottawa.

This report by The Canadian Press was first published Feb. 19, 2026.

Companies in this story: (TSX:TECK.B)

Ian Bickis, The Canadian Press

TORONTO, Feb. 19, 2026 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX: WM, OTCQB: WLBMF) (“Wallbridge” or the “Company”) announces its participation at the BMO Global Metals, Mining & Critical Minerals Conference in Hollywood, Florida February 22-25, 2026.

Brian Penny, Wallbridge CEO, will present at the conference on Wednesday, February 25, 2026, at 1:15 PM Eastern Time. Presentation materials, and a webcast of Mr. Penny’s presentation will be made available on the Company’s website.

The BMO Global Metals, Mining & Critical Minerals Conference is an invitation-only investment conference, now in its 35th year. The conference convenes global leaders to explore key macroeconomic trends, capital markets developments, and commodity outlooks. The event features company presentations, thematic panel discussions, and one-on-one investor meetings.

About Wallbridge Mining

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects in Quebec’s Abitibi region while respecting the environment and communities where it operates. The Company holds a contiguous mineral property position totaling 598 square kilometres that extends approximately 82 kilometres along the Detour-Fenelon gold trend. The land position is host to the Company’s flagship PEA stage Fenelon Gold Project, and its earlier exploration stage Martiniere Gold Project, as well as numerous greenfield gold projects.

For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:

Wallbridge Mining Company Limited
Brian Penny, CPA, CMAChief Executive OfficerEmail: bpenny @wallbridgemining.comM: +1 416 716 8346	Tania Barreto, CPIRDirector, Investor RelationsEmail: tbarreto@wallbridgemining.comM: +1 416 289 3012

Announced the initiation of its fully funded 2026 exploration and technical studies programs, highlighted by the commencement of drilling at its 100%-owned Fenelon Gold Project in northwestern Québec. Wallbridge Mining Company Limited shares T.WM are trading unchanged at $0.09.

Read:

TORONTO, Feb. 17, 2026 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX: WM, OTCQB:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce the initiation of its fully funded 2026 exploration and technical studies programs, highlighted by the commencement of drilling at its 100%-owned Fenelon Gold Project (“Fenelon”) in northwestern Québec.

The 2026 program represents one of the Company’s more active exploration seasons in recent years, with approximately 25,000 metres of drilling planned across the Fenelon, Martiniere, Casault and Grasset properties. The program is designed to advance Fenelon toward its next stage of technical development while continuing to unlock growth potential at the Martiniere Gold Project (“Martiniere”) and earlier stage prospects along the Company’s 598 km² land position covering 82 kilometres of the prolific Detour–Fenelon gold trend.

“We are excited to have launched our fully funded, clearly defined 2026 exploration and development strategy. At Fenelon, our focus is on advancing the technical work required to further de-risk the project and position it for the next stage of development. At the same time we are allocating capital to systematically evaluate the broader growth potential at Martiniere and across our regional property portfolio,” commented Brian W. Penny, Wallbridge’s Chief Executive Officer.

“Our 2026 program is structured to balance longer term development priorities with nearer-term resource growth opportunities, while maintaining financial discipline and flexibility as results are received,” concluded Mr. Penny.

2026 EXPLORATION PROGRAM OVERVIEW

Fenelon

Drilling has commenced at Fenelon with one rig focused on targeted infill areas within the current mineral resource that forms part of the conceptual mine plan outlined in the Company’s March 27, 2025 Preliminary Economic Assessment (“PEA”). This initial campaign will include approximately 2,000 metres of large-diameter (HQ) core drilling to support metallurgical test work and related technical studies. The program is designed to further evaluate gold recoveries across the deposit and characterize residual tailings and waste rock material to further de-risk the project as Wallbridge advances Fenelon along the development pathway to a future pre-feasibility study.

The Company has engaged Synectiq, an independent mining consultancy headquartered in Longueuil, Québec, to oversee and coordinate the metallurgical testing and related technical studies included in the 2026 program. Synectiq brings extensive experience managing multidisciplinary engineering and development studies for mining projects and has supported the advancement of projects from PEA through pre-feasibility and final feasibility stages.

Following completion of this campaign, a 1,500-metre reconnaissance drilling program is planned to test prospective targets located within approximately 2.5 kilometres of the main deposit area, in alignment the Company’s strategy of evaluating both near-deposit growth and regional upside.

Martiniere

In mid-March, a second drill rig will be mobilized to Martiniere where approximately 17,000 metres of drilling are planned in two phases. Phase 1 (mid-March to mid-May) will build on strong results from the 2025 exploration program and focus on expanding and evaluating the scale and continuity of the gold system. Phase 2 (early July to mid-September) will be designed based on Phase 1 results, positioning Martiniere for potential future resource delineation as results warrant.

Casault and Grasset

Upon completion of the initial Fenelon campaign, drilling will move to the Casault property, where approximately 3,000 metres of reconnaissance drilling will test priority targets including the Vortex prospect and several untested structural intersections along the Sunday Lake Deformation Zone (“SLDZ”). The SLDZ is a key structural corridor along the Detour–Fenelon trend, which hosts Agnico Eagle’s Detour Lake gold mine as well as Wallbridge’s Fenelon and Martiniere projects. Wallbridge holds an option to earn a 50% interest in Casault through its agreement with Midland Exploration.

Following completion of Martiniere Phase 2, approximately 1,500 metres of reconnaissance drilling are planned at the Grasset property to test newly identified targets along the eastern projection of the SLDZ.

The 2026 program will utilize two diamond drill core rigs from mid-February to mid-May, scaling down to one diamond drill rig from mid-May until the program’s expected completion in late September.

Total expenditures for 2026, including corporate G&A, are anticipated to be approximately $27 million. This total includes a 30% increase in exploration and technical studies program costs compared to 2025. The Company ended 2025 with a cash balance of $28.9 million.

Figure 1: Wallbridge Property Map Click to enlarge.

Qualified Person

The Qualified Person responsible for the technical content of this news release is Mr. Mark A. Petersen M.Sc., P.Geo. (OGQ AS-10796; PGO 3069), Senior Exploration Consultant for Wallbridge.

About Wallbridge Mining

For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:

Wallbridge Mining Company Limited
Brian Penny, CPA, CMAChief Executive OfficerEmail: bpenny @wallbridgemining.comM: +1 416 716 8346	Tania Barreto, CPIRDirector, Investor RelationsEmail: tbarreto@wallbridgemining.comM: +1 416 289 3012

Cautionary Note Regarding Forward-Looking Information

The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.

All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

FLI in this document may include, but is not limited to: the continuity of and expansion potential of the Fenelon and Martiniere gold systems; the potential for mine development at Fenelon; the potential to increase mineral resources on the Company’s properties on the Detour-Fenelon gold trend ; the growth potential of Casault, Grasset and the Company’s mineral properties in general; the amount of budgeted total expenditures during 2026; and the significance of historic exploration activities and results.

FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Company’s mineral properties; the accuracy of key assumptions, parameters or methods used to estimate the mineral resource estimates and in the preliminary economic assessment; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.

Cautionary Notes to United States Investors

Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/329c523e-afae-4472-a097-17f2c05b6b00

VANCOUVER, BC, Feb. 12, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce that the Company has received commitments from 17 lenders to upsize and amend its existing revolving credit facility ("Credit Facility") to $4.5 billion to facilitate funding of the Vicuña Project as well as for general corporate purposes. The commitments are subject to the execution and delivery of definitive documentation satisfactory to the Company and the Credit Facility lenders, and the fulfillment of customary conditions precedent. All monetary amounts in this news release are expressed in United States dollars unless otherwise indicated.

Total commitments amount to $4.5 billion, with the Company initially having access to $2.25 billion. Upon satisfaction of certain conditions, the Credit Facility will expand to $3.5 billion, and upon sanctioning Stage 1 of the Vicuña Project, will increase to the full $4.5 billion. In addition, the maturity date will be extended to 2031. Pricing remains unchanged from the current facility and is based on a sliding scale, with margins ranging from 1.45% to 2.50% over adjusted SOFR, depending on the Company's leverage ratio.

Teitur Poulsen, Chief Financial Officer, commented "The upsizing of our Credit Facility to $4.5 billion is one of the cornerstones to advancing the Vicuña Project and keeps us on track of our goal to become a top-ten global copper producer with annual production of over 500,000 tonnes of copper once Vicuña is in full operation. We are very pleased with the commitments we have received from 12 of our existing lenders in addition to the 5 new lenders joining our Credit Facility.

"As we continue to work with our partner BHP to optimize the funding strategy for the Vicuña Project, the extension and upsizing of the Credit Facility further strengthens our financial flexibility and underscores the confidence of our lending partners in the quality of the Vicuña Project and our broader operating portfolio. Combined with our strong balance sheet and consistent operating performance, the Credit Facility positions us to fund our share of the Vicuña Project while continuing annual shareholder distributions of $220 million, creating long-term value for shareholders."

The amended Credit Facility is expected to include standard and customary terms and conditions with respect to fees, representations, warranties, and financial covenants.

Upon execution, the amended Credit Facility agreement will be filed on SEDAR+ (www.sedarplus.ca).

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 EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 12, 2026 at 4:00 Pacific Time.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's and Talon's respective plans, prospects and business strategies and strategic vision and aspirations, and their achievement and timing; statements regarding the Transaction Credit Facility and the amendments thereto, including the expected terms thereof, timing of execution of definitive documentation, availability of committed amounts, anticipated increases in capacity of the amended Credit Facility upon satisfaction of conditions and project milestones, pricing, and the expected maturity date; statements regarding the use of proceeds from the Credit Facility; the Company's expectations regarding its funding strategy for the Vicuña Project and its work with BHP; the Company's expectations regarding its production capacities, operational performance and the timing and amount of future production; the Company's expectations regarding the results of operations; anticipated exploration and development activities at the Company's projects; the Company's growth and optimization initiatives and expansionary projects, including the Vicuña Project and the potential costs, outcomes, results and impacts thereof; the Company's expectations regarding financial performance, adequacy of capital resources, financial flexibility, and liquidity; the Company's ability to fund its share of the Vicuña Project and other obligations, including annual shareholder distributions; the Company's shareholder distribution policy, including with respect to share buybacks and the payment and amount of dividends; benefits of the Transaction for the Company and Talon and the anticipated synergies associated with the Transaction; Lundin Mining's plans relating to its ownership interest in Talon following closing of the Transaction; the anticipated benefit of the Transaction to Lundin Mining's shareholders; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that assumptions regarding the completion of the amended Credit Facility on the terms anticipated or at all; the timing of satisfaction of conditions precedent to and the Company's ability to meet the conditions of the amended Credit Facility, including the fees, representations, warranties and financial covenants; the ability of the Company to access committed amounts, including on the anticipated schedule and upon the satisfaction of certain conditions such as sanctioning Stage 1 of the Vicuña Project; the successful sanctioning, permitting and development of the Vicuña Project that Talon's post-closing results of operations will be consistent with past performance and management expectations in relation thereto; the ability of Talon to achieve post-closing goals and identify and realize post-closing opportunities; that the political environment in which the Company and Talon operates will continue to support the development and operation of mining projects; that the Company can access financing, appropriate equipment and infrastructure and sufficient labour; assumed and future price of copper, gold, zinc, nickel, silver and other metals; anticipated costs, including capital expenditures and operating costs, and no material cost overruns; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; construction, development, commissioning and ramp-up timelines; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; assumptions underlying life-of-mine plans; geotechnical and hydrogeological conditions; the Company's ability to comply with contractual and permitting or other regulatory requirements; and such other assumptions as set out herein and in the Company's other public disclosure documents, as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic, political, regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: the failure to realize the anticipated benefits of the Transaction; risks relating to the development, permitting, construction, commissioning and ramp-up of the Vicuña Project and the Company's other projects and initiatives; risks associated with large-scale project financing and the Company's ability to access additional capital on acceptable terms; risks related to the Credit Facility amendment commitments, including the Company's ability to satisfy conditions to access additional tranches; risks relating to dividend payments to shareholders in the future; reputation risks related to negative publicity with respect to the Company, Talon or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Company's and Talon's respective projects; dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations, including risks relating to the Company's partnership with BHP and risks associated with joint venture governance and the ability to reach timely decisions on material matters affecting the Vicuña Project; risks relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile, Argentina or Brazil; the impact of global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure of information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; potential for the allegation of fraud and corruption involving the Company, its or Talon, their respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; currency and exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the three and nine months ended September 30, 2025, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

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

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2026/12/c6932.html

MONTREAL, Feb. 12, 2026 (GLOBE NEWSWIRE) — Midland Exploration Inc. (“Midland”) (TSX-V: MD) announces that it has granted incentive stock options to employees, directors and officers of Midland to acquire an aggregate of 870,000 common shares at $0.52 per share, for a period of 10 years. These incentive stock options have been granted in accordance with Midland’s stock option plan (the “Plan”). Considering the present grant, there is 7,510,000 stock options outstanding.

About Midland

Midland targets the excellent mineral potential of Quebec to make the discovery of new world-class deposits of gold and critical metals. Midland is proud to count on reputable partners such as Rio Tinto Exploration Canada Inc., BHP Canada Inc., Centerra Gold Inc., Barrick Gold Inc., Agnico Eagle Mines Limited, Wallbridge Mining Company Ltd, Fresnillo plc., La Pulga Mining Corp., SOQUEM Inc., Nunavik Mineral Exploration Fund, and Abcourt Mines Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up Midland’s portfolio and generate shareholder value.

For further information, please consult Midland’s website or contact:

Gino Roger, President and Chief Executive OfficerTel: 450 420-5977Fax: 450 420-5978E-mail: info@midlandexploration.comWebsite: www.midlandexploration.com

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

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements include statements relating to the Corporation’s expectations regarding the conclusion of additional agreements in regard to newly acquired properties, and other estimates and statements that describe Midland’s future plans, objectives or goals, including words to the effect that Midland or management expects a stated condition or result to occur. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, without limitation, changes in general economic conditions and conditions in the financial markets, changes in demand and prices for minerals, failure to obtain the requisite permits and approvals from government bodies and third parties, regulatory and governmental policy changes (laws and policies) and those risks set out in Midland’s public documents, including in each management discussion and analysis, filed on SEDAR+ at www.sedarplus.com. Although Midland believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Midland disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Canadian businesses inked more “megadeals” last year, even as geopolitical tensions and economic uncertainty slowed the overall pace of dealmaking.

That’s according to a new report calling for a more active year in 2026, thanks in part to the federal government.

New York-based financial advisory firm Kroll’s latest Canadian M&A report found that while the deal count for 2025 fell versus 2024, disclosed valuations hit their highest level in a decade.

According to the report, 1,405 Canadian companies transacted in 2025, down 8.4 per cent from 2024. At the same time, total implied enterprise value soared 38.1 per cent year-over-year to $122.2 billion. Kroll says while “megadeals” accounted for only seven per cent of all transactions last year, they represented 85 per cent of the total disclosed deal value.

“Geopolitical conflicts and macroeconomic uncertainty over 2025 have increased the cautiousness and selectiveness of buyers, though there is clear willingness to transact for high-quality assets,” the researchers wrote.

The report says the largest Canadian transaction in 2025 was a deal to acquire Nord Anglia Education led by a consortium of investors including the Canada Pension Plan Investment Board.

The second-largest deal involving Canadian parties was the acquisition of French renewable energy firm Neoen by Brookfield (BN.TO), Brookfield Renewable Partners (BEP-UN.TO), and a financial firm based in Singapore.

Parkland’s acquisition by Sunoco was the third-largest deal.

Kroll says several additional “megadeals” were announced in 2025, but have yet to close. These include Anglo American’s bid (AAL.L) for Teck Resources (TECK-B.TO). There’s also the deal to acquire Calgary-based Nova Chemicals led by Austria’s Borouge Group, and the purchase of Convex Group by Onex (ONEX.TO) and American International Group (AIG). (This deal closed on Feb. 6.)

According to Kroll, the median 30-day takeover premium of public companies in 2025 was 37 per cent, up one percentage point on an annualized basis.

Private company transactions dominated the deal landscape, accounting for 91 per cent of M&A activity, down from 94 per cent in 2025. Meanwhile, the number of public companies sold in Canada rose to 125, from 92 in 2024.

‘Encouraging tailwinds’ for 2026

Looking ahead to 2026, Kroll’s M&A team sees Canada’s federal government helping to “mitigate a dynamic relationship between Canada and the U.S.” Prime Minister Mark Carney’s government is attempting to double non-U.S. exports within a decade.

So far this year, Carney has secured a new strategic trade partnership with China, and resumed previously stalled negotiations with India. At the recent World Economic Forum in Davos, he proposed an ambitious fusion of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and European Union trade blocs.

Kroll says the United States accounted for 60 per cent of the deals to acquire Canadian companies in 2025. At the same time, Canadian acquirers favoured the U.S., which accounted for 59 per cent of foreign deals.

“The Canadian M&A market has encouraging tailwinds going into 2026. Strategic buyers and financial sponsors have shown a clear willingness to engage in M&A through 2025,” the researchers wrote in their report. “As they begin to adapt to this new ‘normal,’ we are likely to see more buyers come off the sidelines.”

Last December, PwC Canada called for the federal government to play a key role in spurring the pace of M&A deals in 2026.

Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist.

BATIDERO, Argentina, Feb 9 (Reuters) – High in the Andes Mountains, more than 4,200 meters above sea level on the Argentina–Chile border, mining company Vicuña Corp. aims to double its investment this year in one of the world’s biggest copper bets, a company executive said.

Vicuña Corp., formed by Australia’s BHP and ‌Canada’s Lundin Mining, could invest about $800 million this year in the Filo del Sol and Josemaría mines, according to communications director Caterina Dzugala. The two ‌projects could turn out to be among the most consequential copper developments globally.

"In 2025, almost $400 million was invested… and we aspire to double that figure this year," Dzugala said during a visit to the Batidero camp, the project’s operational base in San Juan province.

The projects form the Vicuña District, one of the world’s largest undeveloped copper, gold and silver deposits, according to ⁠the company. Vicuña estimates total investment at $5 ‌billion, though local officials and industry sources put the figure as high as $15 billion.

The company declined to confirm a final total ahead of an integrated technical report due later in ‍the first quarter.

Argentina has not produced copper since the Alumbrera mine closed in 2018. It is seeking to re‑enter the global market as governments and automakers warn of looming shortages of the metal critical to electrification.

On a February afternoon, midsummer sun settles over the Vicuña projects, where thin air and sudden weather shifts are part of daily operations. At that altitude, oxygen levels ‌drop sharply. Visitors are required to undergo medical screenings before traveling to the site.

Geologists sort freshly extracted samples as crews advance along rough mountain roads toward the self‑contained Batidero camp, built to house more than 1,000 workers on a stark landscape of foxes and roaming vicuñas.

The project is expected to begin production in 2030, with both mines processing concentrate at a central plant in Josemaría, which has an estimated lifespan of 25 years.

A STRATEGIC BET

Argentina’s flagship copper development is advancing ⁠as President Javier Milei seeks to attract foreign capital through sweeping incentives for the mining sector. Vicuña has applied to join the government’s Large Investment Incentive Regime (RIGI), which offers tax and legal benefits to major export projects.

Together, the deposits contain 13 million metric tons of measured copper and 25 million inferred, along with substantial gold and ‍silver resources, according to the ⁠company.

Still, building roads and power lines in the high Andes remains a challenge, with debate over whether the burden should fall on the state or private companies.

For Juan Arrieta, Vicuña’s geology manager, the district’s value lies ⁠in what remains to be proven.

“The Filo del Sol area is four times larger than that of Josemaría,” Arrieta said, adding that the district “has ‌been described as the greatest discovery of the last 30 years worldwide in terms of resources."

(Reporting ‌by Lucila Sigal; editing by Cassandra Garrison and David Gregorio)

VANCOUVER, BC, Feb. 9, 2026 /CNW/ – Arras Minerals Corp. (TSXV: ARK) (OTCQB: ARRKF) ("Arras" or "Arras Minerals" or "the Company") is pleased to provide an update on the Strategic Alliance with Teck Resources Limited ("Teck") and the exploration plan for 2026 across this license package in Kazakhstan.

In December 2023, Teck and Arras Minerals entered into a Strategic Alliance Agreement focusing on exploration for copper across approximately 1,900 square kilometres ("sq km") of Arras' strategically located license package in Pavlodar region, Kazakhstan. Under the agreement, Teck has funded approximately US$5 million of exploration expenditure across the license package with Arras acting as manager for the two-year generative exploration programs. At the completion of the generative exploration phase, Teck retained an option to select up to four designated properties totaling 120 sq km each where Teck would fund exploration expenditures up to US$47.5 million per project to earn up to a 75% interest in each project. Teck has elected to terminate its option on the Strategic Alliance. The staged option required Teck to select at least one designated project with an exploration commitment of up to US$47.5 million to earn up to a 75% project interest.

Highlights of the two-year generative exploration program include:

Three new porphyry discoveries along a 54km long porphyry trend running parallel to the Bozshakol Copper-Gold Mine Trend
Large hydrothermal system defined at Besshoky Project showing distal porphyry stylealteration and mineralization
Geochemistry: 39,773 soil samples collected across the property
Geophysics:
- Regional airborne air magnetic survey
- 3,641.71 line-kilometre Heli-EM survey conducted over Package A property and P39 Target (Akkuduk Property). o 181.4 sq km VIP survey conducted o 135.4 line-kilometre Pole-Dipole (P-DP) Inducted Polarization survey completed
Drilling o 479 Top of Bedrock ("KGK") drill-holes totaling 12,555.2m completed o 18 diamond drill-holes, totalling 5,250.6m drilled to date
Significant mineralized intercepts returned from 3 targets, including:
- SHID_25_007 – 14.8m grading 0.13% Cu and 0.02 g/t Au
- BOZS_25_001 – 29.0m grading 0.11% Cu and 0.02 g/t Au o TORT_25_003 – 34.0m grading 0.25 g/t Au and 0.02% Cu

Stuart McCracken, Vice-President, Exploration, Teck commented, "We have been very pleased with the quality and quantity of exploration work that has been achieved across the Arras-Teck Strategic Alliance over the past two years which efficiently identified, prioritized and drilled six targets across the alliance license package. While Teck has decided that the initial results do not meet our threshold for moving forward at this time with the second phase of the agreement, we remain very positive on Kazakhstan and remain a supportive shareholder of Arras as they continue to advance the Elemes copper-gold project as well as other priority projects across their extensive land package."

Tim Barry, CEO of Arras commented, "The Arras-Teck Strategic Alliance has been a mutually beneficial partnership, and we look forward to continuing to work closely with Teck as a supportive and significant shareholder while we expand the scale of our Elemes Project." He went on to add, "The generative exploration work that was accomplished with Teck's financial support has achieved the objective of taking a substantial 1,900 square kilometre land package and focusing us on a much smaller, high-priority target list. We believe many of these targets warrant further follow-up work in 2026 and have developed a plan to do this. Additionally, some of the precious metals focused targets that were not advanced last year have the potential to move to drill-ready status this year with successful follow-up fieldwork this spring."

Exploration Results – Overview & 2026 Plan

Through 2024-2025, the Strategic Alliance undertook a systematic approach to early-stage generative exploration work across the license packages focusing on first-pass geophysics and geochemistry and then transitioning to KGK drilling and diamond drilling where appropriate with a primary focus on exploring for copper porphyry systems.

Across the license packages, there is very little to no outcrop with unconsolidated cover usually ranging from a few metres to up to 40m in thickness. Given this, and the sheer size of the combined license packages of approximately 1,900 sq km, the objective of the Strategic Alliance was to advance understanding to a point where targets could be identified for an initial phase of testdrilling. A total of 18 holes were completed across six targets with a maximum depth of 400m.

The generative program has successfully identified three new porphyry systems, under cover and on a parallel trend to the operating Bozshakol copper-gold mine. The length of this trend is believed to extend at least 54 km and thus the first phase of relatively shallow drilling here will be followed up in 2026. Additionally, at the Besshoky license, a large hydrothermal system was confirmed, with drilling identifying mineralization and alteration peripheral to the core of a porphyry system.

Finally, with focus on copper porphyry systems, the Strategic Alliance did not advance on initial targets identified to be more precious metals oriented. Arras plans to include these targets in their 2026 Exploration Plans.

Package A – Bozshakol Group

On Package A, in 2024 a Heli-EM survey was completed over the entire property which was designed to discover subsurface electrical conductivity contrasts that could be indicative of mineral deposits and geological structures to prioritize targets for follow-up exploration.

In the western part of the license package, where cover was minimal, a 26,731-soil sampling program was completed. In the eastern part of the license package, where soil cover was thicker, a systematic grid of KGK drilling totaling 479 holes (12,555.2m) was undertaken to identify any mineralization beneath cover and to learn more about the subsurface geology in these areas.

In early 2025, Vector IP and Pole-dipole IP programs were completed over the most prospective targets and diamond drilling across select targets commenced in H2 2025.

Shirderty Target

The KGK drilling outlined a large Cu-Au-Mo-Bi-Te anomaly in a NE-SW striking structural corridor, coincident with a 4km x 3.2km chargeability anomaly identified by the VIP survey.

Diamond drilling (8 holes, totaling 2,159.4m) intersected several phases of intrusive rocks and several syn-mineral porphyry dikes hosted in mafic volcaniclastic rocks with extensive hydrothermal alteration with porphyry-style mineralization. Alteration and mineralization were characterized by a core of phyllic alteration with 3-5% disseminated pyrite, with D- and B-Type veins that zone out into an extensive propylitic event characterized by quartz-pyrite-chalcopyrite-albite-chlorite veins. The results are indicative of the peripheral part of a porphyry system, and the 2025 drilling only tested a small part of the target.

Table 1: Selected drill results, Shirderty Target

Hole_ID	mFrom	mTo	Interval	Au g/t	Ag g/t	Cu pct	Mo ppm
SHID_25_001	40.00	50.00	10.00	0.03	0.3	0.10	16.7
SHID_25_006	103.70	107.20	3.50	0.03	0.5	0.10	1.6
SHID_25_007	9.00	23.80	14.80	0.02	0.1	0.13	9.3

The Company is planning to conduct an MT and Gravity survey over the Shirderty target, with follow-up diamond drilling to explore for the source of porphyry alteration and mineralization and to explore several additional chargeability and KGK geochemical anomalies.

Bozshakol South ("Boz S") Target

The Boz S target is defined by a 3x2km wide chargeability anomaly in Soviet-era data centered on a small gold-barite mineral occurrence that was historically thought to be a volcanogenic massive sulphide deposit. The area was tested with a single IP line that confirmed the size and scale of the historic chargeability anomaly, and sampling identified large soil Cu, As, Mo anomalies coincident with high chargeability zone.

This target was only explored by two wide-spaced drill-holes that intersected an intrusive complex with phyllic and propylitic alteration indicative of the distal part of a porphyry system. Mineralization consisted of disseminated pyrite, with minor magnetite patches with zones of quartz-pyrite-chalcopyrite veins and C-type veins, again supporting the theory that there is a porphyry system in the area.

Table 2: Selected drill results, Boz S Target

Hole_ID	mFrom	mTo	Interval	Au g/t	Ag g/t	Cu pct	Mo ppm
BOZS_25_001	188.00	217.00	29.00	0.02	0.2	0.11	16.7
BOZS_25_001	249.00	267.00	18.00	0.07	0.3	0.11	21.1
BOZS_25_002	251.35	270.00	18.65	0.03	0.2	0.10	2.1

The target was only partly tested with two holes (593.8 metres) to a depth of 300m. The geophysical and geochemical anomaly is untested to the southwest along a multi-kilometre soil copper anomaly, IP chargeability high and magnetic low, that may represent the magnetite destructive zone that hosts Cu-Au mineralization at other projects in the area. The Company is planning on following up with a gravity and MT survey over the Soviet-era IP anomaly, with follow-up diamond drilling.

Tort Kuduk Target

The Tort Kuduk target is a 1 x 1 km sized Mo-Cu soil anomaly. Follow-up mapping identified several outcropping silicified intrusions with high density stockwork quartz veining and strong potassic alteration.

The target was drilled with three wide-spaced drill-holes totaling 893.8m to a maximum depth of 300m, that intersected a porphyritic monzonite hosted in andesites with zones of stockwork A- and B-type veins with k-feldspar halos. Drill-hole TORT25003 intersected a wide zone of silicification and brecciation that returned 34.0m grading 0.25 g/t Au and 113.0 ppm Mo.

Table 3: Selected results from Tort Kuduk Drilling

Hole_ID	mFrom	mTo	Interval	Au g/t	Ag g/t	Cu pct	Mo ppm
TORT_25_003	171.00	205.00	34.00	0.25	0.4	0.02	113.8

Arras is planning on conducting a ground magnetic survey over the Tort Kuduk target and the large copper geochemical anomaly to the southwest to better define targets for follow-up drilling.

Undrilled Targets

Bozshakol Extension

Arras controls an approximate 1.2km extension of the operating Bozshakol copper-gold mine trend which covers a discrete magnetic high surrounded by a large, demagnetized zone, with a coincident historic chargeability anomaly. KGK drilling returned porphyry pathfinder signatures, and magnetic data identified a subtle magnetic high in a large, demagnetized zone, that could be related to the potassic core of a porphyry deposit. An initial drill program with two holes is planned to test this area for porphyry mineralization.

Package B – Akkuduk Group

Exploration in the Package B group of concessions focused primarily on the Besshoky license. A small (145.73 line-kilometre) Heli-EM survey was also conducted over the P39 Nickel target on the Nogurbek license.

Besshoky Target

The Besshoky target is a broad hydrothermal system covering >35 sq km with a core of silicification and pyrophyllite-white mica, sericite-quartz-pyrite and grading to chlorite-epidote-magnetite alteration towards the edges of the system.

Soil sampling defined a large Cu-Mo-Bi geochemical anomaly centred on this lithocap. Follow-up IP surveys, totalling 47.5 line-kilometres, identified several large chargeability anomalies beneath and adjacent to it.

In 2025, three wide-spaced holes were drilled in the lithocap. The holes intersected a package of andesitic volcanic breccias and andesite flows with strong sericite-quartz-pyrite alteration with an increase in potassic alteration with depth, suggesting that the core of the system is located towards the south-east part of the lithocap, and was not fully drill tested.

The drilling only partially tested the IP chargeability and geochemistry anomalies. The Company is planning a Magnetotellurics (MT) and Gravity survey over the Besshoky Target to help identify deep targets for follow-up vectoring and drill-testing.

Undrilled Targets

Akkuduk-Nogurbek

The Akkuduk-Nogurbek target received minimal attention in 2025, with work restricted to surface mapping. The Company also surveyed several Soviet era drill-collars in the field and was able to obtain summary reports and sections listing some results from these holes. The historic data indicates that there were significant gold intercepts hosted in diorites, including:

30.5 m grading 1.65 g/t Au
30.2 m grading 1.07 g/t Au
19.8 m grading 1.2 g/t Au

The Akkuduk Target is also highlighted by a minor Cu-Mo soil anomaly with a coincident significant Ni-Mn depletion zone.

This data suggests that there is good potential for this target to host significant gold mineralization. In 2026 the company will conduct IP surveys over the areas with historic drilling to help identify mineralization and will also follow-up with a drill program focusing on confirming the historic drill data and determine the size potential of this target.

P39

The Company believes that the P39 target may host an orthomagmatic nickel sulphide deposit. Soil sampling in 2023 defined a 14-kilometre-long Ni-Cr-Co anomaly (figure 10) and a small EM survey conducted in 2024 identified a series of subtle EM anomalies coincident with the core of the Ni-Cr zone and may represent sulphide mineralization.

In 2026, the company is planning on conducting a detailed mapping and sampling program, with a focused IP survey over the soil anomalies and EM targets, as well as VIP surveys of the Akkuduk and Nogurbek targets. If the results are positive, this will be followed up with a small drill program.

_________________________

1 Bozshakol Q1, 2025 Report https://www.kazminerals.com/media/23282/q1 –2025 –production –report_final.pdf

Issuance of DSUs

The Company has granted an aggregate of 47,018 deferred share units ("DSU") to certain independent directors at a price of C$0.80 per DSU. The DSUs were granted in consideration for services rendered by the directors for the quarter ended January 31, 2026, in lieu of cash. The DSUs were granted in accordance with the Company's Equity Incentive Plan and were priced based on the volume weighted average price of the Company's common shares on the TSX Venture Exchange for the last five trading days immediately preceding the grant date. To date, the Company has issued a total of 158,538 DSUs to its independent directors.

References

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Arras Minerals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut at Arras Minerals operations base in Ekibastuz, Kazakhstan by Company personnel. Diamond drill core was sawed inhalf with a diamond saw, and then sampled in maximum 2-metre intervals, stopping at geological boundaries, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site.

Each bagged core sample was shipped to ALS Laboratory in Karaganda, Kazakhstan. Samples were dried, crushed and pulverized to >80% passing -200 mesh. The prepared sample splits were sent to the ALS Chemex's geochemical analysis laboratories laboratory in Loughrea, County Galway, Ireland and Lima, Peru for multi-element analysis. Multielement analyses were analyzed with ICP-MS following a four-acid digestion (method ME-MS61) and samples containing >1.0% copper are analyzed via method Cu-OG62.

Gold analysis was conducted by ALS Chemex at the analytical laboratory in Karaganda, Kazakhstan. Gold was analyzed by fire assay (30 g) with an AA (atomic absorption) finish (method Au-AA23) with detection limits of 0.005 g/t gold. Samples containing greater than 10.0 g/t gold are analyzed by fire assay with a gravimetric finish (method Au-GRA21).

ALS is an accredited laboratory which is independent of the Company. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Qualified Person

The scientific and technical disclosure for this news release has been prepared under supervision of and approved by Matthew Booth, Vice President of Exploration, of Arras Minerals Corp., a Qualified Person for the purposes of NI 43-101. Mr. Booth has reviewed and approved this release. Mr. Booth has over 20 years of mineral exploration experience and is a Qualified Person member of the American Institute of Professional Geologists (CPG 12044).

On behalf of the Board of Directors,

"Tim Barry"Tim Barry, MAusIMM CP(Geo) Chief Executive Officer and Director

INVESTOR RELATIONS: +1 604 687 5800 info@arrasminerals.com

Further information can be found on:

the Company's website https://www.arrasminerals.com or
follow us on LinkedIn: https://www.linkedin.com/company/arrasminerals or
follow us on X (formerly Twitter): https://twitter.com/arrasminerals

About Arras Minerals Corp: Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Elemes copper-gold porphyry project where initial drill results in 2025 identified porphyry style mineralization across a 10 km line of strike. The Company has established one of the largest land packages in the country prospective for copper and gold. The Company's shares are listed on the TSX-V under the trading symbol "ARK" and on the OTCQB under the trading symbol "ARRKF".

Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Arras' future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding plans and expectations of the exploration program Arras is in the process of undertaking, the timing, scope, nature, breadth and other information related to Arras' exploration program, any results that may be derived from the Arras' exploration program, the prospects of Arras' business plans, and any expectations with respect to any permitting, development or other work that may be required to bring any of the projects into development or production. These statements are based on current expectations, estimates, forecasts, and projections about Arras' exploration projects, the industry in which Arras operates and the beliefs and assumptions of Arras' management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions that the anticipated benefits of Arras' proposed exploration program will be realized, that no additional permit or licenses will be required in connection with Arras' exploration programs, the ability of Arras' to complete its exploration activities as currently expected and on the current anticipated timelines, that Arras' will be able to execute on its current plans, that Arras' proposed explorations will yield results as expected, and that general business and economic conditions will not change in a material adverse manner. Although Arras has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Such statements represent the current view of Arras with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Arras, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: inability of Arras to realize the benefits anticipated from the exploration and drilling targets described herein or elsewhere; inability of Arras to complete current exploration plans as presently anticipated or at all; inability for Arras to economically realize on the benefits, if any, derived from the exploration program; failure to complete business plans as it currently anticipated; overdiversification of Arras' portfolio; failure to realize on benefits, if any, of a diversified portfolio; unanticipated changes in market price for Arras shares; changes to Arras' current and future business and exploration plans and the strategic alternatives available thereto; growth prospects and outlook of the business of Arras; and the ability to advance Arras' projects and its proposed exploration program; risks inherent in mineral exploration including risks related worker safety, weather and other natural occurrences, accidents, availability of personnel and equipment, and other factors; aboriginal title; failure to obtain regulatory and permitting approvals; no known mineral resources/reserves; reliance on key management and other personnel; competition; changes in laws and regulations; uninsurable risks; delays in governmental and other approvals, community relations; stock market conditions generally; demand, supply and pricing for uranium; and general economic and political conditions in Canada, Kazakhstan and other jurisdictions where Arras conducts business. Other factors which could materially affect such forward-looking information are described in the filings of Arras with the Canadian securities regulators which are available on Arras' profile on SEDAR+ at www.sedarplus.ca . Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by Arras in this release is based only on information currently available and speaks only as of the date on which it is made. Arras undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2026/09/c9515.html

Photographer: Alessandro Cinque/Bloomberg

(Bloomberg) — Global mining stocks have shot to the top of fund managers’ must-have list, as soaring metals demand and tight supplies of key minerals hint at a new supercycle in the sector.

With a nearly 90% gain since the start of 2025, MSCI’s Metals and Mining Index has beaten semiconductors, global banks and the Magnificent Seven cohort of technology stocks by a wide margin. And the rally shows no sign of stalling, as the boom in robotics, electric vehicles and AI data centers spurs metals prices to ever new highs.

Most Popular Narrative: 21% Overvalued

With Lundin Mining last closing at CA$34.22 against a narrative fair value of about CA$28.28, the gap between price and modelled worth is clear and sets up an interesting valuation debate.

The fair value estimate has risen slightly from US$27.52 to US$28.28, reflecting a modest adjustment to the model inputs.

The net profit margin has risen slightly from 15.98% to 16.67%, suggesting a somewhat higher assumed earnings efficiency over time.

Read the complete narrative.

Curious what justifies paying up for Lundin Mining here? The narrative leans heavily on future profitability, modest growth assumptions, and a premium earnings multiple. Want to see how those ingredients are combined into that fair value?

Result: Fair Value of $28.28 (OVERVALUED)

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

However, the heavy tilt to South American copper and the ongoing Candelaria legal overhang could easily challenge today’s upbeat profitability assumptions.

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

Build Your Own Lundin Mining Narrative

If you look at the numbers and reach a different conclusion, or simply want to test your own assumptions against the data, you can build a personalised Lundin Mining narrative in just a few minutes, starting with Do it your way.

A great starting point for your Lundin Mining research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.

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If Lundin Mining has caught your attention, do not stop here. You could miss opportunities that better match your goals and risk comfort.

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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 LUN.TO.

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

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If you are looking at Lundin Mining and wondering whether the current share price offers value or stress, this article walks through what the numbers actually say about the stock.
The share price closed at C$34.22, with returns of 9.9% over 7 days, 22.6% over 30 days, 15.2% year to date and 178.3% over the past year, which naturally raises questions about what is already priced in.
Recent attention on Lundin Mining has centred on the stock’s strong share price performance and how it fits into investor interest in materials companies more broadly. These moves have put valuation front and centre for anyone trying to decide whether to initiate or adjust a position.
Against this backdrop, Lundin Mining currently scores 0 out of 6 on our valuation checks for being undervalued. In what follows, we look at what different valuation methods say about the stock and then finish with a way to tie those models into a more complete view of value.

Lundin Mining scores just 0/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.

Approach 1: Lundin Mining Discounted Cash Flow (DCF) Analysis

The Discounted Cash Flow model takes estimates of future cash flows and discounts them back to today to reach an implied value for the company on a per share basis.

For Lundin Mining, the model used is a 2 Stage Free Cash Flow to Equity approach based on cash flow projections. The latest twelve month free cash flow is $471.03 million. Analyst estimates and extrapolations suggest free cash flow of $743.55 million in 2026 and $402 million in 2030, with interim years including both positive and negative projected figures. Beyond the analyst horizon, Simply Wall St extrapolates additional years of free cash flow using its own assumptions.

When all of these projected cash flows are discounted back to today, the model arrives at an estimated intrinsic value of $16.37 per share. Compared to the current share price of C$34.22, the DCF output implies the stock is 109.1% overvalued based on these inputs and assumptions.

Result: OVERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Lundin Mining may be overvalued by 109.1%. Discover 868 undervalued stocks or create your own screener to find better value opportunities.

LUN Discounted Cash Flow as at Jan 2026

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

Approach 2: Lundin Mining Price vs Earnings

For profitable companies, the P/E ratio is a useful gauge because it links what you pay for each share to the earnings that business is currently generating. Investors usually look for a P/E level that reflects both how quickly earnings might change over time and how risky those earnings are, with higher expected growth or lower risk often justifying a higher P/E, and the opposite also being true.

Lundin Mining is currently trading on a P/E of 99.20x. That sits well above the Metals and Mining industry average of 25.01x and the peer group average of 22.31x. Simply Wall St’s Fair Ratio for Lundin Mining is 25.53x, which is its proprietary estimate of what a reasonable P/E could be for this company given factors such as earnings growth profile, profit margins, industry, market cap and identified risks.

The Fair Ratio is more tailored than a simple comparison with peers or the industry average, because it adjusts for company specific characteristics rather than assuming every business in the group deserves the same multiple. Comparing Lundin Mining’s current 99.20x P/E to the Fair Ratio of 25.53x indicates that the shares are trading well above what this framework suggests.

Result: OVERVALUED

TSX:LUN P/E Ratio as at Jan 2026

P/E ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1440 companies where insiders are betting big on explosive growth.

Upgrade Your Decision Making: Choose your Lundin Mining Narrative

Earlier we mentioned that there is an even better way to understand valuation. On Simply Wall St’s Community page you can use Narratives, where you set a story for Lundin Mining that ties your view on its projects, risks and metals cycles to specific forecasts for revenue, earnings and margins. This then produces a Fair Value you can compare with the current price. It updates automatically when news or earnings land and can look very different from other investors’ views. For example, one investor might build a bullish Lundin Mining Narrative closer to the upper analyst price target of about C$21.08, while another might anchor their assumptions nearer the C$14.04 lower target.

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

TSX:LUN 1-Year Stock Price Chart

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, British Columbia–(Newsfile Corp. – January 16, 2026) – Elemental Royalty Corporation (TSXV: ELE) (NASDAQ: ELE) ("Elemental" or the "Company") is pleased to announce the execution of a definitive option and earn-in agreement (the "Agreement") covering three exploration licenses in the Bor Mining District of Serbia to a wholly owned subsidiary of BHP Group Limited ("BHP"). The three exploration-stage projects are currently held by Elemental's wholly owned Serbian subsidiary Magma Resources doo ("Magma") and BHP will have the option to acquire Magma in exchange for cash payments and by satisfying work commitments. Elemental will retain 2% NSR royalties on the projects as well as other considerations (see discussion of Commercial Terms below).

The Projects nicely complement Elemental's other royalty interests in the Bor District, which include the Brestovac, Brestovac West, and Jasikovo East-Durlan Potok properties (see Figure 1). Brestovac is one of Elemental's flagship royalties, covering Zijin Mining Group Co., Ltd's producing Čukaru Peki copper-gold mine and recently discovered Malka Golaja copper-gold deposit. Zijin has been rapidly expanding its Čukaru Peki operations, increasing capacity at its current mill while continuing to add infrastructure for the development of the "Lower Zone" porphyry copper-gold deposit. Zijin's published mineral resources and reserves for Čukaru Peki have also continued to grow rapidly, as shown in Zijin's recent annual reports. The Lenovac projects, included in the BHP Agreement, cover the extension of the geologic trend that hosts the Čukaru Peki and Malka Golaja copper-gold deposits to the south.

Commercial Terms Overview. (all terms in USD)Pursuant to the Agreement, BHP can acquire and retain a 100% interest in Magma and the Projects by satisfying each of the following conditions: (a) making a payment of $200,000 to the Company on the six-month anniversary of the Agreement, (b) annual payments of $200,000 to the Company on every anniversary of the Agreement until the earn-in is complete, and (c) completing $5,000,000 in cumulative exploration expenditures on the Projects within five years.

Upon BHP's option exercise and earn-in, Elemental will retain a 2% NSR royalty interest on each Project. BHP may buy back up to a total of half a percent (0.5%) of the royalty in quarter percent (0.25%) increments; 0.25% can be purchased for $5,000,000 before the eighth anniversary of the agreement and 0.25% can be purchased for $5,000,000 before the 11th anniversary of the agreement. BHP will also make annual advance royalty payments of $200,000 to the Company until the commencement of commercial production.

Overview of the Projects.The Bor Mining District in eastern Serbia has been one of Europe's largest copper producers for over a century, where historic and current mining operations have been developed within a cluster of porphyry Cu-Au, high-sulfidation epithermal and skarn systems (including Bor, Veliki Krivelj, Majdanpek and Čukaru Peki; see Figure 1). The Elemental projects (the "Projects") were originally acquired in 2023 and 2024 and are positioned along trend of Zijin Mining's Bor and Čukaru Peki operations. Although there are still near-surface deposits being identified in the area, several recent discoveries have been made at relatively deep levels (such as Zijin's Čukaru Peki and Dundee Precious Metals' Čoka Rakita deposits) and require deep drilling. BHP's deep-sensing geophysical capabilities and existing regional interest make them an ideal exploration partner for the Projects.

Elemental has acquired over 150 square kilometres of mineral rights along trend of the major copper and gold deposits within the Bor Mining District (see Figure 1). Previous exploration in the Bor District has typically targeted Upper Cretaceous andesite units, which host the majority of the epithermal and porphyry systems at the Bor Copper Complex and Čukaru Peki mine. However, new discoveries such as Dundee Precious Metals' Čoka Rakita skarn deposit highlights that the different geologic settings and older Jurassic and Paleozoic host rocks are also prospective for additional discoveries. The Elemental Projects include both the traditionally prospective Upper Cretaceous andesite units of the Timok Magmatic Complex, as well as deeper host rock packages where several recent discoveries have been made.

The Lenovac North and South licenses lie directly south of the Zijin's Brestovac license, which hosts the Čukaru Peki and the recently discovered Malka Golaja copper-gold deposits. Elemental's Lenovac licenses cover the southern extension of this trend where a regional fault displaces the trend of mineralization and favorable host rocks to the southwest. The licenses are largely comprised of prospective Cretaceous volcanic and sedimentary units with some areas of Miocene cover.

The Durlan Istok license is located to the southeast of Zijin's Majdanpek porphyry copper-gold mine and east of Čoka Marin, a high-grade polymetallic volcanogenic/epithermal deposit. The Durlan Istok license contains the stratigraphic sections that hosts Čoka Marin and the Čoka Rakita skarn further to the southwest.

Comments on adjacent or nearby Districts, Mines, and Deposits.The districts, mines, and deposits discussed in this news release provide context for Elemental's projects, which occur in similar geologic settings, but this is not necessarily indicative that the Company's projects host similar tonnages or grades of mineralization.

North American Investor RelationsElemental has retained the services of Renmark Financial Communications Inc. to handle its investor relations activities in North America. In consideration of the services to be provided, the monthly fees incurred by Elemental will be a cash consideration of up to C$9,000, starting January 1, 2026, for a period of seven months ending on July 31, 2026, and monthly thereafter. Renmark Financial Communications does not have any interest, directly or indirectly, in Elemental or its securities, or any right or intent to acquire such an interest.

David M. ColeCEO and Director

For more information, please contact:

David M. Cole	info@elementalroyalty.com
CEO

Tara Vivian-Neal	info@elementalroyalty.com
Investor Relations

www.elementalroyalty.com

(TSXV: ELE) (NASDAQ: ELE) | ISIN: CA28620K1066 | CUSIP: 28620K

About Elemental Royalty Corporation.Elemental Royalty is a new mid-tier, gold-focused streaming and royalty company with a globally diversified portfolio of 16 producing assets and more than 200 royalties, anchored by cornerstone assets and operated by world-class mining partners. Formed through the merger of Elemental Altus and EMX, the Company combines Elemental Altus's track record of accretive royalty acquisitions with EMX's strengths in royalty generation and disciplined growth. This complementary strategy delivers both immediate cash flow and long-term value creation, supported by a best-in-class asset base, diversified production, and sector-leading management expertise.

Elemental Royalty trades on the TSX Venture Exchange under the ticker symbol "ELE", and on the NASDAQ Stock Market under the ticker symbol "ELE".

Neither the 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.

Qualified PersonDr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

Cautionary note regarding forward-looking statementsThis news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "should", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology.

Forward-looking statements and information include, but are not limited to, the Company's ability to deliver a materially increased revenue profile with a lower cost of capital, the future growth, development and focus of the Company, and the acquisition of new royalties and streams. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies.

Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Elemental Royalty to control or predict, that may cause Elemental Royalty' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the impact of general business and economic conditions, the absence of control over the mining operations from which Elemental Royalty will receive royalties, risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits;; the possibility that future exploration, development or mining results will not be consistent with Elemental Royalty' expectations; accidents, equipment breakdowns, title matters, labour disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the annual information form of Elemental Royalty for the year ended December 31, 2024. Elemental Royalty undertakes no obligation to update forward-looking statements and information except as required by applicable law. Such forward-looking statements and information represents management's best judgment based on information currently available. No forward-looking statement or information can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Figure 1. Elemental Royalty interests and projects in the Bor Mining District of Serbia.

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8358/280566_3dabfe0184c6bbcd_001full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/280566

Morgan Stanley (MS)

Morgan Stanley (MS) jumped nearly 6% on Thursday and rose again in pre-market trading on Friday after reporting upbeat fourth-quarter results, which exceeded Wall Street expectations on the back of strong revenue from wealth management.

Fourth-quarter net income rose to $4.40bn, or $2.68 per share, from $3.71bn, or $2.22 per share, a year ago. Revenue increased to $17.89bn from $16.22bn a year ago.

The wealth management unit posted $8.4bn in net revenue in the most recent quarter, up from $7.5bn a year earlier. For the full year, the division generated a record $31.8bn in net revenue.

Total client assets in the wealth and investment management business climbed to $9.3tn, fuelled by more than $350 billion in net new assets.

“Morgan Stanley delivered outstanding performance in 2025,” Ted Pick, the bank’s chief executive and chairman, said in a statement. “Our performance reflects multi-year investments which have contributed to growth and momentum across the integrated firm.”

Morgan Stanley shares have gained more than 43% over the past 12 months.

Anglo American (AAL.L)

London’s listed miners were among the worst performers in the city this morning, with the likes of Anglo American down as much as 1.8% after opening.

It comes as copper prices are down around 2% morning amid reports that Chinese regulators have ordered exchanges to remove servers operated by high-frequency traders from their datacentres.

The Shanghai Futures Exchange, a major metals trading platform, has told brokers they need to get equipment for high-speed clients out by the end of the month, according to a report by Bloomberg. Other clients will need to do so by the end of April, it reported.

Endeavour Mining (EDV.L), Rio Tinto (RIO.L), Antofagasta (ANTO.L), and Glencore (GLEN.L) also lost ground in London on Friday.

Genus (GNS.L)

Shares in the biotech business Genus surged as much as 10% this morning, to the top of the FTSE 250 (^FTMC), up around 8% at the time of writing, as it beat expectations for its half-year trading update.

The animal genetics company has forecasted about £50m in actual currency for its adjusted pre-tax profit.

The London-listed business said it had performed strongly in the six months to 31 December, and expects adjusted pre-tax profits to come in around £50m in actual currency, ahead of internal forecasts.

Last September, the company struck a deal to accelerate its 49%-owned porcine joint venture with BCA in China. Genus confirmed that it had received approval from the relevant authorities in China, trigging the $7.5m milestone payment.

Analysts at the broker Peel Hunt credited its earnings beat to strong performance in its pig breeding business.

The Basingstoke-based firm helps farmers breed animals with certain traits such as disease resistance and faster growth. It operates in more than 25 countries, with research laboratories in Wisconsin.

BAE Systems (BA.L)

BAE Systems rose on Friday, up 1.6% at the time of writing, along with other defence-related firms such as Babcock (BAB.L) and Rolls-Royce (RR.L).

It came as Nato personnel from a number of European countries landed in Greenland for an exercise after Trump seeks to own the country, which is a semi-autonomous part of Denmark.

He doubled down on his bid to bring Greenland under US control, telling reporters in the Oval Office, "we need Greenland for national security". Although he did not rule out the use of force, he said late on Wednesday that he thought something could be worked out with Denmark.

"The problem is there's not a thing that Denmark can do about it if Russia or China wants to occupy Greenland, but there's everything we can do. You found that out last week with Venezuela."

Speaking to reporters on Thursday, White House press secretary Karoline Leavitt said she didn't think the deployment of additional European troops to Greenland would impact the president's decision-making process on the Arctic territory. She added: "Nor does it impact his goal of the acquisition of Greenland at all."

Neil Wilson, UK investor strategist at Saxo Markets, said it was "hardly a show of force, but a reminder of what's at stake here".

Download the Yahoo Finance app, available for Apple and Android.

The FTSE 100 (^FTSE) and European stocks had moved lower on Friday, while tech was a bright spot among US indices, as a volatile week comes to a close.

Chipmakers TSMC (TSM) and Nvidia (NVDA) eyed more gains, thanks in part to a US-Taiwan trade deal that promises a $250bn boost to American chip and tech manufacturing.

On Thursday, shares in TSMC popped following a strong quarterly report that revived AI enthusiasm to buoy related stocks more widely.

Meanwhile in Europe, commodities prices have been on a rollercoaster this week as investors looked to precious metals to retreat from risk.

"Copper has been signalling strong economic growth in 2026 — in nominal terms at least," said Neil Wilson, UK investor strategist at Saxo Markets.

"Apparently, China has moved to clamp down on some high frequency traders at the Shanghai Futures Exchange, which has knocked prices down from record highs, while nickel and tin were also lower."

The world has also been watching to see if president Donald Trump will make orders to send troops to Iran amid widespread and violent anti-government protests. While he said earlier in the week that he had been told the killing had stopped, more than 2,400 people have lost their lives in the unrest, according to human rights groups.

Oil prices were higher on Friday afternoon as the chance of increased US presence in Iran cooled, with brent crude futures (BZ=F) trading up more than 1% and West Texas Intermediate (CL=F) rising 1.1%.

Market movers

The FTSE 100 (^FTSE) pulled back from all-time highs, dragged 0.1% lower by commodity stocks as precious metal prices lost momentum.
Miners Antofagasta (ANTO.L), Glencore (GLEN.L), Anglo American (AAL.L) and Rio Tinto (RIO.L) were among the top fallers in the index by the closing bell
Germany's DAX (^GDAXI) dipped 0.3% as its consumer price index data came in in line with expectations.
The CAC 40 (^FCHI) in Paris dropped 0.8%.
The pan-European STOXX 600 (^STOXX) lost 0.1%.
The pound rose slightly against the dollar (GBPUSD=X) to trade below the $1.34 mark.
The tech-heavy Nasdaq Composite (^IXIC) was just above the flatline, while the S&P 500 (^GSPC) added nearly 0.1%. The Dow Jones Industrial Average (^DJI) nudged 0.1% lower after stocks reversed a two-day losing streak on Thursday.

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Rio Tinto Group RIO reported solid growth in iron ore production in the third quarter of 2025. During the quarter, Pilbara iron ore shipments reached 84.3 million tons, increasing 6% from the previous quarter. The company’s total Pilbara iron ore production stood at 84.1 million tons, reflecting robust output despite weather-related disruptions earlier in the year.The robust performance was primarily supported by Rio Tinto’s Pilbara operations in Western Australia. The Gudai-Darri project achieved its highest-ever quarterly production in the third quarter, operating at a run rate of 51 million tons per annum, while shipments rose on a sequential basis despite planned maintenance and infrastructure works. The successful rollout of the new Pilbara Blend product strategy also contributed to improved product mix, with lower SP10 volumes as planned.Also, several major growth projects of the company are progressing. In December 2025, RIO’s Rhodes Ridge joint venture approved a $191 million feasibility study to develop one of the world’s major undeveloped iron ore deposits in Western Australia, aiming for an initial annual production of 40-50 million tons. The study is expected to conclude in 2029. In October 2025, at the Simandou iron ore project in Guinea, the first ore was loaded and transported, marking the start of commissioning across the mine, rail and port infrastructure.The strong quarterly performance, supported by record output at the Gudai-Darri facility and improved system efficiency across the Pilbara, highlights Rio Tinto’s operational strength in iron ore. Major growth projects, such as Rhodes Ridge and Simandou, are advancing steadily, positioning the company well for long-term growth.

Snapshot of RIO’s Peers

Among its major peers, Vale S.A.’s VALE Iron Solutions segment generated net operating revenues of around $8.42 billion in the third quarter of 2025, which marked 5.7% growth from last year’s comparable quarter. Vale’s total iron ore shipments were up 5% from the year-ago quarter. Vale’s average realized iron ore fines price increased 4% year over year to $94.40 per ton.Its other peer, BHP Group Limited BHP, produced a record 263 Mt of iron ore in fiscal 2025. This came within BHP Group’s guidance of 255-265.5 Mt and was up 1% year over year. Production at BHP Group’s Western Australia Iron Ore was a record of 257 Mt (290 Mt on a 100% basis).

RIO's Price Performance, Valuation & Estimates

Shares of Rio Tinto have gained 43.8% in the past six months compared with the industry’s growth of 27.3%.

Image Source: Zacks Investment Research

From a valuation standpoint, RIO is trading at a forward price-to-earnings ratio of 12.13X, below the industry’s average of 17.56X. Rio Tinto carries a Value Score of B.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for RIO’s 2026 earnings has been on the rise 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

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

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An updated edition of the November 25, 2025 article.Nuclear energy is gaining renewed recognition as a vital solution for meeting the world’s rising demand for clean electricity. As utilities transition toward low-carbon power sources, nuclear plants stand out for their ability to provide reliable, carbon-free generation. Unlike solar and wind, which are dependent on weather conditions, nuclear power delivers stable, round-the-clock output. The recent restart of a previously shuttered U.S. nuclear facility underscores the sector’s revival and reflects growing investor interest in nuclear energy stocks.The nuclear energy sector is gaining traction as updated regulations and R&D advance microreactors and small modular reactors. Growing 24/7 clean energy demand from AI data centers, manufacturing reshoring, and electric vehicles is driving new opportunities, while government efforts to bolster domestic uranium supply further support the industry’s momentum.Nuclear power plant operators began the year on a strong footing. Meta Platforms META has entered into long-term nuclear power agreements with Vistra Corp. VST, TerraPower and Oklo Inc. OKLO to secure up to 6.6 gigawatts of nuclear capacity by 2035. Previously, META also signed a long-term agreement with Constellation Energy to procure 1.12 GW of clean nuclear power.With this increasing importance, nuclear energy-related stocks, such as NextEra Energy NEE, Vistra and Oklo, are becoming attractive investment options. Unlike other clean energy sources affected by intermittency, nuclear power plants provide a consistent and stable energy output, operating around the clock except during planned maintenance intervals.Compared with other clean energy sources, nuclear power requires significantly less land to generate the same amount of clean electricity. Additionally, while all traditional energy sources produce waste, nuclear energy stands apart for its highly regulated, secure and systematic approach to waste management and storage. Increasing adoption of electric vehicles, rising demand from the power grids and development of large artificial intelligence-powered data centers are increasing the importance of nuclear power plants.Nuclear Energy stocks have huge potential in the energy space and can offer significant growth opportunities for investors. Our Nuclear Energy Screen makes it easier for investors to locate high-potential stocks at any given time. Apart from the stocks mentioned above, investors can also explore stocks like Ameren Corporation AEE and BHP Group Limited BHP for a stable return in the nuclear energy space.Ready to uncover more transformative thematic investment ideas? Explore 36 cutting-edge investment themes with Zacks Thematic Investing Screens and discover your next big opportunity.NextEra Energy operates several nuclear generation units through its subsidiary, NextEra Energy Resources. NEE’s nuclear assets form a cornerstone of its clean energy strategy, delivering steady, carbon-free baseload power that complements its leading wind and solar portfolio. This diverse generation mix strengthens grid reliability and underpins sustainable long-term earnings growth.Ongoing investments in the upkeep and modernization of its nuclear facilities ensure top-tier operational performance, safety and regulatory adherence. These plants offer long service lives, low operating costs and protection from swings in fossil fuel prices.Last year, NextEra Energy announced two major agreements with Google aimed at strengthening U.S. nuclear leadership and supplying the rising energy needs of AI with clean, reliable nuclear power.This Zacks Rank #2 (Buy) company has a very disciplined capital investment plan, targeting more than $74 billion through 2029, which is expected to fund the expansion of its renewable and storage capacity. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Vistra Corp. offers a strong long-term investment case, supported by its diversified generation portfolio and expanding leadership in nuclear energy. The acquisition of Energy Harbor meaningfully scaled its nuclear capacity, while long-term power purchase agreements, including a 2,600 megawatt (MW), 20-year nuclear supply deals with Meta, position the company to capitalize on growing demand for reliable, clean power from data centers and AI-driven infrastructure.Vistra’s six nuclear reactors have received a license extension, ensuring continued reliable generation of emission-free electricity in key markets. These six nuclear reactors have the capacity to generate more than 6,500 MW of emission-free energy, enough to power about 3.25 million homes.This Zacks Rank #3 (Hold) stock has a comprehensive hedging program, which lessens the impact of short-term price fluctuations. Oklo Inc.’s small-scale nuclear reactors are gaining traction as an effective solution to address the rapidly growing energy demands of industries like data centers. These small modular reactors are based on liquid-metal-cooled, metal-fueled fast-reactor technology. Oklo has deliberately selected this established technology to lower technical risk, prioritizing systems with proven performance over untested designs.OKLO also signed a long-term power supply agreement with META. Per the agreement, OKLO will supply nearly 1.2 gigawatts to meet the energy demand from Meta’s large-scale data centers. This Zacks Rank #3 stock has developed the Aurora Powerhouse reactor, having a maximum power generation capacity of 75 MW.

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Ameren Corporation (AEE) : Free Stock Analysis Report

NextEra Energy, Inc. (NEE) : Free Stock Analysis Report

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

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This article first appeared on GuruFocus.

Rio Tinto (NYSE:RIO) and BHP (NYSE:BHP) are coming together for one of their biggest collaborations in years, agreeing to jointly tap up to 200 million tonnes of iron ore in Western Australia's Pilbara region.

The two miners signed non binding agreements to look at developing neighboring deposits and sharing infrastructure across their Yandicoogina and Yandi operations. Instead of spending heavily on new projects, the focus is on getting more out of what's already there, including potentially developing Rio Tinto's Wunbye deposit and processing ore from BHP's Yandi Lower Channel through Rio's existing wet plants.

Executives from both companies framed the move as a practical response to rising costs and declining ore grades across the Pilbara. Rio Tinto iron ore chief Matthew Holcz said the partnership allows both sides to unlock extra production with minimal capital spending, while BHP's Tim Day called it a clear example of productivity gains through cooperation.

The Pilbara remains one of the world's most important iron ore regions, supplying steelmakers across Asia. The tie up also builds on a 2023 agreement that opened up mining along a shared boundary that was previously off limits, showing how rivals are finding common ground as industry pressures grow.

Coeur Mining, Inc. CDE has gained 235.7% over the past year compared with the Zacks Mining-Non Ferrous industry’s 85.9% increase and the S&P 500’s 20% rise.

Among its peers, Southern Copper Corporation SCCO and Lundin Mining Corporation LUNMF have risen 85.1% and 188.1%, respectively.

Price Performance CDE vs. Industry, S&P 500, SCCO & LUNMFZacks Investment Research

Image Source: Zacks Investment Research

Technical indicators show that CDE has been trading above its 50-day and 200-day simple moving averages (SMA). The 50-day SMA is reading higher than the 200-day SMA, indicating a bullish trend.

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Image Source: Zacks Investment Research

Let’s look at the CDE’s fundamentals to analyze the stock better.

CDE’s Multi-Mine Strength Drives Strong Q3

Coeur Mining reported consolidated revenues of roughly $555 million for the third quarter of 2025, which represented a substantial 77 % year-over-year increase. This jump was driven by higher realized metal prices, increased sales volumes and balanced contributions from each of the company’s five wholly owned North American gold and silver operations.

Coeur Mining’s diversified North American portfolio, which spans the Las Chispas silver-gold mine in Sonora, the Palmarejo gold-silver complex in Chihuahua, the Rochester silver-gold mine in Nevada, the Kensington gold operation in Alaska and the Wharf gold mine in South Dakota, was a key driver of its strong quarterly results. The company noted that revenue contributions were evenly spread across these five assets, with Palmarejo generating about 23%, Kensington 22%, Rochester 20%, Wharf 18% and Las Chispas roughly 17% of total third-quarter revenues.

This balanced operational mix allowed Coeur Mining to fully capitalize on higher metal prices and robust production levels across multiple regions, leading to better operational execution, reduced reliance on any single asset and reinforced the company’s overall growth trajectory across its North American footprint.

Cash Surge and Deleveraging Fuel Coeur Mining’s Momentum

The company’s financial transformation underpins a more resilient business model, deleveraging rapidly while still funding growth and returning capital. Coeur Mining ended the third quarter with a significantly strengthened financial footing, holding $266.3 million in cash and equivalents, more than double its previous quarter's balance.

Coeur Mining generated $237.7 million in cash flow from operating activities during the third quarter, a strong increase from $206.95 million in the previous quarter. This robust operating cash flow forms a foundation for Coeur’s capital deployment strategy, supporting capex, debt repayment and its shareholder return initiatives.

CDE repaid more than $228 million of debt during the first nine months of 2025, reducing its total debt to $363.5 million and bringing its net-leverage ratio down to a very conservative 0.1X.

Coeur Mining invested $49 million in capital expenditures in the third quarter, of which about 70% was allocated to sustaining capex and 30% toward development projects. On the exploration front, the company spent $30 million, with $25 million expensed and $5 million capitalized, signaling a dual focus on reserve maintenance and future growth.

The cash cushion not only provides flexibility for further expansion but also reduces risk in a volatile commodity price environment.

CDE’s Growth Projects Set Up Next Revenue Expansion

The Rochester silver-gold mine in Nevada remains one of Coeur Mining’s most important growth engines. A major expansion project completed over the past few years has significantly increased the mine’s throughput capacity, with the new Stage VI leach pad and enhanced crushing circuit now in commercial production.

Coeur Mining’s acquisition of Las Chispas brought a high-grade, low-cost silver-gold asset into its portfolio early in 2025, contributing meaningfully to production and top-line results, including in the third quarter. Las Chispas’ strong performance has enhanced the overall production mix and cash flow and is expected to continue supporting revenue growth as the asset is fully integrated and optimized.

Coeur Mining is executing one of its largest exploration programs to date, with substantial drilling underway at Palmarejo, Kensington, Wharf, Rochester and Las Chispas, aimed at extending mine lives, improving grades and expanding reserves. The company announced a commitment of $67-$77 million for the same.

At the Silvertip project in British Columbia, Coeur Mining has more than tripled its land position and is undertaking expanded drilling programs aimed at increasing understanding of this polymetallic deposit. Early indicators suggest the potential for significant future resource additions.

What CDE’s Estimate Revisions Indicate

The Zacks Consensus Estimate for 2025 and 2026 for CDE has been revised lower and higher, respectively, over the past 60 days.

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Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CDE’s 2025 earnings is currently pegged at 76 cents per share, suggesting year-over-year growth of 322.2%.

Zacks Investment Research

Image Source: Zacks Investment Research

Coeur Trading Above Industry

Coeur Mining is currently trading at a forward 12-month price-to-sales multiple of 4.96X, above the industry’s average of 4.84X.

Zacks Investment Research

Image Source: Zacks Investment Research

The forward 12-month price-to-sales multiples for Southern Copper and Lundin Mining are 10.14X and 5.16X, respectively. CDE, SCCO and LUNMF currently have a Value Score of D, each.

Final Thought: Buy CDE Shares

Coeur Mining is transitioning into a breakout phase marked by accelerating revenue, surging cash flow and one of the industry’s fastest deleveraging cycles. Balanced contributions from strong-performing mines and a cash balance that has more than doubled in the last reported quarter signal a business firing on all cylinders. Rochester’s ramp-up, Las Chispas’ high-grade boost and a large exploration push position Coeur Mining for meaningful production and cash-flow growth, reinforced by better fundamentals, rising metal prices and a much stronger balance sheet. CDE is emerging as one of the most compelling high-upside plays in the North American mining sector, a standout pick for investors looking for powerful leverage to the next surge in gold and silver.

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

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

Coeur Mining, Inc. (CDE) : Free Stock Analysis Report

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

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

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Southern Copper (SCCO) closed the most recent trading day at $182.97, moving +1.5% from the previous trading session. This change outpaced the S&P 500's 0.26% gain on the day. Meanwhile, the Dow experienced a rise of 0.6%, and the technology-dominated Nasdaq saw an increase of 0.25%.

Heading into today, shares of the miner had gained 27.44% over the past month, outpacing the Basic Materials sector's gain of 8.62% and the S&P 500's gain of 1.57%.

The upcoming earnings release of Southern Copper will be of great interest to investors. The company is expected to report EPS of $1.44, up 42.57% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $3.62 billion, indicating a 30.11% upward movement from the same quarter last year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $5.3 per share and revenue of $13.17 billion, indicating changes of +22.4% and 0%, respectively, compared to the previous year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Southern Copper. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.83% higher. Southern Copper presently features a Zacks Rank of #3 (Hold).

From a valuation perspective, Southern Copper is currently exchanging hands at a Forward P/E ratio of 28.85. This represents a premium compared to its industry average Forward P/E of 27.92.

Investors should also note that SCCO has a PEG ratio of 1.51 right now. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Mining – Non Ferrous was holding an average PEG ratio of 0.74 at yesterday's closing price.

The Mining – Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 20, this industry ranks in the top 9% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in 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).

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Thursday, January 15, 2026The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including American Express Co. (AXP), Intuitive Surgical, Inc. (ISRG) and Booking Holdings Inc. (BKNG), as well as two micro-cap stocks Daily Journal Corp. (DJCO) and Star Group, L.P. (SGU). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.You can see all of today’s research reports here >>>Ahead of Wall StreetThe daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens, attempting to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.You can read today's AWS here >>> Pre-Markets Positive on Healthy Economic PrintsToday's Featured Research ReportsAmerican Express’ shares have outperformed the Zacks Financial – Miscellaneous Services industry over the past six months (+15.4% vs. -16%). The company is benefiting from sustained revenue growth driven by new product launches, strategic partnerships and a rebound in travel and entertainment spending. Revenues rose 9% YoY in the first nine months of 2025. Strong cash generation and disciplined capital returns underscore its financial strength. Its ROE of 33.4% lies above the industry average. It returned $2.9 billion in 3Q alone, through dividends and buybacks. Its focus on increasing tech-savvy customers positions it for long-term growth. However, persistently rising expenses continue to weigh on margins. Loan loss provisions remain elevated due to macro uncertainty. It is less agile in capitalizing on emerging non-card-based payment trends. AXP carries a heavy debt load, which induces the incurrence of high interest expenses. As such, the stock warrants a cautious stance.(You can read the full research report on American Express here >>>)Shares of Intuitive Surgical’s have gained +6.6% over the past six months against the Zacks Medical – Instruments industry’s gain of +11.6%. The company delivered a strong third-quarter, beating revenue and EPS estimates. The da Vinci 5 system gained momentum with 240 U.S. placements, raising its installed base to 929, alongside approvals in Europe and Japan for phased rollout. Utilization surpassed the Xi platform, supported by force feedback and Case Insights, while rising trade-ins highlighted upgrade demand. Global procedures grew 19% year over year, with 16% growth in the U.S. and 24% OUS, driven by benign general and non-urology surgeries in India, Korea, and distributor markets. System placements totaled 427, showing strong demand. However, gross margin slipped on higher costs and tariffs, while OUS markets remain pressured by budget constraints. Medicaid policy uncertainty is a risk, but ISRG raised 2025 growth guidance to 17–17.5% and margins to 67–67.5%.(You can read the full research report on Intuitive Surgical here >>>)Booking’s shares have gained +7.1% over the past year against the Zacks Internet – Commerce industry’s gain of +11.1%. The company benefits from its global footprint, strong brands and growing shift toward direct-channel bookings, which support margins and customer loyalty. Expansion into alternative accommodations, transport and attractions, alongside the Connected Trip strategy and increased GenAI integration, boosts engagement and cross-selling. Strong liquidity, solid cash generation and deep partner relationships further reinforce its position. Additionally, its focus on automating partner tools and traveler interactions enhances operational efficiency and satisfaction. However, softness in U.S. travel trends, elevated marketing spend and rising competitive pressure pose challenges. Its limited domestic presence may also restrict growth as affordability trends impact pricing power, and it faces strong competition from online travel agencies.(You can read the full research report on Booking here >>>)Shares of Daily Journal have outperformed the Zacks Publishing – Newspapers industry over the past six months (+61.8% vs. +35.5%). This microcap company with a market capitalization of $894.14 million has its shareholder value anchored by a $493 million marketable securities portfolio, which delivered $134.3 million in unrealized gains in FY25. Despite the passing of Charles Munger, the board continues to conservatively manage these assets, providing liquidity without external capital needs. Journal Technologies is accelerating, with FY25 revenues rising 32% YoY to $69.9 million and pretax income rising to $12.7 million, fueled by demand for e-filing and milestone-based contracts. The company’s capital-light model, $500.4 million in working capital, and positive $13.3 million operating cash flow support reinvestment. While growth is robust, risks include government revenue timing, rising competition in justice tech, and legal ad revenue headwinds from legislative changes. Underutilized real estate also weighs on efficiency. DJCO trades at 4.57X EV/sales and 2.29X P/B, below sector medians. (You can read the full research report on Daily Journal here >>>)Star Group’s shares have gained +9.4% over the past six months against the Zacks Electronics – Miscellaneous Products industry’s gain of +25.9%. This microcap company with a market capitalization of $403.63 million is a consolidator in a fragmented Northeast/Mid-Atlantic heating oil and propane market, using tuck-in M&A to build route density, lift efficiency and strengthen margins. Management has shown an ability to protect profitability through pricing discipline, cost control and effective integration, while expanding HVAC services to diversify revenues, deepen customer relationships and provide a counter-seasonal earnings buffer. Capital allocation remains shareholder-friendly, yet flexible, and selective tech/AI adoption should improve service productivity and retention over time. Key risks center on persistent customer attrition and limited organic growth, weather-driven earnings volatility, rising fixed costs and financing burden tied to acquisitions, tighter cash-flow flexibility amid seasonal working-capital swings, and longer-term regulatory and electrification pressures in core markets.(You can read the full research report on Star Group here >>>)Other noteworthy reports we are featuring today include Southern Copper Corp. (SCCO), Fastenal Co. (FAST) and Take-Two Interactive Software, Inc. (TTWO).Mark VickerySenior EditorNote: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

AmEx (AXP) Aided by Strong Card Member Spending Amid High Costs

Intuitive Surgical's (ISRG) da Vinci System Helps Offset Risks

Booking Holdings Benefits From Strong Leisure Travel Demand

Featured Reports

High Prices Aid Southern Copper (SCCO), Lower Production AilThe Zacks analyst believes Southern Copper is poised well to gain on high copper and silver prices and its expansion actions. However lower production levels due to lower grades might impair results.

Sales Boosting Initiatives Aid Fastenal (FAST) Amid High CostsPer the Zacks analyst, Fastenal's prospects are gaining from accretive sales boosting initiatives and cost control efforts. However, a tepid macro scenario, high costs and seasonality return hurt.

TEVA's New Drugs and Generic Stability Are Reviving GrowthThe Zacks analyst believes newer drugs, Austedo and Ajovy as well as a stable generics business are reviving its top-line growth.

CardFree Acquisition Aids Fiserv (FISV) Amid High CompletionPer the Zacks Analyst, Fiserv's CardFree buyout improves Clover's capabilities to support small businesses as they grow into larger merchants. Rising competition from other players is an overhang.

SWP Demand, Buyouts, AUM Aid SEI Investments (SEIC), High Costs AilPer the Zacks analyst, rising demand for the SWP, solid assets under management balance, strategic buyouts and global presence will support SEI Investments' growth, while mounting expenses are a woe.

Expanding Customer Base, Steady Investment Aid Spire (SR)Per the Zacks analyst, Spire is seeing stronger demand from its increasing customer base. Infrastructure investments are enhancing service capacity and supporting improved profitability.

Product Refreshes Aid Sonos (SONO) Amid Weak Macro BackdropPer the Zacks analyst, Sonos is poised to gain from new product launches in the global audio market, while cautious consumer discretionary spending amid a weak macroeconomic environment is a woe.

New Upgrades

Strong Portfolio Aids Take Two (TTWO) Amid Stiff CompetitionPer the Zacks analyst, Take-Two's popular franchises including NBA 2K26 and Grand Theft Auto V is helping it to counter stiff competition from the likes of EA and Activision Blizzard.

Rapid Project Execution and Volume Growth Aids Cenovus Energy (CVE)Per the Zacks analyst, CVE's rapid project executions are expected to accelerate future cash flows. Its targeted upstream production growth through 2028 should further enhance profitability.

Diversified Business and SMBs Expansions Aid BILL Holdings (BILL)Per the Zacks Analyst, BILL Holdings is likely to gain from its diversified business model, expansions into the SMB ecosystem and the adoption of its AI-powered financial operations platform.

New Downgrades

Home Depot (HD) Pressured by Weak Discretionary Unit and High CostsPer Zacks analyst, Home Depot sees softness in big-ticket and discretionary categories. It witnesses margin pressures driven by operating expense deleverage and costs related to the GMS acquisition.

China's slowdown and tariff risks hurt Philips (PHG) prospectsPer the Zacks analyst, Philips suffers from a sharp China slowdown and tariff uncertainties, which are affecting segment growth and limiting near-term upside.

Bath and Body Works (BBWI) Faces Demand Weakness and Margin PressurePer the Zacks analyst, BBWI continues to grapple with broad demand softness, heavier promotions and tariff pressures, signaling prolonged margin and growth challenges.

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Fastenal Company (FAST) : Free Stock Analysis Report

American Express Company (AXP) : Free Stock Analysis Report

Intuitive Surgical, Inc. (ISRG) : Free Stock Analysis Report

Take-Two Interactive Software, Inc. (TTWO) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

Star Group, L.P. (SGU): Free Stock Analysis Report

Daily Journal Corp. (S.C.) (DJCO): Free Stock Analysis Report

Booking Holdings Inc. (BKNG) : Free Stock Analysis Report

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

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Investors interested in Mining – Miscellaneous stocks are likely familiar with Nexa Resources S.A. (NEXA) and Teck Resources Ltd (TECK). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.

Currently, Nexa Resources S.A. has a Zacks Rank of #2 (Buy), while Teck Resources Ltd has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that NEXA is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

NEXA currently has a forward P/E ratio of 10.74, while TECK has a forward P/E of 28.43. We also note that NEXA has a PEG ratio of 0.31. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. TECK currently has a PEG ratio of 0.57.

Another notable valuation metric for NEXA is its P/B ratio of 1.25. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, TECK has a P/B of 1.34.

Based on these metrics and many more, NEXA holds a Value grade of A, while TECK has a Value grade of D.

NEXA sticks out from TECK in both our Zacks Rank and Style Scores models, so value investors will likely feel that NEXA is the better option right now.

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Nexa Resources S.A. (NEXA) : Free Stock Analysis Report

Teck Resources Ltd (TECK) : Free Stock Analysis Report

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

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How much a stock's price changes over time is important for most investors, since price performance can both impact your investment portfolio and help you compare investment results across sectors and industries.

Another factor that can influence investors is FOMO, or the fear of missing out, especially with tech giants and popular consumer-facing stocks.

What if you'd invested in Teck Resources Ltd (TECK) ten years ago? It may not have been easy to hold on to TECK for all that time, but if you did, how much would your investment be worth today?

Teck Resources Ltd's Business In-Depth

With that in mind, let's take a look at Teck Resources Ltd's main business drivers.

Vancouver, Canada-based Teck Resources is committed to mining and mineral development with business units focused on copper and zinc. Teck is also a leading producer of lead and a significant producer of specialty metals such as germanium, indium and cadmium. It also produces gold dore and silver. Teck also produces industrial products and fertilizers, which are recovered from its zinc and lead smelting operations in Trail, B.C.

Teck Resources divested its Steelmaking Coal business or Elk Valley Resources (“EVR”) in July 2024. The company categorized it as discontinued operations and restated the revenue and EPS (in CAD) for all quarters of 2023 and for 2024.

Teck Resources is a significant copper producer in the Americas, with four operating mines in Canada, Chile and Peru, and development projects in North and South America. Its main projects are Highland Valley Copper in Canada and Antamina, Quebrada Blanca and Carmen de Andacollo in South America.

Teck Resources is one of the world's largest producers of mined zinc, with three operating mines in the United States and Peru, and it owns one of the world's largest fully integrated zinc and lead smelting and refining facilities located in Canada. Teck produces zinc concentrate from Red Dog Operations in Alaska. In addition to marketing its zinc concentrate around the world, the company’s concentrate team also purchases concentrate from other mines for processing at the Trail operations complex in British Columbia.Teck Resources recently announced a structure in two regional business units – The North America business and The Latin America (LATAM) business.

The North America business unit, includes Highland Valley Copper, Red Dog and Trail operations, and the Galore Creek, Schaft Creek, and New Range copper projects. The LATAM unit, includes Carmen de Andacollo and Quebrada Blanca operations, Teck’s interest in Antamina, and the Zafranal, San Nicolas, and NuevaUnión copper growth projects.In September 2025, Teck Resources entered the merger agreement with Anglo American to form the Anglo Teck group. The new company will boast an industry-leading portfolio, consisting of six world-class copper assets, and premium iron ore and zinc operations.

Bottom Line

Anyone can invest, but building a successful investment portfolio takes a combination of a few things: research, patience, and a little bit of risk. So, if you had invested in Teck Resources Ltd a decade ago, you're probably feeling pretty good about your investment today.

According to our calculations, a $1000 investment made in January 2016 would be worth $17,335.55, or a gain of 1,633.55%, as of January 15, 2026, and this return excludes dividends but includes price increases.

Compare this to the S&P 500's rally of 260.42% and gold's return of 313.45% over the same time frame.

Going forward, analysts are expecting more upside for TECK.

Teck Resources reported third-quarter 2025 copper output of around 104,100 tons, a 9.5% decline year over year due to lower-than-expected results at QB and HVC. Ongoing TMF development work is expected to impact production at QB. The company lowered the 2025 copper production guidance to 415,000-465,000 tons, suggesting a 1% dip at the midpoint. Also, due to the outage of the shiploader at QB's port facility, net cash unit costs at QB are expected to be higher than before. Copper prices have gained lately on supply concerns amid solid demand. The long-term prospects for copper remain positive, supported by the clean energy transition trend. Teck Resources entered into a merger agreement with Anglo American plc to form the Anglo Teck group, with a combined annual copper production of 1.2 million tons.

The stock has jumped 17.92% over the past four weeks. Additionally, no earnings estimate has gone lower in the past two months, compared to 6 higher, for fiscal 2025; the consensus estimate has moved up as well.

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Teck Resources Ltd (TECK) : Free Stock Analysis Report

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

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CMC Metals Ltd.	CMB.V	+900.00%
Eden Energy Ltd	EDE.AX	+200.00%
GoviEx Uranium Inc.	GXU.V	+42.86%
Eagle Nickel Ltd.	ENL.AX	+41.67%
Citigold Corp. Limited	CTO.AX	+33.33%
Mount Burgess Mining NL	MTB.AX	+33.33%
Exalt Resources Limited	ERD.AX	+31.94%
Casa Minerals Inc.	CASA.V	+30.00%
Cariboo Rose Resources Ltd	CRB.V	+28.57%
Belmont Resources Inc.	BEA.V	+28.57%

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MOST ACTIVE MINING STOCKS

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FOUND POSTS

Mark Morabito’s Intrepid Metals Secures Key Land Position at Corral Copper Project in Arizona

India Expands Access to Critical Minerals With Mining Rule Changes

Glomar and Cobalt Blue Target US Refinery for Seabed Mineral Processing

Ontario Funds 68 Early-Stage Mining Projects Through Exploration Program

Ecuador Passes Mining Reforms as Solaris Resources (TSX:SLS) Advances Warintza Project