Base Metals Archives - Page 5 of 101

BHP Group Limited BHP and Vale S.A. VALE are among the world’s largest iron ore producers and diversified miners, making them competitors in the global metals and mining sector. Both companies are positioned to benefit as infrastructure investment picks up worldwide and long-term demand grows for steel, copper, lithium, nickel and other minerals essential for clean energy technologies. BHP has a market capitalization of around $203 billion, while VALE has a market capitalization of $73 billion.

For investors interested in this space, let's analyze which stock is better positioned for upside, BHP or Vale. A closer look at their fundamentals, growth drivers and key risks can offer clarity.

The Case for BHP

BHP produced 62.8 Mt of iron ore in the third quarter of fiscal 2026 (ended March 31, 2026), up 2% year over year. Production at Western Australia Iron Ore (WAIO) was a record 60.9 Mt (69.8 Mt on a 100% basis). For fiscal 2026, BHP continues to expect iron ore production of 258-269 Mt. WAIO’s output is likely to be 251-262 Mt (284-296 Mt on a 100% basis).

WAIO has been the lowest-cost iron ore producer globally for more than four years. Over the medium term, WAIO production is expected to exceed 305 Mt annually, supported by expanded rail operation capacity unlocked by RTP1 and the Western Ridge Crusher Project. BHP is investing in a sixth car dumper and related infrastructure at Port Hedland. Going forward, growth in world steel production spurred by urbanization will fuel demand for iron ore and help sustain prices, which bodes well for BHP.

Copper production was 476.8 kt in the quarter, a 7% decline year over year as lower output at Escondida, Pampa Norte and Carajás offset improved results at Copper South Australia and Antamina. BHP guides copper output in fiscal 2026 to be at the upper half of its prior stated range of 1,900-2,000 kt.

BHP has been reshaping its portfolio toward commodities such as copper and potash, allocating nearly 70% of its medium-term capital expenditure to these areas. This strategy positions the company to benefit from decarbonization, electrification, population growth and rising living standards in emerging markets.

In March, the company submitted the Environmental Impact Declaration (DIA) permit for the Escondida New Concentrator to replace the aging Los Colorados plant. Resolution Copper, a joint venture between Rio Tinto (55% and operator) and BHP (45%), completed a land exchange in Arizona, United States. They can now advance further resource data collection and initiate early underground development at the Resolution Copper project, one of the largest untapped, high-grade copper resources in the world. The company has copper projects under execution and a pipeline that could deliver around 2 Mtpa of attributable copper production by the 2030s.

BHP is also advancing the Jansen Stage 1 potash project, a large-scale, low-cost, high-grade resource with a mine life exceeding 100 years. It is expected to produce 4.15 million tons of potash annually, starting mid-2027. Stage 2 of the project is expected to deliver its first production in fiscal 2031 and add 4.36 million tons annually. These investments will position BHP as a major global producer of potash by the end of the decade.

The Case for Vale

Vale’s iron ore production for the first quarter of 2026 (ended March 31, 2026) was 69.7 Mt, a 3% year-over-year increase. This performance was driven by record output at the S11D and Brucutu plant, as well as the ramp-up of the Capanema and VGR1 projects. Pellet production was up 13.7% year over year to 8.2 Mt, driven by improved performance at the Tubarão pelletizing plants.

The company maintains its iron ore guidance at 335-345 Mt for 2026. It is expected to reach 360 Mt by 2030. The Vargem Grande 1 (VGR1) project and the Capanema Maximization project are expected to play a key role in attaining these targets. Other approved projects are Compact Crushing at S11D and Serra Sul.

Vale is also investing heavily in the base metals business to benefit from the global energy transition. The company’s capex plans for the business are $1.6 billion in 2026 and $2 billion from 2027 onward.

Copper production was up 12.5% year over year to 102 kt in the first quarter of 2026. Record output at Salobo and Sossego, as well as improved performance at Voisey's Bay polymetallic mines, led to the year-over-year improvement. Nickel production for the quarter was 49.3 kt, up 12.3% year over year. This reflected the full-quarter contribution of Onça Puma's second furnace and stable output at Voisey's Bay underground mines ramp-up.

In 2026, Vale's copper production is expected to be between 350 kt and 380 kt, and reach 420-500 kt by 2030 and 700 kt by 2035. The Bacaba project will extend the life of the Sossego Mining Complex, contributing an average annual copper output of 50 ktpy over an eight-year mine life. Production is expected to start in the first half of 2028. Other projects, such as Salobo Coarse Particle Flotation (CPF), Alemão and Cristalino, will increase Vale’s copper production capacity.

Vale recently signed an agreement with Glencore Canada (Glencore) to jointly evaluate a potential brownfield copper development project at their adjacent properties in the Sudbury Basin, with an expected start-up in 2030. Vale plans to hit 700 kt levels by 2035, primarily through the accelerated development of assets in the North and South hubs in the Carajás region.

For 2026, Vale expects its nickel production to be between 175 kt and 200 kt, reflecting replenishment projects in Canada, exposure to Pomalaa and Morowali, and the start-up of the second furnace at Onça Puma. For 2030, nickel production is anticipated at 210-250 kt, with input from projects such as Thompson Ultramafics, Sorowako HPAL, partnership projects and offtake.

How do Estimates Compare for BHP & VALE?

The Zacks Consensus Estimate for BHP’s fiscal 2026 earnings indicates a year-over-year rise of 32.7%. The estimate for earnings for fiscal 2027 reflects a 1% drop.

The Zacks Consensus Estimate for Vale’s 2026 earnings of $2.08 per share indicates year-over-year growth of 14.3%. The consensus estimate for Vale’s 2027 earnings is $2.19 per share, which projects a 5.5% rise.

Image Source: Zacks Investment Research

Both the earnings estimates for fiscal 2026 and fiscal 2027 for BHP have moved up over the past 60 days. While the EPS estimates for Vale for fiscal 2026 have been revised downward in the past 60 days, the same for fiscal 2027 has moved up.

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BHP Group & Vale: Price Performance & Valuation

In a year, BHP stock has appreciated 64.9%, lagging Vale, which has gained 78.9%.

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BHP is trading at a forward price-to-sales multiple of 3.75X, while VALE’s forward sales multiple sits at 1.90X.

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VALE’s return on equity of 20.16% is higher than BHP’s 17.72%. This reflects Vale’s efficient use of shareholder funds in generating profits.

Image Source: Zacks Investment Research

BHP or VALE: Which is a Better Pick?

BHP and Vale are both well-positioned for durable long-term growth, backed by resilient iron ore operations as well as a growing focus on future-facing materials. Both stocks currently carry a Zacks Rank #3 (Hold), which makes choosing one difficult. Given its attractive valuation, a stronger price performance and positive earnings expectation for this year as well as the next, along with a higher ROE, Vale currently has the edge.

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

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

Zacks Investment Research

Toronto, Ontario–(Newsfile Corp. – April 27, 2026) – Honey Badger Silver Inc. (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA) ("Honey Badger" or the "Company") is pleased to announce that it has closed its previously announced acquisition of all the issued and outstanding shares of Canadian Zinc Corporation ("CZC"), from Resource Capital Fund VI L.P. ("RCF"), the owner of the Prairie Creek Project ("PC Silver Project", "Prairie Creek" or the "Project") (the "Acquisition"). The Company is also pleased to announce the satisfaction of the escrow release conditions relating to the brokered private placement offering of 71,875,000 subscription receipts of the Company ("Subscription Receipts") at a price of $0.16 per Subscription Receipt (the "Offering Price") for aggregate gross proceeds of $11,500,000 (the "Offering"), which was completed on April 15, 2026.

Chad Williams, Executive Chairman of Honey Badger, commented, "Closing the PC Silver Project acquisition marks a defining moment for Honey Badger. We have secured 100% control of one of the highest-grade, fully permitted silver assets in the world, with a clear path to production in a tier-one jurisdiction. Our immediate focus is on advancing development in a disciplined manner, while leveraging our capital markets expertise to optimize financing to unlock maximum value for our shareholders. Seeking to add to the project's mineral inventory is also a priority. We believe Prairie Creek positions Honey Badger as a differentiated vehicle for investors seeking meaningful exposure to silver."

The Acquisition

The Company completed the Acquisition pursuant to the terms and conditions of a definitive agreement dated March 13, 2026, as amended from time to time in accordance with its terms, entered into among RCF, CZC and the Company (the "Purchase Agreement"). At closing, the Company acquired all of the issued and outstanding shares of CZC on a debt-free basis, the sole owner of the PC Silver Project, from RCF, in exchange for C$10 million in cash (subject to customary closing adjustments set forth in the Purchase Agreement) and 12,500,000 units of the Company, each unit consisting of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Vendor Warrant"). Each Vendor Warrant will entitle the holder thereof to acquire one additional Common Share (each, a "Vendor Warrant Share") for a period of three years from the closing of the Acquisition, at an exercise price of C$0.24 per Vendor Warrant Share.

Following the closing of the Acquisition, CZC is now a wholly-owned subsidiary of the Company.

For additional information on the Acquisition as well as on the PC Silver Project, please refer to the Company's news release dated March 19, 2026, ﬁled under its proﬁle on SEDAR+ and accessible at www.sedarplus.ca. The Acquisition remains subject to ﬁnal approval of the TSX Venture Exchange.

Escrow Release and Conversion Mechanics

In connection with the satisfaction of the escrow release conditions, the proceeds of the Offering and accrued interest thereon, net of the commission and expenses payable to the agents of the Offering, have been released to, or as directed by, the Company by the subscription receipt agent and each Subscription Receipt automatically converted into one unit of the Company ("Unit"). Each Unit entitles the holder thereof to one Common Share and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional Common Share (each, a "Warrant Share") for a period of three years following the closing of the Acquisition, at an exercise price of C$0.24 per Warrant Share.

The net proceeds of the Offering were used to fund the cash portion of the purchase price of the Acquisition, and for related expenses.

Holders of Subscription Receipts are not required to take any action in order to receive the underlying Common Shares and Warrants.

All Common Shares and Warrants which were issued upon conversion of the Subscription Receipts remain subject to a statutory four-month hold period pursuant to applicable Canadian securities laws which will expire on August 16, 2026.

The Subscription Receipts were not registered under the U.S. Securities Act of 1933, as amended, or any applicable securities laws of any state of the United States and may not be oﬀered or sold in the United States absent registration or an applicable exemption from such registration requirements. This news release shall not constitute an oﬀer to sell or the solicitation of an oﬀer to buy any securities of the Company, nor shall there be any oﬀer or sale of any securities of the Company in any jurisdiction in which such oﬀer, solicitation or sale would be unlawful prior to registration or qualiﬁcation under the securities laws of any such jurisdiction.

About Honey Badger Silver (TSXV: TUF) (OTCQB: HBEIF) (FSE: 1QA) (Tradegate: 1QA)

Honey Badger Silver is unlocking some of Canada's richest untapped silver potential. With the acquisition of the fully permitted, high-grade PC Silver Project, the Company has become a leading North American silver and critical minerals company.

Backed by an impressive portfolio of 8 high-quality silver mineral projects across the Northwest Territories, Yukon, and Nunavut, including the Sunrise Lake, Plata, and Nanisivik properties, Honey Badger controls district- scale land positions in some of the most metal-rich jurisdictions on the continent.

What sets Honey Badger apart is its strategic blend of real silver ownership and growth leverage: the Company holds 10,000 ounces of physical silver yielding 12% annually, reinforcing tangible asset value while advancing aggressive exploration and acquisition plans.

Led by a proven team of mine-builders and capital markets professionals, Honey Badger is building a cash-generating, asset-backed platform for the bull cycle in precious and critical metals.

More information is available at www.honeybadgersilver.com

Chad WilliamsExecutive Chairman, Interim CEO

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

Forward-Looking Statements

Certain statements in this release constitute "forward-looking statements" within the meaning of applicable securities laws, including but not limited to, the potential of the Project, the potential merits of the PC Silver Project, and Honey Badger's strategic objectives. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294458

Image source: Getty Images

Written by Amy Legate-Wolfe at The Motley Fool Canada

The TSX has looked almost too comfortable lately, but calm markets do not last forever. When things feel quiet, investors may want stocks with real cash flow, useful assets, and upside tied to bigger themes that can keep working whether the index drifts higher or suddenly gets choppy. That usually means looking for businesses with strong commodity exposure, improving operations, or a clear growth runway rather than simply chasing whatever ran last week. The good news is the TSX still has a few names that look ready either way.

NTR

Nutrien (TSX:NTR) is one of the world’s biggest crop-input companies, with huge potash, nitrogen, and retail operations. That gives it exposure to farm economics, global food demand, and fertilizer pricing, all in one stock. Over the last year, that mix has started working better again. Nutrien stock reported 2025 net earnings of US$2.30 billion and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$6.05 billion, helped by higher fertilizer prices, record upstream fertilizer sales volumes, and stronger retail earnings. What’s more, Nutrien stock expects higher potash demand in 2026.

Furthermore, Nutrien stock has been simplifying the business. It sold its Profertil stake and used asset sale proceeds to reduce debt while lifting shareholder returns. It repurchased nearly 9.8 million shares in 2025 at an average price of US$55.94 and raised its quarterly dividend to US$0.55 per share. The main risk is that fertilizer prices can turn quickly if crop economics weaken, but this still looks like a solid all-weather pick.

TECK

Teck Resources (TSX:TECK.B) is now more clearly a copper-focused miner, and copper remains one of the most important metals tied to electrification, infrastructure, and industrial demand. Over the last year, Teck kept pushing through the ramp-up at Quebrada Blanca while the market also focused on its planned merger with Anglo American. In its latest annual results, Teck reported fourth-quarter (Q4) adjusted EBITDA of $1.51 billion and full-year adjusted EBITDA of $4.33 billion. Full-year adjusted profit from continuing operations attributable to shareholders rose to $1.53 billion, or $3.10 per share. Plus, copper prices and output helped it beat expectations.

That gives investors a nice setup if calm markets give way to a stronger cyclical push. Teck reaffirmed its 2026 outlook for its operated sites, and management said QB kept making progress on ramp-up and tailings development. At a recent share price in the high-$60s to high-$70s, the stock trades at roughly the low-20s on 2025 adjusted earnings, which feels reasonable for a major copper name with rising leverage to a strategic metal. The risk is that execution at QB still matters a lot, and any copper pullback would sting. Still, this looks like a stock that can work whether the TSX stays sleepy or wakes up fast.

EQX

Equinox Gold (TSX:EQX) is a gold producer, but no longer a small, simple one. The company transformed itself over the last year through the Calibre merger, the Valentine ramp-up, and asset sales that reshaped the portfolio. In 2025, it generated US$1.82 billion in revenue, produced a record 922,827 ounces of gold, posted adjusted EBITDA of US$1.34 billion, and reduced debt by more than US$1.1 billion since mid-2025. It also reached commercial production at Valentine and recently updated its Canadian operations outlook, pointing to average production of about 540,000 ounces a year from Greenstone and Valentine over the next decade.

The stock now has much better scale, improving Canadian exposure, and even an inaugural dividend. The obvious risk is gold price volatility, plus the fact that big portfolio changes can create noise. Even so, if the TSX is staying calm right before another move, Equinox looks like the kind of stock that could be ready for it.

Bottom line

If the TSX feels a little too quiet right now, investors do not need to sit on their hands. Nutrien stock offers steady muscle, Teck offers copper-driven upside, and Equinox offers a more aggressive gold growth story. That is a pretty sensible trio for a market that looks calm on the surface but may not stay that way for long.

The post Is the TSX Too Calm Right Now? These 3 Stocks Look Ready Either Way appeared first on The Motley Fool Canada.

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* Returns as of April 20th, 2026

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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Nutrien. The Motley Fool has a disclosure policy.

2026

Teck Resources Limited (NYSE:TECK) is one of the best copper stocks to invest in now. Teck Resources Limited (NYSE:TECK) announced unaudited first-quarter results for 2026 on April 22. Adjusted EBITDA in the quarter was $2.1 billion, $1.2 billion or 125% higher than the same period last year, driven by factors such as record quarterly copper sales volumes, significantly higher commodity prices, and increased revenue from by-products. The company’s profit before taxes was $1.3 billion in fiscal Q1 2026.

Teck Resources Limited (NYSE:TECK) further reported that cash flow from operations of $1.0 billion increased its net cash position by $338 million at March 31, 2026. Its liquidity as of April 22, 2026, is $9.8 billion, including $5.7 billion of cash, bolstered by continued cash flow generation into April. The company’s copper segment generated gross profit before depreciation and amortization of $1.8 billion in Q1 2026, compared to $704 million in the same period last year. This was primarily driven by record copper prices, which averaged US$5.83 per pound in Q1 2026, as well as record quarterly copper sales volumes. Gross profit from the company’s copper segment was $1.4 billion in the quarter.

Teck Resources Limited (NYSE:TECK) is a resource company involved in the exploration, development, acquisition, production, and sale of natural resources, with its products including copper, steelmaking coal, industrial products and fertilisers, zinc, and other metals. The company’s project operations are located in the US, Peru, Canada, and Chile.

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

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Southern Copper Corporation (NYSE:SCCO) is included among the 10 Best May Dividend Stocks to Buy.

On April 23, Scotiabank analyst Alfonso Salazar raised the price recommendation on Southern Copper Corporation (NYSE:SCCO) to $133 from $125. It reiterated an Underperform rating. The firm said it increased its price-to-net-asset-value multiple for the company’s Mexican open-pit assets. Even with that change, the analyst noted there is still no clear upside at current levels.

On April 10, Goldman Sachs upgraded SCCO to Neutral from Sell and raised its price target to $178 from $142.79. The firm said the copper scarcity premium is “larger than ever,” pointing to expectations of tighter supply and demand over time. It added that Southern Copper, as one of the largest pure copper producers with long-life reserves in stable regions, should trade at a premium to peers. The analyst also said the company has “strong defensive positioning” during a downturn, supported by its low cost structure and relatively lower operating leverage.

Southern Copper Corporation (NYSE:SCCO) is an integrated copper producer. It produces copper, molybdenum, zinc, and silver. Its mining, smelting, and refining operations are based in Peru and Mexico, with exploration activities in those countries as well as Argentina and Chile.

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Disclosure: None. Follow Insider Monkey on Google News.

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Lundin Mining’s refreshed fair value estimate edges to CA$38.90, down slightly from CA$39.14, putting it in the same general range as several C$ price targets that now sit between the mid CA$30s and mid CA$40s. This shift mirrors the split in recent analyst calls, where higher C$ targets and rating upgrades sit alongside SEK target cuts and downgrades that flag sector and macro risks. As you read on, you will see how to track these evolving targets and what they might mean for your own view on the stock.

Stay updated as the Fair Value for Lundin Mining shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Lundin Mining.

What Wall Street Has Been Saying 🐂 Bullish Takeaways

Several Canadian brokers have lifted their C$ targets, including TD Securities moving to C$45 from C$42 and Desjardins to C$42 from C$35. This points to optimism around Lundin Mining’s ability to support higher valuations.
CIBC has adjusted its view multiple times, most recently setting a C$39 target, while Scotiabank and Deutsche Bank have also raised C$ targets into the high C$20s to mid C$30s range. This suggests analysts see room for the shares to reflect Lundin’s project pipeline and execution.
Canaccord’s and Stifel’s C$ target increases, along with Citi’s higher C$ target, reflect constructive views on Lundin’s exposure to copper and other metals. Analysts are focusing on how existing assets and future volumes could support the company’s long term growth profile.

🐻 Bearish Takeaways

On the European side, JPMorgan and Morgan Stanley have cut SEK targets, with JPMorgan moving its target to SEK 190 from SEK 221 and turning Underweight. The firm cited sector wide concerns and a revised base case for copper and iron ore that weighs on valuation.
National Bank has shifted to Sector Perform with a C$40 target, signalling that some analysts see risk and reward as more evenly balanced, particularly when factoring in macro risks flagged in recent European calls.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!

TSX:LUN 1-Year Stock Price Chart

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

What's in the News

Lundin Mining agreed to acquire an additional 5% interest in SCM Minera Lumina Copper Chile, along with a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty on Los Helados, from JX Advanced Metals and affiliates for total consideration of US$215 million. The transaction will be funded through its expanded revolving credit facility, with closing targeted for April 2026, subject to approvals.
On completion of the transaction, Lundin Mining’s ownership in the Caserones copper molybdenum mine in Chile is expected to reach 75%. The company indicated that the additional interest is expected to contribute immediate free cash flow once the deal closes.
For Q4 2025 and the three months ended March 31, 2026, the company indicated expected positive impacts on revenue from unaudited provisional pricing adjustments on prior period concentrate sales of about US$83 million and about US$22 million pre tax, respectively, mainly tied to copper and gold.
Lundin Mining reported updated Mineral Resource and Mineral Reserve estimates effective December 31, 2025. These include consolidated Measured and Indicated Mineral Resources of 28,372 kilotonnes of contained copper, 48.2 million ounces of gold and 812 million ounces of silver, and Proven and Probable Mineral Reserves of 6,347 kilotonnes of contained copper, 4.2 million ounces of gold and 27.0 million ounces of silver.

How This Changes the Fair Value For Lundin Mining

Fair value estimate is CA$38.90, compared with the prior CA$39.14 figure.
Revenue growth assumption is 1.92%, compared with the previous 1.25% input.
Net profit margin assumption is 22.80%, compared with the earlier 20.88% figure.
Forward P/E multiple is 30.78x, reduced from 33.84x applied to projected earnings.
Discount rate in the model is 7.67%, up from 7.62% as the required return input.

Never Miss an Update: Follow The Narrative

Narratives link a company's story, projects and risks to a financial forecast and fair value that update as new data comes in. They give you a single place to track how fresh information may change the long term outlook.

Head over to the Simply Wall St Community and follow the Narrative on Lundin Mining to stay up to date on:

How the Vicuña project, Caserones expansion and other organic growth plans could affect future copper and gold production volumes.
What Lundin Mining's ESG initiatives, asset sales and lower net debt might mean for its balance sheet flexibility and long term plans.
Key risks from heavy South American copper exposure, capital intensive projects and potential regulatory or permitting setbacks.

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

For Immediate Releases

Chicago, IL – April 23, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Teck Resources TECK and Lundin Mining LUNMF.

Here are highlights from Thursday’s Analyst Blog:2 Copper Stocks Likely to Pull Off Earnings Surprises in Q1

The sector is poised to be among the four of the 16 Zacks sectors to deliver double-digit growth in the quarter under review. The sector is expected to witness a 13.6% increase in revenues, supported largely by higher realized commodity prices.

Against this constructive backdrop, we have identified two copper-focused companies, Teck Resources and Lundin Mining, which seem well-positioned to surpass earnings estimates this time around, while also improving year over year.

How Have Things Shaped Up for TECK & LUNMF?

Price movements across key non-ferrous metals during the January-March 2026 period remained supportive, providing a meaningful boost to miners’ top lines. Gold and silver stood out, benefiting from safe-haven demand amid economic and geopolitical uncertainty.

Copper prices began the quarter on a solid footing, reaching a record high of $6.58 per pound on Jan. 29, 2026. This was triggered by supply concerns following disruptions at major mining operations, including Indonesia’s Grasberg mine and the Kamoa-Kakula complex in the Democratic Republic of Congo, alongside issues at Chile’s El Teniente. Steady demand from electrification, renewable energy projects and grid infrastructure spending, amid supply concerns, continued to fuel prices.

Prices softened in the latter part of the quarter. Rising oil prices linked to geopolitical tensions, along with weak demand from China amid an ongoing real estate downturn, weighed on sentiment. Copper prices ranged from $5.25 per pound to a high of $6.58 in the first quarter. Prices averaged at $5.83 for the quarter, 27% higher than the last-year quarter.

These favorable pricing dynamics are expected to have supported revenues for Teck Resources and Lundin Mining, given their significant exposure to copper.

That said, the operating environment remained challenging. Elevated input costs likely offset some of the benefits of higher prices, pressuring margins. In response, miners have focused on improving throughput, optimizing portfolios and prioritizing higher-grade ore bodies to mitigate cost pressures.

Here’s How to Pick Stocks Poised to Beat Earnings Estimates

Identifying stocks that are poised to beat on earnings in their upcoming releases might seem a daunting task. However, our proprietary Zacks methodology makes it fairly simple.

One can pick stocks, which have the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Our research shows that for stocks with this combination, the chance of an earnings surprise is as much as 70%.

Earnings ESP is our proprietary methodology for determining stocks that have the best chances to surprise with their next earnings announcement. It is the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

2 Potential Outperformers This Earnings Season

Teck Resourceshas an Earnings ESP of +0.95% and a Zacks Rank of 3 at present. The company is scheduled to report first-quarter 2026 results on April 23.

The Zacks Consensus Estimate for first-quarter earnings is pegged at 79 cents per share, implying an 88% climb from the year-ago quarter’s actual. The estimate has moved up 83.7% over the past 60 days. TECK has an average positive earnings surprise of 54.3% in the trailing four quarters.

Teck Resources Ltd price-eps-surprise | Teck Resources Ltd Quote

Teck Resources’ copper production for 2025 totaled 453.5 thousand tons, up 1.8% year over year. For 2026, production is expected to be 455-530 thousand tons, with the mid-point suggesting an 8.5% increase. Our model estimates first-quarter 2026 copper production to rise 23% year over year to 130.5 thousand tons, supported by higher output from Quebrada Blanca, Highland Valley Copper, Antamina and Carmen de Andacollo. Copper sales are projected to rise 22.5% to 129.8 thousand tons.

For 2025, zinc production was reported at 565 thousand tons, down 8.3% as higher production at Antamina was offset by lower output at Red Dog. TECK’s 2026 outlook is weaker at 410-460 thousand tons, indicating lower expected output from both operations. We estimate first-quarter zinc production of 109.4 thousand tons, suggesting a 20% year-over-year fall.

Refined zinc production at Trail Operations decreased 10.2% year over year to around 230 thousand tons in 2025. The guidance for 2026 is at 190-230 thousand tons. We project first-quarter refined zinc output at 55.4 thousand tons, indicating a 4.5% fall. Sales at Red Dog are expected to be 40-50 thousand tons, with our estimate at 48.2 thousand tons, implying a 47% drop.

Higher sales volumes for copper and metal prices are expected to have offset the impacts of lower zinc sales volumes in the quarter.

Lundin Mining has an Earnings ESP of +1.27% and a Zacks Rank of 3 at present. It is scheduled to release the first-quarter 2026 results on May 6.

The Zacks Consensus Estimate for Lundin Mining’s first-quarter 2026 earnings is 28 cents per share, indicating a 155% year-over-year surge. The estimate has moved up 3.7% over the past 60 days. LUNMF has an average positive earnings surprise of 17.5% in the trailing four quarters.

Lundin Mining Corp. price-eps-surprise | Lundin Mining Corp. Quote

The company expects first-quarter 2026 revenues to benefit from $22 million in positive provisional pricing adjustments related to prior-period concentrate sales. These adjustments primarily include upward adjustments in relation to the prior period’s metal sales.

LUNMF's copper production in the fourth quarter of 2025 was down 14% year over year to 87,032 tons. Higher production at Caserones and Eagle was offset by lower output at Candelaria and Chapada. Full-year copper production was reported at 331,232 tons. For 2026, the guidance is at 310,000-335,000 tons, with the mid-point indicating a modest 3% decline.

Gold production fell 27% year over year in the fourth quarter to 34,129 ounces due to lower output at Candelaria and Chapada. The 2025 production was 141,859 ounces. For 2026, the company expects gold output between 134,000 and 149,000 ounces, broadly in line with prior-year reported levels.

In line with the company’s guidance, we expect a slight dip in copper production for the first quarter, while gold output is expected to have been stable. The company’s performance is likely to have benefited from higher prices for copper and gold, as well as lower costs at Caserones, Chapada and Eagle.

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Note: 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 Previewreports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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

Zacks Investment Research

Freeport-McMoRan (FCX) came out with quarterly earnings of $0.57 per share, beating the Zacks Consensus Estimate of $0.47 per share. This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +22.16%. A quarter ago, it was expected that this mining company would post earnings of $0.28 per share when it actually produced earnings of $0.47, delivering a surprise of +67.86%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Freeport-McMoRan, which belongs to the Zacks Mining – Non Ferrous industry, posted revenues of $6.23 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 11.05%. This compares to year-ago revenues of $5.73 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Freeport-McMoRan shares have added about 38.5% since the beginning of the year versus the S&P 500's gain of 4.3%.

What's Next for Freeport-McMoRan?

While Freeport-McMoRan has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Freeport-McMoRan was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.58 on $6.6 billion in revenues for the coming quarter and $2.54 on $28.05 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining – Non Ferrous is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Lundin Mining (LUNMF), has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.

This base metals mining company is expected to post quarterly earnings of $0.28 per share in its upcoming report, which represents a year-over-year change of +154.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Lundin Mining's revenues are expected to be $1.12 billion, up 16% from the year-ago quarter.

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

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Southern Copper Corporation has announced that its President, Chief Executive Officer, and Board member, Oscar Gonzalez Rocha, passed away unexpectedly on April 7, 2026, and the Board plans to appoint a successor or interim CEO in the near future.
This sudden leadership change comes as investors are focused on the company’s upcoming earnings outlook and its operational and expansion plans.
We’ll now examine how the unexpected CEO loss and pending succession decision could influence Southern Copper’s existing investment narrative.

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Southern Copper Investment Narrative Recap

To own Southern Copper, you need to believe in sustained demand for its copper and by products, underpinned by long term expansion projects in Peru and Mexico and disciplined cost control. The sudden loss of long serving CEO Oscar Gonzalez Rocha introduces near term uncertainty around leadership continuity, but it does not, on its own, change the key catalyst of execution on large capex projects or the immediate risk from cost inflation and potential project or community disruptions.

The most relevant recent announcement alongside the CEO change is the upcoming Annual General Meeting on May 29, 2026, where investors may look for clarity on succession, capital allocation, and project priorities. This comes after a period of strong reported results in 2025, including US$13,420.0 million in sales and US$4,334.9 million in earnings, which form part of the backdrop for assessing how leadership changes might influence the company’s existing investment plans.

But beneath the headline projects, one risk investors should be aware of is how ongoing community and project disruptions could…

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

Southern Copper's narrative projects $15.6 billion revenue and $5.9 billion earnings by 2029.

Uncover how Southern Copper's forecasts yield a $156.21 fair value, a 15% downside to its current price.

Exploring Other PerspectivesSCCO 1-Year Stock Price Chart

Some of the lowest ranked analysts were already cautious, assuming revenue could fall to about US$11.3 billion by 2029 and relying on higher margins, so you may see their concerns about project delays and leadership stability sharpen if the CEO change alters timelines or confidence in long term execution.

Explore 5 other fair value estimates on Southern Copper – why the stock might be worth as much as 27% more than the current price!

Decide For Yourself

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

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

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Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Lundin Mining (LUNMF), which belongs to the Zacks Mining – Non Ferrous industry, could be a great candidate to consider.

This base metals mining company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 30.00%.

For the last reported quarter, Lundin came out with earnings of $0.42 per share versus the Zacks Consensus Estimate of $0.3 per share, representing a surprise of 40.00%. For the previous quarter, the company was expected to post earnings of $0.15 per share and it actually produced earnings of $0.18 per share, delivering a surprise of 20.00%.

Price and EPS Surprise

Thanks in part to this history, there has been a favorable change in earnings estimates for Lundin lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.

Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Lundin has an Earnings ESP of +1.27% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on May 6, 2026.

When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.

Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.

Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

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

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For Immediate Releases

Chicago, IL – April 22, 2026 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Teck Resources TECK and Lundin Mining LUNMF.

Here are highlights from Wednesday’s Analyst Blog:2 Copper Stocks Likely to Pull Off Earnings Surprises in Q1

How Have Things Shaped Up for TECK & LUNMF?

These favorable pricing dynamics are expected to have supported revenues for Teck Resources and Lundin Mining, given their significant exposure to copper.

Here’s How to Pick Stocks Poised to Beat Earnings Estimates

Identifying stocks that are poised to beat on earnings in their upcoming releases might seem a daunting task. However, our proprietary Zacks methodology makes it fairly simple.

One can pick stocks, which have the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Our research shows that for stocks with this combination, the chance of an earnings surprise is as much as 70%.

2 Potential Outperformers This Earnings Season

Teck Resources has an Earnings ESP of +0.95% and a Zacks Rank of 3 at present. The company is scheduled to report first-quarter 2026 results on April 23.

Teck Resources Ltd price-eps-surprise | Teck Resources Ltd Quote

Higher sales volumes for copper and metal prices are expected to have offset the impacts of lower zinc sales volumes in the quarter.

Lundin Mining has an Earnings ESP of +1.27% and a Zacks Rank of 3 at present. It is scheduled to release the first-quarter 2026 results on May 6.

Lundin Mining Corp. price-eps-surprise | Lundin Mining Corp. Quote

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

Zacks Investment Research

Freeport-McMoRan Inc. FCX is slated to report first-quarter 2026 results before the opening bell on April 23. While higher unit costs and weaker volumes are likely to have impacted FCX’s performance, it is expected to have benefited from favorable copper prices.The Zacks Consensus Estimate for first-quarter earnings has been revised lower in the past 60 days. The consensus estimate for earnings is pegged at 47 cents per share, suggesting a 95.8% year-over-year rise. The Zacks Consensus Estimate for revenues currently stands at $5.61 billion, indicating a 2% decline on a year-over-year basis.

Image Source: Zacks Investment Research

FCX beat the Zacks Consensus Estimate for earnings in three of the last four quarters and reported in-line results once. It has a trailing four-quarter earnings surprise of 26.8% on average.

Image Source: Zacks Investment Research

Q1 Earnings Whispers for FCX Stock

Our proven model does not conclusively predict an earnings beat for FCX this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.FCX has an Earnings ESP of -0.86% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Factors Shaping FCX’s Q1 Results

Freeport’s first-quarter results are expected to reflect favorable copper prices. Copper prices started 2026 on a strong note, underpinned by robust demand from China and the United States. Structural tailwinds, including electric vehicles (EVs), renewable energy projects, data center growth and grid modernization, continue to boost copper consumption. Worries about tightening supply amid rising EV and infrastructure demand also supported the red metal. Supply risks increased amid concerns over lower output and potential disruptions at major global mining operations. These factors led to prices surging to roughly $6.4 per pound in late January. Prices of the red metal were mostly volatile during February, largely trading near $6 per pound. Copper prices came under pressure last month amid concerns about the impact of surging oil prices on the global economy due to the war in the Middle East, dragging down prices to a three-month low of around $5.3 per pound in late March. Prices have rebounded since then on hopes of a de-escalation in the Iran war and are currently hovering around $6 per pound. Our estimate for the first-quarter average realized copper price for FCX is $5.70 per pound, which indicates a year-over-year rise of 28.3%.FCX’s results are likely to be unfavorably impacted by lower sales volumes due to the Grasberg mine incident. The company’s outlook for copper sales volumes for the first quarter assumes minimal contribution from its Indonesian operations due to the mine incident. FCX expects copper sales volumes of 640 million pounds, indicating a 10% sequential and 27% year-over-year decline. The company has issued weaker guidance for gold sales volume of 60,000 ounces, suggesting sequential and year-over-year decreases. Lower sales volumes are expected to weigh on its top line.Higher unit costs are also likely to have affected the company’s performance in the March quarter. FCX saw a sharp increase in its average unit net cash cost per pound of copper in the fourth quarter of 2025 to $2.22 from $1.40 in the prior quarter, marking a roughly 59% spike. It also climbed 34% year over year. Freeport's outlook for the first quarter suggests higher costs on a sequential basis. It expects unit net cash costs to rise to $2.60 per pound, while projecting a full-year average of roughly $1.75.

FCX Stock’s Price Performance and Valuation

FCX’s shares have gained 106% in a year, underperforming the Zacks Mining – Non Ferrous industry’s 117.4% rise, while topping the S&P 500’s increase of 39.2%. Its peers, Southern Copper Corporation SCCO and BHP Group Limited BHP, have rallied 114% and 67%, respectively, over the same period.

FCX’s One-year Price Performance

Image Source: Zacks Investment Research

From a valuation standpoint, Freeport is currently trading at a forward 12-month earnings multiple of 24.82, a roughly 0.7% discount to the peer group average of 25X. FCX is trading at a premium to BHP Group and at a discount to Southern Copper. Freeport currently has a Value Score of C. BHP Group has a Value Score of B, while Southern Copper has a Value Score of D.

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

Image Source: Zacks Investment Research

Investment Thesis for FCX Stock

Freeport is well-placed with high-quality copper assets and remains focused on strong execution and advancing its organic growth opportunities. It is expected to gain from progress in exploration activities that will boost production capacity. FCX also has a strong liquidity position and generates substantial cash flows, which allow it to finance its growth projects, pay down debt and drive shareholder value. Backed by strong financial health, the company's dividend is perceived to be safe and reliable. The strength in copper prices should also support its profitability and drive cash flow generation. Freeport, however, faces headwinds from higher costs, which may eat into its margins. Weaker copper volumes due to the Grasberg mine incident are also likely to weigh on its performance.

Final Thoughts: Hold Onto FCX Shares

FCX stands to benefit from the ongoing expansion initiatives that will enhance its production capacity. Its strong financial position supports continued investment in growth projects and shareholder returns. Despite these positives, softer sales volume expectations and rising unit costs remain concerns. Holding onto the FCX stock will be prudent for investors who already own it, awaiting clearer direction from the upcoming earnings release.

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

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

Zacks Investment Research

Commodity markets provided a solid tailwind for non-ferrous miners in the first quarter of 2026, with strength across precious metals and copper. These companies are part of the broader Zacks Basic Materials sector, which is emerging as a strong performer this earnings season. Per the latest Earnings Trends report, the sector is expected to deliver earnings growth of 16.3%, suggesting an improvement from the 12.1% registered in the fourth quarter of 2024 and the 11.5% posted in the third quarter. The sector is poised to be among the four of the 16 Zacks sectors to deliver double-digit growth in the quarter under review. The sector is expected to witness a 13.6% increase in revenues, supported largely by higher realized commodity prices.

Against this constructive backdrop, we have identified two copper-focused companies, Teck Resources TECK and Lundin Mining LUNMF, which seem well-positioned to surpass earnings estimates this time around, while also improving year over year.

How Have Things Shaped Up for TECK & LUNMF?

These favorable pricing dynamics are expected to have supported revenues for Teck Resources and Lundin Mining, given their significant exposure to copper.

Here’s How to Pick Stocks Poised to Beat Earnings Estimates

Identifying stocks that are poised to beat on earnings in their upcoming releases might seem a daunting task. However, our proprietary Zacks methodology makes it fairly simple. One can pick stocks, which have the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Our research shows that for stocks with this combination, the chance of an earnings surprise is as much as 70%.

2 Potential Outperformers This Earnings Season

Teck Resources has an Earnings ESP of +0.95% and a Zacks Rank of 3 at present. The company is scheduled to report first-quarter 2026 results on April 23.

Teck Resources Ltd Price and EPS Surprise

Teck Resources Ltd price-eps-surprise | Teck Resources Ltd Quote

Higher sales volumes for copper and metal prices are expected to have offset the impacts of lower zinc sales volumes in the quarter.

Lundin Mining has an Earnings ESP of +1.27% and a Zacks Rank of 3 at present. It is scheduled to release the first-quarter 2026 results on May 6.

Lundin Mining Corp. Price and EPS Surprise

Lundin Mining Corp. price-eps-surprise | Lundin Mining Corp. Quote

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

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ABU DHABI, United Arab Emirates, April 15, 2026 (GLOBE NEWSWIRE) — Appian Capital Advisory Limited (“Appian”), the investment advisor to long-term value-focused private capital funds investing in companies in metals, mining, and adjacent industries, today announced the appointment of Paulo Castellari as CEO of Critical Minerals, strengthening its operating capabilities as it scales its critical minerals portfolio.

Paulo Castellari appointed as Appian’s new CEO of Critical Minerals
Highly experienced mining executive, with prior CEO roles at Eramet, Anglo American and Emirates Global Aluminium
Former CEO of Appian Capital Brazil, where he successfully restarted Atlantic Nickel and delivered the Mineração Vale Verde copper and Graphcoa graphite projects into production
Appointment further strengthens Appian’s investor-operator model and its ability to accelerate the development of critical minerals supply

Paulo will lead Appian’s critical minerals portfolio, overseeing its existing investments across graphite, mineral sands and rare earths, as well as future critical minerals investments, as the firm continues to scale its exposure to commodities essential for energy security, key industries and future-focused technologies. He will also be responsible for sourcing and evaluating new opportunities across the sector.

Paulo joins from Eramet, where he served as CEO. He brings over 30 years of experience across mining and metals projects in the Americas, Europe and Africa, with a strong track record in operations, disciplined capital allocation, responsible practices and complex project delivery.

Paulo previously served as CEO of Appian Capital Brazil from 2019 to 2025. Under his leadership, the business brought three mines into production, integrated them into local communities, and implemented innovative, safe and responsible mining practices.

Before joining Appian in 2019, Paulo built a distinguished executive career spanning multiple industries and geographies. At Anglo American he held senior leadership roles across marketing, business development, and operational leadership of key commodity businesses. In 2016, he transitioned to the energy sector serving as Deputy CEO and CFO of CEMIG, one of Brazil's leading electric power companies. He subsequently became CEO of Guinea Alumina Corporation at Emirates Global Aluminium.

Paulo’s appointment bolsters Appian’s investor-operator model, which combines the sourcing capabilities to identify economically and technically viable projects with in-house technical and operational expertise to responsibly bring them into production, integrating upstream, midstream and downstream activities.

This approach underpins Appian’s US$1 billion partnership with the World Bank’s International Finance Corporation (IFC), aimed at accelerating the responsible development of critical minerals projects across emerging markets in Latin America and Africa. The partnership offers a blueprint for governments and sovereign funds seeking to secure access to critical minerals through public-private partnerships (PPPs), amid growing global demand.

Michael W. Scherb, Founder and CEO of Appian, commented: “Paulo is a highly respected operating leader with a strong track record of delivering complex mining projects to the highest performance and safety standards. His deep technical expertise, disciplined approach to capital allocation, and ability to build and scale complex operations will further strengthen Appian’s operating capabilities. As we continue to grow our critical minerals portfolio, Paulo’s experience will play a pivotal role in advancing our projects and unlocking long-term value for all our partners.”

Paulo Castellari, CEO of Critical Minerals at Appian, commented:“I am delighted to be rejoining Appian to work across its global critical minerals portfolio. Appian has built a strong reputation for operational excellence and disciplined investment, and I look forward to working with the team to further strengthen these capabilities. Together, we will continue to focus on safely and efficiently advancing our projects, building resilient operations and delivering value for all stakeholders while supporting the growing global demand for critical minerals.”

For further information:

Appian Capital Advisory Limited:Andrew Todd, Head of Communications: +44 7990416759 / atodd@appiancapitaladvisory.com +44 (0)20 7004 0951 / info@appiancapitaladvisory.com

About Appian Capital Advisory LimitedAppian Capital Advisory Ltd is the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries.

Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing approximately 8,500 employees.

Appian has a global team of ~100 experienced investment professionals, combining financial and technical expertise, with presences in London, Abu Dhabi, New York, Dubai, Belo Horizonte, São Paulo, Beijing, Hong Kong, Toronto, Lima and Perth.

For more information, please visit www.appiancapitaladvisory.com or find us on LinkedIn, Instagram or Twitter/X.

Vancouver, British Columbia–(Newsfile Corp. – April 14, 2026) – Pacific Bay Minerals Ltd. (TSXV: PBM) ("Pacific Bay" or the "Company") reports that the Company has entered into a definitive option and joint venture agreement (the "Agreement") with Aurwest Resources Corporation (CSE: AWR) whereby Aurwest has acquired an option to earn, subject to the satisfaction of conditions, an undivided interest of up to 50% in Pacific Bay's Weaver Gold gold/silver property (the "Transaction") in British Columbia.

Transaction Summary

Pursuant to the terms of the definitive agreement, Pacific Bay is appointed as the operator of the project, and in consideration of payments, issuance of common shares of Aurwest ("Common Shares") and exploration work, Aurwest may earn up to a 50% undivided interest in the Weaver Gold project up each of the yearly anniversaries of the signature of the definitive agreement during a three-year period following the entering into the Transaction. Such payments and Aurwest Common Shares issuances are allocated as follows (in each case subject to and in accordance with the rules and policies of the Canadian Securities Exchange "(the "CSE"));

Upon signing of this Agreement, $10,000 and 500,000 shares of Aurwest; (completed);
Upon receipt of regulatory approval, payment to PBM of $20,000 worth of common shares of Aurwest based on the 20-day Volume Weighted Average Price of Aurwest ("VWAP")
On or before the first anniversary of the LOI: $15,000 cash; $25,000 worth of Aurwest shares based on the VWAP; and $75,000 in exploration work on the Property
On or before the second anniversary of the LOI: $20,000 cash; $75,000 worth of Aurwest shares based on the VWAP; and an additional $100,000 in exploration work on the Property.
On or before the third anniversary of the LOI: $25,000 cash; and $75,000 worth of Aurwest shares based on the VWAP; and an additional $150,000 in exploration work on the Property.

The Agreement also contemplates the following:

Automatic Joint Venture Formation Upon Option Exercise: Upon Aurwest satisfying all option payments and work commitments, the parties will automatically form a 50/50 joint venture, with Pacific Bay Minerals acting as the initial Operator and a two-member Management Committee governing major decisions.

Existing 3% NSR Royalty with Buydown Rights: The Property is subject to a 3.0% Net Smelter Returns Royalty in favour of David Schussler. Pacific Bay retains the right to purchase up to 2% of that royalty at $1.5 million per 1% increment, and holds a right of first refusal on the remaining 1%.

Dilution Mechanics and Minimum Interest Threshold: If either joint venture partner fails to fund its share of approved programs post-formation, its interest will be diluted proportionally. A partner whose interest falls to 15% or below is automatically converted to a 2% NSR royalty, with the other party holding a buyout option on that royalty for $2,000,000.

Governance and Transfer Restrictions: Major decisions – including asset dispositions or borrowings exceeding $2,000,000 and litigation settlements above $500,000 – require unanimous Management Committee approval. Neither party may transfer its interest without first offering a right of first refusal to the other, and any transferee must assume all obligations under the agreement.

Weaver Gold Project

Located in southwestern British Columbia's prolific East Harrison Lake Belt, the Property hosts strong potential for orogenic gold-silver mineralization hosted in structurally controlled quartz-carbonate vein systems, with historical exploration yielding impressive high-grade results, including up to 63.77 g/t gold and 2,009.44 g/t silver from trench sampling, and multiple drill intercepts with multi-gram gold and silver over metre-scale widths.

Situated near excellent infrastructure with year-round access via paved highways and forestry roads, the 725-hectare Property also offers secondary upside for magmatic nickel-copper sulphide mineralization, drawing parallels to the nearby Pacific Nickel (Giant Mascot) Mine. The Whitehead report concludes that Weaver Lake is a property of merit warranting continued exploration, supported by its favorable geological setting, confirmed mineralization continuity, and untapped potential along strike and at depth.

Figure 1 – Location Map

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3362/292461_fbf1e8f094372bbd_002full.jpg

Figure 2 – Weaver Gold Prior Drilling & Workings

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3362/292461_fbf1e8f094372bbd_003full.jpg

"The Weaver Gold Project represents and exciting opportunity for Aurwest to get into the gold exploration sector in B.C.," said Aurwest CEO Cameron MacDonald. "We're looking forward to getting to work on this high-potential project."

"Pacific Bay welcomes this opportunity to work with Aurwest and to advance the Weaver Gold property," said Pacific Bay President & CEO David H. Brett. "The bullish sentiment around gold provides an excellent window to restart exploration on this high-grade gold opportunity."

About Pacific Bay Minerals

Pacific Bay's flagship, 100% owned Haskins-Reed Critical Minerals Project in northwestern BC is one of the leading exploration projects in the Cassiar Region. Located next to Cassiar Gold Corp. on Highway 37, Haskins-Reed hosts tungsten, copper, bismuth, silver, lead, and zinc in multiple high-grade polymetallic zones, over 125 drill holes, underground workings, and significant exploration potential. The Company also owns 100% of the Weaver Gold project in southern BC, now under the above described option/JV with Aurwest whereby Aurwest can earn 50%.

The technical disclosures in this news release were reviewed and approved by independent geological consultant David Bridge, P.Geo., a Qualified Person, as defined by National Instrument 43-101. David Bridge is not an officer, director or employee of the Company.

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292461

Vancouver, British Columbia–(Newsfile Corp. – April 13, 2026) – Rokmaster Resources Corp. (TSXV: RKR) (OTCQB: RKMSF) (FSE: 1RR1) ("Rokmaster" or "the Company") is pleased to announce the start of drilling to test several porphyry Cu-(Mo±Au) targets on the Hanson Property.

The Hanson Property is a part of the Company's Nechako Project, which is comprised of three properties totalling 26,932 hectares (269 km2) in west-central British Columbia. The Nechako Project features multiple exploration targets for significant porphyry Cu-(Mo±Au) mineralization and high-grade Au-Ag vein systems in the southern portion of the productive Stikine Terrane (Figure 1). Rokmaster has been active in developing the Nechako Project for several years, efficiently vectoring towards robust drill targets and getting necessary exploration drill permits approved for all the properties.

For more technical details related to the focus of the drill program, please refer to Rokmaster's recent press release dated March 11th, 2026.

Alongside the commencement of drilling at its Hanson Property, the Company has outlined an ambitious 2026 exploration program across all three properties of the Nechako Project. Planned activities include additional fieldwork, an IP survey, and drill testing at the Mystery Property with fieldwork set to commence in early June. The entire Nechako Project is fully permitted for exploration drilling, and the Company is funded to execute the 2026 program as currently planned.

Rokmaster thanks the professional team at Hy-Tech Drilling, from nearby Smithers, BC, in working with our field crew to efficiently & expertly execute the drill program.

John Mirko, President and CEO, comments:

"I was recently on site at the Hanson Property, and the drill program is progressing very well. We are all excited by the fantastic targets at the Wilson Zone which have not been thoroughly tested, and there are many more targets remaining at the Buckley and Cyr Zones on the Hanson Property. This is a great time of year to be working on the fully road-accessible Nechako Project with improving weather conditions, crew & equipment availability. Core sample analytical results should be received sooner than during the busy months of the summer season."

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and reviewed and approved by Eric Titley, P.Geo., who is independent of Rokmaster and acts as Rokmaster's Qualified Person.

For more information please contact:

Mr. John Mirko, President & CEO of Rokmaster Resources Corp.,jmirko@rokmaster.com, Ph. +1 (604) 290-4647 or by website: www.rokmaster.com

On Behalf of the Board of Directors of

Rokmaster Resources Corp.

John Mirko,President & Chief Executive Officer

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," 'projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: receipt of regulatory approval with respect to the Hanson Property transaction; risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Rokmaster's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/292148

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.

Given this risk, we thought we'd take a look at whether Legacy Iron Ore (ASX:LCY) shareholders should be worried about its cash burn. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.

We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.

Does Legacy Iron Ore Have A Long Cash Runway?

You can calculate a company's cash runway by dividing the amount of cash it has by the rate at which it is spending that cash. As at September 2025, Legacy Iron Ore had cash of AU$11m and no debt. Importantly, its cash burn was AU$12m over the trailing twelve months. So it had a cash runway of approximately 11 months from September 2025. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. Depicted below, you can see how its cash holdings have changed over time.

ASX:LCY Debt to Equity History April 12th 2026

Check out our latest analysis for Legacy Iron Ore

How Well Is Legacy Iron Ore Growing?

It was fairly positive to see that Legacy Iron Ore reduced its cash burn by 48% during the last year. Having said that, the revenue growth of 95% was considerably more inspiring. It seems to be growing nicely. Of course, we've only taken a quick look at the stock's growth metrics, here. This graph of historic revenue growth shows how Legacy Iron Ore is building its business over time.

How Hard Would It Be For Legacy Iron Ore To Raise More Cash For Growth?

Even though it seems like Legacy Iron Ore is developing its business nicely, we still like to consider how easily it could raise more money to accelerate growth. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.

Since it has a market capitalisation of AU$59m, Legacy Iron Ore's AU$12m in cash burn equates to about 21% of its market value. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution.

How Risky Is Legacy Iron Ore's Cash Burn Situation?

Even though its cash runway makes us a little nervous, we are compelled to mention that we thought Legacy Iron Ore's revenue growth was relatively promising. Cash burning companies are always on the riskier side of things, but after considering all of the factors discussed in this short piece, we're not too worried about its rate of cash burn. On another note, Legacy Iron Ore has 4 warning signs (and 3 which are potentially serious) we think you should know about.

If you would prefer to check out another company with better fundamentals, then do not miss this free list of interesting companies, that have HIGH return on equity and low debt or this list of stocks which are all forecast to grow.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

FTSE 100 Live: Index rockets at open as miners and airlines climb on Iran ceasefire Proactive uses images sourced from Shutterstock8.12am: FTSE 100 flies at the open

There we go: the FTSE 100 has been launched 248 points higher to 10,596 in just over 10 minutes.

Miners and airline-associated shares are topping the early risers, with copper miner Antofagasta surging 14.5% and precious metals specialist Fresnillo up around 11%.

Aeroplane engine maker Rolls-Royce, housebuilder Persimmon, British Airways owner IAG and miner Anglo American are all up over 9%.

There are only five stocks in the red, with BP and Shell falling 8.2% and 7.1%, while British Gas parent Centrica drops 2.8%.

Two more, Schroders and BAE systems are just below flat.

7.57am: Shell expects much stronger trading profit

Shell PLC (LSE:SHEL, NYSE:SHEL) has revealed that first-quarter gas production will fall from the previous quarter after disruption linked to the war in the Middle East, but that trading profits are likely to be "significantly higher".

Ahead of full first-quarter results early next month, the FTSE 100 oil and gas giant said integrated gas output is expected at 880,000 to 920,000 barrels of oil equivalent per day, down from 948,000 in the fourth quarter, reflecting the impact of fighting in the Gulf on volumes from its Qatar operations.

Liquefied natural gas volumes are expected broadly in line, while upstream production is set to decline slightly.

Oil trading is expected to be "significantly" stronger than the previous quarter, while marketing earnings are also expected to be "significantly higher".

7.43am: Close Bros not changing motor finance provision yet

Close Brothers Group PLC (LSE:CBG) says it expects to face costs of about £320 million from the UK motor finance redress scheme.

The merchant banking group revealed its fresh estimate, which compares with an existing provision of £294 million set aside as of January, after the Financial Conduct Authority’s published its updated policy statement last week on compensating customers for historic commission arrangements on car loans.

The company said no changes have yet been made to its existing provision, which remains under review.

7.35am: A market view on the ceasefire

Alongside the US and Iran's two-week ceasefire agreement, President Trump posted that a 10-point proposal has been received from Tehran that he said was a "workable basis on which to negotiate" towards a more durable peace agreement.

"Unsurprisingly," says market analyst Michael Brown at Pepperstone, "the initial market reaction has been a positive one, albeit perhaps not as sizeable as one might’ve expected, largely owing to the grind higher in risk assets seen since the tail end of Tuesday’s cash session".

He says market participants "have been desperate for anything resembling good news for some weeks now, and even more desperate to see concrete steps being taken towards de-escalation" and so ticking both those boxes means people are willing to up their risk levels significantly, including buying shares.

Brown says this "helps to reinforce the theory that many market participants are operating in a mindset where they seek not to get ‘caught short’" and "when the probability of a U-turn is so high, it’s difficult to be especially bearish, for especially long, or with especially high conviction, as has been proved time & again during the Trump presidency".

Providing the ceasefire holds, including evidence of commodity flows through the Strait of Hormuz, and that the conflict is seen to be on a path towards de-escalation, he says, "it’s reasonable to assume that equities have probably now put in a bottom… which is unlikely to be tested unless tensions flare up once more".

Focus will also fall on the extent of the economic damage from the conflict and the surge in energy prices around the globe.

"Of course, the significant risk here is that the ceasefire doesn’t hold, that we then see a re-escalation in the conflict, and are essentially back to ‘square one’," says Brown, which for markets would mean higher oil prices, a rising dollar and "everything else from stocks to bonds to metals coming under considerable pressure".

7.21am: UK house prices fall

Away from the geopolitics, Halifax has released its house price index for March, showing a drop of 0.5%, following a 0.3% rise the month before.

Annual growth slowed to 0.8% from 1.2% in February.

Within England, the north east demonstrated the strongest annual percentage growth , at 5%, surpassing Scotland, while regionally, Northern Ireland's growth is highest at 8.7%.

South-east England saw a decline of 1.8%, with London house prices falling 1.2% on average.

Geopolitics was cited as the reason for the slowdown, by Amanda Bryden, Halifax's head of mortgages, who said the housing market's moved reflected "the wide uncertainty regarding the conflict in the Middle East".

"Concerns about higher energy prices pushed up inflation expectations, which in turn led to a rise in mortgage rates, reducing confidence that interest rates will be cut this year and dampening the initial momentum in the market seen at the start of the year."

She added: "The effect on house prices will largely depend on how long‑lasting these pressures prove to be and the wider implications for the economy and unemployment. Mortgage rates are a key factor for buyers, particularly those getting on the ladder for the first time, who are already balancing the challenge of saving a deposit, with the cost of borrowing.

“As a result, many are likely to watch movements in mortgage rates closely, before making a decision on any home purchase."

7.13am: FTSE 100 set to rocket as US-Iran ceasefire agreed

The FTSE 100 is expected to rocket roughly 300 points higher on Wednesday morning, as oil prices dived back to below $94 a barrel after the US and Iran agreed a two-week ceasefire.

London's blue-chip index had dropped 87.5 points or 0.8% to 10,348.79 yesterday, with mainland European counterparts falling around 0.6%-1% and Wall Street indices mixed but close to flat.

But Asian stocks surged overnight and this morning, including a 5.5% jump for Japan's Nikkei and 3.1% gain for the Hang Seng in Hong Kong, after the conditional ceasefire was agreed just hours before Donald Trump’s 8pm EST deadline, following last-minute mediation by Pakistan.

President Trump said the deal was “subject to the Islamic Republic of Iran agreeing to the COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz”, adding he would “suspend the bombing and attack of Iran for a period of two weeks”.

Iran said its forces will “cease their defensive operations” if attacks stop and that “safe passage through the Strait of Hormuz will be possible” for two weeks under coordination.

Earlier, Trump had issued the crazed warning that "a whole civilization will die tonight", with US bombers reportedly already en route, unless an agreement was made.

He later called it “a big day for world peace” and said "big money will be made" once Iran begins a reconstruction process, while Israel backed the ceasefire but said it would not apply to fighting with Hezbollah.

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

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

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

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

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

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

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

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

Highlights

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

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

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

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

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

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

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

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

On behalf of the Board of Directors

Elmer B. StewartPresident and Chief Executive Officer

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Meeting is being held for the following purposes:

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

Notice and Access

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

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

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

Modern Slavery Report

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

First Quarter 2026 Results Conference Call and Webcast

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

Webcast / Conference Call Details:

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

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

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

About Lundin Mining

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

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

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

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

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

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

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

ASX:BHP Earnings & Revenue Growth as at Apr 2026

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

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

How This Fits Into The BHP Group Narrative

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

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

The Risks and Rewards Investors Should Consider

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

What To Watch Going Forward

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

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

Companies discussed in this article include BHP.AX.

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

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

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

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Petroleo Brasileiro S.A.- Petrobras (PBR) : Free Stock Analysis Report

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

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

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

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

ASX:BHP Earnings & Revenue Growth as at Apr 2026

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

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

How This Fits Into The BHP Group Narrative

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

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

The Risks and Rewards Investors Should Consider

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

What To Watch Going Forward

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

Companies discussed in this article include BHP.AX.

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

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

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

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

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

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

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

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

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

The Orchestration Crisis at the Heart of the Enterprise

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

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

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

Proven Where It Matters Most

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

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

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

What Comes Next

The funding will accelerate four priorities:

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

About Kestra

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

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

kestra.io

About RTP Global

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

rtp.vc

About Alven

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

alven.co

About ISAI

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

www.isai.vc

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

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

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

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

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

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

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

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

The Bottleneck That Actually Matters

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

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

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

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

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

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

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

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

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

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

Why the Window Is Closing

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

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

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

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

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

What REalloys Controls

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

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

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

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

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

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

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

By. Charles Kennedy

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

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

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

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

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

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

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

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

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

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

Disclosure: None. Follow Insider Monkey on Google News.

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

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

Study Highlights:

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

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

_________________________________

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

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

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

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

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

About Lundin Mining

Qualified Person Statements and Related Disclosure

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

The Qualified Persons are:

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

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

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

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

Cautionary Note Regarding Non-GAAP Measures

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

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

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

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

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

Sustaining capital expenditure

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

Expansionary capital expenditures

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

Free cash flow

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

Operating costs per tonne milled

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

Cautionary Statement on Forward-Looking Information

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

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

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

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2026/30/c7658.html

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