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Recent Performance Context for Lundin Mining

Lundin Mining (TSX:LUN) has drawn fresh attention after a period of strong share performance, with the stock showing gains over the past week, month, and past 3 months that outpaced its single day decline.

For investors tracking longer trends, total returns over the past year and past 3 years are very large multiples of the starting value. The past 5 years also show a sizeable gain, putting the current CA$34.22 share price into sharper focus.

See our latest analysis for Lundin Mining.

The recent 60.28% three-month share price return on Lundin Mining, together with a very large one-year total shareholder return of 178.33%, suggests momentum has been building into the current CA$34.22 level despite a one-day share price decline of 1.10%.

If you are scanning for other opportunities in the resources space, this could be a good moment to broaden your search with fast growing stocks with high insider ownership.

With Lundin Mining now at CA$34.22 and trading above the average analyst price target of CA$30.14, the key question is whether recent momentum leaves upside on the table or if the market is already pricing in future growth.

Most Popular Narrative: 21% Overvalued

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

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

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

Read the complete narrative.

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

Result: Fair Value of $28.28 (OVERVALUED)

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

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

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

Build Your Own Lundin Mining Narrative

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

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

Looking for more investment ideas?

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

• Scan for potential value by checking out these 868 undervalued stocks based on cash flows that trade at prices below what their cash flows might suggest.
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• Add income-focused ideas to your watchlist by assessing these 12 dividend stocks with yields > 3% offering yields above 3%.

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

Companies discussed in this article include LUN.TO.

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

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

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

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

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

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

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

Result: OVERVALUED

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

LUN Discounted Cash Flow as at Jan 2026

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

Approach 2: Lundin Mining Price vs Earnings

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

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

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

Result: OVERVALUED

TSX:LUN P/E Ratio as at Jan 2026

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

Upgrade Your Decision Making: Choose your Lundin Mining Narrative

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

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

TSX:LUN 1-Year Stock Price Chart

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

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

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

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

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

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

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

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

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

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

David M. ColeCEO and Director

For more information, please contact:

David M. Cole	info@elementalroyalty.com
CEO
Tara Vivian-Neal	info@elementalroyalty.com
Investor Relations

 

www.elementalroyalty.com

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

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

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

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

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

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

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

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

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

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

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

Morgan Stanley (MS) 

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

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

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

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

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

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

Anglo American (AAL.L)

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

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

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

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

Read more: Stocks that are trending today

Genus (GNS.L)

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

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

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

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

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

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

BAE Systems (BA.L)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market movers

• The FTSE 100 (^FTSE) pulled back from all-time highs, dragged 0.1% lower by commodity stocks as precious metal prices lost momentum. 

• Miners Antofagasta (ANTO.L), Glencore (GLEN.L), Anglo American (AAL.L) and Rio Tinto (RIO.L) were among the top fallers in the index by the closing bell

• Germany's DAX (^GDAXI) dipped 0.3% as its consumer price index data came in in line with expectations.

• The CAC 40 (^FCHI) in Paris dropped 0.8%.

• The pan-European STOXX 600 (^STOXX) lost 0.1%.

• The pound rose slightly against the dollar (GBPUSD=X) to trade below the $1.34 mark.

• The tech-heavy Nasdaq Composite (^IXIC) was just above the flatline, while the S&P 500 (^GSPC) added nearly 0.1%. The Dow Jones Industrial Average (^DJI) nudged 0.1% lower after stocks reversed a two-day losing streak on Thursday.

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

Snapshot of RIO’s Peers

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

RIO's Price Performance, Valuation & Estimates

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

Image Source: Zacks Investment Research

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

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for RIO’s 2026 earnings has been on the rise over the past 60 days.

Image Source: Zacks Investment Research

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

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

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

VALE S.A. (VALE) : Free Stock Analysis Report

Rio Tinto PLC (RIO) : Free Stock Analysis Report

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

Zacks Investment Research

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

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

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This article first appeared on GuruFocus.

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

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

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

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

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

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

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

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

Image Source: Zacks Investment Research

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

Zacks Investment Research

Image Source: Zacks Investment Research

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

CDE’s Multi-Mine Strength Drives Strong Q3

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

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

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

Cash Surge and Deleveraging Fuel Coeur Mining’s Momentum

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

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

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

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

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

CDE’s Growth Projects Set Up Next Revenue Expansion

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

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

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

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

What CDE’s Estimate Revisions Indicate

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

Zacks Investment Research

Image Source: Zacks Investment Research

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

Zacks Investment Research

Image Source: Zacks Investment Research

Coeur Trading Above Industry

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

Zacks Investment Research

Image Source: Zacks Investment Research

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

Final Thought: Buy CDE Shares

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

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

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

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

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

Zacks Investment Research

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

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

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

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

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

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

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

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

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

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

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

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

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

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

Today's Must Read

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

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

Booking Holdings Benefits From Strong Leisure Travel Demand

Featured Reports

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

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

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

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

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

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

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

New Upgrades

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

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

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

New Downgrades

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

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

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

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Fastenal Company (FAST) : Free Stock Analysis Report

American Express Company (AXP) : Free Stock Analysis Report

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

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

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Teck Resources Ltd (TECK) : Free Stock Analysis Report

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

Zacks Investment Research

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

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

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

Teck Resources Ltd's Business In-Depth

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

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

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

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

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

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

Bottom Line

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

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

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

Going forward, analysts are expecting more upside for TECK.

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

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

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Teck Resources Ltd (TECK) : Free Stock Analysis Report

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

Zacks Investment Research

Vancouver, British Columbia–(Newsfile Corp. – January 15, 2026) – Corcel Exploration Inc. (CSE: CRCL) (OTCQB: CRLEF) (the "Company" or "Corcel") today announced that Grant Tanaka has been appointed Chief Financial Officer of the Company to replace Kyle Nazareth. Corcel thanks Mr. Nazareth for his contributions and dedication to the Company and wishes him continued success in his future endeavors.

Mr. Tanaka brings over 15 years of financial leadership experience in the mining industry. Grant is the Chief Financial Officer of Vizsla Royalties Corp. and Vizsla Copper Corp. and was a Director, Finance Operations, of Ma'aden Gold & Base Metals Co. Prior to this, he held senior financial positions at Teck Resources Limited, New Gold Inc., Copper Mountain Mining Corporation, and Bisha Mining Share Company, an operating subsidiary of Nevsun Resources Ltd. He has experience at both the corporate and operational levels, having worked throughout North America, Africa and the Middle East in gold, base metals and coal operations.

"We are excited to welcome Grant as our new Chief Financial Officer," commented Corcel CEO, Jon Ward. "Grant brings strong financial leadership and public company experience that will be instrumental as we continue to advance our exploration strategy and position the Company for future growth."

Stock Option Grant

Corcel has granted a total of 2,220,000 stock options ("Options") to directors, officers, employees and consultants of the Company, with each Option exercisable at a price of $0.265 to acquire one common share of the Company until January 15, 2031 and having vested immediately.

About Corcel Exploration Inc.

Corcel is a mineral resource company engaged in the acquisition and exploration of precious and base metals properties throughout North America. The Company has entered a long-term lease agreement to acquire the Yuma King Copper-Gold project in Arizona, which spans a district-scale land position of 3,200 hectares comprising 515 unpatented federal mining claims in the Ellsworth Mining District, including the past-producing Yuma Mine which saw underground production of copper, lead, gold and silver between 1940 and 1963. The Company also holds an option to acquire a 100% undivided right, title, and interest in and to the Peak gold exploration project and holds a 100% interest in the Willow copper project. For more information, please visit our website at https://corcelexploration.com/.

For further information contact:

Jon Ward, CEOEmail: info@corcelexploration.comTel: (604) 355-0303

Caution Regarding Forward-Looking Information

This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities 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/280478

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

FOMO, or the fear of missing out, also plays a role in investing, particularly with tech giants and popular consumer-facing stocks.

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

Southern Copper's Business In-Depth

With that in mind, let's take a look at Southern Copper's main business drivers.

Phoenix, AZ-based Southern Copper Corporation engages in mining, exploring, smelting, and refining copper and other minerals. The company conducts exploration activities in Argentina, Chile, Ecuador, Mexico and Peru.

Southern Copper has the largest copper reserves in the industry and operates high-quality, world-class assets in investment grade countries, such as Mexico and Peru.

Southern Copper reports results under three reportable segments. Each consist of a groups of mines with similar economic characteristics, type of products, processes and support facilities, regulatory environments as well as employee bargaining contracts.Peruvian operations (around 36% of the company's revenues) includes the Toquepala and Cuajone mine complexes and the smelting and refining plants, industrial railroad and port facilities that service both mines. The Peruvian operations produce copper, with significant by-product production of molybdenum, silver and other materials.Mexican Open-Pit (58% of revenues) includes La Caridad and Buenavista mine complexes, the smelting and refining plants and support facilities, which service both mines. The Mexican open pit operations produce copper, with significant by-product production of molybdenum, silver and other materials.Mexican underground operations (6% of revenues) (IMMSA unit) includes five underground mines that produce zinc, lead, copper, silver and gold, a coal mine which produces coal and coke, and several industrial processing facilities for zinc, copper and silver.

The geographic breakdown of the company’s sales is as follows – Americas (50% of revenues), Europe (32%) and Asia (18%).Approximately 80% of the company’s revenue come from the sale of copper, 6% from molybdenum and 10% from silver and zinc.

Bottom Line

Putting together a successful investment portfolio takes a combination of research, patience, and a little bit of risk. For Southern Copper, if you bought shares a decade ago, you're likely feeling really good about your investment today.

According to our calculations, a $1000 investment made in January 2016 would be worth $7,775.00, or a gain of 677.50%, as of January 14, 2026, and this return excludes dividends but includes price increases.

Compare this to the S&P 500's rally of 268.40% and gold's return of 309.27% over the same time frame.

Analysts are anticipating more upside for SCCO.

Southern Copper's performance is set to benefit from ongoing strength in metal prices. Increased output of silver, zinc and molybdenum is expected to largely offset a modest decline in copper production, although elevated operating costs remain a concern. Copper demand continues to be robust, supported by U.S. infrastructure spending and the global shift toward clean energy. An anticipated supply deficit should provide additional price support. The recent designation of copper and silver as critical minerals further highlights their strategic importance. Backed by extensive copper reserves and more than $15 billion in investments across Peru and Mexico over the decade, Southern Copper is well positioned for long-term growth. Its initiatives to reduce debt are also encouraging. The earnings estimates for the company have moved up lately.

Shares have gained 24.31% over the past four weeks and there have been 2 higher earnings estimate revisions for fiscal 2025 compared to none lower. The consensus estimate has moved up as well.

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

Zacks Investment Research

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Southern Copper (SCCO), which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Southern Copper currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?

In order to see if SCCO is a promising momentum pick, let's examine some Momentum Style elements to see if this miner holds up.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For SCCO, shares are up 14.68% over the past week while the Zacks Mining – Non Ferrous industry is up 8.87% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 24.31% compares favorably with the industry's 24.1% performance as well.

While any stock can see its price increase, it takes a real winner to consistently beat the market. That is why looking at longer term price metrics — such as performance over the past three months or year — can be useful as well. Shares of Southern Copper have increased 35.89% over the past quarter, and have gained 82.89% in the last year. In comparison, the S&P 500 has only moved 4.96% and 20.67%, respectively.

Investors should also pay attention to SCCO's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. SCCO is currently averaging 1,353,884 shares for the last 20 days.

Earnings Outlook

The Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with SCCO.

Over the past two months, 2 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost SCCO's consensus estimate, increasing from $5.15 to $5.27 in the past 60 days. Looking at the next fiscal year, 3 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom Line

Taking into account all of these elements, it should come as no surprise that SCCO is a #2 (Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Southern Copper on your short list.

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

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PERTH, Australia, January 14, 2026–(BUSINESS WIRE)–Rio Tinto and BHP have agreed to work together to extract up to 200 million tonnes of iron ore at their neighbouring Yandicoogina and Yandi iron ore operations in the Pilbara.

Under two non-binding Memoranda of Understanding (MOUs), the companies will explore the potential for:

• Collaboration on the development of Rio Tinto’s Wunbye deposit; and
• BHP to supply its Yandi Lower Channel Deposit ore to Rio Tinto for processing at its existing wet plants under agreed commercial terms.

These new opportunities build on a 2023 agreement between Rio Tinto and BHP to mine the Mungadoo Pillar, which allowed mining of ore from the shared tenure boundary that was previously inaccessible.

Rio Tinto Iron Ore Chief Executive Matthew Holcz said: "By working smarter, we can better leverage existing infrastructure to unlock additional production with minimal capital requirements.

"Together we will extend the life of these operations, create additional value, and further support Western Australian jobs and local communities."

BHP WA Iron Ore Asset President Tim Day said: "This is a clear example of productivity in action – unlocking new opportunities by making the most of our existing resources.

"By sharing our expertise and infrastructure we will create new value and deliver benefit to our people, partners, customers and communities."

Rio Tinto and BHP have agreed to progress a conceptual study followed by an order of magnitude study. Subject to a final investment decision, first ore from both deposits is anticipated early next decade.

Any potential implementation would be subject to regulatory and joint venture approvals, and engagement with Traditional Owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260114415776/en/

Contacts

Please direct all enquiries to media.enquiries@riotinto.com

Media Relations, United KingdomMatthew KlarM +44 7796 630 637 David OuthwaiteM +44 7787 597 493

Media Relations, Australia Matt Chambers M +61 433 525 739Alyesha AndersonM +61 434 868 118Rachel Pupazzoni M +61 438 875 469Bruce Tobin M +61 419 103 454

Media Relations, Canada Simon Letendre M +1 514 796 4973Malika Cherry M +1 418 592 7293Vanessa Damha M +1 514 715 2152

Media Relations, US & Latin America Jesse Riseborough M +1 202 394 9480

Investor Relations, United Kingdom Rachel Arellano M +44 7584 609 644David Ovington M +44 7920 010 978Laura Brooks M +44 7826 942 797Weiwei Hu M +44 7825 907 230

Investor Relations, Australia Tom Gallop M +61 439 353 948Eddie Gan-OchM +61 477 599 714

Rio Tinto plc 6 St James’s SquareLondon SW1Y 4ADUnited KingdomT +44 20 7781 2000Registered in EnglandNo. 719885

Rio Tinto Limited Level 43, 120 Collins StreetMelbourne 3000AustraliaT +61 3 9283 3333Registered in AustraliaABN 96 004 458 404

riotinto.com

Category: Pilbara

Vancouver, British Columbia–(Newsfile Corp. – January 14, 2026) – Dynasty Gold Corp. (TSXV: DYG) (FSE: D5G1) (OTC Pink: DGDCF) ("Dynasty" or the "Company") is pleased to report the discovery of near-surface gold mineralization in all three step-out holes, 1.5 km from the Pelham Resource, in the previously untested new South-Pelham Zone (see Figure 1). The recent drill program tested an IP chargeability anomaly coincident with bedrock sulphide occurrences and areas with anomalous gold values within trenches related to previous exploration by Teck Resources Limited ("Teck") in 2007 and 2008. The drill holes intersected multiple zones of disseminated pyrite with associated gold mineralization at downhole depths ranging from 27.5 to 201 meters (see Table 1), similar to the mineralization in the Pelham Zone. Mineralization is open to expansion in multiple directions. The correlation of gold mineralization with Fe-sulphide minerals and IP chargeability anomalies in both the Pelham and South-Pelham zones provides encouragement for drill testing of the many other IP anomalies that lie along a 2.5km north-south trend within the central property area.

The Company also tested the metallic screening process for high gold assays on previously analyzed core samples. The metallic screened assay for one 1.5m core sample from a 2022 drill hole core yielded a gold value of 81.5 g/t (120-121.5m in DP22-03), which is 42% higher compared to the original 57.3 g/t assay. Additional testing will be carried out on the high-grade samples from the Pelham zone. More assay results are expected in the coming weeks.

Ivy Chong, President and CEO, commented, "The 2025 exploration objectives were to discover additional zones of mineralization both similar and proximal to the Pelham zone. This initial near-surface discovery in the South Pelham zone is highly encouraging as all three holes, for which assay results have been received, intersected mineralization within the first 50 meters of surface, confirming the widespread mineralization in this part of the property. It paves the way for additional drilling in 2026 to unlock the Thundercloud value beyond the Pelham Zone."

Drill hole TC25-01 was positioned approximately 100 meters southeast of TC24-06 to test whether the mineralization in that hole was indicated by the projected southwestward extension of the IP chargeability anomaly. Hole TC25-03, positioned 100 meters southeast of TC25-01, was designed to test high-sulphide bedrock occurrences discovered earlier in the 2025 summer mapping program where a rock chip sample returned 2.35 g/t gold (5334204E, 547037N). The high-sulphide outcrops are located within IP chargeability anomalies. TC25-03 is interpreted to have intersected the down-dip extension of the sulphide occurrences. TC25-04, positioned approximately 300 meters southeast of TC25-03, targeted Teck's trench T1 (2007); this hole confirmed widespread pyrite occurrences and anomalous gold mineralization in this area (see Figure 1).

Figure 1. Location of 2025 Phase 1 Drill Holes near high-sulfide showings

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/7227/280332_f6f01334c4614b6f_001full.jpg

Hole TC25-01 (-45.5° inclination) intersected a wide zone of 10 to 25% disseminated to stringer, and fracture-fill pyrite at a downhole depth from 40.6 to 46.6 meters, assaying 1.37 g/t over 6 meters. The mineralization is hosted within a mixed sequence of altered mafic volcanic and derived fine-grained sedimentary rocks characterized by distinctively coloured, hematitic alteration and silicification. The heavily pyritized zone is flanked by adjacent intervals containing 1 to 5% pyrite, giving an overall mineralized width of 13.0 meters (36.3m to 49.6m), assaying 0.68 g/t.

Hole TC25-03 (-46° inclination) confirmed further easterly, down-dip extension of the sulphide zone, with a 9-meter interval, between 38.0 and 47.0 meters, at 0.54 g/t gold. Mineralization is characterized by patchy, 5-10% disseminated and fracture-fill pyrite, with localized concentrations up to 15%. The host rock sequence is composed of mixed mafic volcanic and volcaniclastic to sedimentary rocks, showing similar tan to slightly maroon hematitic staining with overprinting silicification. The upper limit of the mineralized zone is defined by a quartz-porphyry intrusive contact. However, a 1.5-meter section of the porphyry between 41.0 and 42.5 meters contains 1-2% pyrite and assayed at 2.16 g/t gold.

A second sulphide-rich zone, 10.7 meters wide, occurs between 87.0- and 97.6-meters depth and has similar-style pyrite mineralization, with subordinate pyrrhotite and chalcopyrite, within silicified and carbonate-altered mafic volcanic rocks.

Hole TC25-04 (-45° inclination), the furthest south, located 300 meters south of Holes TC-25-03, targeted an outlying, or second IP chargeability anomaly and a former trench site where historical grab sample assay results of up to 0.596 g/t gold were obtained. The deeper part of the drill-hole tested an area below a cluster of historical soil geochemical anomalies with analytical values of up to 0.5 g/t gold, as reported by Teck in 2008. Core from this drill-hole contained numerous, narrow to broad zones of silicification containing low to moderate amounts of pyrite mineralization (2-7%), with localized concentrations of up to 20% pyrite over narrow widths (2-20cm), throughout most of its length.

Table 1. 2025 Thundercloud Drill Intercepts Highlights (and Metallic Screen Assay)

Hole Number	Zone	East_NAD83	North_NAD83	From (m)	To (m)	Interval (m)	Au (g/t)
DP22-03	Pelham	534264	5471423	120	121.5	1.5	81.5
TC25-01	S. Pelham	534211	5470442	0	36.6	36.6	Not Assayed
				36.6	49.6	13	0.68
Including:				40.6	46.6	6	1.37
TC25-03	S. Pelham	534279	5470390	0	38.0	38	Not Assayed
				38.0	47.0	9	0.57
Including:				41.0	42.5	1.5	2.16
TC25-04	S. Pelham	534380	5470147	0	27.5	27.5	Not Assayed
				27.5	30.5	3	0.74
Including:				27.5	29.0	1.5	1.83
				30.5	72.85	42.35	Not Assayed
And				112.2	127.93	15.73	0.54
Including:				112.2	118	5.8	1.00
				112.2	116.7	4.5	1.26
				113.4	114.9	1.5	1.28
				115.4	116.7	1.3	2.45
				119.04	120.54	1.5	1.28
And				140.9	142.73	1.83	0.95
And				199.6	201.2	1.6	1.54

 

Core recovery was close to 100%. True width is unknown.

Drill core that was not assayed but is contiguous to gold value samples will be cut and sampled.

Quality Assurance & Quality Control

Core was logged, sample intervals selected, and sawn at the property site under the supervision of the Company's consulting geologist. Samples were securely transported and personally delivered to Actlab in Dryden, Ontario, for Au-AA23 gold fire assays and ME-ICP61 multi-element packages for minor element analyses. OREAS standards, blanks, and duplicates were inserted into the sample stream to verify the comparative accuracy of the gold assays received. Following standard crush and grind sample preparation, samples were analyzed for gold by fire-assay methods and multi-element geochemical analysis using a 4-acid-dissolution.

The technical content of this press release has been reviewed and approved by Peter Holbek, MSc., P.Geo, an independent consultant to the Company and a "Qualified Person" ("QP") as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Dynasty Gold Corp.

Dynasty Gold Corp. is a Canadian mineral exploration company currently focused on gold exploration in North America. Its 100%-owned Thundercloud property is situated within the Archean Manitou-Stormy Lakes Greenstone Belt, in northwestern Ontario. The Company is currently drilling to expand the NI 43-101 gold resource. A NI 43-101 Resource Estimate Report can be found on the Company's and SEDAR websites. The 100% owned Golden Repeat gold project in the Midas gold camp in Elko County, Nevada shares similar geological features as the Midas Gold mine and is surrounded by a number of large-scale operating mines. For more information, please visit the Company's website at www.dynastygoldcorp.com.

ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.

"Ivy Chong"_____________Ivy Chong, President & CEO

For additional information please contact:Vancouver Office:Ivy ChongPhone: 604.633.2100Email: ichong@dynastygoldcorp.com

This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not 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/280332

European equities traded in the US as American depositary receipts were heading slightly higher late

Ontario is fast-tracking Canada Nickel Co.‘s proposed open-pit nickel mine under its streamlined permitting review known as One Project, One Process.

The Crawford Nickel Project — a proposed open-pit nickel mine north of Timmins, Ont., with two potential ore-processing plants and new electrical infrastructure — is the only project that both the Ontario and federal governments have endorsed for potential fast-track permitting.

Canada Nickel is hoping to begin construction of the mine by the end of 2026, with a timeline that has first nickel production around the end of 2028. The company has marketed itself as an alternative to Indonesian nickel miners, which supply more than 61 per cent of the metal globally, and has received investments from several major miners, including Toronto-based Agnico Eagle Mines Ltd.

“Today’s announcement strengthens our commitment to commencing construction by yearend,” Canada Nickel chief executive Mark Selby said.

Ontario announced its One Project, One Process permit framework in the fall, saying it would cut permitting times for selected projects in half by appointing a team at the Ministry of Energy and Mines to act as a single point of contact for all provincial permits and Indigenous consultations.

Canada Nickel is the second project selected for the framework after Frontier Lithium Inc.’s proposed mine near Red Lake, Ont., was selected in October.

“In 2026, our government is going full tilt to unlock one of the world’s largest nickel deposits that will supercharge our economy and help end China’s critical mineral dominance,” Minister of Energy and Mines Stephen Lecce said in a release.

In November, the Crawford project was among the second tranche of projects that Tim Hodgson, federal minister of energy and natural resources, referred to the newly created Major Projects Office (MPO) for further review.

The MPO provides a single point of contact for permitting review and includes an Indigenous Advisory Council, which Natural Resources Canada said in a press release will “ensure that reconciliation, partnership and Indigenous economic participation are embedded in the way major projects are advanced in Canada.”

Selby said he has been consulting with nearby Indigenous groups for years on the Crawford Lake project, and his company has already signed support agreements with the Mattagami, Matachewan and Flying Post First Nations.

It also struck an agreement with the Taykwa Tagamou Nation, which holds converted notes that can be exercised for equity in the project.

The project also gained attention because it is located in an established mining district that already has major infrastructure in place.

With nickel demand rising as a result of growing electric vehicle and battery demand, Canada Nickel has raised tens of millions of dollars to explore for nickel, discovering 9.2 million tonnes of measured and indicated nickel in total.

• Mark Selby: Canada has to act before the critical minerals window closes

• The man behind nation-building nickel project has spent decades waiting for this moment

Based on the company’s studies, Crawford could become the world’s third-largest nickel sulphide operation and have a proposed mine life of 41 years.

Canada Nickel still needs to raise money to pay for mine construction and other facilities, but it has received investments, including from major miners. In 2023, London-based Anglo-American PLC — which is in the process of merging with Vancouver-based Teck Resources Ltd. to form Anglo Teck — invested $24 million for a 9.9 per cent stake.

• Email: gfriedman@postmedia.com

The European stock markets closed mostly higher in Monday trading as The Stoxx Europe was up 0.16%, Germany's DAX gained 0.57%, the FTSE 100 rose 0.16%, and the Swiss Market Index edged 0.02% higher, while France's CAC was off 0.04%.

Seasonally adjusted services production increased 0.3% in both the euro area and the EU in October, compared with September, according to preliminary estimates from Eurostat, the statistical office of the EU. Compared with a year earlier, services production increased 2.1% in both the euro area and the EU.

In Switzerland, the consumer sentiment index for December was -31 points, which was little changed from a year earlier, according to the State Secretariat for Economic Affairs. Analysts were expecting a reading of -34, according to Bloomberg.

And in corporate news, BHP will wait out merger talks between Rio Tinto and Glencore, and it is not currently planning a bid for Glencore, Reuters reported Monday, citing two people familiar with the matter.

BHP didn't immediately reply to a request for comment from MT Newswires.

Shares of BHP rose 2.5% in London, while Rio Tinto and Glencore shares increased 2.2% and 3.5% respectively.

The French finance ministry said that Eli Lilly has not contacted it about a potential bid to acquire French biotech firm Abivax, which is compulsory for pharmaceutical companies under the country's investment screening rules, Bloomberg reported Monday.

French media outlet La Lettre reported Monday that Eli Lilly was preparing a 15-billion-euro ($17.53 billion) takeover offer for the company.

Abivax and Lilly didn't immediately respond to MT Newswires' requests for comment.

Shares of Abivax were up 5% in Paris.

BBVA is trying to sell 380 million euros ($443.9 million) worth of mortgages as part of an effort to clear its balance sheet, Bloomberg reported on Monday, citing a document.

The Spanish bank is in talks with investors over loans tied to about 3,900 properties, according to the document, which outlines a project called Terral.

BBVA declined to comment to MT Newswires.

Shares of BBVA increased 1.8% in Madrid.

HSBC said Monday that it has launched a United Arab Emirates asset management unit.

The British lender said it also registered 10 new onshore investment funds with the UAE's Securities & Commodities Authority.

The onshore funds will provide strategies that are domiciled in the UAE and managed by HSBC Asset Management, the company said.

Shares of HSBC were up 0.7% in London.

Southern Copper (SCCO) shares rallied 6.2% in the last trading session to close at $170.52. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 8.8% gain over the past four weeks.

Southern Copper’s shares have gained on the back of higher copper prices. Copper has increased 39.2% in a year’s time and is currently trading near a record high of $6 per pound despite amid tightening supply concerns. Expectations of additional rate cuts this year and further policy easing in China is aiding the metal.

This miner is expected to post quarterly earnings of $1.46 per share in its upcoming report, which represents a year-over-year change of +44.6%. Revenues are expected to be $3.62 billion, up 30.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Southern Copper, the consensus EPS estimate for the quarter has been revised 17.2% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SCCO going forward to see if this recent jump can turn into more strength down the road.

 

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

Southern Copper is a member of the Zacks Mining – Non Ferrous industry. One other stock in the same industry, First Quantum Minerals (FQVLF), finished the last trading session 4.2% higher at $28.52. FQVLF has returned 11.5% over the past month.

First Quantum Minerals' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. Compared to the company's year-ago EPS, this represents a change of +25%. First Quantum Minerals currently boasts a Zacks Rank of #3 (Hold).

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

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This article first appeared on GuruFocus.

Rio Tinto (NYSE:RIO) appears to have finished 2025 firing on all cylinders. The miner reportedly set a new quarterly shipment record in the December quarter, delivering about 90.8 million tonnes and topping its previous high from 2017.

• Warning! GuruFocus has detected 9 Warning Signs with RIO.

• Is RIO fairly valued? Test your thesis with our free DCF calculator.

That late year push helped Rio land squarely within its full year targets. Total shipments for 2025 came in at roughly 326 million tonnes, comfortably inside its guidance range of 323 million to 338 million tonnes, according to The West Australian. It's a sign that operations in Western Australia stayed steady and efficient right through year end.

The report described a closely fought race among the big iron ore players. Rio edged ahead on quarterly shipments, while rival BHP was also ramping output despite ongoing tensions with China. Adding another wrinkle, Rio has confirmed early stage discussions with Glencore.

Teck Resources (TSX:TECK.B) has drawn fresh interest after recent share price moves, with the stock last closing at CA$68.99. For investors, the focus now is how this valuation lines up with current fundamentals.

See our latest analysis for Teck Resources.

Recent trading has been strong, with a 30 day share price return of 14.35% and a 90 day share price return of 17.65%, while the 1 year total shareholder return of 14.70% and 5 year total shareholder return of 196.39% point to momentum that investors are now weighing against Teck Resources’ current valuation.

If Teck Resources is on your radar because of this recent share price strength, it could also be a good time to widen the lens and look at aerospace and defense stocks as a different corner of the market that is getting attention.

With Teck Resources now trading around CA$68.99 and showing strong multi year returns, the key question for you is whether the current price already reflects its prospects or whether the market is leaving a potential buying window open.

Most Popular Narrative: 9.6% Overvalued

At a last close of CA$68.99 versus a narrative fair value of about CA$62.94, the market price sits above the modelled estimate, which is built around copper heavy growth plans and a higher forward earnings multiple.

The fair value estimate has risen slightly to about CA$62.94 from roughly CA$62.39, reflecting modestly stronger long term assumptions. The future P/E has risen slightly to around 30.8x from about 30.5x, which implies a modestly higher valuation multiple on forward earnings.

Read the complete narrative.

Curious what kind of revenue path and profit margins are needed to support that richer multiple, plus a higher discount rate, and still reach this fair value? The full narrative spells out the earnings bridge year by year, including how copper exposure and long term price assumptions link into that 30x style valuation.

Result: Fair Value of $62.94 (OVERVALUED)

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

However, you still need to watch for project delays that push out copper growth and for any weakness in copper or zinc prices that could hit revenue and margins.

Find out about the key risks to this Teck Resources narrative.

Build Your Own Teck Resources Narrative

If you see the assumptions differently or prefer to test the numbers yourself, you can rebuild the case in a few quick steps: Do it your way.

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

Looking for more investment ideas?

If Teck Resources has sharpened your interest, do not stop there. Use the Simply Wall St Screener to line up fresh ideas that match your style.

• Target potential value candidates by scanning these 879 undervalued stocks based on cash flows that line up with discounted cash flow signals and might suit a price conscious approach.
• Spot future facing opportunities by checking out these 28 AI penny stocks that are tied to artificial intelligence themes across different parts of the market.
• Boost your income focus by reviewing these 12 dividend stocks with yields > 3% that combine dividend yields above 3% with listed fundamentals.

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

Companies discussed in this article include TECK-B.TO.

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

• If you are wondering whether Teck Resources at about $68.99 is offering good value right now, you are not alone. Many investors are asking the same question.

• The stock has moved by 4.5% over the past week, 14.4% over the last 30 days, 4.5% year to date, 14.7% over 1 year, and 28.2% over 3 years, with a very large 5 year return that suggests the share price has already travelled a long way.

• Recent news around Teck Resources has focused on the business as a key Canadian materials name and ongoing interest in companies tied to commodities and resources. This context helps explain why investors are watching the share price moves closely and reassessing what a reasonable valuation might look like.

• Right now, Teck Resources scores 1 out of 6 on our valuation checks. This suggests there is more to unpack when you compare different methods like DCF, multiples, and peer comparisons, and we will also look at an even better way to frame valuation by the end of this article.

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

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

A Discounted Cash Flow model takes estimates of the cash a company may generate in the future and discounts those amounts back to today to arrive at an estimate of what the business could be worth per share right now.

For Teck Resources, the model used is a 2 Stage Free Cash Flow to Equity approach. On a last twelve month basis, the company reported free cash flow of CA$2.49b in the form of an outflow. From there, analysts supply several years of forecasts and Simply Wall St extends those projections, with estimated free cash flow reaching CA$2.10b in 2030. The intermediate years in between are built up from a mix of analyst inputs and extrapolated figures, all in CA$ terms.

When those projected cash flows are discounted back to today, the DCF model suggests an estimated intrinsic value of CA$67.92 per share, compared with the current share price of about CA$68.99. That implies Teck Resources is around 1.6% overvalued, which sits well within a normal margin of error for this kind of model.

Result: ABOUT RIGHT

Teck Resources is fairly valued according to our Discounted Cash Flow (DCF), but this can change at a moment’s notice. Track the value in your watchlist or portfolio and be alerted on when to act.

TECK.B Discounted Cash Flow as at Jan 2026

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

Approach 2: Teck Resources Price vs Earnings

For profitable companies, the P/E ratio is often a useful way to think about value because it links what you pay directly to the earnings the business is producing right now. A higher or lower P/E can make sense depending on what investors expect for future growth and how much risk they see in those earnings.

Teck Resources currently trades on a P/E of 27.12x. That sits below the peer group average of 28.23x but above the broader Metals and Mining industry average of 22.78x, so the market is putting a relatively higher price on its earnings than the sector overall, but not as high as some closer peers.

Simply Wall St’s Fair Ratio for Teck Resources is 18.00x. This is a proprietary estimate of what a “normal” P/E might look like for the company once you adjust for factors such as its earnings growth profile, profit margins, size, industry and key risks. Because it pulls these elements together in one number, it can be more tailored than a simple comparison to peers or the industry average.

With the actual P/E of 27.12x above the Fair Ratio of 18.00x, the shares currently appear expensive on this metric.

Result: OVERVALUED

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

P/E ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1444 companies where insiders are betting big on explosive growth.

Upgrade Your Decision Making: Choose your Teck Resources Narrative

Earlier we mentioned that there is an even better way to understand valuation. Let us introduce Narratives, which let you set out your own story for Teck Resources by linking assumptions about future revenue, earnings and margins to a forecast. That forecast is then turned into a fair value, which you can compare with today’s share price on Simply Wall St’s Community page. On that page, millions of investors can publish their views, see how those Narratives update when fresh news or earnings arrive, and compare very different perspectives. For example, one investor may see Teck Resources as worth CA$68.00 based on stronger copper driven growth, while another may see fair value closer to CA$47.00 because of project, regulatory and commodity price risks. Investors can then use those different fair values to help decide whether the current market price looks high, low or roughly in line with their own expectations.

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

TSX:TECK.B 1-Year Stock Price Chart

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

Companies discussed in this article include TECK-B.TO.

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

Photographer: Carla Gottgens/Bloomberg

(Bloomberg) —

Rio Tinto Group is in talks to buy Glencore Plc to create the world’s biggest mining company with a combined market value of more than $200 billion, a little over a year after earlier talks between the two collapsed.

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The companies have been discussing a potential combination of some or all of their businesses including an all-share takeover, they said in separate statements on Thursday. Glencore shares surged 10% in London, while Rio Tinto retreated 2.2% after falling 6.3% in Australia. 

A tie-up between the two companies would represent the largest-ever deal in an industry that has been gripped by takeover fever as the biggest producers seek to bulk up on copper — a crucial metal for the energy transition that is trading near record highs. Glencore and Rio both own large copper assets, and the potential transaction would create a new mining behemoth to rival BHP Group, which has long held the title of the biggest miner. 

WATCH: Rio Tinto Group is in talks to buy Glencore Plc to create the world’s biggest mining company with a combined market value of more than $200 billion. Bloomberg’s Clara Ferreira Marques shares what we know so far.Source: Bloomberg

Analysts have previously raised questions about potential hurdles to a deal. Glencore is one of the world’s biggest producers of coal — a business that Rio has previously exited — while the two companies have very different cultures.

However, people familiar with the matter said on Friday that Rio is open to retaining Glencore’s coal business if talks are successful. The structure and scope of any deal is still being discussed, but one of the key scenarios being considered is a takeover of the whole of Glencore including the coal business, said the people, who asked not to be identified discussing private information. No final decisions have been made, and Rio could also choose to offload the coal at a later date if a deal is successful. 

Rio Tinto has a market capitalization of about $137 billion, while Glencore is valued at $71 billion.

Photographer: Jose Cendon/Bloomberg

The two held discussions in 2024, but the talks were abandoned after they failed to agree on valuation. Since then, Rio replaced its CEO, while Glencore made an effort to publicly outline its copper growth prospects. In private conversations, Glencore CEO Gary Nagle has described a Rio-Glencore tie-up as the most obvious deal in the industry. Still, the gap between the two companies’ valuations had widened since the prior discussions. 

The talks come at a time when copper has never been hotter. The metal soared to record highs above $13,000 a ton earlier this week, driven by a slew of mine outages and moves to stockpile the metal in the US ahead of possible Trump administration tariffs. Mining executives have been warning for years that future supplies of the metal will be tight as demand is expected to grow strongly while the industry faces a dearth of new mines. 

That has played into an existing focus among mining executives and investors that future supplies of the metal are going to be tight.

  

For Rio, a deal with Glencore would significantly expand its copper production and give the company a stake in the Collahuasi mine in Chile, one of the world’s richest deposits, and one that it has long coveted. While Rio already owns large copper assets, it and larger rival BHP both still get a substantial share of their earnings from iron ore, a market that faces an uncertain demand future as China’s decades-long construction boom is drawing to an end.

Photographer: Matt Jelonek/Bloomberg

“It makes a lot of sense,” said Ben Cleary, portfolio manager at Tribeca Investment Partners. “It’s the one big deliverable mining deal out there.”

Rio’s new CEO, Simon Trott, has so far focused on cutting costs and simplifying the business, and the company has vowed to offload some of its smaller units. Chairman Dominic Barton has signaled that Rio has moved on from a series of disastrous deals in its past, saying the company will be more open-minded when it comes to making acquisitions.

“This is Simon’s first test as CEO and I would expect his disciplined approach to be carried through to M&A,” said John Ayoub, a portfolio manager at Rio shareholder Wilson Asset Management. 

The fresh talks come amid a wider wave of dealmaking in the sector, most recently with Anglo American Plc’s agreement to buy Teck Resources Ltd., after Anglo successfully fended off a takeover attempt from BHP. Rio Chairman Dominic Barton has signaled that the miner has moved on from a series of disastrous deals in its past, saying the company will be more open-minded when it comes to making acquisitions. 

Glencore itself has been one of the most aggressive acquirers in the industry in the past, including an audacious proposal to combine with Rio in 2014 that was led by former CEO Ivan Glasenberg, who still owns about 10% of the company.

More recently, Glencore has come under growing pressure from investors as its stock underperformed last year, pressured by weak coal prices and as it faced questions about its strategy. The company has made its copper mines central to its business and CEO Nagle last month laid out plans to almost double production of copper over the next decade. 

While Glencore’s copper assets are likely to be the primary attraction, the company is also the world’s biggest coal shipper. It also mines metals such as nickel and zinc as well as having a giant trading business.

Under UK takeover rules, Rio has until Feb. 5 to confirm it will make an offer or walk away for six months.

The Financial Times first reported the talks.

–With assistance from James Attwood, Sybilla Gross, Rob Verdonck, Jack Farchy, Keira Wright and Paul-Alain Hunt.

(Updates with detail on coal business in fifth paragraph.)

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Rio Tinto Group RIO has been benefiting from an increase in the production of copper, supported by strong performance across its assets. In the third quarter of 2025, the company’s copper production (on a consolidated basis) increased 10% year over year.Rio Tinto’s growth projects are advancing at a healthy pace. For instance, in December 2025, RIO produced the first copper from the Johnson Camp mine in Arizona, leveraging its Nuton Technology. The successful deployment of Rio Tinto’s Nuton technology facilitates copper production that's cleaner, faster and more efficient at an industrial scale.The successful deployment at the Johnson Camp mine involves designing and delivering a technology package for a heap leach pad, targeting around 30,000 tons of refined copper production within a four-year demo period. Employing Nuton, Rio Tinto aims to produce copper with the lowest carbon footprint in the United States at the Johnson Camp.Rio Tinto is also working with U.S. customers to boost domestic copper supply. The company’s total copper production in 2025 is expected to reach the higher end of its guidance (780-850 kt). This is supported by the solid ramp-up at the Oyu Tolgoi site and strong performance at the Kennecott mine.

Business Performance of RIO's Peers

Among its major peers, Southern Copper Corporation SCCO has the largest copper reserves in the industry and operates high-quality, world-class assets in investment-grade countries, such as Mexico and Peru. Southern Copper targets copper production of 958,800 tons for 2025. Southern Copper’s Pilares project, which reached full capacity last year, is expected to contribute significant production of copper this year.Another peer, BHP Group BHP, reported record copper output of 2,017 kt for fiscal 2025, up 8% year over year, crossing the 2,000 kt mark for the first time. BHP has delivered a 28% increase in copper output over the past three years, reflecting its ongoing investments to build its copper portfolio. BHP expects copper production to range between 1,800 and 2,000 kt in fiscal 2026.

RIO's Price Performance, Valuation and Estimates

Shares of Rio Tinto have gained 43.1% in the past year compared with the industry’s growth of 44.8%.

Image Source: Zacks Investment Research

From a valuation standpoint, RIO is trading at a forward price-to-earnings ratio of 11.90X, below the industry’s average of 17.20X. Rio Tinto carries a Value Score of B.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for RIO’s 2025 earnings has been on the rise over the past 60 days.

Image Source: Zacks Investment Research

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

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

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

Rio Tinto PLC (RIO) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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

Zacks Investment Research

• In recent days, global copper prices hit an all‑time high above US$13,000 a ton as investors raced to secure supply amid escalating tariff and geopolitical risks.
• This surge in copper, driven by demand from electric vehicles, renewables, AI and data centers, has put fresh focus on Southern Copper’s role as a large, low‑cost producer with major reserves in Peru and Mexico.
• We’ll now examine how record copper prices, against a backdrop of potential future U.S. import tariffs, may reshape Southern Copper’s investment narrative.

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Southern Copper Investment Narrative Recap

To own Southern Copper today, you need to believe copper remains central to long term electrification and data infrastructure, and that the company can keep converting its large, low cost reserves into strong cash generation. Record copper prices above US$13,000 a ton support this narrative, but also sharpen the immediate focus on U.S. import tariff risk, which could pressure future U.S. profitability, and on rising operating costs that may eat into margins if price momentum cools.

Against this backdrop, Southern Copper’s recent 2025 earnings reports, showing higher sales and net income versus the prior year, stand out as most relevant. They frame how current copper strength is flowing through to actual results and help investors judge whether the valuation already reflects these elevated prices, especially with substantial capital spending plans and Latin American political risks still in play.

Yet even with copper at record levels, investors should be aware that potential U.S. tariffs on copper imports could…

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

Southern Copper's narrative projects $13.0 billion revenue and $4.3 billion earnings by 2028.

Uncover how Southern Copper's forecasts yield a $118.29 fair value, a 26% downside to its current price.

Exploring Other PerspectivesSCCO 1-Year Stock Price Chart

Four members of the Simply Wall St Community currently estimate Southern Copper’s fair value between US$97.21 and US$172.32, underscoring how far opinions can diverge. When you set these views against tariff uncertainty and the recent spike in copper prices, it becomes even more important to compare several perspectives before deciding how this volatility might affect the company’s performance.

Explore 4 other fair value estimates on Southern Copper – why the stock might be worth as much as 7% more than the current price!

Build Your Own Southern Copper Narrative

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

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

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

Companies discussed in this article include SCCO.

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

• Investors may be wondering whether Southern Copper’s current share price aligns with its underlying value, or if expectations have already been priced in.
• The stock last closed at US$160.55, with returns of 11.9% over 7 days, 14.4% over 30 days, 8.0% year to date, 79.3% over 1 year, 149.3% over 3 years, and 196.9% over 5 years. This naturally raises questions about what is already baked into the price.
• Recent attention on Southern Copper has been shaped by ongoing discussion around global copper demand, supply constraints and how producers are positioned as capital markets track resource companies more closely. These themes have put valuation front and center for investors who are trying to separate sentiment from fundamentals.
• On our framework, Southern Copper currently scores 0/6 on undervaluation checks. Next, we will walk through common valuation approaches such as discounted cash flow (DCF) analysis and multiples, then finish with a more holistic way to think about what the market might be pricing in.

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

Approach 1: Southern Copper Discounted Cash Flow (DCF) Analysis

A DCF model takes estimates of a company’s future cash flows, then discounts them back to today’s dollars to arrive at an estimate of what the business might be worth per share right now.

For Southern Copper, the model used is a 2 Stage Free Cash Flow to Equity approach, based on cash flow projections. The latest twelve month free cash flow is about $3.44b. Analyst inputs and subsequent extrapolations extend out to 2035, with a projected free cash flow of $4.94b in 2030 and further estimated values thereafter, all expressed in US$.

When all those projected cash flows are discounted back and allocated to shareholders, the model arrives at an estimated intrinsic value of about $97.21 per share. Compared with the recent share price of $160.55, this suggests the stock is around 65.2% above this DCF-based estimate of value.

Result: OVERVALUED

Our Discounted Cash Flow (DCF) analysis suggests Southern Copper may be overvalued by 65.2%. Discover 878 undervalued stocks or create your own screener to find better value opportunities.

SCCO Discounted Cash Flow as at Jan 2026

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

Approach 2: Southern Copper Price vs Earnings

For a profitable company like Southern Copper, the P/E ratio is a useful way to gauge how much you are paying for each dollar of earnings. It links the share price directly to current profits, which many investors watch closely.

What counts as a “normal” P/E depends on what the market expects for future growth and how risky those earnings appear. Higher expected growth or lower perceived risk can justify a higher P/E, while lower growth or higher risk usually calls for a lower multiple.

Southern Copper currently trades on a P/E of 34.4x. That sits above both the Metals and Mining industry average P/E of 27.2x and the peer average of 26.4x, so the stock is pricing in stronger or more dependable earnings than these benchmarks suggest.

Simply Wall St’s Fair Ratio for Southern Copper is 25.2x. This is a proprietary P/E level that reflects factors such as the company’s earnings growth profile, profit margins, industry, market cap and specific risks. Because it blends these elements, it aims to be more tailored than a simple comparison with peers or the broad industry.

Comparing the current P/E of 34.4x with the Fair Ratio of 25.2x indicates that, on this metric, Southern Copper screens as overvalued.

Result: OVERVALUED

NYSE:SCCO P/E Ratio as at Jan 2026

P/E ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1444 companies where insiders are betting big on explosive growth.

Upgrade Your Decision Making: Choose your Southern Copper Narrative

Earlier we mentioned that there is an even better way to understand valuation, so Narratives on Simply Wall St let you attach a clear story about Southern Copper to the actual numbers by linking your view of its projects, copper market conditions and risks to explicit forecasts for revenue, earnings, margins and a fair value, then comparing that fair value with today’s price to help you decide whether the stock suits you at current levels. All of this is inside an accessible tool on the Community page that updates automatically when new information such as earnings or news arrives. One investor might build a bullish Southern Copper Narrative closer to the US$128.70 price target using assumptions like revenue of US$13.0b, earnings of US$4.8b, a P/E around 22.2x and a fair value near the current US$118.29 estimate. Another might build a more cautious Narrative nearer the US$66.63 target using earnings of US$3.5b and a lower implied value. Both can see in real time how their story maps into numbers and how far their fair value sits above or below the latest share price.

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

NYSE:SCCO 1-Year Stock Price Chart

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

Companies discussed in this article include SCCO.

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

VANCOUVER, BC, Jan. 9, 2026 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the completion of the previously announced sale of its subsidiary Lundin Mining US Ltd. which indirectly holds the Eagle mine and Humboldt mill to Talon Metals Corp. ("Talon"). At closing, Lundin Mining received 275,152,232 common shares of Talon which, together with the shares previously held by the Company, represents approximately 19.86% of the issued and outstanding shares of Talon (the "Transaction"). The implied valuation of the share consideration is approximately US$127.0 million, based on the five-day volume-weighted average share price of Talon as of January 8, 2026.

Jack Lundin, President and CEO, commented "We are pleased to see this transaction successfully completed and are confident that the alignment of these assets and the complementary skill sets of the teams will lead to sustained value generation in the region for all stakeholders involved. We look forward to supporting Darby and the rest of the Talon team on this exciting new journey. With this milestone completed, Lundin Mining is positioned as pure-play copper company with our existing operations along with a clear growth strategy to become a global top-ten copper producer through the development of the Vicuña District."

Darby Stacey, CEO, Talon, commented "I want to thank Lundin Mining for the leadership, support, and guidance over the past 13 years that has enabled the Eagle team to confidently take on the next challenge. Together with the established and successful Talon Metals team, I am genuinely excited about the future and what we will accomplish. Congratulations to everyone involved that made this happen!"

Under the terms of the Transaction, as consideration Lundin Mining received 275,152,232 shares, representing approximately 18.61% of Talon's issued and outstanding shares on a non-diluted basis. Prior to the Transaction, the Company beneficially owned 18,502,906 shares, representing approximately 1.57% of the issued and outstanding shares on a non-diluted basis. Upon completion of the Transaction, the Company beneficially owns 293,655,138 shares, representing approximately 19.86% of the issued and outstanding shares of Talon.

Talon Early Warning Disclosure

In connection to the Transaction, Lundin Mining and Talon entered into (i) an investor rights agreement whereby, among other things, Lundin Mining is entitled to certain director nomination and anti-dilution rights and (ii) a lock-up agreement restricting the acquisition, sale and disposition of Talon shares for a period of up to 24 months. The acquisition was for investment purposes. The Company may, from time to time, acquire additional securities of Talon, dispose of some or all of the existing or additional securities or may continue to hold its shares.

This press release is issued pursuant to the early warning provisions of Canadian securities legislation. To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transactions hereunder, please see Talon's profile on the SEDAR+ website at www.sedarplus.ca.

Lundin Mining's head office is located at 1055 Dunsmuir, Suite 2800, Vancouver, British Columbia, V7X 1L2. Talon is listed on the TSX and its head office is located at Craigmuir Chambers, P.O. Box 71, Road Town Tortola, Virgin Islands British.

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 January 9, 2026 at 6:00 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; statements regarding the Transaction, including the expected 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 that Talon's post-closing results of operations will be consistent with past performance and management expectations in relation thereto; the ability of Talon to achieve post-closing goals and identify and realize post-closing opportunities; that the political environment in which the Company and Talon operate will continue to support the development and operation of mining projects; that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; currency exchange rates and interest rates; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political, economic, permitting and legal environment in which the Company operates will continue to support the development and operation of mining projects; timing and receipt of governmental, regulatory and third party approvals, consents, licenses and permits and their renewals; positive relations with local groups; the accuracy of Mineral Resource and Mineral Reserve estimates and related information, analyses and interpretations; and such other assumptions as set out herein as well as those related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic, political, regulatory and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: the failure to realize the anticipated benefits of the Transaction; reputation risks related to negative publicity with respect to the Company, Talon or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Company's and Talon's respective projects; dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to geotechnical incidents; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects, including Filo del Sol and Josemaria; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to disputes, litigation and administrative proceedings (including tax disputes) which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; uncertainties relating to inferred Mineral Resources being converted into Measured or Indicated Mineral Resources; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; potential for the allegation of fraud and corruption involving the Company or Talon, their respective customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the terms of the contingent payments in respect of the completion of the sale of the Company's European assets and expectations related thereto; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the three and nine months ended September 30, 2025, the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024, and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

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

Lundin Mining Completes the Sale of the Eagle Mine and Humboldt Mill to Talon Metals (CNW Group/Lundin Mining Corporation)Cision

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