Base Metals Archives - Page 8 of 101

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

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

See our latest analysis for Lundin Mining.

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

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

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

Most Popular Narrative: 20.6% Overvalued

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

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

Read the complete narrative.

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

Result: Fair Value of CA$36.05 (OVERVALUED)

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

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

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

Another Lens On Value

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

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

LUN Discounted Cash Flow as at Feb 2026

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

Next Steps

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

Looking for more investment ideas?

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

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

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include LUN.TO.

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

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

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

About Lundin Mining

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

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

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

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

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

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

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

Southern Copper’s Sales & Margins Rise

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

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

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

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

SCCO’s Production Details

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

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

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

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

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

Southern Copper’s Cash Flow & Balance Sheet

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

Southern Copper’s Guidance for 2025

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

How Have Estimates Been Moving Since Then?

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

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

VGM Scores

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

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

Outlook

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

Performance of an Industry Player

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

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

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

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

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

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

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

Zacks Investment Research

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.

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

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

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

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

TSX:LUN Earnings & Revenue Growth as at Feb 2026

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

Quick Assessment

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

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

Key Considerations

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

Dig Deeper

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

Companies discussed in this article include LUN.TO.

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

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

About Honey Badger Silver Inc.

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

About PDAC

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

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

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

We look forward to seeing you there.

For further information:

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

Highlights:

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

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

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

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

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

Participation Rights for Teck and South32

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

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

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

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

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

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

About American Eagle's NAK Project

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

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

About American Eagle Gold Corp.

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

American Eagle Gold CorpToronto, Ontario

Anthony Moreau, Chief Executive Officer

416.644.1567amoreau@oregroup.ca www.americaneaglegold.ca

Q.P. Statement

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

Forward-Looking Statements

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

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

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

Source: Getty Images

Written by Amy Legate-Wolfe at The Motley Fool Canada

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

Anything but

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

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

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

TECK

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

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

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

Bottom line

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

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

Should you invest $1,000 in Teck Resources Limited right now?

Before you buy stock in Teck Resources Limited, consider this:

The Motley Fool Canada team has identified what they believe are the top 10 TSX stocks for 2026… and Teck Resources Limited wasn’t one of them. The 10 stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 … if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $20,155.76!*

Now, it’s worth noting Stock Advisor Canada’s total average return is 90%* – a market-crushing outperformance compared to 81%* for the S&P/TSX Composite Index. Don’t miss out on our top 10 stocks, available when you join our mailing list!

Get the 10 stocks instantly

#start_btn6 {
background:#0e6d04 none repeat scroll;color:#fff;font-size:1.2em;font-family:’Montserrat’, sans-serif;font-weight:600;height:auto;margin:30px 0;max-width:350px;text-align:center;width:auto;}

#start_btn6 a {
color:#fff;display:block;padding:20px;padding-right:1em;padding-left:1em;}

#start_btn6 a:hover {
background:#FFE300 none repeat scroll;color:#000;}

@media (max-width:480px) {
div#start_btn6 {
font-size:1.1em;max-width:320px;}
}

margin_bottom_5 {margin-bottom:5px;}
margin_top_10 {margin-top:10px;}

* Returns as of February 17th, 2026

More reading

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

2026

Highlights:

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

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

NIV Background

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

Initial Drill Program Set for June

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

CLICK HERE to View NIV Target Areas

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

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

Fully Capitalized and Backed by Majors

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

About Metal Energy

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

CLICK HERE to Watch Technical Webinar on NIV

CLICK HERE to View NIV Technical Presentation

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

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

QP Statement

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

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

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

Reader Advisory

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

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

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285436

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

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

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

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

What’s Driving Copper Demand?

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

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

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

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

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

Why ETFs & Not Individual Miners?

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

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

Copper ETFs to Consider

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

Global X Copper Miners ETF COPX

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

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

iShares Copper and Metals Mining ETF ICOP

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

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

United States Copper ETF (CPER

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

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

Sprott Copper Miners ETF COPP

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

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

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

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

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

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

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

Teck Resources Ltd (TECK) : Free Stock Analysis Report

Anglo American (NGLOY) : Free Stock Analysis Report

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

Sprott Copper Miners ETF (COPP): ETF Research Reports

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

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

Zacks Investment Research

This article first appeared on GuruFocus.

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

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

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

This article first appeared on GuruFocus.

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

Release Date: February 20, 2026

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

Positive Points

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

Negative Points

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

Q & A Highlights

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

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

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

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

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

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

Walmart (WMT)

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

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

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

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

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

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

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

Super Micro Computer (SMCI)

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

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

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

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

Opendoor Technologies (OPEN)

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

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

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

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

Klarna (KLAR)

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

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

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

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

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

Anglo American (AAL.L)

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

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

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

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

Stocks: Create your watchlist and portfolio

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

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

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

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

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

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

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

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

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

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

It cut its diamond production by 12% last year.

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

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

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

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

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

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

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

9.15am: More morning movers

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

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

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

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

8.30am: Good news for the Chancellor

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

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

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

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

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

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

8.15am: Footsie off to a flying start

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

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

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

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

7.45am: Retail sales perk up

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

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

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

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

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

7.15am: FTSE set for brighter start

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

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

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

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

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

In Australia, the ASX 200 closed only marginally lower.

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

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

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

Is Babcock right to be confident on full year outlook?

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

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

Is Babcock right to be confident on full year outlook?

3. Forensic audit team join SkinBioTherapeutics investigation

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

Is Babcock right to be confident on full year outlook?

In case you missed it…

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

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

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

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

A note from our sponsor

Trade US and EU stocks commission-free with MEXEM, only £2 flat UK share trades and FX fees of 0.25% with our Stocks & Shares ISA. Trade directly on 160+ global exchanges with true direct market access through Mobile, Web and Desktop platforms powered by Interactive Brokers UK. You can also invest beyond your ISA allowance with a General Investment Account with trading commission starting from just $0.8/£0.8. MEXEM Financial Services UK Ltd is FCA-authorised (FRN 1009371), with eligible client assets protected by FSCS. Capital at risk.

Get free weekly UK company analysis from The Armchair Trader here

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Ian Bickis, The Canadian Press

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

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

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

About Wallbridge Mining

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

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

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

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

Read:

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

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

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

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

2026 EXPLORATION PROGRAM OVERVIEW

Fenelon

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

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

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

Martiniere

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

Casault and Grasset

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

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

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

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

Figure 1: Wallbridge Property Map Click to enlarge.

Qualified Person

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

About Wallbridge Mining

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

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

Cautionary Note Regarding Forward-Looking Information

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

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

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

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

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

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

Cautionary Notes to United States Investors

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

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

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

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

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

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

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

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

About Lundin Mining

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 12, 2026 at 4:00 Pacific Time.

Cautionary Statement on Forward-Looking Information

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

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

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

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

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

About Midland

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

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

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

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

Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

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

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

‘Encouraging tailwinds’ for 2026

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A STRATEGIC BET

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

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

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

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

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

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

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

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

Highlights of the two-year generative exploration program include:

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

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

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

Exploration Results – Overview & 2026 Plan

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

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

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

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

Package A – Bozshakol Group

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

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

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

Shirderty Target

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

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

Table 1: Selected drill results, Shirderty Target

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

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

Bozshakol South ("Boz S") Target

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

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

Table 2: Selected drill results, Boz S Target

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

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

Tort Kuduk Target

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

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

Table 3: Selected results from Tort Kuduk Drilling

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

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

Undrilled Targets

Bozshakol Extension

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

Package B – Akkuduk Group

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

Besshoky Target

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

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

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

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

Undrilled Targets

Akkuduk-Nogurbek

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

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

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

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

P39

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

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

_________________________

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

Issuance of DSUs

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

References

Quality Assurance and Quality Control

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

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

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

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

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

Qualified Person

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

On behalf of the Board of Directors,

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

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

Further information can be found on:

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

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

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

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

Photographer: Alessandro Cinque/Bloomberg

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

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

CONNECT WITH US

Tweets

Tweet with hash tag #miningfeeds or @miningfeeds and your tweets will be displayed across this site.

Tweets by MiningFeeds

MOST ACTIVE MINING STOCKS

Daily Gainers


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

CONNECT WITH US

Tweets

MOST ACTIVE MINING STOCKS

Daily Gainers

Articles

FOUND POSTS

World Gold Council Commits US $250K to Ghana’s Artisanal Mining Reform

China Forms New State Investment Company to Support Overseas Mining Expansion

Solaris Resources Meets Ecuador’s Minister of Energy and Mines to Discuss Warintza

BHP Secures Approval for US$14.7 Billion Expansion of World’s Largest Copper Mine

State Mining Companies Take Larger Role in Africa’s Push to Develop Mineral Wealth